Heat milk and butter over low heat until very warm.
Combine sugar, salt, yeast and 125g flour in a large bowl. Stir in hot milk mixture and beat with electric mixer on medium speed for 2 minutes. Add another 125g flour and continue beating for 2 minutes. With a wooden spoon, stir in remaining flour to make a soft dough.
Knead the dough on a lightly floured surface for about 10 minutes, adding more flour if necessary. Cover dough with bowl and let rest for 15 minutes.
Meanwhile, combine grated cheese with 1 whole egg and 1 egg yolk. Put remaining egg white in a small bowl and beat.
On a lightly floured surface and with a floured rolling pin, roll dough into a 15x60cm rectangle. Spoon the cheese mixture into a log shape lengthwise along the dough. Fold the dough over the cheese, making a 2cm overlap and pinch seam to seal.
Place dough into a greased 23cm round cake tin, seam side down, to make a ring. Overlap the ends and pinch to seal. Cover with a clean kitchen towel. Let rest for 10 minutes. Preheat oven to 180 degrees C.
Brush loaf with egg white and garnish with whole or flaked almonds, if desired. Bake for 1 hour, or until loaf sounds hollow when tapped. Remove bread from tin immediately and cool for 15 minutes before slicing into wedges.