Heart of the Table - Financial and Strategy Update
Cash Flow and Balance Sheet
$ millions
Pro forma
1H FY2018
1H FY2017
Variance
INGHAM'S
Heart of the Table
43.0
Cashflow
Non-cash items relates to the profit on sale of Wanneroo
($14.1m) and other minor items ($1.5m), primarily LTIP
> Continued improvements in working capital through tight
inventory and receivables management
Operating cash conversion 110%
Net Debt to EBITDA reduced to 0.9x
EBITDA
116.2
95.2
20.9
Non-cash items
(15.6)
(0.3)
(15.3)
Changes in working capital
27.1
(15.9)
Changes in provisions
0.7
0.2
0.5
Cash flow from operations
128.4
79.2
49.2
-
Cash conversion ratio
110.5%
83.2%
32.8%
Working capital
Dec-17
Jun-17 Variance
Dec-16
Capital expenditure - Inghams
(29.8)
(60.4)
30.6
Receivables
232.5
231.5
(1.0)
259.9
3rd party capital recovered /
8.6
(15.7)
24.3
(for recovery) 1
Biological assets
109.2
112.5
3.3
112.1
Proceeds from sale of assets
57.0
1.1
58.1
Inventories
140.8
156.5
15.7
144.5
Net cash flow before financing & tax
164.2
$ millions
December
2017
Pro forma
June 2017
Variance
Capital program
4.2
160.0
Payables
Total
(287.9)
(278.8)
9.1
(241.3)
194.6
221.7
27.1
275.2
Total Assets
Net Debt
Net Debt/LTM EBITDA
1.
1,095.7
1,082.5
193.3
0.9
297.7
1.5
Third party capital agreements in place, funds to be received
13.2
104.4
0.6
Capital program on track, below pcp as expected
Asset sales relate to the sale of Wanneroo (WA) and Burton
Road (SA)
> Sale of Leppington (NSW) unconditional in Feb 2018
> Third party capital recovered primarily relates to SA feed
mill and SA breeder farm expansion projects
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