Bega Cheese

IRG

Thursday 12th December 2013

Bega Cheese Limited is an Australian company engaged in receiving, processing, manufacturing and distributing dairy and associated products. It operates in two segments: Bega Cheese and Tatura Milk. Bega Cheese segment manufactures natural cheese, processed cheese, powders and butter and packages cheese products. Tatura Milk segment manufactures and packages cream cheese, powders and nutritionals. The Company’s dairy products include Cheddar, mozzarella and cream cheeses, milk powders, butter and cream products. Its nutritional food products include pediatric formula, growing-up milk powders and adult dairy nutritionals, and milk biologics, including lactoferrin. Its fast moving consumer goods (FMCG) business focused on packaging natural cheese and manufacturing processed cheese, including products under the Bega brand.

Bega Cheese Limited generated an 8% year-on-year growth in sales revenue to complete FY2013 with record revenue of $1,010 million. As a result
•    EBITDA was $64 million (up 13% over the prior year).
•    Net profit after tax was $25 million (up 25% over the prior year).
•    The EPS for FY2013 was 16.76 cents (up 31% over the prior year).
•    The Board has approved a fully franked dividend of 4.0 cents per share. The interim dividend was 3.5 cents (Full year dividend up 15% over the prior year).

The Board and management indicated that the Australian dairy industry has a great many opportunities particularly from business in South East Asia.
Bega Cheese has increased its investment in Warrnambool Cheese and Butter Factory Company holdings Limited (WCB) this year and continues to believe that WCB remains an important investment for the group.

CEO Aidan Coleman indicated that the Group will continue to build its business around long term agreements on consumer cheese contract processing and packaging, nutritional products, general milk fat and milk powder products.

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