I'd now like to hand the conference over to Mr. Hugh Killen, Managing Director and Chief Executive Officer. Please go ahead. Good morning, and thanks for joining us to discuss AACo's Full-Year Results for Financial Year 2021. I'm Hugh Killen, Managing Director and CEO of AACo, and with me today is our Chief Financial Officer, Nigel Simonsz. I'm going to start by taking you through some of our key outcomes across our full-year performance. I then want to go through the progress we've made in FY 2021. I'll provide a commercial overview and drill down into how our brands are driving progress, and we'll then have a look at how this is playing out by region around the world. I will hand over to Nigel to take us through the financials in more detail, and I'll finish with an update on our operating environment as we move into FY 2022. Let's turn now to the executive summary on slide number four. I'm pleased to report that we've consolidated our first half performance across the full year. FY 2021 has been dominated by uncertainty across many industries. In particular, food services face ongoing disruption across our key markets around the world. These risks continue despite progress in virus suppression and vaccination in parts of the world. In FY 2021, our commitment to a simpler and more efficient AACo has been critical to navigating this uncertainty. This has helped us improve operating profit and statutory EBITDA in FY 2021 compared to FY 2020, and we've been able to deliver a positive operating cash flow result. Our strong brand portfolio and distribution partnerships have also helped us connect with new customers and respond to changes in our markets. Overall, this has helped improve our average price per kilo, and this has been driven by increasing proportion of meat sold through our Westholme and Darling Downs brands. The enduring value of our underlying assets has also delivered important stability through this period. We continue to see strong improvement in our property values, which continue to strengthen over the long term, and this has translated into a solid increase in the net tangible asset value of the business. Turning to slide five. External forces in recent years continue to impact our results. Australia's overall cattle herd has declined in response to successive drought and flood challenges. This is reflected in a marginally lower AACo herd size in FY 2021. While drought conditions have eased, we continue to see below-average rainfalls across our properties. Three years on from the devastating Gulf floods, our properties there are still recovering with limited pasture response. One of the consequences of these seasonal impacts is lower calving rates. These take time to flow through our supply chain before impacting mature animal numbers. In FY 2021, our lower calving rates over the last three years have resulted in reduced overall meat production volumes. Lower volumes have primarily driven a 21% or AUD 68.6 million decline in FY 2021 revenue compared to FY 2022. Lower volumes are expected to remain into FY 2022. Importantly, our herd rebuild has commenced with a 47% increase in calves in FY 2021 compared to the prior year. As this rebuild flows through our supply chain, we're likely to continue with some supplemental cattle purchases. More broadly, the uncertainty which has impacted FY 2021 is likely to continue through FY 2022. We'll continue to monitor and adjust to changes in our markets and in the wider economy. In this context, the key drivers of shareholder value at AACo remain: strong brands supported by a simpler and more efficient business. Turning now to slide six and progress made in a challenging year. I want to go into more detail about these key value drivers and the progress we've made in FY 2021. The pillars for our business remain: our values, our team, our operations, our focus on customers and consumers, and respecting what makes it possible. The key elements of our strategy remain: connecting with our customers and consumers by strengthening our brand portfolio; delivering for our customers by building the best routes to market; maximizing revenue through strategic growth and investment; getting the most out of our assets and operations to optimize the value of every part of our business; investing AACo's next 200 years through a company-wide focus on sustainability; and continuing to strengthen the AACo team through our high-performance culture. Each of these elements have been critical to helping AACo navigate uncertainty in FY 2021. We've continued to improve product allocation across our brands and markets to secure maximum returns. This has included further streamlining our brand portfolio. In FY 2021, Westholme and Darling Downs represented 74% of our branded meat sales. In parallel, the strength of our global distribution network has enabled us to access new retail channels and online gourmet marketplaces. This has been vital to connecting with new customers despite the impact of COVID-19 on food service and international travel. We've strengthened our talent and leadership capability in key functional roles across the business to keep supporting our brand-based strategy. As a result of this work, we've driven an 8% improvement in overall price per kilo. We've generated AUD 76 million in reduced operating expenditure compared to FY 2020. We have progressed our sustainability agenda in FY 2021, including launching our Beef Cattle Herd Management Carbon Project. Turning now to slide number seven. Through the challenges of FY 2021, we focused on maximizing