Investor Presentaiton
AUSTRALIA
INGHAM'S
Always Good
REDUCED FARMING PERFORMANCE AND COST GROWTH PARTIALLY OFFSET BY PRICE GROWTH &
EFFICIENCY PROGRAMS
Core poultry volume declined 0.3% driven mainly by lower bird
numbers processed as a result of a shortage of high-quality eggs,
attributable to a small reduction in fertility levels from the performance
of breeding roosters, resulting in a reduction in Day Old Chick (DOC)
numbers
External Feed volumes continue to decline, with volume reduction of
3.6% due to customers transition away from WA feed mill in preparation
for its closure
Revenue growth of 9.6% reflecting:
Total poultry average selling prices increased 8.5% as higher input
costs were progressively passed on across all channels
$M
1H23
1H22
Variance
%
Core Poultry volumes (kt)
Total Poultry volumes (kt)
Feed volumes (kt)
202.8
203.4
(0.6) (0.3)
255.2
254.9
0.3
0.1
118.9
123.3
(4.4)
(3.6)
Revenue
1,295.9
1,182.6 113.3
9.6
EBITDA
168.8
183.1 (14.3)
(7.8)
EBITDA (% Rev)
13.0
15.5
(2.5)
(16.1)
External feed prices increased 29.6%, reflective of the steep
increase in commodity prices
Underlying EBITDA
181.9
185.1
(3.2)
(1.7)
Underlying EBITDA (% Rev)
14.0
15.7
(1.7)
(10.5)
Underlying EBITDA:
Operational efficiency programs continue to provide positive offset to
rate of cost growth
Underlying pre AASB 16
Cost of sales increased due to combination of lower farming
performance and higher feed costs (+$44.7M¹); increased
packaging and ingredients costs (+$10.7M¹)
Underlying EBITDA
74.6
80.6
(6.0)
(7.5)
Underlying EBITDA (% Rev)
5.8
6.8
(1.0)
(15.1)
Higher supply chain costs ($25.1M1) largely due to impact of
increased fuel and freight costs
Underlying Gross Profit
212.5
203.2
9.3
4.6
Underlying Gross Profit (% Rev)
16.4
17.2
(0.8)
(4.7)
1. Volume adjusted
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