Investor Presentaiton
Key balance sheet indicators
EXPECT GEARING TO RETURN TO TARGET RANGE BY END FY23
UNITED
MMALT
$m
·
30 Sep 22
31 Mar 22
30 Sep 21
Inventories
475.7
360.4
339.9
Trade and other
249.7
227.7
206.0
receivables
Trade and other
(298.6)
(148.4)
(179.4)
•
payables
Net working capital
426.8
439.7
366.5
Interest bearing
(587.3)
(520.9)
(517.7)
liabilities
Inventory balance higher due to additional barley
accumulation for the new facility in Scotland and higher global
barley prices
Additional working capital required due to the impact of the
higher priced barley
Net Debt/EBITDA 5.0 times at 30 September 2022,
headroom remaining within amended covenants
Pathway back to target gearing range of 2.0 - 2.5 times by end
of FY23:
Significantly higher earnings from 2QFY23
Capital leases
(89.0)
(85.4)
(81.5)
•
Material step down in capex in FY23
Cash and cash
222.9
179.0
286.8
•
equivalents
Factoring arrangement in place
Net debt
(453.4)
(427.3)
(312.4)
Capital and costs management initiatives underway
Based on the FY23 earnings outlook, the Company believes
that it will not need to raise additional capital and will be
within its target Net Debt/EBITDA range at end Sep-23
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