Oceana Group Ltd

On behalf of the Board of Directors, management and staff of the Oceana Group, I would like to extend a warm welcome to all of you, including our viewers on the webcam. It's been another positive year for Oceana, delivering solid results in the context of continuing geopolitical uncertainty, rising input costs, volatile weather patterns worldwide, local infrastructure challenges, and sustained pressure on consumer income. As we reflect on our operating environment, it is deeply troubling to observe the escalating conflicts in the Middle East, Ukraine and parts of Africa. These conflicts, along with extreme weather events, are disrupting global supply chains, impacting the availability and cost of essential raw materials, food and energy. The rise of populism and protectionism is leading to economic fragmentation and policy uncertainty. The polarizing US election adds further uncertainties to global trade and regional conflicts. In South Africa, the smooth and fair seventh democratic election and the transition to a government of national unity has been positively received. The new coalition government brings hope for fresh economic policies and increased private sector investment. It is in this environment that Oceania continues to deliver solid results, which will be unpacked by Neville and Zafra. Oceana's diverse product range, the strength of its brands, and the quality of its people and infrastructure, boosted by healthy balance sheet positions involved for long-term growth. On behalf of the board, I would like to extend my thanks to the CEO, Neville Brink, and his executive team, and all the staff at Oceana for delivering such a great set of results. And in setting and delivering on the group's strategic ambitions, and all Oceana's employees for their contribution in delivering another year of strong performance in a challenging market context. Thank you very much, and I hand you over to Neville Brink, our CEO. Thank you.

Morning everybody. Thanks for joining us today. Just before I start, it was interesting, I was chatting to Anthony before, just two minutes before, about whether we continue with this face-to-face or we do it virtually. And my preference, obviously, is face-to-face. It's just so much easier to present to a proper audience than to a screen. And a screen can be edited and managed, et cetera. You can hopefully tell from my body language and my expressions that myself and my management team know what we're doing. And as we present, you get a feel for what the real business looks like. So welcome to those guys that made the time to come out here. Thank you to my team. And thank you to those people that are online and joined us. And I look forward to handling some questions. The format that we're going to follow, I'm going to do a quick CEO overview, and I'm going to do it slightly differently this year. What I want to do is, again, talk about our pillars. As you know, three years ago when I took over this business, I created this pillar strategy. Each business falls within a pillar, and I want to talk a bit about the pillars and the context of the performance going forward. And I want to also talk about a disclosure change, which I think will please the market, and it certainly helps us, and I think you'll enjoy that. And then I'll have a look at the detail behind the three divisions, the three pillars. Zaf will then cover the financial results, and I'll come at the end just giving a kind of high-level outlook and strategy with some of the focus areas that each of the pillars are going to concentrate on in next year, and then happy to answer some questions. So we've got about an hour and a half. I think we should be finished with an hour, and then we've got some time just to mingle and say hello face-to-face to those I haven't said hello to. So let me start with the pillars. And you've seen this numerous times, and I keep emphasizing it because it is key to this business. We are operating in three independent businesses. They have very different strategies, but collectively that makes up Oceana. So let me start on the lucky star side, and I'll start on the disclosure issue that we are changing this year for the first time. I have found it very difficult presenting these numbers because of the mix of fish meal and fish oil in the canned food sector. So as you know, we have two canneries on the West Coast. Those canneries both have a fish meal plant that's linked to them. The people that work in that fish meal plant collectively work for both businesses. And when we presented in the past, you had almost apples and pears number, which included fish meal and oil on the one side and the foods business, which is a typical FMCG business, very different from fishing. So what we've done hard this year is actually separated those two businesses. The people are allocated a cost center, and some of them will be part fish meal, part cannery. There will be a formal transfer price between the cannery and the fish meal operations, where we transfer the offal trimmings that we call it, the heads and feet, heads and tails that come off a pilchard that goes into the fish meal business. And oil, remember we extract oil when we produce a can of pilchards, in particular the fish that comes from the Pacific, high in oil. We do an inversion in that can, then actually we take some oil out of that can, and that gets transferred to the fish mill and oil business, where it's reprocessed and sold. So a market-related price will be determined every year that will relate to world market pricing for off-wall and oil. So we'll clearly see... clearly see the difference between so when you see Lucky Star foods now that will be purely the FMCG business and then the second change is we talk about Lucky Star in the past we used to talk about Lucky Star and that was the canned fish sector this we've now that pillar is now graduated into a foods business and part of the strategy this year is to take that business and grow the food sector of our business so Not to say we're not going to take our eye off the canned pilchard side. That is still a key part of our business, and we have to grow it. But there's huge opportunity in Lucky Star to take that iconic brand, voted number one iconic brand in the country this year, and I'll talk about it a bit more, and grow this into adjacent food categories. So a key driver for us is to take this business further. And why I say that is because, and you've all heard it before, fishing business is by nature a very volatile business. There are many, many uncontrollables that we battle to control. So what we need to do is increase the contribution from the controllable side of our business, try and manage the uncontrollables and make it less susceptible and more variable so that when opportunities come up, those businesses can take advantage of obviously weather, fishing, et cetera, et cetera. So very much a focus this coming years around the Lucky Star Foods business. On the wild caught side, and I've said this many times before, wild caught is a finite resource. When we're catching wild caught, we get given a quota. In most instances, we get given a quota or a time limit where we can catch a certain amount of fish. We cannot catch any more. So we cannot add volume there. What we can add is value and efficiencies. So the focus on the wild caught side is how do we take that business and make it as efficient as possible? A vessel that's standing alongside here makes no money. A vessel that's out at sea, catching fish, not breaking down. So we invest there in technology, ability to make that vessel more effective, ability for that vessel not to break down, ability for when it comes in to land to offload and do the repairs to turn that vessel around as quickly as possible. The ideal purpose is 365 days at sea. That's obviously impossible, but that is the target. Keep those vessels at sea, turn around those vessels as quickly as possible. The key driver in wild caught is catch rates. Catch rates has the highest effect on cost of sales. The faster you catch, your fixed costs, that vessel operates on a daily basis on a fixed cost basis. The quicker you can land fish into that business, the more effective that business is. And then the fish oil, and now you'll see a pillar there, and we'll go forward. We'll have two segments with it. We'll have the SA fish, meal, and oil business, and you'll see that quite separately, and we can track it, and there's a strategy. It still forms part of the overall pillar of fish, meal, and oil, same market, same business. And fish, meal, and oil is a commodity. We're a small play in a big pond. We don't control pricing. We don't control supply and demand. What