Murray Cod Australia Limited · ASX:MCA
Murray Cod Australia — Investor Presentation (March 2024)
25 slides from Murray Cod Australia's investor presentation, Mar 28, 2024
Slide 1: Accelerating Growth: Key Drivers of Financial Performance
ACCELERATING GROWTH MURRAY COD AUSTRALIA LIMITED A GUIDE TO UNDERSTANDING THE KEY DRIVERS OF FINANCIAL PERFORMANCE 28 March 2024 ASX code: MCA
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Murray Cod Australia Limited (the “Company”). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this presentatio
Slide 3: Key Drivers of Financial Performance
KEY DRIVERS OF FINANCIAL PERFORMANCE • REVENUE • NUMBER OF FISH TO SELL • AVERAGE SALE WEIGHT OF FISH • AVERAGE SALE PRICE PER KG • DIRECT EXPENSES • NUMBER OF FISH PRODUCED • AVERAGE HARVEST WEIGHT OF FISH • COST PER KG TO PRODUCE AND SELL • CAPITAL REQUIRED • OVERHEADS • TIME TAKEN TO PRODUCE FISH
Slide 4: Stages/Timing of Production Cycle
STAGES/TIMING OF PRODUCTION CYCLE Spend 6 months To Nursery To Grow-out in Nursery In summary a fish can spend from 26 - 38 months to go from egg to plate 4 aquna.com
Slide 5: Stages of Production Cycle
STAGES OF PRODUCTION CYCLE Hatchery Nursery Grow-out Spring/Summer Autumn/Winter Spring/Summer (Following year) Capacity: Current 2.91 million Capacity: Current 6.4 million Capacity: Current 5.64 million Proposed 4.76 million (in 2024)* Proposed 32.6 million Proposed 14.04 million • Spawning can occ
Slide 6: Our Location
OUR LOCATION • Location is ideal for domestic distribution • Murrumbidgee Irrigation Area (MIA) has abundant water from Snowy Hydro and underground sources • MIA is the “Food Bowl” of Australia • The MIA is “infrastructure ready” with level flood plain, water access, electricity, roads, and sources
Slide 7: Locations of Our Sites
LOCATIONS OF OUR SITES 7 aquna.com
Slide 8: Capacity and Use of Sites
CAPACITY AND USE OF SITES Excluding Contract Growers Site Current Usage Structure Current Capacity in Fish Numbers (000s) Bilbul Nursery 12 ponds of 8 nets each (96 nets) 3,360 pond juveniles Recirculating Aquaculture System (RAS) 400 RAS juveniles McFarlane’s ½ Nursery and ½ Grow-out 8 ponds of 12
Slide 9: Planned Changes to Capacity
PLANNED CHANGES TO CAPACITY Site Proposed Usage Proposed Changes Proposed Capacity in Fish Numbers (000s) Bilbul Nursery DA Submitted for 12 more ponds 6,720 pond juveniles 400 RAS juveniles McFarlane’s 100% Nursery 8 ponds of 12 nets each (96 nets) would transition 3,360 juveniles to nursery produc
Slide 10: Scaling Up Production
SCALING UP PRODUCTION NURSERY AND GROW-OUT PONDS – EXCLUDING HATCHERIES 32 128 ponds 18 COVID 19 Pandemic Earthworks 50 78 Complete 34 34 Planned 26 20 Actual 12 2 2017 2018 2019 2020 2021 2022 Dec-23 2024 • Construction of 78 free range grow-out ponds at new Stanbridge site is planned to be complet
Slide 11: Keeping More Larvae for Biomass Growth
KEEPING MORE LARVAE FOR BIOMASS GROWTH • All time high of 825 tonnes in grow-out stock Sold more Larvae* as at 15 March. More growth in last 2.5 during COVID 19 months than in the whole of 2023 calendar 825 T 5,500,000 year. 5,000,000 698 T • As fish get larger biomass growth should 4,500,000 accele
Slide 12: Currently Estimated 4.9 Million Fish in Stock
CURRENTLY ESTIMATED 4.9 MILLION FISH IN STOCK* Numbers of Fish in Juvenile & Grow-out Grow-out Numbers by Weight Range 5K 16K 85K 94K 211K <100gms Juvenile 783K 100-300gms 2,098K 300-600gms 140K 600-800gms 2,826K Grow-out 800gms-1.2kg 1.2kg-2kg 2kg-3kg 765K 3kg+ • As at 15 March 2024 after allowing
Slide 13: Potential Returns from Current Fish Numbers
