Strategic Financial Overview
Cash Flow and Balance Sheet
Statutory
Pro Forma
$ millions
Jun-18
Jun-17 Variance
EBITDA
212.0
198.8
13.2
195.0
Non-cash items
(17.5)
(6.6)
(10.9)
(6.6)
Changes in working capital
66.5
23.5
39.8
15.9
Changes in provisions
(0.4)
1.5
(1.9)
1.5
Cash flow from operations
260.6
217.2
40.2
205.8
Cash conversion ratio
122.9%
109.3%
13.6%
105.5%
INGHAM'S
Heart of the Table
Jun-17
Cashflow
> Non-cash items relate to the profit on sale of Wanneroo ($14.1m)
and Leppington ($5.3m) offset by other minor items including
LTIP
Continued improvements in working capital through tight
inventory, receivables and payables management
Operating cash conversion 122.9%
inventory financing benefit in the year $23.0m
operating cash conversion excl. inventory financing 112.1%
Capital expenditure - Inghams
(61.2)
(90.5)
29.3
(90.5)
Net Debt to EBITDA reduced to 0.7x
3rd party capital recovered /
0.7
(4.8)
5.5
(4.8)
(for recovery)
Statutory
Pro Forma
Deposits on property
(2.5)
(2.5)
Working capital
Jun-18
Jun-17 Variance
Jun-17
acquisitions
Receivables
197.7
218.5
20.8
231.5
Proceeds from sale of assets
68.0
20.7
47.3
20.7
Biological assets
117.9
114.6
(3.3)
112.5
Inventories
151.3
163.6
12.3
156.5
Net cash flow before
financing & tax
265.6
142.6
122.3
131.2
Payables
(302.7)
(266.0)
36.7
(278.8)
Total
164.2
230.7
66.5
221.7
Statutory
$ millions
Jun-18
Jun-17 Variance
Pro Forma
Jun-17
Capital program
Total Assets
1,140.7
1,073.4
65.4
Net Debt
145.4
299.6
154.2
1,082.5
297.7
Net Debt/ LTM EBITDA
0.7
1.5
0.8
1.5
Asset sales relates to Wanneroo (WA), Burton Road (SA) and
Leppington (NSW)
Third party capital recoveries primarily relate to SA feed mill and
SA breeder farm expansion projects
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