we can do is be more efficient at landing as much fish as possible. And I talk a bit about that because there's huge opportunities to scale that business, to really take that volume up. And that's where we're going to see ability. We can tweak quality. We can tweak performance. throughput that adds a little bit of margin, but essentially the pricing and the supply and demand curve follows a band. And we follow that band, we can't change it. And I'll talk a bit about that pricing. So that's the context of the performance this year. And that all leads to who is Oceana? And we spent some time looking at what can we define, what's the investment case behind Oceana? Oceana, as we see it, is a leading fish and food company. Driving innovation and growth through diversified operations and the diversification is a key component of our business. While promoting sustainable practices, sustainability is a key. We've been around for 105 years. If we don't protect our biomass out there and the resources, we won't be around for the next 105 years. So it is key for us. And we have what we call six competitive core anchors. Diversified operations, we are across multiple geographies, multiple species, multiple countries, multiple currencies. We have a strong operating platform, 105 years old. We play in the full value chain, from phishing to marketing to processing to procurement, which is a big strength of ours, right through to managing our balance sheet and our financials. Brand strength, and everyone knows the Lucky Star brand, but it's not only the Lucky Star brand. It's the Oceana brand. If you go overseas and you go and talk to our customers, Oceana is recognized out there. It's not just Lucky Star. Oceana is seen as a longstanding, reputable company that delivers on its returns and is trustworthy. So whether it mean procuring from big suppliers out there, we negotiate terms that are relative to the strength of the Oceana brand. We play in the affordable quality segment. And when I say affordable, it's not cheap and nasty. It's affordable. It's relative, relative to the market that we compete in, whether it be chicken or cod in the whitefish sector or heads and feet in the pilchards or horse mackerel sector. So it's a relative affordable business, and we are very conscious about quality and affordability. Our balance sheet speaks for itself. We manage our balance sheet, I believe, prudently, and Zaf will cover that when he goes through the numbers. But we certainly have headroom for further expansion in our balance sheet. And then lastly, sustainability. Key for us. We're a fishing business. We've got to protect the resources out there. Not only the resources we fish, but the resources we buy again. So we look at, we certainly, we do an in-depth analysis of all the customers that are supplying us to make sure that they are not only sustainable, but within regulated norms of not using child labor, not practices which we would be frowned upon. So that is essentially the investment case behind Oceana. So let's cover this here. And I was thinking about, I mean, this year has been a solid performance, not a phenomenal performance. It could have been a phenomenal performance, but it's a really solid performance built on the last two years we've had consistent growth. It could have been better, but like our business, it doesn't all fire at one stage. I'd love it to every part of our business to fire together, and hopefully one day it will happen. But again, it talks to the diversity of our business. We're not one species or one geography or one business. We're across the board. So we had a really good performance out of Lucky Star within an environment where consumers were really constrained. And I'll show you some graphs when I get to the Lucky Star business about the general food business environment over the last two years and how it has struggled. So good business, good performance from Lucky Star with strong growth in margin. Wild-caught business struggled. Very disappointing wild-caught, driven mainly by our horse mackerel business. The two horse mackerel businesses in Namibia and South Africa both struggled this year. Hague had a reasonable year, and Squid and Lobster are still small, but certainly delivered their part. But really, the pullback on the wild caught came from the horse mackerel business. Fishmen in Africa business, and you'll see the numbers slightly down on last year, but within the context of where we are, a pleasing performance. And I'll talk a little bit about that. And then obviously our US business, phenomenal performance. And again, driven by the oil pricing, which drove this performance. But I always say, this wasn't luck. We put ourselves in a position that we had produced the main, we spent enormous capex over the last couple of years building that factory up. We saw the price of oil going up with the Peruvian catch being short, and we took advantage of it both in 2023 and 2024. And an element of 2025, we know it's going to normalize, and I'll talk a little bit about normalization and where it'll go, where we think it'll go over this year. So a phenomenal performance out of... out of Daybrook. And then lastly, what is key, we increased our capex spend this year up to 650 million. And that is double what our normal capex spend is. But what is important is that capex spend went into two businesses. The two businesses where we believe there's opportunity. Wildcourt, in terms of upgrading vessels, making them more effective. increasing their output capacity, making them more reliable, less likely to break down. And then in the fish, meal, and oil Africa business, where the investment in the CapEx over the last 15, 20 years has been lacking in investing in those in those plants and machinery, and they have aged. And we have made a conscious decision to invest heavily, not only in just replacing parts, but in upgrading parts. So for instance, the boiler plant where we spent $100 million. $100 million was not just to replace an old boiler with a new boiler. That new boiler has improved output and power consumption and reduction in oil by 30%. So there's an element of improvement in that CAPEX. And we spent it on both the vessels. So the CAPEX is very, very targeted. And it's a long-term CAPEX. It will take two or three years to see the real benefit come through. So let me go through the individual pillars. Wild caught, I mean it's the first year ever we've seen an operating loss in this business, very disappointing. Operating loss of 53 million versus 127 million and you'll know in the history that this business is capable of a lot more. Again, that business really driven by the horse mackerel business. There was overall between the two businesses there was a 250 million turnaround in those businesses. which has really driven this performance. And let me give you some insights into this. And it was driven by the Desert Diamond. As you know, Desert Diamond is the only mid-water trawler that operates in South Africa. It is the only dedicated trawler. The other horse mackerel operators catch it as a bycatch on their hake vessels, and we do as well. And in December of last year, sorry, of last year, last year, we had a breakdown, a major breakdown in the stern tube. Stern tube seals needed replaced. We tried to fix it, and it was impossible. And those things don't come off shelf, and we went and ordered one. It takes four months to manufacture. When it was almost here, we had problems with dry dock space. There's limited dry dock space in the Cape Town port, even in the country's port. And with the delay, we then decided to pull all maintenance forward and do the proper upgrade instead of doing it later this year. So we literally lost nine months of the year. And then at the end of the year, we put the vessel back at sea. As you know, resources on the east coast have been affected by the La Nina effect. All of the species there have been poor. All the catch rates have been poor. And when she went back there, there certainly was, we could see the horse mackerel on the sonar, but it was either close inshore outside of our catching zone or very hard on the bottom, and we couldn't put a midwater trawl on the bottom. It's very rocky there. You put a midwater trawl too close to the bottom, you tear the bottom of the net. So we know the resource is there. But effectively, that business made a massive loss. And it's difficult, you know, there's always the debate, tie the vessel up. If you tie the vessel up, you don't know where the fish are there. So you've got to balance that. And that vessel runs at a million rand a day. You know, you're fishing out there for 30 days and you catch zero, the numbers add up very