Murray Cod Australia Limited · ASX:MCA
Murray Cod Australia — H1 FY2023 Earnings Presentation
22 slides from Murray Cod Australia's earnings presentation, 2023
Slide 1: Murray Cod Australia Limited
MURRAY COD AUSTRALIA LIMITED ASX code: MCA Review - 1st Half of 2023 Financial Year
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: 1st Half FY2023 Highlights
1st HALF FY2023 HIGHLIGHTS • EBITDA $482k, 115% increase to 1st half FY 2022 • Revenue increased 25% over 1st half FY 2022 • 50% increase in biological assets since 30th June 2022 • Cash reserves of $17m on 31st December 2022 • Earthworks on 16 new ponds completed • 250% increase in spawning over pr
Slide 4: The 1st Half of FY2023 in Review
THE 1ST HALF OF FY2023 IN REVIEW Revenue increased 25% compared to same period last year, despite a reduction in availability of larger fish and a sales strategy aimed at building biomass. Demand is much greater than supply as a result of limited stocking numbers during the summers of 2019/20 and 20
Slide 5: The 1st Half of FY2023 in Review
THE 1ST HALF OF FY2023 IN REVIEW Supermarkets are currently a small part of total revenue. Sales are limited to a select number of retail Woolworths and Coles stores. Flooding in regional NSW and Victoria reduced access to some ponds during the December quarter, which resulted in unfulfilled orders
Slide 6: Growth Trajectory
GROWTH TRAJECTORY Number of ponds per calendar year • The company’s growth trajectory of 10,000 tonnes by 2030 remains on track 100 • Earthworks on 16 ponds are complete. 6 Wet weather has delayed completion of 6 penned and ponds will have pen infrastructure and 10 10 free range ponds until ponds wi
Slide 7: Financial Overview
Total revenue - Including gain in value of biological stock FINANCIAL OVERVIEW • Revenue and gain in biological assets $16.90M an increase of 132% to 1st half FY2022 • Strong balance sheet - Net assets $76.7M - Land & buildings and water assets - $29.8M - $17m Cash as of 31st December 2022 - $5.7m u
Slide 8: Financial Year 2023 Outlook
FINANCIAL YEAR 2023 OUTLOOK • This season, significantly more fish are to be added to our juvenile ponds than will be sold to Government re-stocking. • As a result, we estimate revenue from Government restocking will be approximately $1m lower than last year. • A cooler, wet 2022 spring kept water t
Slide 9: Planned FY 2023 Capex Budget
PLANNED FY 2023 CAPEX BUDGET • Hatchery development circa $5 million on top of $1.6m already spent • New free-range ponds circa $2.5 million • Processing plant not until 2025/26 • New harvesting and other equipment circa $1 million 9 aquna.com
Slide 10: Price Increase
PRICE INCREASE • Aquna Murray Cod now priced at $24/kg (whole round) compared to $20/kg last year (no impact on demand) • Larger fish over 2.0 kg are attracting a premium ($26) due to scarcity of fish and demand by HORECA sector • Live fish sales are achieving prices $27 to $30/kg 10 aquna.com
Slide 11: Aim to Build Margin
AIM TO BUILD MARGIN • Price increases of 20% achieved • Value adding on track • Free range ponds lower OPEX • FY 2023 spawning 250% increase to last season • New weaning system & Bilbul site conversion - aim for lower CAPEX & OPEX • Aquna branding – aim to increase margin • Feed improvements • Breed
Slide 12: Value Adding Example: Aquna Gold Caviar Project
VALUE ADDING EXAMPLE: AQUNA GOLD CAVIAR PROJECT Keeping in line with our ethos – luxury and sustainability – we are currently developing a Murray Cod Caviar product with a leading Australian Caviar Company. Aquna branded Murray Cod Caviar will be the only exclusively Australian freshwater Caviar. In
Slide 13: Spring 2022 Spawning
SPRING 2022 SPAWNING Our spring 2022 spawning had a 250% increase, prior to season As with last year we experienced colder than average temperatures. Plans made during 2022 to cater for possibility of colder season this spring have been very effective and a good result achieved. Upgrades completed a
Slide 14: Free Range Ponds
FREE RANGE PONDS CY2023 – Aim to build 50+ new free-range ponds. Each pond will have capacity to hold biomass of up to 50 tonnes CAPEX and OPEX benefits – Current Free Range Ponds CAPEX – reduction from $300k per pond to circa $50k per pond. But free- range ponds will be lower stocking rate. Expecte
Slide 15: New Weaning System & Conversion of Bilbul Site
NEW WEANING SYSTEM & CONVERSION OF BILBUL SITE • New method aimed to increase juvenile production • Juveniles are weaned at an earlier life stage • Less infrastructure required • Much lower capex required for expansion • Higher output – smaller footprint • Increased efficiencies driving costs saving
Slide 16: Brand, Marketing, Export
BRAND, MARKETING, EXPORT • Significant rise in consumer awareness, resulting from targeted digital marketing • Aquna brand recognition by renowned chefs as a producer of an excellent quality product • We continue to invest in developing our brand and product in international markets, in anticipation
Slide 17: Demand Exceeding Supply
DEMAND EXCEEDING SUPPLY • Demand is exceeding supply, which is impacting the availability of saleable size fish in the 2.0 kg+ range over the next 12 months. • The high demand for our product, while pleasing, requires continued forecast modelling of available saleable fish, in providing balance with
Slide 18: Research & Development
RESEARCH & DEVELOPMENT Out of season spawning – In April 2022, MCA commenced out of season spawning trial. Limited success was achieved in 2022 year, however, expect 2023 to improve as broodstock now adjusted to new environment and minor husbandry changes effected Feed trials – • New initiatives suc
Slide 19: Aquna 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. 19 aquna.com - Heston Blumenthal, Michelin Starred Chef
Slide 20: What We Believe In
WHAT WE BELIEVE IN 20 aquna.com
Slide 21: Sustainability
SUSTAINABILITY Land based model - sustainable • Nutrient enriched water from ponds goes out to irrigate crops and pastures on adjoining fields Restocking Program • MCA is a primary commercial supplier of larvae and fingerlings to governments who re-stock the Murray Darling Basin New Initiatives • Th
Slide 22: Murray Cod Australia Limited
www.aquna.com MURRAY COD AUSTRALIA LIMITED Contact: Ross Anderson 2-4 Lasscock Road Griffith NSW Australia 2680 Ph: +61 269 625 470
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