Investor Presentaiton
Financial Results
Comparison of results for the half year
A$m
Revenue
EBITDA-S
HCY23 HCY22
Var
770.7
708.7
62.0
150.2
140.1
10.1
Fair value mvmt in bio assets
(14.4)
0.5
(14.9)
EBITDA (before material items)
Depreciation & amortisation
135.8
140.6
(4.8)
(69.6)
(65.5)
(4.1)
Profit on Sale of assets
0.2
0.2
EBIT
66.4
75.1
(8.7)
Interest Expense
(27.2)
(19.2)
(8.0)
Tax Benefit/ (Expense)
6.2
(5.0)
11.2
NPAT (before material items)
45.4
50.9
(5.5)
Material items after tax
(1.5)
(2.2)
0.7
Non-controlling interest
(18.3)
(10.8)
(7.5)
NPAT attributable to
25.6
37.9
(12.3)
shareholders
Key Highlights
Costa
well grown
1HCY23 Results
Presentation
Revenue: +8.7% on pcp
• International +32.8% vs pcp. Significant increase in China sales with
increased volumes from new Agripark farm (102Ha) and average yields
across existing farms above pcp.
• Domestic +1.6% vs pcp. Mixed result across all categories with solid increases
in berry sales offset by lower pricing outcomes in Tomatoes. Expected
increase in Citrus sales delayed due to late start to harvest.
EBITDA-S: +7.2% on pcp
Outstanding performance from International segment with China
delivering a record earnings result and African Blue up versus pcp.
• Domestic earnings lower than pcp: delayed start to Citrus season due to
CY22 weather conditions; industry wide grape season negatively impacted
by mould and yield issues; high industry wide volumes in Q1 in Berries and
Tomatoes impacted price and margin realisations. YoY improvement in
Avocados after improved average pricing relative to pcp.
NPAT-S: -6.2%
.
NPAT-S (before material items)
37.8
40.3
(2.5)
NCI-S
(25.0)
(15.2)
(9.8)
•
Transacted Sales
1,012.2
946.3
65.9
NPAT behind pcp given higher interest costs.
Material Items:
$1.5m (after tax) of costs relating to Paine Schwartz proposal; restructure
costs; and loss on disposal of Gunalda FNQ Avocado farm.
16View entire presentation