WINGARA AG LTD — Interim / Quarterly Report 2020

May 31, 2020

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Financial Year 2020 Results Presentation June 2020

We connect primary producers to the global market efficiently through our protein supply chain.

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Wingara AG (ASX.WNR) – A diversified platform

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Sustainable fodder output in second half FY 2020 With the completion of WNR’s fodder accumulation program in Q4 FY20, export volumes rose steadily to just over 14,000 MT for the quarter. The output level in Q4 is sustainable based on current inventory and is about 55% of JC Tanloden’s production capacity. JC Tanloden achieved Q3 revenue of $5.2m and Q4 revenue of $7.5m. WNR continues to see strong demand for its fodder product and JC Tanloden’s operations will underpin the Group’s EBITDA performance in FY 2021.

Solid financial position

WNR has a solid capital structure following the sale and leaseback of Austco Polar’s Laverton property. The realised asset value gain allowed reallocation of capital to fodder accumulation which helped generate higher cashflow from JC Tanloden’s operations.

Resilience to global uncertainty

There has been relatively low impact to the business despite recent domestic and global economic turbulence. WNR’s multi-product, multi-region business philosophy and diversified investment strategy provides a level of resilience to the impacts of the recent Australian drought, bushfires and the COVID-19 pandemic.

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FY 2020 Annual Results Update

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FY 2020 - Highlights

WNR focused on restructuring Austco Polar’s business in the first half of FY 2020 and delivered substantial asset value gain through the sale and lease back transaction. The company then concentrated on fodder accumulation and export in the second half, with JC Tanldoen reaching its highest quarterly output in Q4 FY20.

WNR Revenue WNR EBITDA and Gain JC Tanloden Revenue Net Debt[1]

$35.1m

+20% versus FY 2019

$7.5m Operating EBITDA $3.3M Capital Gain: $4.2m

$21.7m $3.9m +30% $25.7m in FY 2019 versus FY 2019

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1. Excludes lease liabilities

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Increase in Export Hay Volumes Driving Revenue Growth

• In FY 2020 export sales formed a far greater share of total volumes than domestic sales, resulting in higher average prices and greater margins for the JC Tanloden business

• The proceeds of the Austco Polar Cold Storage property sale and leaseback allowed for greater hay purchases in the second half of the financial year, increasing export volumes and revenue

• Volumes were down overall for the full year due to Raywood processing machine ramp-up during the first half (with Epsom running at lower capacity while the business focused on the Raywood ramp-up)

• WNR is expecting to sell 60,000 tonnes of exported hay in FY 2021

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JC Tanloden Hay Volumes Higher export volumes have
driven revenue growth in FY20
due to their higher value per
50,000
tonne
45,000
40,000 4,433
15,300
35,000
30,000
25,000
20,000
37,594
15,000 30,969
10,000
5,000
-
FY 2019 FY 2020
Total Export Total Domestic
Tonnes
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Stronger Balance Sheet

• The sale & leaseback of the Austco Polar property resulted in a strategic deleveraging of WNR’s balance sheet while adding Austco Polar’s operating business to WNR at less than 2 times EBITDA valuation

• Property sale proceeds of $21 million not only captured substantial value gain (over 30% of purchased asset value) and also allows WNR’s control of a strategic service business

• Release of capital allowed for increase fodder purchase and greater export volumes, especially between November 2019 and March 2020, driving a group revenue increase of 33% in the second half

Net Debt[[1]]

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Net Debt [[1]]
Significant reductions in net debt in FY
2020 due to repayment of debt from
30.0
proceeds of sale and leaseback of Austco
25.0
property
20.0
15.0
25.7
10.0 20.0
5.0
5.3 3.9
0.0
H1 FY19 H2 FY19 H1 FY20 H2 FY20
A$m
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Net Debt / EBITDA[1]

	1H FY19	2H FY19	1H FY20	2H FY20
	30-Sep-18	31-Mar-19	30-Sep-19	31-Mar-20
Gross Debt	24.5	26.3	8.0	7.4
Lease Liabilities Cash & Equivalents	0.0 4.5	1.2 0.7	22.12 2.7	24.32 3.4
Net Debt (excl. Lease Liabilities) Net Debt / EBITDA	20.0 5.5x	25.7 5.4x	5.3 1.6x	3.9 1.2x