returns from every cut of meat we produce. This means ensuring the right cuts are available for the right market opportunities at the right time. This strategic market allocation has helped drive an 8% improvement in price per kilo compared to FY 2020. In particular, we are focused on adapting to increasing at-home consumption and the rise of the home chef, including partnering with gourmet marketplaces and premium retail specialists, targeted digital marketing campaigns and improved product branding on menus and also in store. Increasing the proportion of AACo product moving through Westholme and Darling Downs to 74% of all branded beef sales. Today, 80% of our higher- value loin and rump cuts are sold under our Westholme and Darling Downs brands. This is important because Westholme and Darling Downs have together achieved annualized price per kilo growth of 17% since FY 2019. This has underpinned our overall annualized price per kilo growth of 8% over the same period. In addition to Westholme and Darling Downs, our Wylarah brand focuses on the world's top fine dining restaurants. This market has been directly impacted by COVID-19 in FY 2021. Wylarah remains a key strategic priority for AACo as the food service sector begins to rebuild. Getting maximum price per kilo has been even more important in FY 2021, as we face headwinds impacting overall meat volumes. The average F1 Wagyu life cycle is long, at three and a half years from conception and birth through to meat production. This means that when flood and drought impact our calving rates, this takes time to flow through to reduce meat production volumes. In FY 2021, we really began to feel the effects of successive years of drought and the flood on calving rates, with overall meat sales volumes down 19% compared to FY 2020. Securing premium prices for product through our quality brands is even more important under these circumstances. Moving on to slide eight. On this next slide, I want to explore the benefits of branded beef sales a little more and discuss what this means for AACo moving forward. As a general rule, 15%-20% of meat from an animal is the high-quality loins and rumps category. These cuts can be sold at a premium price through strong brands like Westholme and Darling Downs. Since 2019, AACo's price per kilo for loins and rumps has improved 10% each year on a compound basis. In FY 2021, 80% of AACo loins and rumps are sold under Westholme and Darling Downs. Further down the carcass, 35%-45% of meat fits into the barbecue and secondary cut category. So far, 63% of AACo's barbecue and secondary cuts are sold under brands. 59% of barbecue cuts are now sold under Darling Downs, and 55% of secondary cuts go into branded sales. AACo has achieved 7% annual compound growth in price per kilo for barbecue and secondary cuts since 2019, and will continue to increase the proportion of these cuts sold through branded channels. The remaining 35%-40% of meat produces in the trim category. At present, the vast majority of trim is sold as a commodity, with little product innovation or added brand value. This suggests there's potential to improve value derived from this category, and this is an area of potential growth, which we'll be exploring in the future. Turning now to slide number nine. You can see how important our brands are to realizing the value of the beef we produce. I want to delve a little deeper into how we have built the value of our Westholme and Darling Downs brands in FY 2021. As mentioned above, Westholme has grown from 11% of our overall meat sales to 25% in FY 2021. The team have worked hard to build brand equity and drive awareness, particularly in key markets in the U.S. In the year just gone, we launched our first paid digital marketing campaign in partnership with chefs in Australia and also the U.S. We've also pursued new direct-to-consumer channels during COVID-19. We've made Westholme available via the Goldbelly online gourmet marketplace in the U.S. In FY 2021, we partnered with Goldbelly to create online brand content, including using Goldbelly influencers to engage customers. Jumping now to slide 10. In FY 2021, we've seen the results of the work I discussed last year to refresh our brand in Korea. The team have rolled out new packaging and in-store activation across all 141 Emart stores in South Korea. We supported this with a digital campaign to improve brand awareness, with really significant results. We've seen higher average consumer sales prices in FY 2021. As we build the value of these brands and deliver more product through them, we will realize more value for our investors, and this is particularly important in the face of market uncertainty and headwinds in our wider industry. Turning now to slide number 11. Through FY 2021, this approach has driven positive outcomes across all our regions, with the exceptions of China, Europe, and the Middle East. In North America, branded beef price per kilo is up 14% compared to FY 2020. This has been driven by successful growth into retail channels during COVID-19. As discussed above, the U.S. has been a major focus for digital and social campaigns to drive brand awareness around Westholme. We've continued to focus on at-home chefs through meal kit product innovations and online marketplace partnerships, including with high-profile chefs. In FY 2021, we sold 19% of AACo meat in North America, compared to 7% in FY 2020. In Asia, we achieved 5% improvement in price per kilo compared to FY 2020. This was driven primarily by the strength of our Darling Downs brand