quickly. What we have done, myself and the wild-caught team decided to move the horse mackerel to Namibia. She left for Namibia and she's catching currently in the Namibian waters. We have excess quota there on the Namibian side. She is doing reasonably well. Catch rates are also under a little bit of strain there, but at least she's not losing money. And we will make a call sometime in the early part of the new year to bring that vessel back. The beauty is in Namibia, you don't have to flag the vessel, the Namibian flag. So we can send a SA flag vessel to Namibia and catch horse mackerel there, and we can bring her back. So the plan is certainly the resource is in a reasonable state. We need that resource to move. And as the La Nina moves to El Nino, we see the waters cooling a bit. We should see... horse mack will move back into its traditional fishing grounds and we'll use that opportunity, knowing that the vessel doesn't have to go into dry dock for at least 12 months. The next time it'll go to dry dock will be in 2026. On the Namibian side, Again, as you can see, catch rates and fishing days. So we were very effective in terms of fishing days. We had more fishing days last year. So the vessels operated effectively, didn't break down, were there. But unfortunately, catch rates dropped down. It's a function of what we're seeing in the SA waters with climate change and the El Nino effect. So we saw drop-off in catch rates. And we had a massive increase in fuel. certainly didn't make a loss, but the performance was certainly a lot lower than last year in the Namibian side. The market remains strong across the board. The West African market, if we could supply more horse mackerel, the market is hungry for product. So pricing is still very, very strong. So the key for this business is, obviously, is maintenance. Make sure that the foot fault we did on the other diamond in that vessel breaking down and not being able to get it to sea, that's on our shoulders. But the catch rates and the state of the biomass certainly is something we believe will come right. And I certainly believe that this business will do a lot better in the coming year. On our Hague side, a good performance relative to last year, which was poor. Again, we hadn't spent on the vessels. Over the last two years, we've spent extensively on vessels, upgrading factory components, refrigeration components, converting freon gas, which is a gas that's been phased out to ammonia. And it's investing in those vessels. So this business did reasonably well. Not as well as I'd hoped, but we've really got those vessels right for going forward. So even on pricing there, you'll see the pricing there, 50 rand per kilo versus 53 rand. A little bit misleading that. And the reason being is European pricing is actually very strong. That is a combination of mix. We sell about half of the product to Europe. The bigger size we sell to Europe in euros. The smaller size we sell in South Africa. What happened is we had a change in mix, more smaller size than larger size. Overall, size for size, the market has moved up. So we've seen increases both in South Africa and in Europe in apples with apples pricing. So very positive performance from Hake. But I still believe that this business is going to do a lot better. Hence the investment in this. We've just completed the Relica. It only went back to sea after its major upgrade in 2017. in late september so those results will come through and the fleet is is um i think ready for next year the other positive thing on on hake is that the The authorities, DAF, have increased the quota for next year. So there's a 4.1% increase in HAC for next year. Hopefully that translates into improved catch rates. So we have plenty of product to catch, more so than we've got this year. Now it's all about keeping those vessels at sea and driving that performance. Two smaller parts of our business, squid and lobster. But squid is an interesting one. And I want to talk a little bit about squid. So you're aware we acquired additional vessels, five new vessels and 77 permits on the squid side to supplement our own. We've almost doubled our capacity in squid. Squid is a short-lived species, lives for about two years, but very cyclical. So when it comes back, it comes back very strongly. Highly sought after in Europe. It's second after Moroccan squid. This is the highest value squid in the world, and it all goes to Europe. 100% of the squid goes to Europe, and the market really appreciates the squid. We believe that we can upgrade. So you can see the figures there on catch rates. Increase, and that 377 number that you see there, what that means is every man, every day, catches 377 kilos per day, per sea day. So there's two components to this. How much does he catch per day, and how many days we can keep it at sea. And both components would be more effective. We've kept the vessels at sea for longer. You can see the blue graph, which is our apples and apples, our old vessels versus our old vessels last year, and the top one is the new vessels that have come on. And what happened is our season, the squid season runs, and it's broken in different components, but normally the peak season is from November to January when we catch most of our squid. You catch 80% of your squid in that period. Last year, we had a shocking year in the beginning of the year. And then the authorities agreed, instead of closing in March, to open in April. In April, we made up all of the catches that we'd lost in December in one month. And at the same time, we brought on our new acquisition. The signs are certainly good that we've got the capacity now to drive that business. And I see that business becoming a bigger component of the wild-course business. It is small at the moment, but it is growing. We have invested in a new vessel. It's currently being built now, a squid vessel. All of our 10 vessels at the moment are monohull vessels. Monohulls are less effective than cats, catamarans, because you've got wider catching space, more men along the side. You can cover the pod of squid a lot more effectively. So that vessel has been built in South Africa, in St. Lena Bay. There's a There's a boat builder, a fiberglass boat builder. We're building it to the latest specs. And that should come on stream probably about March, April next year when that vessel will then replace two of our monohulls and put those permits. And effectively, they are more effective at catching more squid per day per sea day. So the plan would be to upgrade those vessels and change the monohulls to squid catamarans over time. So good performance. On the two smaller species, West Coast and South Coast, South Coast, as I've always said, is a deep water species, not susceptible to poaching, very well-managed resource, continuously going. It's a nice business. We're a small play in there. Opportunity for us to grow that sector, grow our presence in that sector, and we'll continue. So it makes a healthy, continuous, small contribution to the wild-caught business. West Coast... I've said it many times before, I don't see this resource lasting. It's been highly poached. Funnily enough, DEF, I don't know why, and I've got categorically said I think they were wrong. They've increased the TAC this year. So this is a small increase in TAC. They say that the poaching is under control and is stabilized, and they've given us an increase. So nice for us, but we manage this business on a variable basis. It doesn't have a high fixed cost, so if there's an increase, there's some upside, but it is concerning that West Coast long-term, I don't believe poaching is under control. Then, Lucky Star Foods. Again, this is, call it and I want to emphasize it because it is important. It is now a Lucky Star Foods. It's broader than just canned pilchards. Great performance, operating profit up almost 24%. More important is operating margin up from 7.6 to 9.3%. And that was the philosophy that we wanted to use. That balance between volume growth, value growth, and margin is important in this business. And Lawrence and I and ourselves debate this on an ongoing base. How far we could have put a price increase through, and I'll just show you the figure. So as you can see there on the top graph there, that orange line, we put in a 3.3% PI this year. Very conscious about where the consumer is. Very conscious that we had to recover some of our input costs, but we couldn't recover it all. Trying to manage that selling price on shelf on an ongoing basis. Right now, Lucky Star Tools, which is the bulk brand that's out there sells on an everyday basis somewhere between 26 rand and 29 rand if there's no promotion on promotion with a lot of input from the trade it can be anything from just under 20 rand 99 to 22 and that's what drives volume 70% of these sales are on promotion if we breach and we will breach the 30 rand mark at some stage we would like to try and hold that back as far as possible and obviously we're looking at IQF chicken, we're looking at Pelloni, we're looking at heads and feet, chicken heads and feet. And it's all a relative game. How close can we get? We would like to bring some in. So the margin increase has been partly because we've been more effective in our marketing and sales side and the efficiencies that Suleiman and his team have got through the factories. If you look at the production there, we produced... 