Revenue jumped 45% for Bega Cheese in FY22, exceeding $3bn with normalised earnings of $180.1m (+27% YOY) and statutory earnings of $149.9m (-19% YOY). Normalised profit after tax rose 17% to $46.3m, while statutory profits was down 69% to $24.2m. Bega’s net debt declined 18% in FY22 to $265.1m. Bega’s dividend for the year was 11.0c per share or $33.3m, compared to $30.2m in FY21.
Bega’s Branded business accounted for 82% of net revenue in FY22, while its Bulk segment accounted for 18%. The first full year of ownership of Bega Dairy and Drinks led to the growth of the Branded segment, increasing revenue 63% to $2.5bn with normalised EBITDA of $135m, up $37m. Bega’s Branded portfolio now includes Dairy Farmers and Pura fresh white milk, along with Yoplait and Farmer’s Union yogurts as well as several other brands in categories including spreads, plant-based milks, creams and custard.
Bulk revenue reached $735.5m for the period, with normalised EBITDA of $61.0m, down $8.1m YOY. Despite increased commodity returns, bulk earnings were affected by lower milk intake and increased farmgate milk prices, as well as rightsizing of infant formula capacity following Reckitt Benckiser’s exit from Derrimut and Tatura sites.