Heart of the Table - Financial and Strategy Update
Profit & Loss
$ millions
Pro forma
1H FY2018
1H FY2017
Variance
%
Poultry volumes (kt)
255.2
248.2
7.0
2.8
Feed volumes (kt)
270.4
297.1
(26.7)
(9.0)
Total Revenue
1,206.1
1,227.2
(21.1)
(1.7)
Gross Profit
243.1
229.0
14.1
6.1
EBITDA
116.2
95.2
21.0
22.0
Depreciation & amortisation
(22.8)
(18.3)
(4.5)
(24.6)
EBIT
93.4
76.9
16.5
21.4
Net financing costs
(8.1)
(7.9)
(0.2)
(2.5)
Tax expense
(19.6)
(17.7)
(1.9)
(11.0)
Net profit after tax
65.7
51.3
14.4
28.1
Gross profit %
20.2%
18.7%
1.5%
EBITDA %
9.6%
7.8%
1.8%
8.0
24.1
Pro forma earnings per
17.7
13.8
3.9
27.9
share (cents) 1
1.
A reconciliation to 1H FY2017 Statutory EBITDA of $61.5m and
1H FY2017 Statutory NPAT of $9.0m is set out in the Appendix
Pro forma net profit after tax/post IPO weighted average shares outstanding. 1H FY2017 restated
calculated on post IPO weighted average shares outstanding instead of actual weighted average shares
outstanding as previously reported.
INGHAM'S
Heart of the Table
Volume & Revenue Growth
Continued growth in poultry volumes
NZ volume run rate consistent with 2H FY17
1H vs 2H seasonality in Australian market will be
more evident (in a 52 week year)
Revenue fall driven by lagged effect of feed prices
and reduced Third Party feed volumes in Australia
EBITDA +22.0%
Accelerate has delivered on a range of efficiency
initiatives to deliver margin improvement, following
rapid volume growth in FY17
Increase in other expenses including Distribution
and SG&A due to restructuring initiatives (see over)
> Profit on sale of properties in part offset by
restructuring expenses
NPAT +28.1%
Net financing costs comparable with pcp
One off tax credit of $3.1m upon settlement of
historical tax dispute
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