FY23 Financial Performance and Market Strategy
AUSTRALIA
INGHAM'S
Always Good
PRICE GROWTH AND OPERATIONAL PERFORMANCE RECOVERY PROVIDE OFFSET TO COST INFLATION
Core poultry volume declined 0.6% driven mainly by lower bird
numbers processed as a result of a small reduction in fertility levels
from the performance of breeding roosters
$M
FY23
FY22
Variance
%
Core Poultry volumes (kt)
398.1
400.6
(2.5)
(0.6)
External Feed volumes continue to decline, with volume reduction of
14.1% due to customers transitioning away from WA feed mill in
preparation for its planned closure
Revenue growth of 12.2% reflecting:
Core poultry net selling prices increased 13.0% as higher input
costs were progressively passed on across all channels
External feed prices increased 26.7%, reflective of the steep
increase in commodity prices
Underlying costs increased 11.8% versus PCP due to:
Internal feed cost of $97.8M
Other costs grew $136.3M with fuel, freight, ingredients, cooking
oil and repairs and maintenance all exceeding general inflation
Total Poultry volumes (kt)
499.4
498.0
1.4
0.3
Feed volumes (kt)
215.6
251.1
(35.5)
(14.1)
Revenue
2,597.3
2,314.7
282.6
12.2
EBITDA
357.0
312.2
44.8
14.3
EBITDA (% Rev)
13.7
13.5
0.2
1.5
Underlying EBITDA
371.1
322.6
49.6
15.4
Underlying EBITDA (% Rev)
14.3
13.9
0.4
3.1
Underlying pre AASB 16
Underlying EBITDA
160.3
113.2
47.1
41.6
Underlying EBITDA (% Rev)
6.2
4.9
1.2
24.4
Underlying Gross Profit
442.2
352.7
89.4
25.3
1. Underlying costs included in Underlying EBITDA
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