Ann: Investor Presentation, page-3

Agree.
Same songsheet different band and band leader both being orchestrated by Roger Sexton.
Can't wait for the AGM - same again??

Global dairy is in a price up cycle at present. Yes?? If so, Fab what happens when the cycle turns?? FY 23/4?
FY 22/3 EBITDA prediction is great but looks to be founded on very shaky ground.

Is this, a one year EBITDA wonder?? One year doesnt get BFC out of trouble. Who will get BFC out of trouble - a buyer or ?? Don't see any Aus buyers fronting up - they don't have too....

Fab, please tell answer the following,

1. What products is BFC NOT a price taker on?
2. Milk is more than 80% of BFC annual input materials costs. How is milk costed across all products - one garbage or does BFC apply full absorbsion costing to all products
3. Mozz - you are selling block Mozz at under $8kg today (some at $7.50kg) in Aus. WHY?? Factory cost (Milk + Factory processing cost) is estimated at $8.50kg. Appears BFC loses approx min $0.50kg on all annual Mozz production - THIS is a minimum A$7.5m loss annually. The fix is?? Please provide.
4. Milk volumes - great BUT if you don't process BFC does get Lactoferrins and Mozz, Cream and Whey powder. Keep taking more and earning LESS. Doubt if you can sell any surplus to other processors at farmgate buy price
5. Lactoferrins - global price is sub A$400kg. BFC target was A$1500kg. BIG unexplained gap. What is Lactoferrins cost per KG?? Lactoferrins aare not the great saviour. Yes??
6. Cream and Whey - both are a function of Milk volumes. Cream comes out first and some approx 65% of BFC annual volumes gets added back into Mozz. Cream balance can be sold or made into Butter. Whey is a function of Mozz make. BFC is the only maker of Powdered Whey in Aus - Yes?? Are we a price maker here?? Do we have a strong branded presence in the market?? We are never told yet this product would be BFC largest EBITDA contributor.

Bring on change. Time Roger/Board.