Strategic rationale for the acquisitions
Superior Food financial performance - cash flow
Superior Food is a cash generative business with consistently strong and stable cash flow conversion
Superior Food's disciplined focus on net working capital has
resulted in strong operating cash flow conversion³ of ~95-100%
Superior Food Operating Cash Flow (OpCF) 1.2.4 ($m) and
OpCF conversion (%) 1,3
Historical maintenance capex of $6-7m p.a.,
historical cash flow conversion after capex of ~80%
Superior Food OpCF less maintenance capex 1.2.4 ($m) and
OpCF less maintenance capex conversion (%) 1,3
44
44
41
37
37
36
34
103%
30
100%
96%
95%
FY22A
FY23A
Oct-23 LTM
FY24E
85%
84%
81%
79%
FY22A
FY23A
Oct-23 LTM
FY24E
1.
Superior Food results presented in relation to years ending 30 June (except as noted for Oct-23 LTM).
2.
3.
Operating Cash Flow (OpCF) defined as Underlying EBITDA (pre-AASB16) less change in net working capital excluding any intra-year impact of acquisitions.
OpCF conversion and OpCF less maintenance capex conversion are calculated as a percentage of Underlying EBITDA (pre-AASB16).
4.
FY24E represents Superior Food's underlying actual results for the six months ended December 2023 plus Superior Food's underlying budget for the six months ending June 2024.
Metcash
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
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