Ridley Report PDF

Ridley Report PDF Details
PDF Name	Ridley Report PDF
No. of Pages	92
PDF Size	3.02 MB
Language	English
Category	English
Source	health.qld.gov.au
Download Link	Available ✔
Downloads	17

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Ridley Report

Dear readers, here we are providing Ridley Report PDF to all of you. As one of the largest domestic consumers of Australian-grown cereal grains and a significant employer in farming communities, Ridley is continually providing support to primary producers and rural Australia.

The Ridley operation is a pivotal and trusted supplier of high-performance nutrition to the major food producers in the dairy, poultry, pig, aquaculture, sheep, and beef industries, to the laboratory animals in the research sector, and to the equine, canine, and home layer markets in the recreational sector.

Ridley’s product range comprises commercial stock feeds delivered in bulk and mostly in pellet form, except for a mash offering available in certain markets and regions, and packaged feeds and ingredients, including raw materials, additives, supplements, and animal meals, delivered in packaged form ranging from one-tonne bulk bags to 3kg feed bags.

Ridley Report PDF – Improved operating performance

Ridley recently adopted new reporting segments: Packaged Feeds and Ingredients, and Bulk Stockfeeds. The Packaged Feeds and Ingredients segment performed strongly during FY21, delivering an EBITDA of $46.5m. The main contributor to the segment’s increase in performance year on year was the Rendering business unit, where the gains can be attributed equally to ongoing yield improvement and product premiumization initiatives, and the higher market prices for rendered oils and meals.

The branded Packaged Products business also grew earnings in its traditional rural distribution channels whilst augmenting this with new product lines into the urban pet specialty chains. Margins in the Aquafeed business were adversely impacted as we sought to grow volumes in a market with surplus feed production capacity. The segment carried a small loss from Novacq™ with the Thailand site commencing commercial operations on 1 July 2020 (previously capitalized as an Intangible Applied R&D Project asset).

The Bulk Stockfeeds segment contributed an EBITDA of $32.5m, with a stronger operational performance in the second half of the year. This was led by the increase in sales volumes to the pig and poultry sectors and the seamless transition to the new Wellsford feed mill with the closure of the Mooroopna feed mill in February 2021. Beef and sheep sales remained below the record ‘drought feeding’ levels experienced in FY20, as on-farm pastures provided better support for livestock. The two operating segments combined to record an EBITDA of $79.0m, from which consistent year-on-year corporate costs of $9.9m were deducted to generate a $69.1m consolidated EBITDA for FY21.

During the year, sales of surplus land assets at Lara and Moolap in Victoria combined to generate a pre-tax gain of $3.6m, while a change in accounting policy for the treatment of costs associated with Software-as-a-Service necessitated the expensing of $3.6m of previously capitalized costs to profit and loss for the year. These items are both reported as Individually Significant Items but netted to have an immaterial impact.

Positioned for the future

On 3 August 2020, the new Wellsford feed mill was officially opened and over the course of the year replaced the volumes supplied from the former Bendigo and Mooroopna feed mills. The state-of-the-art Wellsford facility is the largest in the Ridley stable giving rise to operational improvements, energy savings and enhanced quality control.

On 24 May 2021, Ridley announced the sale of the Westbury the aquafeed facility in Tasmania for $54.85m. Given the surplus extrusion capacity in Tasmania, the Westbury facility had been underutilized since its commissioning in FY20 and was likely to remain so into the foreseeable future. With the Narangba extrusion facility in Queensland scheduled to complete its $4.5m upgrades in July, Ridley was presented with the opportunity to consolidate all its aquafeed supply into one facility.

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