Ann: Mozzarella Plant and Innovative Product into Major Retailer, page-7

160-180m litres is annualised. Work on 1500 tonnes output cheese per month if milk is available. Understand EBITDA on Cheese is approx $500 per tonne. Believe BFC costs are higher than the big boys so say average $300 per tonne. On 18000 tonnes (approx 180m litres) EBITDA = $5.4m per year.

Big issue is milk supply. Will BFC get 180m litres pa?

BFC mix shift to Mozzarella may see lower EBITDA but shorter cash cycle. Suspect BFC will have blown $15m ANZ facility plus more on milk. Milk price on the rise. Fonterra and ACM opening 2018/19 at $5.90kg MS.

Wonder what BFC management will say??