1. Excludes lease liabilities

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6.0x
5.0x
4.0x
3.0x
5.5x 5.4x
2.0x
1.0x
1.6x
1.2x
0.0x
H1 FY19 H2 FY19 H1 FY20 H2 FY20
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2. Includes asset finance of $1.3 million at 30 Sep 19 and $3.7 million at 31 Mar 20 which is now classified under lease liabilities following adoption of AASB 16

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WNR Overview

Wingara AG Ltd (WNR.ASX) owns and manages mid-stream assets within the protein supply chain based on a ‘tolling model’ concept capturing throughput from accredited export facilities. The company specialises in the processing and marketing of high-quality Australian agricultural products for the export markets through two business divisions: Fodder (JC Tanloden) and Meat Export Service (Austco Polar).

WNR’s growth strategy is to unlock value in the Asian export markets with a multi product strategy. The company is building a supply chain platform to enable primary production products to reach its end consumers efficiently and securely, with provenance.

JC Tanloden Revenue FY20: $21.7m FY19: $16.8m

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Business Model: Processor and marketer of fodder products including oaten, wheaten, barley, canola hay and straw

Assets: Two sites; Epsom & Raywood, Victoria providing a combined 110,000 MT processing capability and 30,000 MT storage capacity

Markets: China, Taiwan, Japan and Korea (Key clients include Yili, MengNiu, Bright Holstein, Zenoh, Kanematsu)

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Initial operational focus on Victoria
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Austco Polar Revenue FY20: $13.3m FY19: $12.4m

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Business Model: Value-add and logistic services for red meat export including blast freezing and cold storage

Assets: Laverton, VIC across 1 Hectare. Blast freezing throughput of 45,000 packs per week plus storage capacity of 10,000 standard size pallets

Markets: Export accredited to key destinations including China, Japan, Korea, EU, USA, Middle East (including Halal certification)

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WNR’s Markets

JC Tanloden and Austco Polar form key parts of the Australian agriculture industry’s supply chain and export capabilities for protein and fodder products – both which have grown significantly over the past 5 years

Australian Protein Exports

• Export markets for proteins & fodder : $13 billion annually (from $9 billion 5 years ago)

• Oaten hay demand from China: 1.5 – 2 million MT per annum (accelerating in the past 5 years and cannot be met in Australia alone)

• Australia brand strength have increased share of production for fodder: Product traceability, quality and lack of contamination underpin the favourable reputation of Australian agricultural exports leading to major export expansion.

• Oaten hay is a desirable export product: Australian producers primarily export oaten hay, which improves milk production. Oaten hay has high demand worldwide as a reliable, high quality fodder that meets stringent animal production requirements.

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16
14
12
10
8
6
4
2
0
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F
Year ending June 30 20XX
Total Protein Beef & Veal Lamb Fish Other Seafood
A$ billion
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• Wingara advantage: Under the Free Trade Agreement with China, only oaten hay from Australia is allowed to be imported

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FARMING TRANSPORT DISTRIBUTION EXPORT
GRADING PROCESSING
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Oaten Hay Export Demand

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1400
1200
1000
800
600
400
200
0
Rest of Asia China Australian Production
‘000 Tonnes
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Source: Company websites, WNR management estimates, Australian Fodder Industry Association

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Track Record of Key Performance Metrics

Total Revenue

EBITDA

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35.1
29.1
10.8
8.7
FY 2017 FY 2018 FY 2019 FY 2020
A$m
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7.5
4.2
4.7
3.3
1.1
0.6
FY 2017 FY 2018 FY 2019 FY 2020
A$m
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• Includes one-off $4.24m gain on sale of Austco property.

Gross Margin

Shareholders’ Funds

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50.8% 50.9%
47.4% 46.4%
FY 2017 FY 2018 FY 2019 FY 2020
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16.4
15.1
12.1
6.3
FY 2017 FY 2018 FY 2019 FY 2020
A$m
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FY 2017 includes 9 months of trading from 30 June 2016 to 31 March 2017.