presence in Korea. Strong distributor relationships in other markets continue to support sales. We continue to respond to uncertainty in the Chinese market, which has been a traditional destination for AACo's trim product. To date, we've been effective in redistributing retail product to other markets, and we'll continue to explore these opportunities. You can see the proportion of AACo product sold in China decreased in FY 2021, offset by growth in the rest of Asia and also in North America. In Australia, we achieved a similar 5% improvement in price per kilo compared to FY 2020. This driver has been continued improvements in our market allocation and mix. This has involved focusing on high-quality branded product for the Australian market and reallocating other product to high-value markets around the world. We continue to refine and build the value of our quality brands in Australia. This is important for the Australian market, but also because Australia is AACo's spiritual home. Our brand and success in this market is a core objective of our global brand and beef strategy. In Europe and the Middle East, AACo sales directly felt the impact of COVID-19 on food service in FY 2021. Our major retail focus in the last year has been in Asia and North America. This has resulted in a drop in the proportion of AACo meat sales going through to Europe. We'll continue to monitor food service opportunities in the region, and we are looking forward to the conclusion of free trade negotiations with the U.K. With that, I'll now hand over to our CFO, Nigel Simonsz, who will take you through the financials in some more detail. Thank you, good morning, everyone. Thank you all for your interest in what has been a year of resilience in the face of significant disruption and uncertainty across our key markets. I will now take you through the financial highlights and provide some additional context. I can report that we have consolidated our good first-half performance through the full year. In the full year just gone, AACo delivered positive operating profit and cash flow. This is significant given the continuing impacts of COVID-19 and the impact of recent drought and flood events on overall meat volumes. Our improved operating profit result reflects ongoing progress against our strategy. Of note, we have realized an 8% improvement in price per kilo, which reflects continued growth in our brand value. This improvement was offset by 19% lower meat volume available for sale in FY 2021 compared to the prior year. We have also achieved a reduction in expenditure of approximately AUD 76 million, which includes AUD 29 million of reduced adverse seasonal costs, AUD 24 million of lower external backgrounding, external feedlots, and processing costs as a result of lower volumes, and further significant cost savings realized across the business. Our progress has been supported by our strong balance sheet. Our net assets position remains strong, driving significant improvement in net tangible asset value per share. AACo's gearing ratio remains well within our covenants, improving 3.1% year-on-year. We achieved a statutory EBITDA result of AUD 99.3 million and an improved statutory profit of AUD 45.5 million, up from AUD 31.3 million in FY 2020. Now moving on to our profit loss statement on slide 14. Firstly, in regard to revenue, you can see an overall decrease of AUD 68.6 million compared to the prior year, which includes a AUD 29.6 million decrease in total meat sales in FY 2021. This reflects a 19% drop in meat volume available for sale, which is the result of lower calving in response to recent drought and flood events, which have started to flow through to meat production levels. In this context, AACo's overall 8% improvement in price per kilo has been very important to our end-of-year position. This has allowed the company to report a positive operating profit of AUD 24.4 million in FY 2021 and AUD 17.7 million excluding JobKeeper. AACo's cattle sales volume was lower in FY 2021 compared to the prior year. This reflects elevated cattle sales last year as a strategic response to drought conditions, and these lower sales volumes were offset by higher prices in the market. On the cost side, we have seen the positive effects of our disciplined approach to operating expenditure, as well as more favorable seasonal conditions. This has resulted in a combined AUD 76 million reduction in expenditure overall. As noted earlier, in part, this is a result of streamlining costs across the supply chain, including backgrounding, feeding, cattle transport, and processing. We've also had an unrealized fair value gain of AUD 64.3 million this year, versus AUD 49.6 million last year. The gain in FY 2021 was driven mainly by an AUD 91 million increase in cattle values off the back of record prices in the Australian cattle market. This was offset by lower overall kilograms produced as our herd enters a rebuild phase. Turning now to our next slide, where we detail our positive cash flow results. In all, AACo achieved AUD 18.4 million in operating cash flow compared to AUD 20.1 million in the prior year. Our FY 2021 result was AUD 11.7 million, excluding JobKeeper. The key drivers of these results have been better revenue management through strategic market allocation, in turn driving higher prices, continued focus on costs across the supply chain, and progress towards a simpler and more efficient AACo right across the business. You'll also see on this slide a AUD 33.8 million reduction year-on-year in net financing cash flow. This reflects a