Investor Presentaiton
GROUP 1H23 FINANCIAL SUMMARY
INGHAM'S
Always Good
REFLECTING BENEFITS OF PRICE INCREASES & OPERATIONAL RECOVERY, OFFSET BY EFFECTS OF
ONGOING MARKET-WIDE HEADWINDS
The business remains on a recovery path, while managing the
ongoing effects of general market headwinds, including supply chain
disruptions and impact of broad-based cost inflation on the business
Group core poultry volumes were slightly lower than prior period,
down 0.6%, reflecting lower bird numbers available for processing
(AU), and labour and CO2 supply-related processing constraints
during the period (NZ)
Core poultry volumes grew 3.2% versus 2H22, and volume
growth of 3.0% per annum achieved since 1H20
Price increases completed (1H23 total poultry average selling price
growth of 8.5%) and contributing to earnings recovery
Increase in cost of sales of 10.9% includes feed, packaging &
ingredients, and fuel and distribution
EBITDA includes Business Transformation Project costs of $16.2M
relating to program pre-implementation and design phase
Net Debt: Increased by $29.6M on PCP mainly due to a decline in
earnings from trading activities
Leverage: 2.5x, an increase on PCP mainly due to the low 2H22
EBITDA result; level to reduce for FY23 as low 2H22 earnings are
replaced in the rolling 12-month earnings measure
Dividend: Interim fully franked dividend of 4.5 cps declared,
maintaining dividend payout ratio within policy
Refer to Definitions for certain Non-IFRS information referred to in this presentation
1H23
1H22
Var ($) Var (%)
2H22
Var ($) Var (%)
Group Core Poultry Volume (kt)
235.7
237.1
EBITDA ($M)
NPAT ($M)
17.2
38.4 (21.2)
(1.4) (0.6)
197.0 220.4 (23.4) (10.6) 150.0
(55.2) (3.3) 20.5 (621.2)
228.4
7.3
3.2
47.0
31.3
Underlying EBITDA ($M)
210.2
222.4
(12.2) (5.5)
158.4
51.8
32.7
Underlying NPAT ($M)
26.6
39.7
(13.1) (33.0)
2.7
23.9 885.2
Underlying EBITDA pre AASB 16 ($M)
83.5
99.7
(16.2) (16.2)
35.5
48.0 135.2
Underlying NPAT pre AASB 16 ($M)
Dividend (fully franked) (cps)
33.7
48.1
(14.4)
(29.9) 9.0
24.7 274.4
4.5
6.5
(2.0)
(30.8) 0.5
4.0
800.0
Var to
Dec-22
Jun-22 Dec-21
Dec-21
Leverage (underlying pre AASB 16)
2.5x
2.0x
1.3x
1.2x
Net Debt ($M)
294.2
267.3 264.6
29.6
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