Cash flow Bega Cheese Limited

Equities

BGA

AU000000BGA8

Food Processing

Market Closed - Australian S.E. Other stock markets 12:10:06 2025-01-23 am EST			5-day change	1st Jan Change
5.660 ^AUD	-3.08%		+1.07%	-1.91%

Nov. 28	Australian Shares Hit Record High Despite US Rate Cut Woes; ACCC Launches Court Proceedings against Webjet Group	MT
Nov. 27	Bega Cheese Faces Legal Proceedings Over License Deal with Fonterra	MT

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Published financial data: BEGA CHEESE LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2020	2021	2022	2023	2024
Revenues	1.49B	2.07B	3.01B	3.38B	3.52B
Total Revenues	1.49B	2.07B	3.01B	3.38B	3.52B
Cost of Goods Sold, Total	1.2B	1.61B	2.32B	2.72B	2.82B
Gross Profit	289M	465M	689M	651M	698M
Selling General & Admin Expenses, Total	260M	401M	616M	648M	658M
Other Operating Expenses	-9M	-9.4M	-9.8M	-11.6M	-11.7M
Other Operating Expenses, Total	251M	391M	606M	637M	646M
Operating Income	38.36M	73.9M	82.9M	14.6M	52M
Interest Expense, Total	-8.96M	-6.8M	-9M	-20.8M	-32.7M
Interest And Investment Income	309K	100K	100K	1M	1.6M
Net Interest Expenses	-8.66M	-6.7M	-8.9M	-19.8M	-31.1M
Income (Loss) On Equity Invest.	62K	1.2M	1.9M	-800K	-
Other Non Operating Income (Expenses)	2.33M	-1.8M	-200K	2.2M	1.3M
EBT, Excl. Unusual Items	32.1M	66.6M	75.7M	-3.8M	22.2M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-62.2M	-46.5M	-	-
Impairment of Goodwill	-	-	-	-118M	-
Gain (Loss) On Sale Of Investments	-1M	2.3M	-	-	-
Gain (Loss) On Sale Of Assets	-	-	1.7M	16.6M	16.7M
Asset Writedown	-52K	-2.2M	-	-153M	-2.7M
Insurance Settlements	-	-	-	-	3.6M
Legal Settlements	-	9.3M	-	-	-
Other Unusual Items	-	83.6M	2.9M	1.3M	-
EBT, Incl. Unusual Items	31.04M	97.4M	33.8M	-257M	39.8M
Income Tax Expense	9.78M	25.2M	9.6M	-26.9M	9.3M
Earnings From Continuing Operations	21.27M	72.2M	24.2M	-230M	30.5M
Net Income to Company	21.27M	72.2M	24.2M	-230M	30.5M
Net Income - (IS)	21.27M	72.2M	24.2M	-230M	30.5M
Net Income to Common Incl Extra Items	21.27M	72.2M	24.2M	-230M	30.5M
Net Income to Common Excl. Extra Items	21.27M	72.2M	24.2M	-230M	30.5M
Per Share Items
Net EPS - Basic	0.1	0.27	0.08	-0.76	0.1
Basic EPS - Continuing Operations	0.1	0.27	0.08	-0.76	0.1
Basic Weighted Average Shares Outstanding	214M	264M	303M	304M	305M
Net EPS - Diluted	0.1	0.27	0.08	-0.76	0.1
Diluted EPS - Continuing Operations	0.1	0.27	0.08	-0.76	0.1
Diluted Weighted Average Shares Outstanding	215M	265M	304M	304M	306M
Normalized Basic EPS	0.09	0.16	0.16	-0.01	0.05
Normalized Diluted EPS	0.09	0.16	0.16	-0.01	0.05
Dividend Per Share	0.1	0.1	0.11	0.08	0.08
Payout Ratio	91.48	32.27	118.6	-11.66	63.61
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
EBITDA	73.77M	123M	147M	77.5M	102M
EBITA	38.78M	74.3M	83.5M	15M	52.1M
EBIT	38.36M	73.9M	82.9M	14.6M	52M
EBITDAR	87.76M	150M	200M	123M	148M
Effective Tax Rate - (Ratio)	31.49	25.87	28.4	10.48	23.37
Total Current Taxes	6.25M	16.6M	14.3M	14.1M	18M
Total Deferred Taxes	3.53M	8.6M	-4.7M	-41M	-8.7M
Normalized Net Income	20.06M	41.62M	47.31M	-2.38M	13.88M
Interest on Long-Term Debt	734K	10.4M	12.5M	24.1M	36.1M
Supplemental Operating Expense Items
Marketing Expenses	35.69M	52.3M	105M	106M	108M
Selling and Marketing Expenses	122M	209M	384M	418M	422M
General and Administrative Expenses	123M	165M	179M	185M	190M
Research And Development Expense From Footnotes	-	-	-	-	-
Net Rental Expense, Total	13.99M	26.6M	52.8M	45.5M	45.9M
Imputed Operating Lease Interest Expense	3.49M	3.83M	8.27M	17.02M	27.1M
Imputed Operating Lease Depreciation	10.5M	22.77M	44.53M	28.48M	18.8M
Stock-Based Comp., Other (Total)	-780K	6.4M	-1.9M	-400K	300K
Total Stock-Based Compensation	-780K	6.4M	-1.9M	-400K	300K

