Ann: ING FY2023 First Half Interim Results Presentation, page-2

At the investor briefing, Mr Andrews Reeves (CEO) said ING's selling prices had increased significantly, with further rises suggested as feed prices and other input costs (further) rise.

ING is the largest Australian provider of protein including chicken, turkey and plant--based products.

Very few poultry products can legally be imported into Australia, with the exception of some products from New Zealand.

ING believes there are significant barriers to entry for prospective further competitors.

ING is seeing a significant acceleration in inflation, so the longstanding (comparative) affordability of poultry will be enhanced. It's well placed to deliver future growth, including consumer preferences for the healthy option of chicken. Carbon footprint is lower: chicken is the 'green' animal protein.

ING remains on a recovery path: the impact of inflation headwinds on the business (feed, fuel and distribution costs) and supply chains are challenges that continue.

Despite the small decline in volume, compared with 1H 20, volumes in iH 23 have still grown at three per cent per annum.

Net debt has increased modestly: the leverage ratio of 2.5X should decline in 2H 23.

Lower dividend of A$0.045 fully franked reflects this.

Selling prices are recovering, across all customers and channels., up 10.7pc.

Retail volumes showed modest growth of 4.6pc compared to the previous six months. Mr Reeves described this as a 'modest' increase, but the food service channel (KFC et al) recovered strongly. NZ has also recovered given the Auckland lockdowns (100 days!) were not repeated. In the wholesale channel, it's also recovered but export channel volumes declined.

The CFO said despite the small overall volume decline of 0.6pc, revenue had risen by 8.6pc, though cost of sales were up 10.9pc. (The CEO earlier said there'd been a slight softening of consumer demand note due to retail price rises).

Interest expense rose due to an increase in external debt and higher interest costs.

Inventories have risen by A$12 million.