Murray Cod Australia Limited · ASX:MCA
Murray Cod Australia — Shareholder Meeting (November 2022)
26 slides from Murray Cod Australia's shareholder meeting presentation, Nov 29, 2022
Slide 1: 2022 Annual General Meeting
For personal use only MURRAY COD AUSTRALIA LIMITED ASX code: MCA 2022 Annual General Meeting
Slide 2: Disclaimer
DISCLAIMER For personal use only 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 conten
Slide 3: 2022 Highlights
2022 HIGHLIGHTS For personal use only • Continued revenue and biomass growth and strong balance sheet • Price increases with Demand Exceeding Supply • Weather has delayed development of new ponds and slowed growth of growout fish • Excellent Spawning results at hatcheries despite cold wet conditions
Slide 4: The Year In Review
The Year In Review WHAT WE AIMED TO ACHIEVE WHAT WE DID ACHIEVE (November 2021 Goals) (November 2022) For personal use only Construct 12 new ponds Construction of 16 Ponds (10 still underway as delayed due to wet weather but still expect completion and stocking this summer) Planning advanced for 50+
Slide 5: The Year In Review (continued)
WHAT WE AIMED TO ACHIEVE WHAT WE DID ACHIEVE (November 2021 Goals) (November 2022) Implement gross margin improvements in: For personal use only Processing equipment purchased and commissioned with efficiencies to Processing, increase as volumes grow. Planning for new site in 2025/26 is underway. Fe
Slide 6: Awards
AWARDS For personal use only • Champion and Gold – Sydney Fine Food Awards • NSW Sustainability Exports Awards • Winner NSW Premier’s Award for Sustainability in Export • Finalist - National Sustainability Exports Awards 6 aquna.com
Slide 7: Growth Trajectory
GROWTH TRAJECTORY Number of ponds per calendar year For personal use only • The company’s growth trajectory of 10,000 tonnes by 2030 remains on track • Earthworks on 6 of the planned 16 ponds are complete. Delays have been caused on the remaining 10 free range ponds due to wet weather. We still expe
Slide 8: Financial Overview
FINANCIAL OVERVIEW Total Revenue For personal use only Including Gain in value of Biological Stock • Revenue and gain in Biological assets net of provisions $19.72M an increase 38.3% to PCP • Strong balance sheet - Net Assets $76.4M - Land & Buildings and Water Assets - $26.9M - $22.3m Cash as at 30
Slide 9: FY 2023 Financial Outlook
FY 2023 FINANCIAL OUTLOOK • Expected revenue from Government restocking scheme For personal use only est.$800k lower. This loss of revenue will impact short term cashflow, but will significantly add to revenue in 2-3yrs as these fish are added to our ponds and are grown out to larger fish • Experien
Slide 10: FY 2023 Capex Budget
FY 2023 CAPEX BUDGET For personal use only • Stage 1 New hatchery development circa $5 million • New Free Range Ponds circa $2.5 million • Processing plant not until 2025/26 • New Harvesting and other Equipment circa $1 million 10 aquna.com
Slide 11: Price Increase
PRICE INCREASE For personal use only • Aquna Murray Cod is now priced at $24/kg compared to $20/kg last year (No impact on demand) • Larger fish 2.5kg are attracting a premium due to scarcity of fish and demand by HORECA sector • Live fish sales are achieving prices up to $30/kg in some categories 1
Slide 12: Maintain Margin
MAINTAIN MARGIN For personal use only • Price increases of 20% achieved this year • Value adding on track • Free range ponds lower OPEX • FY 2023 spawning on track • New weaning system & Bilbul site conversion lower OPEX • Aquna branding – continue price increase • Feed improvements 12 aquna.com
Slide 13: Value Adding Example: Aquna Gold Caviar Project
VALUE ADDING EXAMPLE For personal use only 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 fre
Slide 14: FY2023 Season Spawning
FY2023 SEASON SPAWNING For personal use only Our FY23 spawning numbers are currently ahead of target. As with last year we are experiencing colder than average temperatures. Plans made during 2022 to cater for possibility of colder season this spring have been very effective. Good result to date. Up
Slide 15: Free Range Ponds
FREE RANGE PONDS CY2023 – Aim to build 50+ new Free-Range Ponds For personal use only Each pond has capacity to hold biomass of up to 50 tonnes Planned Free Range Ponds CAPEX and OPEX benefits – CAPEX – reduction from $300k per pond to Circa $50k per pond. But free range ponds will be lower stocking
Slide 16: New Weaning System & Conversion of Bilbul Site
NEW WEANING SYSTEM & For personal use only CONVERSION OF BILBUL SITE • New method will 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 dri
Slide 17: Brand, Marketing, Export
BRAND, MARKETING, EXPORT For personal use only • Significant rise in consumer awareness resulting from targeted digital marketing • Aquna brand recognition by Australian renowned chefs as a producer of an excellent quality product • We continue to invest in developing our brand and product in intern
Slide 18: Demand Exceeding Supply
DEMAND EXCEEDING SUPPLY For personal use only • Demand is exceeding supply which is impacting availability of saleable size fish in the 2.5kg+ range over the next 12 months. • The high demand for our product while pleasing requires continued forecast modelling of available saleable fish in providing
Slide 19: Research & Development
RESEARCH & DEVELOPMENT For personal use only Out of Season Spawning – • In April 2022, we commenced our out of season spawning trial • There have been trials conducted in the past by Vic Fisheries* MCA is undertaking its own research trials to commercialize out of season spawning • * Trials conducte
Slide 20: Our Brand Timeline
OUR BRAND TIMELINE For personal use only 20 aquna.com
Slide 21: Our Fish
OUR FISH For personal use only Delicate. Clean. Sweet. Aquna Murray Cod has a firm texture and naturally clean, creamy flavour. The pale 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
Slide 22: For personal use only
For personal use only 22 aquna.com
Slide 23: What We Believe In
WHAT WE BELIEVE IN For personal use only 23 aquna.com
Slide 24: Sustainability
SUSTAINABILITY For personal use only Restocking Program – • For every farmed Murray Cod harvested from our production ponds, the Murray-Darling Basin was restocked with seven MCA fingerlings New Initiatives – • The company provided large Murray Cod fish to both the Victorian and South Australian Dep
Slide 25: Sustainability & Social Reports
SUSTAINABILITY & SOCIAL REPORTS For personal use only 25 aquna.com
Slide 26: For personal use only
For personal use only
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