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Results Summary

	1H FY18	2H FY18	1H FY19	2H FY19	1H FY20	2H FY20
	30-Sep-17	31-Mar-18	30-Sep-18	31-Mar-19	30-Sep-19	31-Mar-20
Revenue (million)	$6.41	$4.46	$14.72	$14.40	$15.01	$20.04
EBITDA (million)	$0.21	$0.87	$2.76	$2.00	$1.33	$1.96
NPAT (million)	($0.21)	($0.22)	$1.31	($0.40)	$1.43	($0.64)
Net Assets (million)	$6.02	$12.09	$15.53	$15.14	$16.53	$16.44
Net Debt, excluding lease (million)	$5.23	$0.58	$20.09	$26.85	$6.64	$3.92
Basic EPS	(0.27) cents	(0.55) cents	1.32 cents	0.88 cents	1.36 cents	(0.61) cents
NTA per share	5.42 cents	10.62 cents	13.05 cents	12.68 cents	14.00 cents	13.79 cents
Hay volumes MT (JC Tanloden)	18,000	13,277	29,116	17,152	17,300	24,728
Blast cartons processed (Austco)	-	-	782,479	1,033,885	901,344	1,229,628

FY20 Highlights

JC Tanloden

• Revenue growth of 30% achieved in FY 2020 and record hay volumes

• Starting to achieve benefits of investment in Raywood, with increased throughput towards the end of the financial year

• Additional capital released from sale of Austco property enabled the purchase of additional hay to meet customer demand

Austco

• Revenue growth of 8% achieved in FY 2020 and record blast carton volumes

Negative 2H FY20 Basic EPS a result of approximately $ 1 million in restructuring, project & consultancy costs in relation to Austco Polar, training and development at JC Tanloden and other growth initiatives including IT projects for inventory management / provenance. And share based payments during the half year

• Record Q3 volumes, but a decline in Q4 due to COVID-19 impact

• Completed the sale of the Austco Polar Cold Storage property for $21 million, leasing back the site for a minimum of 15 years, realising a net capital gain of $4.23 million.

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Results Summary by Segment

FY 2019 FY 2020

$ Millions JC Tanloden Austco Polar Corporate Total Total segment revenue 16.8 12.3 - 29.1 Segment adjusted EBITDA 2.7 3.4 (1.3) 4.7 Depreciation, finance and transaction costs (2.3) (1.8) (0.8) (4.8) Net gain/(loss) on disposal/ acquisition of property, plant and equipment - - 1.0 1.0 Net profit/(loss) before tax 0.4 1.6 (1.1) 1.0 Income tax benefits/(expense) - - (0.1) (0.1) Net profit/(loss) for the year 0.4 1.6 (1.1) 0.9 Total assets 24.8 22.1 0.4 47.4 Total liabilities (15.7) (15.8) (0.7) (32.3)	$ Millions JC Tanloden Austco Polar Corporate Total
	Total segment revenue 21.7 13.3 - 35.1
	Segment adjusted EBITDA 3.1 1.9 (1.7) 3.3
	Depreciation, finance and transaction costs (2.0) (2.9) (1.7) (6.6)
	Net gain/(loss) on disposal of property, plant and equipment (0.0) 4.2 - 4.2
	Net profit/(loss) before tax 1.0 3.3 (3.4) 0.9
	Income tax benefits/(expense) 0.0 0.0 (0.1) (0.1)
	Net profit/(loss) for the year 1.0 3.3 (3.5) 0.8
	Total assets 27.8 26.1 1.4 55.3
	Total liabilities (14.8) (23.2) (0.9) (38.9)

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JC Tanloden Update

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JC Tanloden – Services and Key Markets

We purchase, process and transport our high quality produce to our domestic and global customers.

Revenue is generated via a tolling model where fees charged are dependent on the grade of the hay. Typically consistent in terms of margin which is based on a cost-plus structure.

