Bega Cheese Limited reported audited consolidated earnings results for the full year ended 30 June 2018. For the year, revenue was AUD 1,438,281,000 against AUD 1,226,663,000 a year ago. Profit before income tax was AUD 50,884,000 against AUD 198,038,000 a year ago. Profit for the year attributable to owners of the company was AUD 28,768,000 against AUD 138,748,000 a year ago. Basic and diluted earnings per share were AUD 15.6 against AUD 90.9 a year ago. Net cash inflow from operating activities was AUD 58,564,000 against AUD 70,221,000 a year ago. Payments for property, plant and equipment was AUD 26,998,000 against AUD 26,568,000 a year ago. Payments for intangible assets were AUD 19,570,000 against AUD 12,611,000 a year ago. EBITDA was AUD 92,023,000 against AUD 228,850,000 a year ago. Profit after tax was AUD 28,768,000 against AUD 138,748,000 a year ago. Normalized EBITDA was $109.6 million up 55%, with normalized profit after tax was $44 million up 45%. Net revenue grew 17% driven by the acquisition of the Mondelz grocery business, growth in international sales and increases in direct farm milk intake. Normalized net profit after tax of AUD 44 million. Normalized earnings per share of AUD 0.239 is actually up in the area of 20%.

For the year 2018, the company expects capital expenditure this year was AUD 46 million. AUD 21 million was in the business improvement area. EBITDA was AUD 29.5 million.

For the fiscal year 2019, the company expects tax rate to fall back to 30%.

For the fiscal year 2021, the company expects EBITDA of AUD 20 million.