Ann: Investor Presentation, page-16

From the presentation:

"Delivers scale and operational cost efficiencies – feed is circa 55%-60% of the cost of a fish with the balance of costs across the supply chain being predominantly fixed"

This is excellent! we are currently producing 13k tonnes per year, and the presentation says these growth initiatives will add 2-3k per year of HoG tonnage out to 2021. that has the potential to dilute the impact of fixed costs greatly, which will have a strong impact on margin/kg salmon.