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Investor Presentaiton

CAPITAL MANAGEMENT OUTCOMES DISCIPLINED APPROACH TO CAPITAL MANAGEMENT DURING BUSINESS RECOVERY PHASE Cashflow from operations Cashflow from strategic activities Cashflow from interest and tax Strong cash generation Sustaining capital¹ Annual spend range of approximately 75-90% of depreciation pre AASB 16 Maintaining a strong balance sheet Target leverage² (underlying pre AASB 16) of 1.0x to 2.0x Reliable dividends to shareholders Dividend payout ratio 60-80% of Underlying NPAT INGHAM'S Always Good Cashflow from operations of $140.3M, a decline of $46.3M on PCP due to a decline in 1H EBITDA pre AASB 16 on lower trading performance, higher Business Transformation costs, and an increase in Working Capital due to growth in Biological assets (cycling higher feed costs) and Trade Receivables (ASP growth for total poultry and external feed sales) Capex spend of $14.2M (53% of depreciation pre AASB 16) Leverage of 2.5 times, above top of target range due to lower rolling 12-month EBITDA result Extended key debt facilities for a further 2 years to November 2025 Interim dividend of 4.5 cps, representing a payout ratio of 63% of Underlying NPAT Investing in growth opportunities & major projects Where aligned with strategy and expected to deliver returns in excess of specified hurdles Additional returns to shareholders Capital returns / special dividends / share buybacks Maximise shareholder value Over time the objective is to deliver a return on invested capital in excess of WACC Growth and major project capex of $9.3M on NSW Breeder Triangle 1. Sustaining capital includes maintenance, replacement, regulatory and stay-in-business capital 2. Leverage = Net Debt / LTM Underlying EBITDA pre AASB 16, Net Debt comprises of borrowing facilities less cash and cash equivalents 16 16
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