Fiscal Period: June	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	22.88M	87.2M	44.9M	66.4M	65.6M
Total Cash And Short Term Investments	22.88M	87.2M	44.9M	66.4M	65.6M
Accounts Receivable, Total	76.26M	323M	260M	294M	344M
Other Receivables	34.43M	55.2M	31.4M	27.2M	22.1M
Notes Receivable	128K	-	-	-	-
Total Receivables	111M	378M	292M	321M	366M
Inventory	257M	345M	318M	429M	358M
Prepaid Expenses	17.3M	12.8M	10.8M	11.7M	11.6M
Other Current Assets, Total	1.31M	10.1M	65.3M	4.2M	20.7M
Total Current Assets	410M	833M	730M	832M	822M
Gross Property Plant And Equipment	853M	1.46B	1.46B	1.55B	1.53B
Accumulated Depreciation	-398M	-447M	-504M	-703M	-703M
Net Property Plant And Equipment	455M	1.01B	954M	849M	824M
Long-term Investments	2.12M	46.6M	47.6M	-	-
Goodwill	346M	347M	347M	230M	240M
Other Intangibles, Total	202M	242M	241M	235M	237M
Deferred Tax Assets Long-Term	6.7M	4.6M	38.9M	7.8M	16.3M
Other Long-Term Assets, Total	2.05M	100K	-	-	-
Total Assets	1.42B	2.49B	2.36B	2.15B	2.14B
Liabilities
Accounts Payable, Total	202M	316M	267M	301M	295M
Accrued Expenses, Total	81.1M	253M	277M	306M	252M
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	2.98M	25.5M	21M	17.2M	23.9M
Current Income Taxes Payable	-	18.4M	10.3M	13M	4.9M
Unearned Revenue Current, Total	1.36M	26.7M	2.5M	1.9M	600K
Other Current Liabilities	18.72M	46.2M	28.4M	40.3M	131M
Total Current Liabilities	306M	685M	606M	679M	708M
Long-Term Debt	247M	392M	308M	269M	227M
Long-Term Leases	8.29M	79.1M	93.3M	181M	168M
Unearned Revenue Non Current	-	500K	-	-	-
Pension & Other Post Retirement Benefits	2.88M	8.9M	5.3M	5.9M	5.9M
Deferred Tax Liability Non Current	44.97M	44.4M	71.7M	-	-
Other Non Current Liabilities	-	15.7M	11.6M	15M	15.6M
Total Liabilities	609M	1.23B	1.1B	1.15B	1.12B
Common Stock, Total	481M	876M	878M	881M	882M
Retained Earnings	313M	359M	357M	97M	106M
Comprehensive Income and Other	20.86M	25.9M	26.9M	25.7M	26.4M
Total Common Equity	814M	1.26B	1.26B	1B	1.01B
Total Equity	814M	1.26B	1.26B	1B	1.01B
Total Liabilities And Equity	1.42B	2.49B	2.36B	2.15B	2.14B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	214M	303M	303M	304M	305M
ECS Total Common Shares Outstanding	214M	303M	303M	304M	305M
Book Value / Share	3.8	4.17	4.16	3.3	3.33
Tangible Book Value	266M	671M	674M	539M	538M
Tangible Book Value Per Share	1.24	2.22	2.22	1.77	1.77
Total Debt	259M	496M	423M	467M	419M
Net Debt	236M	409M	378M	401M	353M
Debt Equivalent Oper. Leases	112M	213M	422M	364M	367M
Equity Method Investments, Total	1.4M	46.6M	47.6M	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	134M	140M	144M	211M	151M
Inventories - Finished Goods, Total	123M	196M	161M	214M	186M
Inventories - Others	-	22.7M	49.3M	48.6M	52.8M
Land - (BS)	208M	468M	425M	418M	417M
Machinery, Total	620M	834M	830M	879M	919M
Full Time Employees	1.8K	4.15K	-	3.9K	-
Accumulated Allowance for Doubtful Accounts (Supple)	602K	9.4M	6.5M	5.7M	5.5M