• Export demand

• Services Provided Wingara’s major export destinations  remains strong

• Hay Accumulation Processing Logistics

• • Supply sourced from • Quality control testing • Domestic and Japan• more than 2,000 on new hay deliveries interstate markets Dairy herd size: ~ 1.4 million Excellent farmers over • Blend and cut bales

• 100,000km[2 ] to reduce size by • Offshore freight to South Korea relationships with throughout Victoria key markets  50%

• • Purchase typically • Repackaging and including China, Taiwan, South • Diary herd size: ~ 450,000 customers occur during fumigation Korea and Japan

• November – January

• • Current storage • Current processing Taiwan capacity of capacity of 110,000t • Dairy herd size: ~ 62,000 per annum

• • 30,000 MT  Diversified export Storage capability of markets China

• up to 3 years • Dairy herd size: ~ 6 million

Services Provided

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JC Tanloden – Hay Volumes

• Record quarter for export fodder volumes of 14,279 MT achieved in Q4 FY20

• The second half of FY 2020 saw JC Tanloden achieve its greatest production levels of export hay since inception

• Total capacity per quarter is approximately 27,500 MT, which can be split as:

• 18,750 MT at Raywood

• 8,750 MT at Epsom

• JC Tanloden is not constrained by capacity – ability to produce 110,000 MT per annum with current storage capacity of 30,000 MT

• JC Tanloden is on track to produce over 60,000 MT of export fodder in FY 2021

• Demand from customers in Asian export markets remains strong

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Half of Q2 FY19 Q4 FY20 - Record
fodder volume was quarter for fodder
20
sold domestically exports
18
16
14
12 Q4 FY20 = sustainable
10 quarterly throughput
for FY 2021 due to
8
ample production
6
capacity and strong
4
customer demand
2
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY19 FY20
FY 2019: 46,268 MT FY 2020: 42,028 MT
Hay MT
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• JC Tanloden has the production capacity to meet this continued demand and capitalise on further increases

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JC Tanloden – Results Summary

JC Tanloden Revenue

• The second half of FY 2020 saw JC Tanloden achieve its highest production levels of export hay since inception

• Despite a decrease in full year hay volumes, JC Tanloden’s FY 2020 revenue increased with improved output from Raywood facility and strong demand for export hay

• Average margin will vary depending on export product mix, but the underlying tolling concept is unchanged

• Continuous training, plant upgrade and technology investment will support output capability as we aim to double JC Tanloden’s workforce in the coming 12 months

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21.7
16.8
10.8
8.7
FY 2017 FY 2018 FY 2019 FY 2020
Revenue (A$m)
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JC Tanloden EBITDA

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3.5 18%
16% 16%
3.0
14%
2.5 13%
12%
2.0 10% 10%
1.5 2.7 2.9 8%
6% 6%
1.0
4%
0.5 1.1
0.6 2%
- -
FY 2017 FY 2018 FY 2019 FY 2020
EBITDA (A$m) EBITDA Margin
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EBITDA EBITDA Margin
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FY 2017 includes 9 months of trading from 30 June 2016 to 31 March 2017.

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JC Tanloden – Revenue Analysis

• JC Tanloden’s revenue growth in the second half of FY 2020 was primarily driven by a significant increase in higher export volumes

• Sufficient hay purchases in the second half of FY 2020 partially funded by the Austco property capital release allowed for the expansion in export volumes from November 2019 to March 2020, resulting in a corresponding increase in revenue per tonne for JC Tanloden

• An inventory build-up in late CY 2019 meant that purchases were made at elevated raw material prices, however the increase in export volumes in late 2019 allowed WNR to recover a portion of the higher hay costs through higher pricing

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WNR focuses on ensuring an acceptable gross margin is
earned on each tonne of hay sold
$600
$500
$400
$300
$200
$100
$0
Hay cost/tonne Revenue/tonne
Monthly Volumes – FY 2019 & FY 2020
FY 2019 Total: 46,269 MT FY 2020 Total: 42,027 MT
Domestic: 15,300 MT Domestic: 4,433 MT
10,000
Export: 30,969 MT Export: 37,594 MT
8,000
6,000
4,000
2,000
-
Total Export Total Domestic
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
Tonnes
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
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Revenue & Cost per tonne