4 million cartons this year out of the factory versus 4.8. And that was a deliberate strategy. At the beginning of the year, we decided to close the factories for a longer time. And we invested quite heavily in those factories, in yield and production output efficiencies. auto packers, some auto lines that made our seamers and fillers a lot more stream. And that's come through in the performance. So part of that margin growth comes through efficiencies in the factory. Obviously, when you produce 4 million cartons, when the capacity of those two factories is close to 5.5 million, you're not recovering your total fixed costs. So we lost that recovery of fixed costs, but we made it up in the efficiencies in the second part of the year, and we drove volume. So a volume decline of 3.3%, I think, within the context of South Africa and where the consumer is, is a very healthy position. Last year was 9.6 million cartons. We were at 9.3 million cartons this year. Given where the consumer is, I'm very comfortable with it, given that we've seen a nice increase in operating profit and operating margin. And then stock holding. So this shows our opening stock. And we are in a very healthy position. And it's twofold. The buying patterns that we've normally done over the years has switched slightly. The Moroccan, North African Moroccan, Mauritanian resources has stumbled a bit this year, and we haven't bought as much from them. We've bought a lot from the North Pacific, the Japanese waters up there. The trouble is the Japanese waters have a very small season. They effectively catch for four months of the year. So in those four months, you've got to make sure that you've got enough product. And we've invested in that resource. So right now, we've almost got half a year of stock, if you take 10 million cartons being our output. We've got 4.8. It comes at a cost of working capital, but we believe that it's well worth it in terms of investing. And I will say to you, I just saw the figures this morning. Lucky Star have had a phenomenal start to this year. In the two months, October, November, they've sold just over 2.1 million cartons. They are 10% ahead of last year's performance in volume terms. Obviously, the margin will come through. So very good position for us to be in. Obviously, we continue to buy frozen products throughout the year. The second point, and I just want to go back one slide. If you look at that bottom slide, top right, on the right-hand side, that 22%. That is 22% of own catch that contributes to the production of the two canneries. That's a key component. Obviously, own fish is cheaper than buying frozen. We obviously have a catch cost, but it's cheaper than buying frozen product out there. The 22% is a positive sign. A little bit misleading because obviously we produce less here. So it's 22% of 4 million versus 22.4.8. But it is an upward trend. And if you look at the graph here, this is the pilted resource. So the pilted resource is actually in a very healthy position and growing. The more we can catch of our own product and the less we have to import, it gives us a lot more. There's a margin enhancement and a production and throughput because that product comes in fresh, it's easy to produce, and you get better yields and output for it. So It's a double-edged sword. So I'm certainly very positive about where the Pulchard resource is. This is a graph that I was talking about food inflation and food trends over the last year. This goes from October 2022 to October 2024. The blue graphs are the inflation, the price increases of the broader food category. As you can see, in 22, food inflation was going through the roof, 18%, 16% and slowly. So you saw value growth over those years, but on average, most of the sectors saw volume declines. But what did Lucky Star? Lucky Star last year had a volume increase, and this year a slight volume decline. But within the context of this, I think it's a very, very good performance. So only in the latter part of this year, April 2024, did we see general food inflation come down quite dramatically. We saw CPIX now below 3% a couple of days ago, but food inflation has come right down, and we're starting to see volume growth across the board. And I think we will see volume. And I think this trend is very indicative of where Lucky Star will be. Again, we've got to be very careful. Lawrence has planned a price increase sometime March, April next year. We haven't agreed exactly what that percentage will be. And that will be key. What will be key is what the other proteins and competitive products are before we put that through. There's no doubt the consumer concept is, but we want to drive a combination of increased volume, increased operating profit, and a sustainable margin of around 10% on the canned fish side. The two businesses that we invested in, and these are margin enhancing. So certainly we would expect improved margins out of these two businesses. The first one is our canned chicken business. It produces and it was bought in Khafre Net. We bought in the middle of last year, middle of the last financial year. We bid it every done. We bought the business in the middle of last year and we concluded the deal a month ago where we bought the land as well. So we now own the property, the buildings, and the assets of the business. Huge opportunity for expansion. This business was traditionally only in the school feeding schemes. When we took over the business, they supplied the Gauteng and Western Cape regions. There's massive opportunity. As you know, the state feeds close to 10 million kids a day across the country. We're only supplying a fraction of those. chicken livers, high in protein, gravy, the gravy that we use is a natural extension in terms of a meal, so we think there's a massive opportunity. And we've obviously, the old brand under the Pashas, we've converted that brand now to Lucky Star. Whether it goes into school feeding schemes, Or, and we've just put it into retail trade now, our first retail offering went through into the Botswana market. Botswana, Namibia, and Zimbabwe are big meat-eating countries, more so than fish-eating, although they eat a lot of Lucky Star, but we thought we'd launch this brand in our retail trade in the cross-border countries. And, sorry, just one point. None of the numbers that you saw for Lucky Star, that $426 million, nothing came from this. So there was a small profit on... on canned meat and break even on the liver side. So this is all upward opportunity to deliver some performance out of these two businesses. On the corn meat side, that is a new plant we put in Sintlina Bay, a kilometer away from our canned fish factory. It was an old lobster factory. We spent a full year putting it in. We've just put a second, not a second, but we've put a corn meat, corn luncheon roll meat roll into the line into the into the plant so it's not only doing corn meat it's doing lunch and roll which is a chicken based a fuller chicken based product very very popular so again this it's about ramping this business up this this obviously business we have competitors out there one of the majors is a major competitor of ours And like any competitor, they haven't taken it lying down, and they're fighting us hard, which is good. In some sense, it makes us be very conscious about our pricing and where we are, but what it is positive, it'll grow the market. I know when we were in it on a contract basis two years ago, the market was a lot higher. When we exited and transferred the machinery, it took us a year to get it down. The market shrunk. So I believe this is good for the market and grow the market. So again, two non-fish markets. line items that we're putting in, and more important, controllable. Not susceptible to weather, biomass, hurricanes, all of that nonsense. So this business is a lot more controllable. Obviously it's dynamic and Lawrence has got a big task about him, but it is a great business that we can grow. So just to end off, and I think it's worth, again, and