The CFO said net debt at 2.5x was above the ING target range but as noted above, it's expected to decline.
The feed market is stablising but prices remain elevated. Soy increased by six per cent during the half but wheat prices rose 19 per cent.
But Australia has had another bumper crop likely to exceed 30 million tonnes.
He claimed freight and logistics costs remain high. (This doesn't accord with international shipping container costs that have decreased from previously elevated levels). External feed costs grew an extraordinary 29.6 per cent in 1H 22!
The CEO then resumed talking. Lower bird numbers and a decline in rooster activity (my words, not his!) meant fewer eggs. See the presentation.
There are 300 plus business transformation projects underway.
The northern NSW (Casino) "triangle" breeding farm project is progressing well: 700,000 eggs per year eventually. Rearing farm is operational with two production farms to commence in CY 2023.
Automation is a key focus. Four new DSI machines at a cost of A$30 million are being purchased, allowing ING to expand its offer in portion control products. There will also be more automation in processing stir fry and other products.
New deboning machines at three sites will decrease labour requirements. Product quality will improve.
The Bromley Park Hatchery NZ transaction announced today should enable ING in NZ to be self-sufficientin day-old-chicks.
ING results for the half represent a significant improvement compared to the previous half.
The benefit of more chickens form the farms will be seen in a few months.
Wheat and soy meal prices are expected to stay high, but ING will counter this with further rises in median selling prices.
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inghams group limited
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The CFO said net debt at 2.5x was above the ING target range but...
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