BFC beston global food company limited

Shareholders,4 pages with few specifics. Much fantasy...

  1. 132 Posts.
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    Shareholders,
    4 pages with few specifics. Much fantasy though...

    As expected COVID is being used as an excuse. COVID impact has been known since Feb/Mar 2020. "softer demand and therefore slightly lower prices................." against what?? Budget or estimate or forecast or ??

    Reference to ASEAN 6 - BFC only makes Cheese - Mozzarella and Cheddar (small quantities). Do these products fit ASEAN 6 needs/markets??
    Key operational milestones for the quarter met - no mention of profits or free cash generation??
    FY21 outcomes consistent with guidance previously released. Gearing will increase to 30% in the short term (definition). History shows that BFC has never met or come close to guidance numbers presented. Why the change?? Why is DEBT growing just after a Capital raise? Is there a problem in today's business that will hamper tomorrows (Lactoferrins) operations??

    Increased milk supply and increased production has all the hallmarks of quality control issues. Is BFC making sub standard product? If so is clearance being actioned or is the Balance Sheet wearing this possible mess??

    Made 2693 tonnes Mozzarella - value is ?? If milk costs say 55c litre and 1000kgs = 10,000 litres of milk + production costs say $500 tonne + Head office recovery say $250 tonne = Cost per kg = $6.25kg BLOCK form.
    Quarter's Revs = $21m less Meat $2.1m = Dairy say $19m (say 90% Mozz - letter says 95%). Mozz sales = $17m. If Mozz cost = $6250 tonne then total Mozz cost = $16.831m. Things are TIGHT. There is NO FREE CASH hence Debt will rise.

    Facts are facts. BFC numbers in FY 20/1 look very fragile. Lactoferrins is the saviour but based on 5 years (will be 6) on non performance how can we trust the current Board??

    Time for change. Vote against Remuneration Report - Res 1 - at AGM and facilitate change

    Back to confession.
 
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