Investor Presentaiton
Balance sheet - core debt profile
CORE DEBT ($M) (1)
294
405
237
299
167
122
91
792
821
748
753
763
758
768
Short-term debt
less Grains -
trading and Oils
inventories
Long-term
debt
The Core Debt bridge between FY18
($514M) and FY19 ($802M) is set out
on Slide 16.
With the smaller crops in FY18 and
FY19 and lower free cash flow, Core
Debt is higher due to increased working
capital and capex.
(308)
(293)
(283)
(265)
Cash
(461)
(389)
(371)
FY16(3)
HY17
FY17(3)
HY18
FY18(3)
HY19
FY19(3)
721
654
450
627
514
880
802
Core Debt ($M) (1)
29%
29%
20%
25%
21%
32%
30%
Core Debt Gearing(2)
2.86
1.92
1.41
1.97
2.12
3.90
5.50
Rolling Core Debt (4) /
EBITDA (5)
123456
1.
2.
Core debt = total debt less cash less commodities inventory (Grains - trading, Oils).
Core debt gearing = core debt / (core debt + equity).
3.
HY Underlying EBITDA based on 'last twelve months' ('LTM') ending 31-Mar.
4.
Represents the six-monthly rolling average of core debt.
5.
6.
FY19 Underlying EBITDA adjusted for abnormal factors as disclosed in Operating & Financial Review
At 30 September 2019.
GrainCorp
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