Ann: 2022 Annual Meeting, page-18

Werds,

DB also said the H2 FY23 US formula sales has not been included yet. Hopefully, these sales( circa 1 million tins) and an improved US liquid milk performance reduces the US losses to a minimum. I recall FY22 was circa 30 million in losses.

My point here is that EBITDA margin would also improve with US formula sales hence my prediction of 14-15% margin.

The other variable is MVM which made a margin loss of 2.5% in FY22. Excluding MVM, EBITDA margins was 16.1% in FY22. We don’t know how this business will perform this year other than it will be insourcing more A2 business form Synlait( skim milk powder etc)