Fiscal Period: June	2020	2021	2022	2023	2024
Net Income	21.27M	72.2M	24.2M	-230M	30.5M
Depreciation & Amortization - CF	37.64M	61.8M	92.6M	86.4M	74.1M
Amortization of Goodwill and Intangible Assets - (CF)	415K	400K	600K	400K	100K
Depreciation & Amortization, Total	38.05M	62.2M	93.2M	86.8M	74.2M
Amortization of Deferred Charges, Total - (CF)	6.7M	10.6M	10.5M	15.1M	13.9M
(Gain) Loss From Sale Of Asset	-257K	100K	-1.7M	-16.6M	-22.3M
(Gain) Loss on Sale of Investments - (CF)	1M	-	-	-	-
Asset Writedown & Restructuring Costs	52K	2.6M	-	269M	2.7M
(Income) Loss On Equity Investments - (CF)	-62K	-3.5M	-1.9M	800K	-
Stock-Based Compensation (CF)	-780K	6.4M	-1.9M	-400K	300K
Other Operating Activities, Total	-2.72M	-83.5M	16.5M	5.8M	-900K
Change In Accounts Receivable	61.04M	8.6M	65M	-33M	-44.1M
Change In Inventories	15.25M	-13.8M	27.4M	-116M	70.6M
Change In Accounts Payable	-14.86M	19.1M	-52.2M	49.5M	42.1M
Change In Income Taxes	-2.03M	24.4M	-2.1M	-34.9M	-16.6M
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	15.08M	6M	-18.8M	11.7M	-16.1M
Cash from Operations	138M	111M	158M	8.2M	134M
Capital Expenditure	-42.75M	-22.2M	-65.8M	-61M	-63M
Sale of Property, Plant, and Equipment	4.95M	-	7M	116M	27.9M
Cash Acquisitions	-	-514M	-	-	-12.4M
Sale (Purchase) of Intangible assets	-14.08M	-10M	-6M	-7.1M	-4.8M
Investment in Marketable and Equity Securities, Total	-1M	-	1M	51.9M	-
Other Investing Activities, Total	309K	-	-	-	-
Cash from Investing	-52.58M	-547M	-63.8M	99.9M	-52.3M
Long-Term Debt Issued, Total	18.2M	205M	310M	-	228M
Total Debt Issued	18.2M	205M	310M	-	228M
Long-Term Debt Repaid, Total	-89.78M	-72.3M	-418M	-59.8M	-291M
Total Debt Repaid	-89.78M	-72.3M	-418M	-59.8M	-291M
Issuance of Common Stock	-	390M	-	-	-
Common Dividends Paid	-19.46M	-23.3M	-28.7M	-26.8M	-19.4M
Common & Preferred Stock Dividends Paid	-19.46M	-23.3M	-28.7M	-26.8M	-19.4M
Cash from Financing	-91.03M	500M	-137M	-86.6M	-82.8M
Net Change in Cash	-5.88M	64.3M	-42.3M	21.5M	-800K
Supplemental Items
Cash Interest Paid	8.96M	6.8M	9M	20.8M	32.7M
Cash Income Tax Paid (Refund)	12.33M	700K	11.9M	8.6M	25.8M
Levered Free Cash Flow	60.12M	85.94M	61.29M	25.52M	64.56M
Unlevered Free Cash Flow	65.72M	90.19M	66.91M	38.52M	85M
Change In Net Working Capital	-54.6M	3M	14.9M	4M	-31.9M
Net Debt Issued / Repaid	-71.58M	133M	-108M	-59.8M	-63.4M