Monthly Volumes – FY 2019 & FY 2020

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JC Tanloden – Margin Analysis

• Gross margins were negatively impacted in the first half of the financial year as WNR was unable to increase output volume to compensate for higher hay purchase prices

• In 2H FY20 WNR was able to recover some of this cost by averaging deliveries to key clients due to limited fodder product available for export

• A pricing analysis for JC Tanloden’s hay purchases and sales has been undertaken for the last three years based on reported total sales volumes, annual hay & fodder purchasing cost and JC Tanloden segment revenue

JC Tanloden Gross Margin

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51% 51% 50%
43%
41%
37%
1H FY18 2H FY18 1H FY19 2H FY19 1H FY20 2H FY20
Gross Margin (%)
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JC Tanloden Average Annual Price Breakdown
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Price per Tonne
517
Price per Tonne
Price per Tonne
362
326 213
167
166
304
161 196
FY 2018 FY 2019 FY 2020
Fodder cost Margin
A$ / Tonne
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JC Tanloden – Cost Analysis

• Hay purchasing costs per tonne increased significantly at the start of 2019 and have remained high into 2020

• Hay prices increased markedly from an average of $126 per tonne in September 2018 to an average of $339 per tonne in February 2019 and have remained consistently above $300 per tonne since

• Operating costs per tonne have remained relatively steady, especially over the last 12 months

• Overhead costs per tonne were slightly elevated in FY 2020 compared to FY 2019 as the Raywood processing facility ramped up production

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$400
$350
$300
$250
$200
$150
$100
$50
$0
Opex/tonne Hay cost/tonne
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
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Austco Polar Update

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Austco Polar – Services and Key Markets

Established in 1987, Austco Polar Cold Storage owns and operates a cold storage facility which specialises in temperature controlled facilities, blast freezing, storage and distribution for domestic and international clients.

Services Provided

Australian Protein Exports

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Blast Freezing Tenancy 16
14
•
Blast freeze product; • Chillers and freezers
12
extends shelf life from 12
occupied by various food
weeks to up to 3 years in
suppliers on long term 10
chilled conditions
contracts
• Gets meat to -12 [[o]] C • Average tenure of clients 8
• Process capacity of 40K of 5 years
packs per week 6
• Key clients account for
over 30% of VIC meat 4
production
2
0
Revenue Model
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20F
Year
• Tolling based on volume to • Rent revenue charged
key exporters monthly based on freezer
• space
Cost plus arrangement Total Protein Beef & Veal Lamb Fish Other Seafood
•
• Mitigates revenue profile and
Seeing steady growth in Source: Meat & Livestock Australia
meets fixed cost in winter
demand
periods
A$ Billions
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• Storage & Handling Blast Freezing Tenancy

• • Receive containers and • Blast freeze product; • Chillers and freezers store frozen products extends shelf life from 12 occupied by various food

• (red meat, seafood, duck weeks to up to 3 years in suppliers on long term

• – no pork) chilled conditions contracts

• • Complete exporters • Gets meat to -12[[o]] C • Average tenure of clients documentation and • Process capacity of 40K of 5 years product selection packs per week

• Load domestic and • Key clients account for export containers with over 30% of VIC meat

• frozen product production

• Service oriented to cover • Tolling based on volume to fixed costs key exporters

• Underpinned by export demand and blast freezing

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• FY19 Revenue: 25% • FY19 Revenue: 55%

• FY19 Revenue: 20%

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Austco Polar – Blast Carton Volumes

• Following record volumes in Q3 FY20 (following investment in blast freezing capacity), volumes were significantly lower in Q4 FY20

• 517,510 cartons in Q4 FY20 still equated to the third best quarter under WNR’s ownership and only 8% lower than Q4 FY19

• Throughput volume is expected to remain subdued until Spring (Q3 FY21)

• We would expect disruptions to our clients given the latest international trade disputes

