FY23 Financial Performance and Market Strategy
NEW ZEALAND
2H PERFORMANCE TURNAROUND OFFSETS 1H OPERATIONAL CHALLENGES
Operating environment improved significantly in 2H following
challenges during 1H due to shortages in both labour and CO₂
Improvements in labour availability levels as 1H progressed
In response to the national CO2 shortage, the Auckland and
Cambridge FP plants were converted to nitrogen
Weather events (Cyclone Gabrielle and Auckland Floods) had a
short-term impact on operating performance in Q3
Core poultry volumes grew by 0.8%, with significant Q4 recovery
Revenue growth of 12.1%, reflecting:
Core poultry net selling prices increase of 14.0% (NZD)
External feed net selling prices increased 38.4% (NZD) reflecting
commodity prices
Underlying costs¹ increased 12.9% versus PCP due to:
Internal feed cost of $24.8M
Other costs grew $19.1M with fuel, freight, ingredients, cooking oil,
utilities and repairs and maintenance exceeding general inflation
Revenue
EBITDA
1. Underlying costs included in Underlying EBITDA
INGHAM'S
Always Good
$M
FY23
FY22
Variance
%
Core Poultry volumes (kt)
65.4
64.9
0.5
0.8
Total Poultry volumes (kt)
Feed volumes (kt)
78.1
78.6
(0.5)
(0.6)
77.1
85.2
(8.1)
(9.5)
446.7
398.4
48.3
12.1
61.5
58.2
3.3
5.7
EBITDA (% Rev)
13.8
14.6
(0.8)
(5.5)
Underlying EBITDA
62.6
58.2
3.3
5.7
Underlying EBITDA (% Rev)
14.0
14.6
(0.8)
(5.7)
-
Underlying pre AASB 16
Underlying EBITDA
23.3
22.0
Underlying EBITDA (% Rev)
5.7
5.5
22
1.3
5.9
0.2
3.0
Underlying Gross Profit
87.8
77.5
10.4
13.4
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