I've said this before, Lucky Star officially the number one iconic brand in the country. Now, this is not an iconic brand relative to other food products or other pilchards or chicken. This is... Number one iconic brand in the country. It outperforms Coca-Cola. It outperforms our dear friend Standard Bank. It outperforms the alcohol guys. So it is the number. So it's not just a brand. It's lifestyle. People resonate with this thing. It's not... This is not... you know, begrudge food. This is something, it's a lifestyle that has become so synonymous out there. People copy us with t-shirts and shoes and handbags, and we don't get any benefit from it, but it just permeates through the culture. And our dear friend, and he was a friend, passed away recently, Tito Mweni, and I don't know if anyone listened to his funeral and how his son brought Lucky Star into his closing, and now how many positive words. So again, it's not just, it was something that resonates. So for us, the brand is so important that we need to grow that brand. So we won't lose touch with our Cannes Pilchards customers, but there's an opportunity to grow this, but we've got to be very careful not to do anything that undermines the trust that the consumer's given us. I'm not going to go and slap Lucky Star and some imported Chinese rice and stick it into it. Because that doesn't resonate with it. We may have some synergies in terms of distribution, but that's not what we want to do. So we've got to be very careful how we grow this brand. But it will be a focus. We've got two new segments we're into. But watch this space. It won't only be in canned and it won't only be in protein. So there is opportunities for us to grow this thing. And I think I want to take this pillar and make it a bigger contributor to the Oceana performance because it is more controllable. and it's more predictable. We've got to be smart how we do it, and that's Lawrence's problem, but I think this is a business we can control. Then the new segment, this is what you haven't seen before, and this is fish meal in oil Africa. So this is only the two fish meal operations in South Africa. So as I said up front, 80 million down, down 50%. But within the context of where we are, I'm not unhappy with this performance because I know what we've done in terms of investment and capex. I know where this business is in terms of the cycle of the biomass, both Redeye and Enchovy. And I think this has huge opportunities. The lessons that we learned in Daybrook over the last five years, we are putting in here. We've started already, and the investments that we put into this business will start paying dividends over the next two to three years. It's not a short-term fix, but it's certainly, I think, this business is in a very good position. And Salaman will testify when we, the amount of money, I can see the difference in his team and how they've have suddenly become energized because they were criticized hard because a machinery broke down. But it was only 80 years old. How do you stop a machinery breaking down when it's 80 years old? Now those boilers were almost 80 years old. So it's that kind of investment which was long overdue and we've put in now. And those will deliver returns. So generally, just we're at a low ebb of the anchovy. The production wasn't exceptional. We obviously had the same advantages Daybrook had on pricing of oil and meal. Pricing went through the roof. And the little bit of oil that we had, we took advantage of it. But it was really driven by the lack of volume. Fish, meal, and oil businesses are scalable. You need to get volume. It's high fixed cost. You need to get the volume. So volumes were down. When we closed the cannery for the longer production, the trimmings that we could have put into that were down, but it's still a reasonable performance. So this is an important graph here. So let me start with the far right-hand side, the anchovy recruitment. Now, that is the TAC that we get from government. We get a TAC for anchovy. Generally, the industry only catches bottom left. As you can see, 69% of the TAC is caught every year. We don't catch as much as we can, and hence the investment. The lesson we learned in the U.S., It's not about vessels. I can put double the amount of vessels. I won't catch double the amount because when they come to land, they don't have enough offloading facilities. We've got to increase the ability for our factories to turn those vessels around quickly. Because the nature of the South African fishing conditions, in particular on pelagic vessels, which are small vessels, can't operate in high seas, two or three meters swell and they can't operate because they have a very low draft. What tends to happen, you have very short windows of Very good catching. Four days of catching. Then you've got 40, 50 vessels. We have 12. There are a whole lot of contract vessels out there that catch. And then you have vessels that are linked to factories. Those contract vessels, they fall. They go to a factory and they say, can you turn me around in the next 12 hours? No, you can't. Off they go to the next factory. So that's where we've spent the investment. Our investment is in upgrading those factories, allowing, as we did in Daybrook, increasing the stock of ponds or the tanks where we put the fish, increasing the throughput, increasing the drying capacity, increasing the storage capacity, or increasing the pumping capacity. That's what we've done over this year. So we believe that this resource, when it comes back, will be in a good position. And the top right-hand graph there, that biomass graph, as you can see, It's a four-year species. It has these high peaks and low valleys. We're in a low valley now. We're expecting over the next two to three years to see that graph go up. Top left-hand one is an interesting graph. That is what is called South Atlantic herring. That is a bycatch to anchovy. But we don't get a quota. What happens is the industry gets a total pucker, what's it, an upper catch limit. So the industry can catch X amount of quantity with your anchovy. And it's on an effort. It's an Olympic system. Whoever catches goes flat out. We were very successful in catching this, but still we're only catching 70%. So 30% of the bycatch we don't catch. So there's massive opportunity for us to drive these two businesses, but it comes with upgrading the factory. So in context, when I say a tough performance, I'm not unhappy because I know what we've done for this business. I know what the potential of this business is. Okay, then our star performers, U.S., operating profit of almost 1.2 billion, operating profit in dollars, terms of 62 million, 40% up in dollars, 46% up in margin through the roof. Great business. Again, Pricing, nothing to do with us. I wish I could say I had something to do with this. This is all about Peru. What we do do is we are effective in making sure our oil is of the highest quality, and our fish meal we manage in terms of getting the maximum protein. Remember, in the world, there are only certain species of fish that have high omega oils. One of them is anchovy, which we catch in our country and in Peru, and Manhattan has a very high omega-3 protein. Not all fish oil is high in omega-3s. The hake, for instance, the whitefish, very low in omega-3s. They also produce oil, but very low. The salmon farms need high omega-3 oils. And that's where the price comes from. When Peru collapsed, we saw the price, the supply drop, and the price go through the roof. So phenomenal performance. Just interesting where we are. So we haven't put the pricing there, but pricing, as you can see, has gone up 49%. We sold 14,000 tons and just 15,000 tons of oil. And remember that number. So 15,000 tons versus 12,000 tons last year. Slightly less fish meal. And the reason we did that is we had a very high yield this year. The oil yield traditionally from Manhattan is somewhere between 8% and 12%. The overall yield for this year out of that manhattan catch was just over 12.1%. So a phenomenal yield. And that's fat fish. Fat fish, more oil. Nothing we can control. Fat fish normally means there's lots of feed in the grounds and they fatten up and they catch. And then we had lower output of, lower sales of meal, and that was driven by, unfortunately, poor catch rates. So we didn't have a great catching season. So we had a wonderful year, but a poor catching season. Remember, we only caught 528 million fish versus the 600 and the 700 the previous years. And it was driven by the fact that we had two hurricanes in the year. Fortunately, none of them hit us directly. But when a hurricane comes through the Gulf of Mexico, whether it goes to Florida or further