POTENTIAL RETURNS FROM CURRENT FISH NUMBERS EXCLUDING ANY NEW FISH TO BE SPAWNED IN 2024 SEASON OR BEYOND Assumptions based on: Estimate of Sales vs Remaining Costs based on Fish Sale Weight • Sale price of $25 per kg 300M for fish 2.0kg and below 250M 250M • Sale price of $27 per kg During March 20
Slide 14: Price Growth
PRICE GROWTH Processed Murray Cod Prices Live Murray Cod Prices Sources: NSW Dept of Primary Industries 2017-2022 In terms of culinary quality, annecdotes by chefs rate our product between Coral Trout and Patagonian Toothfish. Sydney Fish Markets average prices 2022/23 Coral Trout wholesale price is
Slide 15: The Economics of Fillet Yield Motivates Us to Grow Larger Fish
THE ECONOMICS OF FILLET YIELD MOTIVATES US TO GROW LARGER FISH • Fillet yield = weight of fillets total weight of fish • Larger fish have better fillet yield than smaller fish • This means fillets need to be priced differently to achieve same price per kg of whole fish For Example: • 3kg fish can yi
Slide 16: Global Distribution
GLOBAL DISTRIBUTION • Currently export customers pay their own air freight • But freight will be a major consideration as volume grows • Moving from whole round fresh fish to a frozen fillet will dramatically change logistics • Cost of frozen sea freight is between 5 and 15 times lower than air frei
Slide 17: Australian Sustainable Protein Fund (ASPF)
AUSTRALIAN SUSTAINABLE PROTEIN FUND (ASPF) • The Fund aims to purchase infrastructure assets for aquaculture protein production. Not dissimilar to investing in infrastructure for poultry production. • ASPF units are currently 100% owned by MCA • ASPF owns the Stanbridge site, a grow-out facility wit
Slide 18: Capital Expenditure
CAPITAL EXPENDITURE • The CAPEX required to complete the Stanbridge development is fully funded via the iPartners debt facility • It is planned that future capital expenditure for major projects will be funded via ASPF • Should ASPF be unsuccessful in attracting investment then MCA would consider cu
Slide 19: Major Goals for Next 12 Months
MAJOR GOALS FOR NEXT 12 MONTHS • Complete construction at Stanbridge site and have all 78 ponds fully stocked in Spring 2024 • Focus on biomass growth and planned additions to capacity • Receive external investment into Australian Sustainable Protein Fund. • Maintain existing distribution channels i
Slide 20: Our Vision / Our Mission
OUR VISION To make Aquna Sustainable Murray cod the highest margin luxury farmed fish brand in global seafood markets OUR MISSION To produce and sell at least 10,000 tonnes of Aquna Sustainable Murray Cod by the year 2030 and to increase our inflation adjusted margins by at least 25% over that perio
Slide 21: What We Believe In
WHAT WE BELIEVE IN 21 aquna.com
Slide 22: Murray Cod Australia Ltd
Murray Cod Australia Ltd ASX: MCA www.aquna.com Appendices to Follow
Slide 23: Sustainability and Social Report
SUSTAINABILITY AND SOCIAL REPORT At Murray Cod Australia, we’re challenging ourselves to make big and small changes in an effort to continually improve our sustainability performance for our planet and our people, refining our approach as we learn, innovate and grow. As stewards of sustainability, h
Slide 24: Our Fish
OUR FISH Delicate. Clean. Sweet. Aquna Murray Cod has a firm texture and naturally clean, creamy flavour. The pristine white fillet has a large flake and relatively high fat content making it perfect for most cooking conditions. That is why Aquna is coveted as a fine-dining fish at top restaurants a
Slide 25: Aquna has created a luxury fish product
Aquna has created a luxury fish product by combining natural processes evolved over millions of years with cutting edge technology that has resulted in a fantastic quality fish. Heston Blumenthal, Michelin starred chef. 25 aquna.com
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