FY23 Financial Performance and Market Strategy
BALANCE SHEET
EARNINGS RECOVERY DELIVERS IMPROVEMENT IN LEVERAGE
Biologicals: increased $24.2M (+17.8%) as the higher cost of feed
cycles through the asset class
Inventories: declined $20.0M due to a decline of $33.4M in Feed
inventories due to a shift away from purchasing and holding inventory at
3rd party locations, offset by an increase in processed and other
inventory due to higher input prices
Receivables: increase of $46.6M was predominantly due to an
increase in Trade Receivables of $42.9M, comprising a $26.3M
(+10.5%) increase in Accounts Receivable and a reduction in Rebates
due to the resolution of a FY22 claim
Payables: increased $10.9M due to an increase in Trade Creditors of
$19.6M (+12.1%) due to input cost inflation offset by a reduction in the
inventory procurement trade payable of $9.3M
Right-of-use Assets: declined $43.8M, due to depreciation offset by
lease extensions, additions and CPI increases
Lease Liabilities: decreased $35.1M due to $26.3M in disposals² and
lease payments exceeding extensions, modifications and interest
payments
Payables
Working Capital¹
Other Assets
Lease Liabilities
INGHAM'S
Always Good
$M
Jun-23
Jun-22
Variance
Inventories/Biologicals
388.2
384.0
4.2
Receivables
270.2
223.6
46.6
(466.4)
(455.5)
(10.9)
192.0
152.1
39.9
Provisions
(145.6)
(138.3)
(7.3)
Working Capital & Provisions
46.4
13.8
32.6
Property, Plant & Equipment
Right-of-use Assets
493.8
477.3
16.5
1,275.6
1,319.4
(43.8)
5.7
13.3
(7.6)
(1,368.5)
(1,403.6)
35.1
Capital employed
453.0
420.2
32.8
Net Debt
(262.5)
(267.3)
4.8
Net Tax balances
11.3
5.3
6.0
Net Assets
201.8
158.2
43.6
1. Working capital adjusted for financing and non-operating items including deferred revenue and interest accrued 2. Cleveland lease re-assignment and contracts growers transitioning to variable contracts
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