FY23 Financial Performance and Market Strategy
PROFIT & LOSS
PRICE INCREASES AND OPERATIONAL RECOVERY OFFSET SMALL VOLUME DECLINE
Volume: marginal decline in core poultry volume of 0.4%
External Feed volumes declined 43.6kt due to the
planned closure of Wanneroo Feedmill (WA) in April 2023
Revenue: increased 12.2% as higher input costs were
progressively passed on across all channels
Underlying costs¹ increased 11.9% versus PCP due to:
Internal feed cost of $122.6M
Other costs grew $155.4M with fuel, freight,
ingredients, cooking oil and repairs and maintenance
all exceeding general inflation
Net finance expense: higher due to the increase in
interest rates on the drawn debt and inventory
procurement facility
Tax expense: effective tax rate 18.5% (FY22: -1.2%),
FY23 included $8.5M R&D credit (FY22: $8.5M)
Items excluded from Underlying: Business
transformation and restructuring costs of $18.2M, less a
$3.0M benefit relating to the Cleveland facility lease
assignment (FY22: $10.4M)
INGHAM'S
Always Good
$M
FY23
FY22
Variance
%
Core Poultry volumes (kt)
Total Poultry volumes (kt)
463.5
577.5
465.5 (2.0)
576.5
(0.4)
1.0
0.2
External Feed volumes (kt)
292.7
336.3 (43.6)
(13.0)
Revenue
3,044.0
2,713.1 330.9
12.2
Gross Profit
754.8
653.3
101.5
15.5
Gross Profit % Revenue
24.8
24.1
0.7
2.9
EBITDA
418.5
370.4
48.1
13.0
EBITDA % Revenue
Depreciation & Amortisation
13.7
13.7
0.0
0.4
(268.2)
(270.6) 2.4
(0.9)
EBIT
150.3
99.8
50.5
50.6
Net finance expense
(76.2) (65.1)
(11.1)
17.1
(13.7)
0.4
(14.1)
NM
60.4
35.1
25.3
72.1
Underlying EBITDA
433.7
380.8
52.9
13.9
Underlying NPAT
71.1
42.4
28.7
67.7
Underlying (pre AASB 16) EBITDA
183.6
135.2
48.4
35.8
Underlying (pre AASB 16) EBITDA % Revenue
6.0
5.0
1.0
20.0
Tax expense
NPAT
1. Underlying costs included in Underlying EBITDA
13View entire presentation