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)
Werds,DB also said the H2 FY23 US formula sales has not been...
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