Investor Presentaiton
AASB 16 LEASE IMPACT
Balance Sheet:
Land and Buildings: Ingham's has a large leased property
portfolio. Average term remaining on the portfolio is 12.6 years
Contract Growers: are classified as a right-of-use assets due to
the fixed and capital component of the fee structure. The
variable component of the payments are not captured by this
standard. Average remaining term of contract grower leases has
reduced to 2.5 years
Profit & Loss:
AASB 16 leases impact to EBITDA is $126.7M of rental
expense "add backs" split between cost of sales $115.6M,
distribution $8.4M and sales & admin $2.7M
AASB 16 EBITDA increased $4.0M due to new leases, grower
extensions, modifications and CPI rental increases
AASB 16 NPAT improved $1.3M due to new leases, grower
extensions and modifications
INGHAM'S
Always Good
Balance Sheet $M
1H23
AU
NZ
1H22
Land & Buildings
832.2
714.8
117.4
849.4
Growers
409.1
336.4
72.7
494.7
Equipment
21.0
19.2
1.8
3.3
Right-of-use Assets
1,262.3
1,070.4
191.9
1,347.4
Lease Liability
(1,342.0)
(1,142.1) (199.9)
(1,420.3)
Capital Employed
(79.7)
(71.7)
(8.0)
(72.9)
Tax
28.4
26.2
2.2
20.8
Net assets
(51.3)
(45.5)
(5.8)
(52.1)
P&L Impact $M
1H23
AU
NZ
1H22
EBITDA
126.7
107.2
19.5
122.7
Depreciation
EBIT
(108.8)
(92.1)
(16.7)
(108.8)
17.9
15.1
2.8
13.9
Net finance expense
(27.9)
(24.5)
(3.4)
(25.7)
Tax expense
2.9
2.7
0.2
3.4
NPAT
(7.1)
(6.7)
(0.4)
(8.4)
Ave. Term (years)
1H23
AU
NZ
1H22
Land & Buildings
12.6
12.5
13.0
12.7
Growers
2.5
2.5
2.7
3.1
Equipment
2.3
2.3
2.3
0.8
28View entire presentation