deliberate strategy to optimize finance costs payable with no impact on total available borrowing capacity. Now turning to slide 16 and our balance sheet. AACo ended FY 2021 with a very strong balance sheet position, including over AUD 1 billion in net assets. This is underpinned by strong growth in the value of our land and herd. Wider market forces have driven higher livestock prices in the short term, with positive impacts on rural land values as well. AACo's overall strategy has been critical in growing the value of these assets over time. This strong balance sheet position means AACo retains comfortable headroom in our existing bank covenants, and this includes approximately AUD 185 million in available borrowing capacity across our debt facilities, and our gearing ratios remain well within our target range. With that, I'll now hand back to Hugh. Thanks, Nigel. On slide 18, as a nearly 200-year-old pastoral business, sustainability is at the core of what we do at AACo. This year, we made progress on our sustainability agenda, including greenhouse gas abatement under our Beef Cattle Herd Management Carbon Project. This project is formally registered with the Australian Clean Energy Regulator. Our main focus is improving animal productivity to reduce lifetime emissions by improving how we breed, graze, and handle our cattle. We've identified core activities to drive carbon abatement under this project, including improving animal conversion through genomic selection, increasing grazing areas through improved water access points, better pasture control through fencing infrastructure, and reduced cattle handling through improved yard infrastructure. This work aligns with AACo's Animal Health and Welfare Committee, which we also launched in FY 2021, as well as ongoing progress on our poll program. In parallel, we're also reducing our reliance on fossil fuels. This includes more than doubling the number of solar-powered bores on our properties. There is more to come in this space for AACo, and we look forward to talking more about this work in our second sustainability benchmarking report, which will be released later this year. Turning now to slide 19 and changing consumer dynamics impacting our business. As we've talked about previously, long-term growth in the global middle class is driving sustainable demand for quality beef. This includes a continued focus on provenance and traceability. More recently, COVID-19 has precipitated growth in the home chef market, bringing high-quality branded beef into the home. Record consumer channels are also growing through digital platforms, virtual cooking classes, and restaurant-quality meal kits. These consumer trends are likely to continue during COVID-19 and also beyond. The vaccine rollout is also continuing around the world, and we are watching the impact this is having on the food service market. At the same time, geopolitical uncertainty remains a feature of our market, and this includes Chinese processing restrictions impacting beef sales. We'll continue to monitor these changes as they roll out in FY 2022 and beyond. Within this context, global beef demand remains robust, and the long-term outlook is largely positive. Population growth and rising household wealth are forecast to continue, particularly in Asia. In 2021, beef exports are forecast to grow by 2% to 11.1 million tonnes following the declines in 2020. This includes growth in Brazil, India, and the U.S., which will offset the declines in Argentina, Australia, and New Zealand. This has been driven in part by Chinese demand, where the ongoing impact of African swine fever continues to drive imports. Beyond 2021, cyclical forces in the U.S. and Brazil are likely to limit growth in production and export as those herds move into a rebuild phase. We expect sustainable consumer demand will continue to grow. There will continue to be a premium on provenance, traceability, quality, and product innovation. Australian producers will be well-positioned as the local herd rebuilding progresses. Within this context, the cattle industry in Australia is facing a unique set of challenges and also opportunities. Our national herd contracted in 2020 to the lowest level in 25 years. Evidence suggests we've turned a corner, and the national herd is now expected to grow by 5% in 2021. As producers look to retain their herd in better seasonal conditions, cattle slaughter levels are forecast to reach 36-year lows in 2021. These slaughter rates are not expected to return to average levels until 2023. In April, we saw these supply constraints drive the EYCI above AUD 9.00 per kilo for the first time in history. Upward pressure on prices is likely to continue as slaughter rates return to average levels. Looking forward, external forces will continue to impact AACo's overall meat production volumes in FY 2022. This will be on the back of the 19% lower meat sales volumes achieved in FY 2021 compared to FY 2020. On the other hand, we're already seeing a rebound in calving rates, which jumped 47% in FY 2021 compared to FY 2020. As we manage this herd rebuild, AACo will conduct some supplemental cattle purchases. As always, we'll focus on improving our genetics as well as our land and animal management as we rebuild our herd. To finish, I want to commend the AACo team for the results they have achieved in a really uncertain environment in FY 2021. We have faced lower calving rates between 2018 all the way through to 2020 in response to drought and flood events and in line with the wider industry. These headwinds have