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Record quarter for
blast cartons =
800
712,118
700
600
500
400
300
200
100
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY 2019 FY 2020
FY 2019: 1,836,364 FY 2020: 2,130,972
'000 Blast Cartons
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Austco Polar – Results Summary

• Austco Polar has proven to be a valuable investment for the Group since its acquisition in April 2018

• Record half of revenue of $7.3 million achieved in 2H FY20, with total revenue for FY 2020 8% higher than FY 2019

• Blast carton volumes increased 17% for the year, exceeding 2 million units for the first time

• Earnings were impacted by:

• Additional casual labour costs incurred between October 2019 and February 2020 to accommodate a surge in demand, with volumes in Q3 FY20 up 51% compared to Q3 FY19

• Re-scheduling and delay of export volumes by key clients due to the impact of COVID-19

• Restructuring costs were part of the one-off impact for the 2H FY20 with additional costs on a new export IT system being developed and implemented

Austco Revenue

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7.3
6.7
6.0
5.7
1H FY19 2H FY19 1H FY20 2H FY20
Austco EBITDA
2.0 35%
30%
29%
1.5 26% 25%
21% 20%
1.0
1.6 1.7 15%
0.5 1.2 9% 10%
5%
0.7
- -
1H FY19 2H FY19 1H FY20 2H FY20
EBITDA EBITDA Margin
Revenue (A$m)
EBITDA (A$m) EBITDA Margin
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Austco EBITDA

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Growth Strategy and Outlook

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WNR’s Growth Strategy

Wingara is well positioned to capitalise on expected increased customer demand over the next five years

01 Continue to expand JC Tanloden

• Combined throughput capacity of up to 250,000 MT per annum across Epsom, Raywood and Horsham once Horsham is built (currently 110,000 MT)

• Storage capacity in excess of 80,000 MT (currently 30,000 MT )

• Strengthen market share in key export destinations, expand into new export markets as opportunities arise

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02

Improve Austco operations

03

• Blast freezing and logistic throughput to 70,000t per annum (~10,300 cartons per day) with accreditation for export to EU, US, China, Japan and is Halal certified (currently 60,000t per annum, ~8,900 cartons per day)

• Build on strong relationships with key long term customers (15+ year relationships in many instances) to increase volumes and earnings

• Innovation and cost management to drive efficiencies (labour, energy use, systems and processes)

• Leverage strong logistics, trading and exporting capabilities and expand product range

Diversify product range

04

Strategic acquisitions

• Infrastructure is already in place to facilitate pulse, grain and red products based on demand

• We will continue to assess strategic acquisition opportunities complimentary to WNR’s current capabilities with a focus on protein supply chain opportunities

• While there are many new opportunities that have come to light in recent times, WNR will carefully assess and exercise financial discipline

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A Sustainable Agricultural Products Platform

WNR has built a sustainable platform for processing and marketing agricultural products – more products can be added at the appropriate time

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For Primary
Producers
Connects primary producers
with valuable high demand
export markets
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1 2 3
Process raw materials Logistics to move Provide insights and
to products in demand products worldwide services for partners
for export markets
Risk management framework
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For Customers

Receives in-demand quality assured, Australian products

• A highly scaleable model that unlocks value in Asian export markets

• Ability to capitalise on opportunities in the ‘protein supply chain’ that meet Asian demand characteristics which are driven by the need for increased ‘food security’

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COVID-19

• The impact of COVID-19 has been limited for WNR, with some small impacts affecting the final quarter in FY 2020

• The most significant impact on the business was through the slowdown at ports, reduction in scheduled services by shipping lines and impact to our export clients at Austco Polar

• Trading activity at JC Tanloden has been largely unaffected by COVID-19, with the record export fodder volumes achieved in the final quarter of FY 2020

• Hay volumes following 31 March 2020 suggest that 60,000 MT can be achieved in FY 2021, albeit we are early in the new financial year

• The Austco business saw a slow down in blast freezing, storage and export load out in the final quarter of FY 2020, following record volumes in Q3

• Despite the challenges faced by various sectors in the economy, WNR has implemented the necessary risk management procedures to minimise disruption to the Group