Fiscal Period: June	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.64	2.36	2.13	0.4	1.51
Return on Total Capital	2.18	3.26	3.01	0.58	2.24
Return On Equity %	2.61	6.96	1.91	-20.29	3.02
Return on Common Equity	2.61	6.96	1.91	-20.29	3.02
Margin Analysis
Gross Profit Margin %	19.36	22.44	22.9	19.3	19.83
SG&A Margin	17.39	19.33	20.48	19.21	18.69
EBITDA Margin %	4.94	5.95	4.89	2.3	2.89
EBITA Margin %	2.6	3.58	2.77	0.44	1.48
EBIT Margin %	2.57	3.56	2.75	0.43	1.48
Income From Continuing Operations Margin %	1.42	3.48	0.8	-6.81	0.87
Net Income Margin %	1.42	3.48	0.8	-6.81	0.87
Net Avail. For Common Margin %	1.42	3.48	0.8	-6.81	0.87
Normalized Net Income Margin	1.34	2.01	1.57	-0.07	0.39
Levered Free Cash Flow Margin	4.03	4.14	2.04	0.76	1.83
Unlevered Free Cash Flow Margin	4.4	4.35	2.22	1.14	2.41
Asset Turnover
Asset Turnover	1.02	1.06	1.24	1.5	1.64
Fixed Assets Turnover	3.33	2.83	3.06	3.75	4.21
Receivables Turnover (Average Receivables)	14.79	10.38	10.32	12.18	11.05
Inventory Turnover (Average Inventory)	4.54	5.34	7	7.3	7.18
Short Term Liquidity
Current Ratio	1.34	1.22	1.21	1.23	1.16
Quick Ratio	0.44	0.68	0.56	0.57	0.61
Operating Cash Flow to Current Liabilities	0.45	0.16	0.26	0.01	0.19
Days Sales Outstanding (Average Receivables)	24.74	35.15	35.37	29.96	33.13
Days Outstanding Inventory (Average Inventory)	80.54	68.36	52.11	49.99	51
Average Days Payable Outstanding	61.12	55.67	46.36	36.54	39.61
Cash Conversion Cycle (Average Days)	44.16	47.84	41.13	43.42	44.52
Long Term Solvency
Total Debt/Equity	31.76	39.38	33.49	46.54	41.28
Total Debt / Total Capital	24.1	28.26	25.09	31.76	29.22
LT Debt/Equity	31.39	37.36	31.83	44.82	38.92
Long-Term Debt / Total Capital	23.83	26.8	23.84	30.59	27.55
Total Liabilities / Total Assets	42.81	49.29	46.48	53.38	52.55
EBIT / Interest Expense	4.28	10.87	9.21	0.7	1.59
EBITDA / Interest Expense	8.52	20.01	19.57	4.88	3.86
(EBITDA - Capex) / Interest Expense	3.76	16.75	12.26	1.94	1.93
Total Debt / EBITDA	3.38	3.65	2.4	4.61	3.32
Net Debt / EBITDA	3.08	3.01	2.15	3.95	2.8
Total Debt / (EBITDA - Capex)	7.68	4.36	3.83	11.56	6.63
Net Debt / (EBITDA - Capex)	7	3.59	3.43	9.92	5.59
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.16	38.86	45.17	12.16	4.31
Gross Profit, 1 Yr. Growth %	2.36	60.97	48.19	-5.51	7.23
EBITDA, 1 Yr. Growth %	-16.78