east, it affects us. And we couldn't put the boats out there. there was unusual winds and i i spoke at length to francois cartel who's the the owner of west bank which our partner there about fishing and his comment was it was not about lack of fish it was lack of shoaling of fish so what happens is with this unusual winds the fish were there but when you set around it you're catching about half as than you do with normally when when they're tightly knitted you can set the whole lot and you can pump out so He is not concerned about the biomass. And I'll show you some figures here. What is positive on the right-hand side is our closing stock. So as you can see, we've got almost 13 million tons of oil that we carried over. So almost the full quantity of what we sold last year, we have carried over into this year. We've committed to 6 million, and that order has went out in October. And the pricing obviously is down. I'm reluctant to tell you what the pricing is because there's one particular customer and it's price sensitive out there. But it's still a reasonable price in the context of where we are. And then we're still going to commit, you know, obviously we are busy negotiating for the balance of that oil to go. And we haven't produced any oil this year. So there's still a lot of room if we have a reasonable crash going into here to increase the volume to make up some of the differences in price. And that's a key component. So the focus on, and then the one other thing that the fishermen reported, and again, a fisherman's tale is, you know, they will tell you a little bit, there's always a little bit bigger, but there was a strong sign of juveniles this year in the inshore zones of either the river or the inshore zones of the coast. Now, a strong sign of juveniles mean juveniles grow up to adults, so certainly the signs are better. And then the last graph I want to show you is the biomass. so there was a the the state conducted a biomass and resource study late 2023 into 2024 and and the assessment came through as the state the resources in the most healthiest state has ever been 5.4 million tons that was in late 2023-24 so there's no concern about resources all about catchability so What I'm saying is, and let me just talk Peru, and then I'll give you kind of a summary of what I think about America. So Peru has come back to normal. And you see the graph on the right-hand side. The first season was average relative to the long term, not fantastic, the yellow bar. They started the second season, which happened about two months ago, and it's been okay. The expectation is it'll reach normal levels. So it's not a phenomenal yield. It's back to normal. The positive thing for our side is the oil yield that they're seeing right now, which is normally around 2%, is sitting at 1.6%. now that's still early days and anthony i know you read the the promo report and that uh and that's early and it's interesting when that that promo report comes out every week came out this week and that 1.6 suddenly we had inquiries about oil and it was dead quiet so the market watches it very very carefully so i don't know exactly where that price is going to end up our view it'll be somewhere between historical levels two thousand dollars a ton and the $5,800 a ton we got this year. Where? Is it three? Is it three and a half? Is it four? I don't know. But we don't certainly believe it will go down. And it does depend on what happens to Peru. But the key for us is we've got the stock. We've got healthy stocks of opening up fish mill. We've got healthy stocks of oil. I think the resource will kick back. We've got to put effort on West Bank, our partners, to drive throughput and catch more fish. One other component that I want to mention is the fish meal. Fish meal pricing has been disappointing. And fish meal pricing is driven, as I said, this is a commodity market by the aquaculture industry, in particular in China. So oil is driven by the aquaculture industry in the salmon farms in Scandinavia and Norway. The main buyers of fish meal are the aquaculture industry in China. China has not come out of COVID properly. So there's been a lack of consumer demand. And across everything. And Chinese consumers, as you know, are intelligent people. They're very conservative. And when there's a bit of headwind, they close up and tighten their belts and stop spending. And that's not only on durables. It's across the board. So the consumption of seafood in China has slowed down. And they've been very conscious about it. The moment that that picks up, and I expected it to pick up. I heard a conference the other day, and they were talking about Chinese stimulus, government stimulus in terms of interest rates, and a number of things they're trying to do to try and drive consumer demand in China. The moment that picks up, aquaculture, the aquaculture industry will start ramping up production. When that does, we'll see the pull through. Whether that's going to happen next year or the year after, we'll see, but it definitely drives the pricing of fish meal pricing in particular. We're fortunate that we're slightly isolated because we sell most of our fish meal to the pet food market in the US. 80% of our sales go to the pet food market, and that is fairly stable. But it still follows the price band. If the fish meal price goes down, they're not going to overpay us. They certainly like the continuity. They like the fact that we've got meal right on their door, and we can deliver it tomorrow. But they're not going to overprice really to the market. So it does follow the band. So that gives you the context of the divisions. Zef, I think you can come present the group. And then I'll close off, and then we can do some questions.

Thank you, Neville. For those of you online, this is the AI version of me. Right, OCEAN has delivered solid results for the financial year. This follows our strong performance in the prior year and continues the upward trend that we've seen over the past four years. Our detailed financial statements are available for those of you that are so inclined. There's an appendix to this presentation as well as a results booklet, which is available on our website. Just a reminder that the results are reported on a continuing basis, excluding CCS logistics, which was sold during the prior year. Revenue, as you've heard, has increased to 10.1 billion. We've crossed the 10 billion barrier for the first time. And this is primarily due to strong fish oil sales together with the improved hake and squid sales volume, as Neville mentioned. This was offset by lower fish meal sales volumes due to reduced catches in South Africa and the US, as well as decreased horse mackerel sales volumes. Operating profit increased by 9.5% to $1.6 billion. And then headline earnings per share on a continuing basis increased by 13.5% to $917.6 per share. This was supported by higher U.S. earnings, which is obviously taxed at a lower rate. So quite pleased with the election result in the U.S. On a total basis, headline earnings per share was up by 17%, in line with our earnings guidance that we provided earlier. Total dividends increased by 13.8%, from 435 cents in 2023 to 495 cents in 2024, in line with the growth in our headline earnings per share. The group's net debt to EBITDA ratio increased to 1.3 times compared to 1.2 times at the end of September 2023, primarily due to the increase in capital expenditure. But that increase doesn't tell the full story, and I'll explain a little bit later the makeup of that net debt to EBITDA. On a five-year operating profit basis, you can see the consistent operating profit growth over the past four years shows the benefit of a diversified business across species, geographies, and currencies. And Neville spoke about the diversity in our business. So the growth is primarily due to strong demand and pricing across our product range, supported by investment in the business. And Neville spoke about the investments that we've put in. The group segmental reporting has been revised, as you mentioned, to align with the operational structure and growth strategy of the business. Lucky Star Foods and Fish Mill and Fish Oil Africa are now segregated and disclosed as two segments, increasing the number of segments from three to four. And if you look at the graph on the right-hand side, You can see for the comparative 2023, we've also split out the two businesses. And what you see in brackets there is the combined business as you would compare it to the years 2020 to 2022. The group's operating margin continued to increase from 15.3% in 2021 to 16.2% in the year under review. Lucky Star Foods improved from 7.6% to 9.3%, and Daybrook rose from 30% to 