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• Trading activities are largely expected to continue as normal, absent any unanticipated external shocks

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FY21 Outlook

Despite the current global economic environment, we see continued growth in fodder markets with demand from key export customers growing. We also expect volumes at Austco to grow along with an increase in earnings

Division

Strategic Focus Areas

Commentary

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• Sustained throughput of ~15,000 MT per quarter

• IT projects for traceability and

• enhance provenance on the back of blockchain technology

• Continuous training and development of a skilled work force

• Expected harvest volumes to be reasonable at this stage subject to winter rainfall

• Demand from key markets remains strong from fresh dairy growth in Asia, not withstanding global economic environment and trade tensions

• Planning for additional processing and storage capacity to be completed at Raywood in Phase 2 expansion, including an additional 2 sheds for 20k t fodder storage / accumulation program

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• Optimise benefits of recent capital expenditure

• Improve energy efficiency with continued solar deployment

• Convert storage space to blast freezing if necessary

• Achieve greater operational efficiencies

• Throughout volume is expected to remain subdued until spring (Q3 FY21)

• International demand for red meat is expected to drive strong demand for blast freezing and storage after the Australian winter

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Financial Results Summary

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Profit & Loss Statement

	FY 2020	FY 2019	Change
Statement of Profit & Loss	A$M	A$M	%
Revenue - Hay Sales Revenue-Cold Storage & Blast Freezing Total Revenue	21.71 13.35 35.06	16.76 12.36 29.12	+30% +8% +20%
Cost of sales Gross Profit Other income	(18.79) 16.27 0.18	(14.29) 14.83 0.14	+31% +10% +28%
Employee related expenses	(3.82)	(2.68)	+43%
Utilities	(3.62)	(3.23)	+12%
External consultancy and audit expenses	(0.33)	(0.25)	+33%
Administrative Costs	(2.18)	(1.42)	+53%
Freight expenses Occupancy expenses	(2.61) (0.61)	(1.93) (0.79)	+35% -23%
EBITDA	3.29	4.67	-30%
Depreciation Finance costs	(2.47) (2.02)	(2.12) (1.72)	+17% +17%
Project and transaction expenses	(2.14)	(0.88)	+144%
Gain on disposal of assets	4.24	-	NM
Gain on bargain purchase	-	1.00	NM
NPBT	0.89	0.95	-6%
Income tax	(0.11)	(0.05)	+132%
NPAT	0.79	0.91	-13%

• Wingara has continued on its top line growth trajectory in FY 2020, with operating revenue increasing by 20% driven by the significant increase in JC Tanloden revenue

• Margins were steady in 2H FY20, but were impacted by high labour expenses ($800K in Q3 FY20) at Austco Polar as contract labour had to be brought in to support unseasonal volume increases at the end of calendar 2019

• One-off transaction costs primarily relate to the staff restructuring costs, sale of the Austco property; continuous technology / IT development, engineering consultancy and inventory management system for the Group to support its growth ambitions as it continues to build a sustainable platform for processing and marketing agricultural products

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Balance Sheet

	FY 2020	FY 2019	Change
	A$M	A$M	%
Assets
Cash & equivalents	3.45	0.66	+419%
Trade & other receivables	2.55	1.46	+74%
Inventories	4.10	5.36	-24%
Other current assets	0.26	0.12	+115%
Total current assets	10.36	7.61	+36%
Property, Plant & Equipment	18.31	37.65	-51%
Deferred tax assets	0.40	0.29	+37%
Right-of-use assets	24.13	-	-
Intangible assets	1.82	1.82	-
Other non-current assets	0.30	0.03	+911%
Total non-current assets	44.96	39.79	+13%
Total assets	55.32	47.40	+17%

