Bega Cheese Limited · ASX:BGA
Bega Cheese — Shareholder Meeting (October 2012)
35 slides from Bega Cheese's shareholder meeting presentation, Oct 31, 2012
Slide 1: Bega Cheese Limited AGM 2012
For personal use only Bega Cheese Limited AGM - 2012 Co-Manager
Slide 2: 2012 Annual General Meeting
For personal use only 2012 Annual General Meeting Executive Chairman Barry Irvin AM BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 2
Slide 3: Agenda
For personal use only • 2012 Annual Report – Executive Chairman’s Report – Chief Executive Officer’s Report • Questions • Approval of Remuneration Report • Election of Directors BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 3
Slide 4: Welcome and acknowledgements
For personal use only • Shareholders • Suppliers • Pricewaterhouse Coopers • Addisons • Bega Cheese Staff • Apologies BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 4
Slide 5: 2012 Annual Report: Executive Chairman's Report
For personal use only 2012 Annual Report Executive Chairman’s Report Barry Irvin AM BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 5
Slide 6: Year highlights
For personal use only Successful ASX listing of Bega Cheese Tatura Milk merger completed Long term supply partnership with Coles for Australian origin cheese products Creation of new management team o Maintaining existing knowledge and experience o Adding new skills and approach Solid financial outc
Slide 7: 2012 Results Highlights
2012 Results Highlights* For personal use only EBITDA increase 9% to $57m PBT increase 23% to $27m EPS down 18% - reflects issues of new share capital and changed tax status of TMI Final dividend of 3.5 cents per share fully franked (Total dividend attributable to 2012 6.5cps) Increase in total prod
Slide 8: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 8
Slide 9: Group Balance Sheet Extract
Group Balance Sheet Extract For personal use only 2012 2011 $m $m Trade and other receivables 95.8 83.3 Inventories 162.7 104.6 Investments 30.9 37.0 Property, plant & equipment 204.6 197.9 Total Assets 516.0 462.1 Trade and other payables 130.9 117.9 Borrowings * 114.8 116.3 Total Liabilities 269.5
Slide 10: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 10
Slide 11: Bega Tatura Strathmerton Coburg
For personal use only Bega Tatura Strathmerton Coburg BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 11
Slide 12: Market Profile
Market Profile For personal use only Asian infant formula demand Asian cream cheese demand (tonnes) Tonnes Tonnes 1,000,000 105,000 100,000 500,000 95,000 90,000 0 85,000 2008 2009 2010 2011 2008 2009 2010 2011 Source: Euromonitor International 2011 Source: Proteus Insight Ltd./Dairy Australia Globa
Slide 13: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 13
Slide 14: Strategic priorities
For personal use only Maximise utilisation of current asset base and customer opportunity Optimise value of milk components Protect and improve pre-eminent position in packaging of Australian retail cheese Increase global presence in cream cheese and dairy nutritionals BEGA CHEESE LIMITED 2012 ANNUA
Slide 15: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 15
Slide 16: Chief Executive Officer's Report
For personal use only 2012 Annual Report Chief Executive Officer’s Report Aidan Coleman BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 16
Slide 17: Financial results 2012 vs 2011
For personal use only 2012 2011 % $m $m Sales Revenue 927 932 0.5 EBITDA 57 52 9.0 EBIT 36 31 15.0 NPBT 27.1 22.1 23.0 Tax (0.4) (6.7) NPAT 20.4 21.7 6.0 BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 17
Slide 18: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 18
Slide 19: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 19
Slide 20: Direct supplier intake 2011/2012
For personal use only 2011/2012 Direct supplier intake million litres Bega & Southern NSW 161 Gippsland & Western VIC 120 Tatura & Northern VIC 357 Total 638 BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 20
Slide 21: Group Cash Flows
Group Cash Flows For personal use only 2012 2011 $m $m Receipts from customers 945.6 980.2 Payments to suppliers (944.3) (893.9) 1.3 86.3 Interest and other costs of financing paid (8.8) (8.9) Income taxes paid (3.0) (3.6) Operating activities (10.5) 73.8 Investing activities (30.1) (46.2) Financing
Slide 22: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 22
Slide 23: Best Workplace Health and Safety Management System award
For personal use only Best Workplace Health and Safety Management System at the 2012 New South Wales Worksafe Awards Pictured with the Award from left to right are, Matthew Mason -Cox, Parliamentary Secretary for Treasury and Finance; John Gardner, Health and Safety Manager, David McKinnon, General
Slide 24: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 24
Slide 25: For personal use only
For personal use only BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 25
Slide 26: Thank You
For personal use only Thank You Chief Executive Officer’s Report Aidan Coleman BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 26
Slide 27: Formalities and Voting
For personal use only Formalities and Voting Barry Irvin AM Executive Chairman BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 27
Slide 28: Resolution: Adopt remuneration report
For personal use only • Pages 18 – 28 of Annual Report • Board, Executive and key management personnel • Market data and external advisors • No change to Director’s fees Resolution Adopt remuneration report for the year ended 30 June 2012 BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 28
Slide 29: Proxies
For personal use only Proxies • Total votes – 27,508,472 (18.11%) • For – 24,061,045 (87.47%) • Open – 3,198,894 (11.63%) • Against – 248,533 (0.9%) BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 29
Slide 30: Election of directors
For personal use only • Barry Irvin • Rick Cross • Jeff Odgers BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 30
Slide 31: Barry Irvin
For personal use only Barry Irvin • Total votes – 28,195,775 (18.57%) • For – 25,029,143 (88.77%) • Open – 2,851,321 (10.11%) • Against – 315,311 (1.12%) BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 31
Slide 32: Rick Cross
For personal use only Rick Cross • Total votes – 28,181,003 (18.56%) • For – 24,733,696 (87.77%) • Open – 3,321,807 (11.79%) • Against – 125,500 (0.45%) BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 32
Slide 33: Jeff Odgers
For personal use only Jeff Odgers • Total votes – 28,195,275 (18.57%) • For – 24,656,287 (87.45%) • Open – 3,321,557 (11.78%) • Against – 217,431 (0.77%) BEGA CHEESE LIMITED 2012 ANNUAL GENERAL MEETING| PAGE 33
Slide 34: Thank you
For personal use only Thank you
Slide 35: Forward looking statements
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 looking statem