Ingham's Group Highlights and Financial Update
Cash Flow and Balance Sheet
INGHAM'S
Heart of the Table
$ millions
Jun-19
Jun-18
Variance
EBITDA
242.2
212.0
30.2
Non-cash items
(45.6)
(17.5)
(28.1)
EBITDA excluding non-cash items
196.6
194.5
2.1
Changes in working capital
30.1
66.5
Changes in provisions
(5.2)
(0.4)
Cash flow from operations
221.5
260.6
(36.4)
(4.8)
(39.1)
Cashflow
> Non-cash items predominantly relate to the profit on sale of
Mitavite and Cardiff offset by other minor items, including LTIP
> Strong operating cash conversion through working capital
management. Full year inventory financing benefit $54.6m, H2
$28.3m. Excluding inventory financing was 84.9%, 2H 98%
> Net Debt to Underlying EBITDA increased to 1.3x post capital
return of $125.5m and share buy back $36.4m
Cash conversion ratio
112.7%
134.0%
(21.3)
Working capital
Jun-19
Jun-18
Variance
Capital expenditure - Inghams
(74.1)
(61.2)
(12.9)
Receivables
207.9
197.7
(10.2)
Property purchases/deposits
(48.1)
(2.5)
(45.6)
Biological assets
124.2
117.9
(6.3)
3rd party capital expenditure recovered
7.0
0.7
6.3
Inventories
172.2
151.3
(20.9)
Proceeds from sale of assets
82.1
68.0
14.1
Payables
(370.2)
(302.7)
67.5
Total
134.1
164.2
30.1
Net cash flow before financing & tax
188.4
265.6
(77.2)
Capital program
$ millions
Jun-19
Jun-18 Variance
Total Assets
Net Debt
1,081.6
263.8
1,140.7
(59.1)
145.4
(118.4)
Net Debt / LTM EBITDA
1.1
0.7
(0.4)
Net Debt / LTM Underlying EBITDA
1.3
0.7
(0.6)
Property purchases relate to Pakenham, Cardiff and Maldon
properties acquired from the landlord, and settlement of the
Wacol feed mill
Proceeds from the sale of assets relates to Mitavite, Cardiff,
Mile End and Maldon
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