Investor Presentaiton
Segment results in constant currency
UNITED
MALT
Processing
First Half
Second Half
Full Year
2021
2021
2021
$m
2022
2021
Change % Constant Change %
Currency
2022
2021
Revenue¹
498.0
453.2
9.9%
467.4
6.5%
586.8
484.9
21.0%
Change % Constant Change % 2022
Currency
493.6
2021
Change % Constant Change %
Currency
18.9% 1,084.7
938.1
15.6%
961.0
12.9%
Underlying EBITDA
40.9
46.3
(11.8)%
48.1
(15.1)%
29.3
55.0
(before Sass & One-off items)
EBITDA
36.8
39.6
(7.1)%
41.0
(10.3)%
23.5
50.5
(53.5)% 53.8
EBITDA Margin %
7.4%
8.7%
(1.4)%
8.8%
(1.4)%
4.0%
10.4%
(6.4)% 10.9%
(46.7)% 58.2 (49.7)%
(56.3)% 60.3
(17.3)%
70.1
101.3 (30.8)% 106.4 (34.1)%
90.1
5.6%
9.6%
(33.1)% 94.8 (36.4)%
(4.0) 9.9% (4.3)%
Depreciation & Amortisation
24.5
24.3
0.7%
25.0
(2.2)%
25.5
25.7
EBIT
12.4
15.3
(19.4)% 16.0
(23.0)%
-2.0
24.8
(0.8)% 26.5 (3.6)%
(108.3)% 27.3 (107.5)% 10.3
50.1
50.0
(0.1)%
51.5
40.1
(2.9)%
(74.3)% 43.3 (76.2)%
Warehouse & Distribution
First Half
Second Half
Full Year
2021
2021
2021
$m
2022
2021
Change % Constant Change %
Currency
2022
2021
Change % Constant Change %
Currency
2022
2021
Change % Constant Change %
Currency
Revenue
169.0
149.6
13.0%
154.3
9.6%
187.6
180.4
4.0%
190.7 (1.6)% 356.6
330.1
8.0%
345.0
3.4%
Underlying EBITDA
21.0
18.5
13.5%
19.1
9.8%
23.6
25.0
(5.6)%
26.6
(11.2)% 44.6
43.5
2.5%
45.7
(2.6)%
(before Sass & One-off items)
EBITDA
19.2
17.8
7.7%
18.4
4.1%
21.1
23.0
EBITDA Margin %
11.3%
11.9% (0.6)pts
11.9%
(0.6)pts
11.2%
12.8%
(8.5)%
(1.5)pts 12.9%
24.7
(14.5)% 40.3
(1.7)pts 11.3%
40.8
12.4%
(1.4)% 43.1 (6.5)%
(1.1)pts 12.5% (1.2)pts
Depreciation & Amortisation
5.8
5.1
12.5%
5.3
8.6%
6.1
5.4
13.6%
5.7
7.1%
11.9
10.5
13.0%
11.0
7.8%
EBIT
13.4
12.7
5.7%
13.1
2.3%
15.0
17.7
-15.2%
18.9
(21.0)%
28.4
30.3
(6.5)%
32.0
(11.5)%
1. Revenue includes intersegment sales of $34.6m in 2022 and $33.2m in 2021
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