June 27 (Reuters) - Bega Cheese Ltd (BGA) : SALE OF PORT...

June 27 (Reuters) - Bega Cheese Ltd (BGA) :

• SALE OF PORT MELBOURNE SITE
• ANNOUNCED SALE AND LEASE BACK OF ITS PORT MELBOURNE SITE FOR A$114.6 MILLION
• CONfiRMS ITS PREVIOUSLY ANNOUNCED NORMALISED EBITDA GUIDANCE FOR FY2023
• CONfiRMS EBITDA GUIDANCE FOR FY2023 AT LOW END OF RANGE OF A$160 MILLION TO A$190 MILLION
• HAS NOW EXECUTED AGREEMENTS WITH CHARTER HALL, WHICH WILL ACQUIRE SITE
• RESTRUCTURE PROGRAM EXPECTED TO HAVE A CASH COST OF A$21 MILLION AND CREATE ANNUAL SAVINGS OF AN EQUIVALENT AMOUNT ON AN ONGOING BASIS
• COMMENCED ITS MILK ACQUISITON PROGRAM FOR FY2024
• BUSINESS SIMPLIFICATION PROGRAM WILL INCLUDE TAX CONSOLIDATION INCURRING ONE-Off AFTER TAX COST OF A$10 TO A$15 MILLION
• RESTRUCTURE COST ASSOCIATED WILL NOW BE RECOGNISED IN FY2023 RESULT
• NOW EXPECTS INTENSE COMPETITION FOR RAW MILK TO CONTINUE BEYOND 2023
• NON-CASH IMPAIRMENT FROM MILK PROCUREMENT WILL NOT IMPACT BEGA GROUP'S fiNANCIAL STRENGTH
• DISCONNECT BETWEEN FARM GATE PRICES AND DECLINING GLOBAL TRADED DAIRY COMMODITY PRICES IS EXPECTED TO CONTINUE INTO FY2024
• STATUTORY PROfiT AFTER TAX FOR FY2023 WILL BE IMPACTED BY SIGNIfiCANT ITEMS AND OTHERS
• SEES NON-CASH IMPAIRMENT IN RANGE OF A$180 TO A$280 MILLION FOR FY2023
• INCOMPLETE MILK PROCUREMENT CAMPAIGN WILL IMPACT PERFORMANCE OF GROUP'S BULK SEGMENT OF BUSINESS IN FY2024