Bega Cheese Limited · ASX:BGA
Bega Cheese — FY2013 Earnings Presentation
17 slides from Bega Cheese's earnings presentation, Aug 22, 2013
Slide 1: 2013 Results Conference
For personal use only 2013 RESULTS CONFERENCE BEGA CHEESE LIMITED
Slide 2: Key Messages
KEY MESSAGES Improved financial performance For personal use only • • Strong cash flow • Enhanced customer relationships • Targeted capital expenditure • Improved outlook BEGA CHEESE LIMITED FY2013 RESULTS PRESENTATION | PAGE 1
Slide 3: FY2013 Results Highlights
FY2013 RESULTS HIGHLIGHTS For personal use only • Revenue increase to $1,010m • EBITDA increase 13.2% to $64.3m • PAT increase 24.6% to $25.4m • EPS up 30.8% • Total FY2013 dividend 7.5 cps • Net debt down to $86.7m BEGA CHEESE LIMITED FY2013 RESULTS PRESENTATION | PAGE 2
Slide 4: Business Performance
BUSINESS PERFORMANCE For personal use only FY2013 FY2012 $m $m Sales Revenue 1,010.1 932.9 EBITDA 64.3 56.8 EBIT 43.5 35.9 PBT 35.3 27.1 PAT 25.4 20.4 • Strong revenue growth in all business areas, particularly contract pack and nutritionals • Increase in gross margin driving EBITDA and profit growt
Slide 5: Balance Sheet Extract
BALANCE SHEET EXTRACT For personal use only FY2013 FY2012 $m $m Trade and other receivables 104.3 95.8 Inventories 163.3 162.7 Investments 39.0 30.9 Property, plant & equipment 210.9 204.6 Total Assets 551.5 516.0 Trade and other payables 144.9 130.5 Borrowings 110.9 114.8 Total Liabilities 289.5 26
Slide 6: Cash Flow Extract
CASH FLOW EXTRACT FY2013 FY2012 For personal use only $m $m Receipts from customers 1041.0 945.6 Payments to suppliers (966.9) (944.4) Interest and other costs of financing paid (8.1) (8.8) Income tax paid (4.0) (3.0) Operating activities 62.0 (10.6) Investing activities (29.3) (30.1) Financing acti
Slide 7: Milk Intake
MILK INTAKE For personal use only FY2013 FY2012 million litres million litres Bega 191 182 Coburg 107 100 Tatura 343 401 Contract 54 42 Total 695 725 • Milk pool well balanced to meet production requirements • Difficult dairy farming circumstances • Leading milk price paid, compared with other large
Slide 8: Production
PRODUCTION For personal use only 250,000 200,000 150,000 100,000 50,000 0 FY2012 FY2013 Core Manufacture FMCG Nutritional • Total production 210,052 tonnes increase of 3% BEGA CHEESE LIMITED FY2013 RESULTS PRESENTATION | PAGE 7
Slide 9: Segments Volume & EBITDA
SEGMENTS VOLUME & EBITDA Tatura Bega For personal use only 60000 120000 50000 100000 Tonnes/$’000 Tonnes/$’000 40000 80000 30000 FY2012 60000 FY2012 FY2013 FY2013 20000 40000 10000 20000 0 0 Core (t) Nutritional (t) EBITDA ($ '000) Core (t) FMCG (t) EBITDA ($ '000) • Nutritionals volume up 9% • Focu
Slide 10: Infrastructure
INFRASTRUCTURE Map of facilities Capital expenditure $27.8m For personal use only • • Investment in capacities • Integrated infrastructure • Process improvement • Risk management capability Bega Tatura Strathmerton Coburg BEGA CHEESE LIMITED FY2013 RESULTS PRESENTATION | PAGE 9
Slide 11: High Quality Value Added Product Range
HIGH QUALITY VALUE ADDED PRODUCT RANGE Cheddar and Processed Cheese For personal use only • • Mozzarella • Cream cheese • Nutritional Powders • Milk Protein Concentrate BEGA CHEESE LIMITED FY2013 RESULTS PRESENTATION | PAGE 10
Slide 12: Sales Revenue by Destination
SALES REVENUE BY DESTINATION Bega Cheese Sales 2013 For personal use only 24% 4% 2% 70% BEGA CHEESE LIMITED FY2013 RESULTS PRESENTATION | PAGE 11
Slide 13: Strategic Focus Areas
STRATEGIC FOCUS AREAS For personal use only BEGA CHEESE LIMITED FY2013 RESULTS PRESENTATION | PAGE 12
Slide 14: Strategic Priorities
STRATEGIC PRIORITIES Infant formula/nutritionals blending and canning capacities For personal use only • • Manufacturing improvement/integration plan • High value whey processing • Ongoing development of international FMCG business • Customer service/value creation • Improved milk supplier returns B
Slide 15: Outlook
OUTLOOK Improved and stable global dairy commodity prices For personal use only • • Improved currency relativity • Business improvement/integration initiatives adding value • Improved farm gate milk prices • Global supply/currency/trade relativities continue to create a volatile environment BEGA CHE
Slide 16: Disclaimer
DISCLAIMER For personal use only Bega Cheese Limited advises that these presentation slides contain forward looking statements which may be subject to significant uncertainties outside of Bega Cheese and its related entities. No representation is made as to the accuracy or reliability of forward loo
Slide 17: Thank You
THANK YOU For personal use only BEGA CHEESE LIMITED FY2013 RESULTS PRESENTATION | PAGE 16