started to impact our meat production in FY 2021 due to our average F1 Wagyu lifecycle mix of three and a half years. This has driven a 19% decline in meat volumes for sale compared to the prior year, with a consequent impact on revenue. These lower volumes are expected to continue into FY 2022. Our herd rebuild has begun, with a 47% increase in calving rates in FY 2021 compared to FY 2020. We've made important progress in FY 2021 in the face of significant disruption to the food service sector. This is reflected in our strong price per kilo and our continued transition to high-value brand sales. This progress puts us in a good position to drive more brand value benefits across more of our cuts and categories. Our strong balance sheet and positive full-year results give us a solid platform, and we'll continue to focus on cost discipline and unlocking value across our entire supply chain. Overall consumer demand for beef remains strong. This is likely to continue to grow over the short to medium term. We'll continue to monitor market conditions and consumer trends on the ground. Our progress to date gives us confidence that AACo is in a strong position to benefit from changing consumer demand and keep driving value for our shareholders. That ends our presentation. I'd like to thank you all for your time, and Nigel and I are happy to take any questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. If you wish to ask a question via the webcast, please enter it into the Ask a Question box and click Submit. Your first question is a webcast question from David Fawcett with Ten World Pty Limited, reads: With Argentina banning beef exports for 30 days, what will this do to world markets and particularly AACo? I was trying to give some context around that in my prepared remarks. I think the Argentina situation is interesting when we've seen immediate moves in, especially the trim complex, prices moved higher overnight. I think if I take a step back and look at where we're at from an Australian perspective, obviously, we're in a herd rebuild here, and so supply through to processing is extremely challenged, and that will continue for a while longer. We've seen Brazil, in particular, killing 1.5x its normal kill, so they've gone heavily into their cattle herd as well. Now we're seeing Argentina have significant issues with internal supply and food inflation going into an election year in Argentina. I think these are all really positive aspects in terms of outlook for pricing in global red meat sales. The U.S., on the other hand, has been actually in a cull phase because they're going through quite a significant drought there, and they've been selling off their herd at a very high rate, which has resulted in very good profits for processors over there. There is forecast to be a break from the season there, so we could actually see a turnaround in those dynamics in the U.S. as well. When I put all of those together, including Argentina and the demand that we're seeing for red meat globally, in particular out of China, which has significant issues with ASF, as we've talked about, I think there is a chance to see continued move higher in global red meat globally over the next six months. Thank you. Your next question comes from Rodney Rodwell with Aubin Mumford and reads: I get the feeling we sell all the products we produce, and so increasing our market penetration adds little until we produce more. Is this true? Demand for our product is extremely high, Rodney, and as I've been trying to explain in the remarks today, we will have lower supply as the impacts of the drought and the flood run through our system. For us, the important thing is making sure we're getting the right price for every kilo of meat we sell, make sure we get our market allocation and our market mix absolutely correct, which is what we've been doing, which is why we've been able to grow our brand revenue by 17% this year. I think there's further opportunity for us to do that even in the environment where we have lower supply coming through. I talked about value-added product in our trim categories, for instance, and the opportunity to do more there. While there is more demand than we have from a supply perspective, and that's obviously a good thing, there is opportunity for us in terms of our businesses and our brands to make sure we get our allocation, our mix even better than it is now, and hopefully, we can drive prices higher as a result. Thank you. Your next question comes from Phil Zahn with Zahn Holdings and reads: Does AACo offer direct online meat sales into Sydney? If not, who supplies this consumer market? Phil, I get asked this question a lot. One of the benefits, I think, of COVID-19 is you can actually get restaurant beef more easily in other markets. In Sydney, in particular, you can go to Haverick Meats and they've got an online marketplace where you can get AACo product very easily. You can go into their shop and buy from them directly and they'll portion it for you there. There's a number of areas where you can get it. Obviously, direct to consumer and online is an area that we're focusing in strongly, not just in Sydney, but more broadly as well. That'll be an area for us to continue to think about and try and approach in maybe in a different way going forward. I've talked about this at the half year as well. There's an online marketplace in the U.S., as an example, called Goldbelly, which is an example of where we're actually going direct to consumer. Thank you.
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