Seafarms : Half Year Results Presentation

For personal use only

ASX Announcement | 28 February 2022

Seafarms Group Limited (ASX:SFG)

SFG ASX Announcement No: 721

Half Year Results Presentation

Enclosed is the Half Year Results Presentation for the period ending 31 December 2021.

Approved and authorised for release by the Board of Seafarms Group.

For further information, please contact:

Seafarms Group

Mr. Ian Brannan

Company Secretary

P: [phone]

Media / Investor Enquiries

P: [phone]

1. [e-mail]

About Seafarms Group

Seafarms Group Limited (ASX:SFG) is a sustainable aquaculture company, producing the premium Crystal Bay® Prawns and developing the Project Sea Dragon prawn aquaculture project in northern Australia.

Seafarms Group uses environmentally sustainable processes and is currently Australia's largest producer of farmed prawns, its Crystal Bay® Prawns and Crystal Bay® Tigers are available year-round in fresh and frozen formats. To learn more please visit: www.crystalbayprawns.com.au

Seafarms Group is investing in sustainable aquaculture for export through Project Sea Dragon, a large-scale, vertically integrated, land-based, prawn aquaculture project being developed in northern Australia. The standalone marine prawn production system will be capable of annually producing over 150,000 tonnes of prawns and the high-quality,year-round volumes will target export markets. To learn more please visit: www.seafarms.com.au

Seafarms Group Limited	Level 6, 66 Smith Street	T [phone]
ABN 50 009 317 846	Darwin, NT 0800, Australia	F [phone]
	PO Box 294	E [e-mail]
	Sylvania Southgate, NSW 2224	W seafarms.com.au

Seafarms Group Limited is a corporate authorised representative ("CAR") (Number 420079) of CO2 Group Financial Services Pty Lt (ABN: 92 142 542 774 AFSL 388086)

ersonal use only

2022 Half Year Results Presentation

28 February 2022

1

First Half FY22 Operational Overview

Overview - Financial Performance

only	• Operating revenue for the 6 months ending 31 December
	2021 was $15.4m (up 3% on 1H FY21) representing improved
	sales of both fresh and frozen product
	• Total production for the 6 month period ending 31 December
	was 288 tonnes (up 13% on 1H FY21)
use	• Construction progressively mobilised for Project Sea Dragon
through the first half of FY22
• A detailed review of project costs has been undertaken
	in line with Seafarms capitalisation policy such that only
	directly attributable costs with future economic benefit
	are reflected on the Balance sheet
ersonal	• Accordingly, a total of $23.3m has been included as PSD
Pre-Development expenses in the P&L which relate to
Ponds, Access roads, accommodation, consulting and
	project management costs
	• As part of the half year review, a further $1.4m of impairment
	loss was recognised relating to costs incurred in 2019 and
	2020

2

First Half FY22 Operational Overview

Overview - Financial Position

only	• Cash and cash equivalents increased to $70m (30 June 2021:
$0.5m), due to raising of equity. A total of $132.8m was raised
during the year, which included two related party loans of
$22.76m that were converted to equity resulting in decreased
borrowings
• Accounts receivables were significantly higher than the six
use	months to June 2021, mainly due to the seasonal sales around
Christmas. The seasonality is also reflected in the significantly
lower inventory balance as at December 2021.
• The increase in accounts payable for the period primarily
relates to Project Sea Dragon development costs
• Property, Plant & Equipment has increased in line with
ersonal	capitalised PSD development costs as per the company's
capitalisation policy.

3

ersonal use only

Business Update

4