Investor Presentaiton slide image

Investor Presentaiton

Pro forma balance sheet and cash flow A$m Pro forma Actual FY15 Pro forma Prospectus FY15 EBITDA before SGARA 71.0 Pro forma Variance As at 28 June 2015, A$m Actual FY15 Pro forma Prospectus Variance FY15 70.6 0.4 Total Assets 537.9 506.8 31.1 Less: share of JVs profit (9.5) (10.4) 0.9 Net debt 122.7 123.3 (0.6) Dividends from JVs 6.1 5.9 0.2 Net debt adjusted for China 131.4 132.0 (0.6) Change in working capital (5.9) (4.1) (1.8) Net debt / FY2015 EBITDA-S 1.9x 1.9x 0.0x Maintenance capex (9.4) (10.1) 0.7 Free cash flow 52.3 51.9 0.4 Productivity & growth capex (73.6) (77.5) 3.9 Loan repayments from investments Disposals of PPE 1.7 (1.7) ā˜ Maintenance capex lower than forecast allowance 0.3 0.1 0.2 Net debt, leverage and cash conversion remain in line with Prospectus forecast Share of JVs down due to Driscoll's grower debt provision Net cash flow before financing, tax & dividends (21.0) (23.8) 2.8 Cash conversion ratio (1) 74% 73% Productivity capex: some timing into Q1 FY2016 (mainly Tomato), and savings across other projects (eg SAP capitalisation) Loan repayment from African Blue in progress Note: (1) Cash conversion ratio is Free Cash Flow/EBITDA before SGARA costa fresh is our passion 14
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