Seafarms Group Limited · ASX:SFG
Seafarms — Shareholder Meeting (November 2023)
20 slides from Seafarms's shareholder meeting presentation, Nov 23, 2023
Slide 1: Project Sea Dragon Update (ASX Announcement)
ASX Announcement | 23 November 2023 Seafarms Group Limited (ASX: SFG) SFG ASX Announcement No: 761 Project Sea Dragon Update (This statement summarises key parts of the CEO AGM Presentation which follows this document) At the Seafarms Group Limited (ASX: SFG) AGM today the Company presented an updat
Slide 2: Business case and funding update
In terms of 2023 AGM updates to the business case and modelling: Lenders have been kept engaged and provisional business cases options are being tested with potential funders. A current potential substantial funder requires an offtake of nominally 100 tonnes per month of large prawns that if success
Slide 3: CEO Update
For personal use only CEO Update Taking stock and building forward momentum 1
Slide 4: Disclaimer
Disclaimer Whi l e management believes there is reasonable basis for the material contained in this presentation i t is provided for i nformation purposes only. The i nformation i n this presentation is in a s ummary form, does not propose to be complete a nd i s not intended to be relied upon as ad
Slide 5: Agenda
For personal use only Agenda Our Year Financial Results Overview Operating Performance Sales & Exports Update Project Sea Dragon Update Final Observations Taking stock and building forward momentum 3
Slide 6: Our year
Our year Seafarms continues to clear the way for Project Sea Dragon while lifting production at the Queensland operations. November 2022 AGM: At the AGM Seafarms announced For personal use only There are no technical reasons why Project Sea Dragon should not proceed. New business case pending. Canst
Slide 7: Financial Results
Financial Results Our financial results reflect improved revenue from operations and short-term costs from investments in the future of the company, primarily Project Sea Dragon. For personal use only 2023 2022 Net Profit (loss) after Tax ($15.4m) ($86.3m)* Project Sea Dragon impairment of non-cur
Slide 8: Financial Position
Financial Position 2023 2022* Net Assets For personal use only $34.1m $49. 5m Cash on hand $8.5m $36.2m Net current assets $17.3m $33.6m Non current assets $18.4m $17.0m Provision for contractual liabilities** $1.0m $8.7m * Restated ** Included in net current assets The provision for contract liabil
Slide 9: Existing Operations Update
For personal use only Existing Operations Update Taking stock and building forward momentum 7
Slide 10: Operating Performance
Operating Performance Total production at the Seafarms Queensland operations was 1,260 tonnes, up 46% on the previous year. The result reflects a planned shift to Banana prawns from prior year as reported at the 2022 AGM: For personal use only Banana prawn production increased to 893 tonnes from 145
Slide 11: Sales and Export Update
Sales and Export Update Ongoing focus on high quality, premium branded offer domestically and for export. Domestic market experienced overall growth in the fresh prawn For personal use only category. Production capacity at Queensland operations leveraged at key times (Australia Day, Christmas) deliv
Slide 12: Project Sea Dragon Update
For personal use only Project Sea Dragon Update Taking stock and building forward momentum 10
Slide 13: Project status outlined at the last AGM remain current
Project Sea Dragon Seafarms have undertaken significant assessment of the viability of PSD which has validated the effectiveness of large-scale prawn farms, hatcheries and packing, and 10 hectare ponds. Project status outlined at the last AGM remain current For personal use only As reported last yea
Slide 14: Construction undertaken to date has reduced uncertainty and risk
Project Sea Dragon The construction undertaken to date has significantly reduced uncertainty and risk associated with earthworks and construction and thereby reducing the cost of debt. Sea water intake walls and access roads constructed on Pre-cast concrete structures for ponds are partially For per
Slide 15: Sites
Project Sea Dragon Sites Grow Out Facility Broodstock Maturation & Hatchery Back-up Breeding Facility Land based grow out farms, water Receive animals from Exmouth to grow out and Will accommodate a copy of the exchange and other infrastructure for prepare for the Hatchery. broodstock to minimise ri
Slide 16: Breeding program and re-shaping Stage 1a
Project Sea Dragon Despite challenges that have impacted momentum, important steps continue to be made on Project Sea Dragon. Breeding program For personal use only Specific Pathogen Free animals have reached G4 (4th generation) at our Exmouth facility. Several ponds at Ingham (Qld) Farm 3 stocked w
Slide 17: Business case and re-engaging with funders
Project Sea Dragon Despite challenges that have impacted momentum, important steps continue to be made on Project Sea Dragon. Business case 20 x 10 ha Pond harvest profile For personal use only In the June Shareholder Update ASX release: The outputs of the financial model are pleasing Re-engaging wi
Slide 18: Final Observations
Final Observations Our strategy remains firm Directors consider that the business and its prospects are on a much firmer footing since our AGM report last year. For personal use only Specifically, output from our Queensland operations are up on the back of onsite improvements. Considered steps are b
Slide 19: Thank You
For personal use only Thank You Taking stock and building forward momentum 17
Slide 20: Contact Us
For personal use only Contact Us Level 10, 490 Upper Edward Street Spring Hill QLD 4000 PO Box 252 Spring Hill QLD 4004 T. 61 7 3248 0222 E. info@seafarms.com.au