39.2%. This was offset by declining margins in both the wild caught seafood and the African fish meal and fish oil businesses. Operating profit has grown steadily from $1.1 billion in 2021 to over $1.6 billion in 2024, reflecting stronger gross profit margins at Daybrook and Lucky Star Foods, coupled with disciplined cost management. The growth in profit was primarily driven by delivering record earnings, margin expansion in Lucky Star Foods, and a good recovery in Hake Operations. The group's performance was negatively impacted by weaker results from the African fish meal and fish oil business due to lower volumes and poor horse mackerel performance, resulting from a major vessel breakdown and lower catch rates. Gross profit margin increased by 320 basis points to 31.8%, attributable to a favorable mix of higher margin fish oil sales and enhanced margins from Lucky Star Foods due to efficiencies and cost savings generated by the recent cannery upgrades. Margins were negatively impacted by lower catch and production volumes in both the fish meal and fish oil and horse mackerel operations. Net interest expense increased to $226 million from $192 million in the prior year, This was primarily due to an increase in borrowings, which I'll talk to a bit later, as a result of low cash operating profit from the South African operations and higher capital expenditure and working capital investment. The effective tax rate reduced from 23.7% to 20.8% due to the higher contribution of the US fish, meal, and fish oil business, which is taxed at a lower rate. Profit after tax increased by 12.5% to $1.1 billion, driven by the improved operating performance and favorable tax rate, partially upset by higher interest expenses. I'm not going to ask him to move the slide again. Let's see if it works. There we go. The increase in inventory days was largely due to the higher frozen fish inventory carried by Lucky Star and the increased fish oil inventory carried by Daybrook. These two divisions comprise the bulk of our working capital, representing 91% in value terms. And as you know, it allows us to generate strong cash as a result of the working capital that we carry. And a large proportion of supply into our business is cyclical. And so we manage our inventory and working capital on a proactive basis. Lucky Star inventory levels closed 20.2% higher at 4.8 million cartons equivalent. This was due to the increased procurement of frozen fish imports that Neville spoke about in the fourth quarter in particular to secure supply and result in four months finished goods inventory to service demand. Total inventory levels at Dake Brook closed 5.2% higher, with a higher mix of fish oil inventory, which increased from 8,812 tons to 13,091 tons. This 48.6% volume improvement was primarily due to fish oil yields, materially increasing by 400 basis points to 12.1% for the year, as Neville mentioned. High-value fish oil sales and higher Hague sales in August and September were primarily responsible for the increase in debtors' days, while creditors' days reduced due to higher levels of frozen fish procured and settled in the fourth quarter. From a capital point of view, as you're all aware, there's been significant capital investment in our business. This increased to 645 million, which included strategic investments in South Africa, totaling 215 million to modernize the canneries, fish meal and fish oil plants, boiler infrastructure, as well as to commission the new canned meat facility on the West Coast. A further 77 million rand was spent on the Desert Diamond vessel, covering essential repairs and expedited dry docking costs, and 27 million on expanding squid fishing capacity through the acquisition of five squid vessels. The remainder of the capital expenditure was primarily invested in replacement assets to maintain existing infrastructure. This included investments of circa 125 million. You can see that little block on the left-hand side. This comes with efficiency benefits, which we expect to realize over the next few years. Following a year of significant capital expenditure, the group will focus now on realizing the benefits of this investment. As a result, capital expenditure is expected to revert to normalized levels going forward, with 340 million rand expected to be spent in FY 2025. From a debt point of view, as I mentioned earlier, while the net debt to EBITDA ratio went from 1.2 to 1.3, the real story is that Oceana's net debt increased by $446 million to $2.6 billion at the end of the period. This compares with $2 billion in the prior year. The group successfully refinanced its sustainability-linked South African debt during the year. And I must thank the partners in the room that made that possible. converted $700 million to long-term debt, and increased the group's total facilities to support our capital investment program. This included $100 million primarily for the squid and canned chicken acquisition opportunities to drive growth. Short-term facilities in South Africa increased by $258 million to finance working capital requirements. The group's net debt position benefited from capital repayments, which included a further $2.5 million prepayment in the US, following the US $15 million prepayment in the prior year. This was further enhanced by a favorable currency translation effect on US dollar-denominated debt and high cash balances due to strong US cash generation. US net debt reduced from $1.2 billion to $838 million at a cover of one times, while South African net debt increased from $884 million to $1.7 billion at a cover of 2.7 times. At a group level, net debt to EBITDA increased to 1.3 times, up slightly from last year's 1.2 times. The group complied with all lender covenant requirements relating to both South Africa and US debt. As I mentioned earlier, one of the abilities we have as a group is that we can generate significant amounts of cash. The U.S. cash operating profit increased by 419 million to 1.3 billion for the year, while the South African contribution decreased by 242 million to 707 million rand. Higher working capital requirements of 517 million outweighed the improvement in cash operating profit to 2 billion. As a result, cash generated from operations decreased to $1.5 billion compared to $1.7 billion generated last year. Free cash conversion dropped significantly due to the impact of the increase in capital expenditure and higher working capital during the year. This is expected to reverse as capital expenditure returns to more normal levels and the buildup of inventory unwinds in the coming year. Giving a view of the performance of return on net assets and our dividends per share on a five-year basis, we use return on net assets, or RONA, as a key performance indicator for Oceano. It is defined as operating profit plus interest received as a function of assets less non-interest bearing debt. The group's RONA on a continuing operations basis that excludes CCS logistics improved to 14% and is the highest since the 12.8% achieved in 2020. Operating profit has grown steadily from 1.2 billion in 2021 to over 1.6 billion in 2024, reflecting the increase in operating margin from 15.3% to 16.2% over the same period. A final dividend of $0.03 per share has been declared, bringing the total dividend for the year to $0.495 per share. This is an increase of 13.8% on the $0.435 per share paid last year, which is in line with the growth in headline earnings per share. And you will notice that our dividend yield is above 7%. From a capital allocation point of view and where we are as a business, following two years of strategic capital expenditure and acquisitions, Oceana will prioritize growth opportunities while maintaining sustainable shareholder returns and prudent debt management. The group's current focus will be on betting down the capital spent to modernize its operations and to deliver sustainable efficiencies, cost savings, and product quality. Oceana returned dividends of $669 million to shareholders, balancing shareholder returns with growth prospects and available cash. Prudent debt management remains another key focus area. We have taken concrete steps to reduce US dollar debt and will now prioritize reducing our South African debt post the capital expenditure spent in the current financial year. This will be made easier with the expectation of low interest rate levels in both the US and South Africa. The group is well-placed to pursue organic and acquisitive growth opportunities that deliver targeted returns, driving long-term value creation. And a bit like Rassi Erasmus, I mean, what do we have to do to win Coach of the Year? Thank you, and I hand back to Neville, who will cover our outlook.

