Investor Presentaiton
OBSERVATIONS ACROSS OUR CHANNELS
GROUP CORE POULTRY VOLUME HAS GROWN BY 3.0% PER ANNUM SINCE 1H20
Core poultry volume declined 0.6% on PCP, and increased 3.2% on 2H22
YoY change in volume by channel (Kt)
v's PCP (1H FY22)
RETAIL
(6.6%)
QSR
FOOD
SERVICE
WHOLESALE
v's prev. HY (2H FY22)
4.6%
5.4%
3.5%
8.3%
(0.7%)
12.9%
13.3%
Comments¹
INGHAM'S
Always Good
Retail volume contracted in 1H versus PCP as expected cycling stronger demand during COVID-19 restrictions
Input cost pass-through to Retailers led to RRP increases resulting in slight softening of demand which is expected
to normalise as consumers adjust to price environment, also taking into account red meat pricing
NZ cycling Auckland 100-day lockdown in PCP which drove volume into retail from Food Service and Wholesale;
frozen product production levels reduced due CO2 availability restricting further processing capacity
Volume growth of 5.4% on the PCP reflecting the impact of previous COVID-19 restrictions on customer demand
Reduced promotional activity during the HY
NZ QSR segment cycling COVID-impacted PCP; channel performed strongly during the HY driven by major QSR
promotional programs
Stronger growth across Australia and New Zealand as consumers return to pre-pandemic lifestyles, habits and
international travel activity re-opened
Demand remains strong despite menu price increases observed across many out-of-home venues
Actively grown exposure to NZ meal kit segment
Large segment of customer base represented by “Further Processors", supplying products to restaurants, cafés,
airlines etc. Removal of COVID restrictions and increased travel resulted in significant improvement in demand,
largely offsetting adjustment to excess supply experienced in the channel in 2H22
Some product clearance undertaken to balance the portfolio
Rebound in underlying customer demand resulted in strong channel price growth off lows in early 1H CY22
EXPORT &
OTHER
(9.6%)
2.1%
1. Commentary relative to the prior corresponding period, unless otherwise noted
Channel used to manage excess stock
With norminalising of trading conditional across all channels, clearance volumes declined versus PCP
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