Murray Cod Australia Limited · ASX:MCA
Murray Cod Australia — H1 2024 Earnings Presentation
19 slides from Murray Cod Australia's earnings presentation, Feb 28, 2024
Slide 1: Scaling Up Sustainable Growth: December 2023 Half Year Results
SCALING UP SUSTAINABLE GROWTH MURRAY COD AUSTRALIA LIMITED DECEMBER 2023 HALF YEAR RESULTS 28th February 2024 Life tastes better our way 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: Our Vision and 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 4: What We Believe In
WHAT WE BELIEVE IN 4 aquna.com
Slide 5: Business Update December 2023
BUSINESS UPDATE 31 Dec 2023 • Stocking of 28 grow-out ponds at Stanbridge is planned to occur during March and April 2024. • Works are continuing at Stanbridge site. Development application is approved for 78 ponds. • Biomass continues to grow, with a record number of fish in water. • Finance facili
Slide 6: The Numbers for the Half Year
THE NUMBERS FOR THE HALF YEAR Key Points: • Sales volume in tonnage down by 36% v Dec 22 but revenue only down 24.5%. This is due to price gains which have continued in line with our aim to increase margins ahead of inflation. • Increase in biological assets of 32% for 6 months • $12 million increas
Slide 7: Scaling Up Production
SCALING UP PRODUCTION NUMBER OF PONDS IN PRODUCTION PER YEAR INCLUDING PLANS FOR 2024/25 COVID 19 Pandemic Planned Actual • The company’s growth trajectory of 10,000 tonnes by 2030 is still on track • Construction of 78 ponds at new Stanbridge site is underway • Construction of new hatchery to incre
Slide 8: Keeping More Larvae for Biomass Growth
KEEPING MORE LARVAE FOR BIOMASS GROWTH Sold more Larvae during COVID 19 • Larvae sold for restocking during COVID 19 dramatically reduced fish numbers stocked to grow-out. It provided additional cashflow during the pandemic when export and restaurant markets were closed. • This resulted in lower bio
Slide 9: Funding Capital Expenditure
FUNDING CAPITAL EXPENDITURE • $20 Million arranged through iPartners was drawn down in December 2023. • The facility term is two years, which matches the approximate growing time of juvenile fish to reach saleable size. Funds are to be used for: • Development and completion of 78 grow out ponds at S
Slide 10: 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. • Discussions have commenced with Australian and international investors seeking yield and growth fro
Slide 11: Innovation – Free Range
INNOVATION – FREE RANGE Fish Growth & Health Benefit • Grow-out fish stocked in Whitton’s 10 free range ponds are showing excellent growth and health. Design Benefit • Designed to improve water quality for fish growth and health. With water quality paramount, free range sites have been developed as
Slide 12: Stanbridge Free Range – Scaling Up
STANBRIDGE FREE RANGE – SCALING UP Development of Stanbridge free range grow-out ponds progressing as planned. Development application is approved for 78 ponds. We anticipate 28 grow-out ponds at Stanbridge will be stocked during March and April. Economic Benefits of Free Range • CAPEX reduction - W
Slide 13: Sales Update – Building Distribution Channels
SALES UPDATE – BUILDING DISTRIBUTION CHANNELS • As previously highlighted, supply imbalances continue to impact fish availability for a further 18 months in particular large fish 2.5kg+. • Large fish sales to Singapore are attracting up to 20% premium compared to Australia. • We continue to export t
Slide 14: Price Growth
PRICE GROWTH Processed Murray Cod Prices Live Murray Cod Prices Sources: NSW Dept of Primary Industries 2017-2022 Sydney Fish Markets average prices 2022/23 14 aquna.com
Slide 15: Innovation - Larvae Weaning Efficiencies
INNOVATION - LARVAE WEANING EFFICIENCIES The 2023 spawning season was highest to date. The MCA larval weaning method in its 4th year was expanded across 60% of spawnings as compared to 20% in 2022. Benefits include • Increased juvenile production • Larvae are weaned at an earlier life stage. • Metho
Slide 16: Innovation - Juvenile Pond Efficiencies
INNOVATION - JUVENILE POND EFFICIENCIES • Holding juveniles over winter in ponds instead of RAS shed has significant benefits: • Lower biological risk as fish are in separate ponds instead of all in one shared water source • Capital investment for juveniles is reduced by a factor of 8-10 times • As
Slide 17: 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 18: 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. 18 aquna.com
Slide 19: Sustainable Murray Cod
Stet: Sustainable Murray Cod