FY23 Financial Performance and Market Strategy
CASHFLOW
INGHAM'S
Always Good
HIGHER NET SELLING PRICES AND FEED COSTS DRIVING INCREASE IN WORKING CAPITAL
$M
FY23
FY22
Variance
Cash conversion ratio: declined to 90.4% due to an
increase in working capital of $44.7M
Statutory EBITDA
Non-cash items
418.5
370.4
48.1
(8.7)
(5.0)
(3.7)
Non-cash items: includes reversal of previously recognised
Cleveland facility lease liability in 1H23
EBITDA excluding non-cash items
Changes in operating working capital
409.8
365.4
44.4
(45.2)
(0.5)
(44.7)
Capital expenditure: includes $9.3M on the WA Primary
Processing facility water treatment plant, $20.3M on NSW
Breeder Triangle and $8.8M on initial payments for
automation investments
Proceeds from settlement of derivatives: proceeds
resulting from aligning interest rate hedging to extended debt
facility maturities in 1H23
Interest paid: increase due to an increase in BBSY rate and
bank facility movements during the year
Tax paid: lower than PCP due to lower FY22 earnings
Net Debt: broadly inline with PCP. Increase in working capital
largely offset by significantly improved earnings
Changes in operating provisions
Cash flow from operations
Capital expenditure
7.3
7.6
(0.3)
371.9
372.5
(0.6)
(71.9)
(61.9)
(10.0)
Proceeds from sale of assets
Government grant received
Other payments/receipts
0.2
3.8
(3.6)
3.3
0.0
3.3
0.4
0.2
0.2
Net cashflow before financing & tax
Dividends paid
303.9
314.6
(10.7)
(18.6)
(57.6)
39.0
Shares purchased / sold
(0.5)
(0.5)
0.0
Proceeds from settlement of derivatives
Interest paid received
7.5
0.0
7.5
(25.4)
(11.8)
(13.6)
Interest & principal - AASB 16 Leases
Net cashflow before tax
Tax paid
(247.1)
(239.3)
(7.8)
19.8
5.4
14.4
(15.2)
(31.9)
16.7
Amortisation borrowings/forex
0.2
(0.6)
0.8
Net (increase) / decrease net debt
4.8
(27.1)
31.9
Cash Conversion Ratio
90.4%
101.9%
(11.5) pp
1. Working capital adjusted for financing and non-operating items
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