1HCY21 Results Presentation
Cash Flow
A$m
EBITDA-S
1HCY21
1HCY20
Var
124.4
119.3
5.1
Payment for Leases
(29.3)
(26.5)
(2.8)
EBITDA-S, less payment for leases
95.1
92.8
2.3
Less: share of JV profit
(4.5)
(3.9)
(0.6)
Dividends received from JV's
0.9
0.8
0.1
Movement in working capital / non-
(23.5)
(31.4)
7.9
cash items
Operating capex
(18.5)
(11.5)
(7.0)
Free cash flow
49.5
46.8
2.7
Productivity & growth capex
(33.3)
(30.6)
Payments for business acquisitions
(45.8)
(2.7)
(45.8)
Other
0.3
0.2
0.1
Net cash flow before financing,
(29.3)
16.4
(45.7)
tax, dividends & materials
Cash conversion ratio (1)
52%
50%
4pts
>
Key Highlights
Strong Operating cash flows supporting business growth
。 Operating cash flow of $49.5m, 6% improvement over pcp.
。 First half investment in working capital consistent with seasonal
requirements of business. As with prior years, expect strong 2H inflow with
additional upside from end of 2PH season.
o Productivity and Growth CAPEX of $33.3m consistent with prior year.
Includes finalisation of GH4, commencement of Avocado trellis project and
small bolt-on Citrus acquisitions.
o Expansion plans for International biased towards 2H non-harvest period,
expecting Group CY21 $90m.
。 $45.8m Business acquisition payments represent KW Orchards $36.4m
and $9.4m deposit for 2PH.
itor
AUSTRALIA'S BEST
AUSTRALIA'S BEST
1Cash conversion ratio is Free Cash Flow/EBITDA-S, less payment
for leases.
1HCY21 Results
African Blue
Presentation
Morocco's finest blueberries
Only the Finest Berries
Driscoll's Kalady fingers
LOVACADO.
Aussie avos. From Costa.
MUSH
BOOM!
TO THE
RESCUE
Perino 2.P.H. Vitor.
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