Full Year Results Investor Presentation 2023
CONSUMER (DAIRYWORKS)
Strategy
Dairyworks has recently focused on its core cheese
category, exiting yoghurt and spreadable butter.
The strategic growth focus is on diversification of
geography and channels, not categories.
Synlait enabled Dairyworks to build its growth
aspirations over a short period. Dairyworks needs
to transition to a greater global reach, which
requires an owner who will help unlock further
export markets while growing its core New Zealand
and Australia markets. A new owner will also
provide access to capital to enable additional
productivity and efficiency gains.
Divestment update
•
Synlait announced its intention to divest Dairyworks
and its Temuka cheese assets in June 2023.
Synlait is actively engaging with several parties
and will provide a further update in due course.
The proceeds will be used to pay down debt.
Business development
Significant pipeline of opportunities in Australia and
South East Asia due to lower cost of milk in New
Zealand. Higher Australian milk prices creates an
opportunity to unlock sustainable long-term growth
with existing customers (i.e., Woolworths Australia) and
new customers nearing the execution stage.
Well placed to address consumers' cost of living focus
with brands across all stages of the value spectrum,
i.e., the single occasion grate (100g grated cheese)
makes grated cheese accessible at a low price point
and in a single serving size to match consumer
demands.
Achievements
•
Manufacturer market share in key natural cheese
segment increased to ~70% (FY 22: ~64%).
Foodservice channel growth continued, revenue up
23%, achieved in a tough market where consumers
spend cautiously.
Commitment made to two key future capital projects
to enable greater labour efficiencies, health and safety
improvements, and quality at the processing facility.
Capital improvements to be commissioned during the
Christmas shutdown period.
Cut Here
Dairyworks
JUST
RIGHT
FOR
TONIGHT'S
MEAL
-NEW ZEALAND-
MOZZARELLA
GRATED
MILD & SUPER STRETCHY
PERFECT FOR ONE LARGE PIZZA
Cut Here C
Dairyworks
JUST
RIGHT
FOR
TONIGHT'S
MEAL
-NEW ZEALAND-
Dai
JUST
RIGHT
FOR
TONIGHT'S
MEAL
ITALIAN BLEND
GRATED
3 CHEESES FOR SUPER TASTE & MELT
PERFECT FOR PASTA, PIZZA & SALADS
Make Life Easier!
1CUP
CHEESE
100 e
TASTY
GRATED
FULL FLAVOURED SHARP CHEDDAR
PERFECT FOR CHEESY MEALS
Make Life Easier!
PAGE 16
FULL YEAR RESULTS INVESTOR PRESENTATION 2023View entire presentation