	FY 2020	FY 2019	Change
	A$M	A$M	%
Liabilities
Trade & other payables	6.16	3.81	+62%
Lease liabilities	1.42	-	-
Borrowings	0.97	8.30	-88%
Employee benefit obligations	0.77	0.43	+80%
Current tax liabilities	0.19	-	-
Total current liabilities	9.51	12.54	-24%
Lease liabilities	22.88	-	NM
Borrowings	6.40	19.21	-67%
Employee benefit obligations	0.09	0.52	-83%
Total non-current liabilities	29.36	19.73	+49%
Total liabilities	38.88	32.27	+20%
Net assets	16.44	15.14	+9%
Equity
Contributed equity	20.27	19.98	+1%
Other reserves	0.43	0.17	+162%
Accumulated losses	(4.26)	(5.00)	-15%
Total equity	16.44	15.14	+9%

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Cash Flow Statement

	FY 2020	FY 2019	Change
Statement of Cash Flows	A$M	A$M	%
Cash flows from operations Receipts from customers	34.17	28.23	+21%
Payments to suppliers, employees	(30.63)	(26.26)	+17%
Interest received	0.00	0.02	-77%
Interestpaid & finance costs	(2.02)	(1.81)	+12%
Net cash from operations	1.52	0.18	+723%
Cash flow from investing
Purchase of PPE	(2.04)	(25.34)	-92%
Proceeds from sale of property, plant & equipment	21.03	-	NM
Payments from business acquisition / related deposits	-	(2.74)	NM
Net cash from investing	18.99	(28.08)
Cash flows from financing
Proceeds from issue of shares	-	0.05	NM
Proceeds from borrowings	5.81	40.39	-86%
Repayment of borrowings	(21.56)	(21.16)	+2%
Repayment of lease liabilities	(1.40)	-	NM
Net cash from financing	(17.15)	19.29	NM
Net increase (decrease) in cash	3.36	(8.61)	NM
Openingcash & equivalents	0.09	8.70	NM
Closing cash & equivalents (inc. bank overdraft)	3.45	0.09	NM

• Increase in operating cash flows driven by increased revenue

• Proceeds from sale of Austco property have enabled a significant portion of bank debt to be repaid, contributing to a closing cash balance of $3.5 million

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Historical Summary of Financial Results

	FY 20171	FY 2018	FY 2019	FY 2020
$’000 unless otherwise stated	A$M	A$M	A$M	A$M
Operating results
Revenue	8,687	10,763	29,120	35,058
Other income	36	168	144	185
Cost of Sales	4,567	5,298	14,290	18,786
Gross Profit	4,120	5,465	14,830	16,271
EBITDA	606	1,089	4,671	3,287
Depreciation and amortisation(D&A)	336	602	2,116	2,467
Earnings Before Interest and Tax (EBIT)	270	487	2,554	819
Finance expenses	192	383	1,724	2,021
Operating profit before tax	79	104	831	(1,202)
Tax expense	43	(319)	46	107
Net profit before significant items	36	424	784	(1,308)
Significant items	(213)	(858)	122	2,095
Other comprehensive income	-	-	-	-
Profit/loss attributable to members	(176)	(434)	906	787
Revenue growth (%)	(16.2%)	23.9%	170.6%	20.4%
Gross margin (%)	47.4%	50.8%	50.9%	46.4%
EBITDA margin (%)	7.0%	10.1%	16.0%	9.4%
EBITDA growth (%)	(50.6%)	79.7%	328.9%	(29.6%)
EBIT growth (%)	(66.2%)	80.2%	424.4%	(67.9%)

lts
	FY 20171	FY 2018	FY 2019	FY 2020
$’000 unless otherwise stated	A$M	A$M	A$M	A$M
Financial position
Wingara shareholders’ funds	6,256	12,091	15,139	16,441
Total assets	13,628	23,361	47,404	55,318
Total liabilities	7,402	11,270	32,264	38,877
Net debt	(635)	584	26,849	3,919
Market capitalisation	22,101	35,812	26,802	26,514
Enterprise value	21,466	36,396	53,651	30,433
Operating cash flow	133	(4)	184	1,517
Closing share price (dollars)	0.285	0.370	0.255	0.250
Shares on issue (thousands)	77,547	96,790	105,105	106,055

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1. FY 2017 includes 9 months of trading from 30 June 2016 to 31 March 2017.

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We connect primary producers to the global market efficiently through our protein supply chain.

wingaraag.com.au

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