Thank you, Zef. So just one slide, and I just want to kind of encapsulate what we've spoken about so far. So Lucky Star Foods, what is the focus this year? It's not only this year, it's over the next two, three years. So fish consumption is still a very, very important component. How do we drive fish consumption? I certainly believe that consumers are in a better space. From a confidence point of view, not necessarily a better space from affordability, but we've got to drive consumption in our canned fish sector. We spent the money. We've bedded down the corn, meat, and the chicken livers business, and we've integrated it into our business. The focus now is to deliver on that return. We've put some healthy capex in there. It's really got to be focused on how do we put that. Lawrence has put some... dedicated teams into Graf Renet to drive that business and the focus will be not only in driving volume sales but it's a balance, a healthy balance between margin in the food schemes and the retail side. So a focus on costs, focus on market penetration, focus on delivering that product. Remember, it's a new product. Consumers don't know it. Certainly school feeding schemes like it, but we haven't tested it. So the first lot went into Botswana. We will see how that return, how that acceptance goes, and we believe it will be good. And that obviously is margin enhancing. Then just obviously the whole brand iconic status. How do we capitalize on that brand? How do we take that forward? You may have noticed on the Boxer shelves, this is a co-promotion project that we've done with Boxer. And currently they have two minute noodles under the Lucky Star brand. It's not our product. We've lent the branding rights to them. They want to test it on there. They were thinking about going with a Boxer house brand. Their choice was, let's go with a known brand, and remember Boxer is traditionally, and obviously the listing is coming up, is traditionally a house brand store. They compete heavily with house brands, and they pick one or two key top-line branded items to put in their stores, like Lucky Star, and they've gone with a two-minute noodle. So interesting to see how that develops, and it certainly will give us an insight in whether this is an opportunity for us to go independently of Boxer. So it's that type of product that we are doing, and it's out there. And then, obviously, on Suleiman's side, we've put... a healthy amount of capex into those two canneries. It's now delivering on those upgrades and getting the additional throughput. It's not only on yields, but it's additional throughput, volume throughput, and quality. We believe we can improve on the quality that goes out there. So key driver under the Lucky Star side. On the wild-caught side, it's all about driving performance. We've put a lot of capex into three or four of the vessels, both on the horse mackerel side and on the hake side and on the squid side, and it's about driving performance. How do we maximize the return through the additional effort that we put into those vessels? Squid businesses, I'm very excited about that squid business. I think it offers huge opportunity. I see us not stopping here. I believe there's opportunity to grow that squid business. It is not a highly capital fishing business. It's fairly low capital. It has the ability to switch off. So the variable element of the catching cost is a lot lower than fishing. For instance, the Desert Diamond. When the Desert Diamond, even when she was alongside, you know, the crew are key. We couldn't let the crew go. We've got to keep the vessel going. You've got to keep the vessel running. And so that vessel runs, on a monthly basis, tied up $10 million. So it's not a cheap vessel to run when there's no fish. Squid is very different. Squid, because they're fairly inexpensive vessels, don't need very high-end capital. When there isn't a fishing season, you're not chewing up capital. And when the fishing really performs, you can ramp it up quickly. definitely an industry we want to grow into. On the demand and pricing side, And I've said this many times before, the wild-caught species over the last 50 years, if you look at wild-caught, and I call it captured species in the FOA reports, have been fairly steady, around 50 million tons. So one species goes up, one species goes down. But generally it is fairly stable, and obviously consumer growth and population growth continues to grow, and people are looking for sustainable captured seafood. Aquaculture is a supplement to that, but it's not as in high demand. So people would prefer to buy a wild caught cape hake as opposed to a pangasius or a sea bream or tilapia, which is necessary. So there will be a continuous growth in demand, and it will outstrip supply. Hence, we believe there will be a continuous growth in pricing. It moves in bands, but there's an upward trend. So we've got to take advantage of that, drive that. And then obviously Desert Diamond, where do we fish that? It's a highly profitable vessel when the resource responds. We do believe the resource is there, whether she'll come back into our fishing ground. So in the early part of the new year, we will evaluate. Our Hake vessels are fishing on it now, and I saw the report last night. from one of the vessels at Sandili, and she caught a sizable quantity of horse mackerel. Quite hard on the bottom, quite close in shore, but there's a lot of horse mackerel around there. The question is when does that start moving back into the deeper waters where the mid-water trawler can operate. So lots of opportunity there. On the fish and oil side, obviously Africa has spoken about 30% undercourt. Got the factories in place. It's now about delivering it. As anchovy season comes back in, we want to attract more of the contract vessels, the independent operators out there in Salaman's business to bring more of them to our factory. We want to make sure that our factories, when the weather is right, and we've got our factories right now, we've modernized the LIPAC factory in terms of quality and yield and throughput. We've upgraded the type of machinery is to try and take advantage of that 30% which we are under-caught in either anchovy and red-eye, and hopefully the anchovy season continues to perform. The research ship that belongs to DAF, the Africana, is currently in Dry Dock having its survey. It should be going out in the next couple of weeks, and it will do a six-week survey. between now and the end of the year, which will determine the TAC for both pilchards and anchovy next year. So we don't know what it is. I mean, I'm positively confident about pilchards. It'll either be the same, and as you see, it went from 39,000 tons last year to 65,000 tons this current season, and hopefully that goes up higher. Anchovy... It'll be interesting to see where that comes out, and that survey will give us an indication. But again, I say these investments we put into these two businesses, it's not about next year only. This is a long-term business. We're investing to take more control of the uncontrollables. On the US side, again, we've done a lot there. So there won't be a lot of capital investment. The last capital investment we're putting in is in our storage warehouse. We've gone from the front end being the offloading sites, the offloading key site, all the way through the factory in the back end now. is our warehousing. We don't have sufficient warehousing. We currently rent two warehouses in the U.S. up the Mississippi River. It is to try and reduce that, so we take some of that cost out and put it down. So we're busy doing that at the moment. That'll be finished next year. But that factory is running, probably the most efficient factory in the world at the moment, producing 120 tons an hour of fish meal. Very, very good. It's now about trying to take advantage of the resource, if it starts refiring, which we do believe it will. And then pricing. I mean, pricing, you know, we don't control it. I think the reason we invested in this business is because we think long-term demand will outstrip supply. And we still believe that. Growth in the agriculture industry, food security, the need to produce food to feed the world is going to continue. And aquaculture is growing across the world. We know the salmon farms now from Norway and Scandinavia are have run out of field space. So they are, and you've seen the tax, the Norwegian salmon tax which has been introduced. They are looking at, in particular, Africa and other areas to grow their salmon farms, not only in the sea, but land-based RAS operations where they can put land-based. So that industry continues to grow. So longer term, this is the industry. There's always been a concern and a criticism of Oceania. Why are we not in aquaculture? We are in aquaculture. We're just indirectly in aquaculture. And I don't believe in aquaculture directly invested in South Africa. There may be an opportunity for us to invest in worldwide, but certainly the species are limited in South Africa, and we just don't have the ability to scale it and compete with the Chinese and the Far East. They just have the ability from a labor point of view, from a cost of production standpoint, from a logistics point of view, to be more competitive than us. So we will not invest in aquaculture in SA, but we will look at other opportunities. And we are investing in a fund. It's an investment fund that has specialist knowledge and expertise across the world. They have offices around the world. that link into new startups, in particular in innovation in seafood and innovation in aquaculture. And it will give us a pipeline of information that we can then find the right target, the right 10 cents of NASPAS. I mean, that would be the perfect world. So we certainly believe there needs to be new innovation, new startups, and there are many, many new startups that are happening, cell-based technology that is taking a cell of a hake and growing it out in a 3D printer. Those kind of things are possible out there. We want to be part of that growth. And so it's an investment in the future, and it'll take time, but it's something we are doing. So that's where we are. So pleasing results. Could have been better, but I believe it's a very pleasing result. And it gives us opportunity because of some of the underperforming businesses to make up the difference in price going forward that we're going to see in oil as it drops off. So I'm still very positive about the year coming up ahead. And thank you for joining me today and coming up and spending some time with me.