Investor Presentaiton
CASHFLOW
CASH CONVERSION IMPACTED BY HIGHER WORKING CAPITAL
Cash conversion ratio: declined to 74.8% due to an increase in
Biological assets as the higher cost of feed cycles through the
asset class, and an increase in Trade Receivables due to ASP
growth for both total poultry (+8.5%) and external feed sales
Non-cash items: reversal of previously recognised Cleveland
facility lease liability
Capital expenditure: 1H23 spend of $23.5M includes $5.4M on
the WA Primary Processing facility water treatment plant and
$9.3M on NSW Breeder Triangle
Dividends Paid: final FY22 fully franked dividend of 0.5 cps
Proceeds from settlement of derivatives: proceeds resulting
from aligning interest rate hedging to extended debt facility
maturities
Tax paid: of $9.8M, lower than PCP due to lower earnings
$M
1. Working capital adjusted for financing and non-operating items
INGHAM'S
Always Good
1H23
1H22
Variance
EBITDA
197.0
220.4
(23.4)
Non-cash items
(10.4)
3.1
(13.5)
EBITDA excluding non-cash items
Changes in operating working capital¹
Changes in operating provisions
Cash flow from operations
Capital expenditure
186.6
223.5
(36.9)
(54.2)
(39.6)
(14.6)
7.9
2.7
5.2
140.3
186.6
(46.3)
(23.5)
(24.0)
0.5
Proceeds from sale of assets
0.0
3.8
(3.8)
Dividends received from investments
Net cashflow before financing & tax
Dividends paid
0.4
0.2
0.2
117.2
166.6
(49.4)
(1.9)
(33.5)
31.6
Shares purchased / sold
(0.5)
(0.5)
0.0
Proceeds from settlement of derivatives
Interest paid received
7.5
0.0
7.5
(10.1)
(7.3)
(2.8)
Interest & principal - AASB 16 Leases
(129.8)
(119.0)
(10.8)
Net cashflow before tax
(17.6)
6.3
(23.9)
Tax paid
(9.8)
(31.0)
21.2
Amortisation borrowings / forex
0.5
0.3
0.2
Net (increase) / decrease net debt
(26.9)
(24.4)
(2.5)
Cash Conversion Ratio
74.8%
83.5%
(871.2) bps
15View entire presentation