Seafarms Group Limited · ASX:SFG
Seafarms — Shareholder Meeting (November 2024)
16 slides from Seafarms's shareholder meeting presentation, Nov 29, 2024
Slide 1: AGM Update ASX Announcement
ASX Announcement | 29 November 2024 Seafarms Group Limited (ASX: SFG) SFG ASX Announcement No: 783 AGM Update (This statement summarises key parts of the CEO AGM Presentation which follows this document) Seafarms Group Limited (“Seafarms” or the “Company”) will today present an update at its Annual
Slide 2: CEO Update
For personal use only CEO Update Taking stock and building forward momentum 1
Slide 3: Disclaimer
Disclaimer While management believes there is reasonable basis for the material contained in this presentation it is provided for information purposes only. The information in this presentation is in a summary form, does not propose to be complete and is not intended to be relied upon as advice to i
Slide 4: Agenda
Agenda Introduc-on Overview For personal use only Our Year Financial Results Overview Opera-ng Performance Project Sea Dragon Update Final Observations – Challenges & Opportunities Taking stock and building forward momentum 3
Slide 5: Introduction
Introduction Good morning. I am Peter Fraser, CEO of Seafarms Group. I would like to acknowledge the significant contribution of Rod Dyer who re-red as CEO Seafarms Group in March 2024. For personal use only In his time as CEO, he stabilised the business, grew the Queensland operations and positione
Slide 6: Overview
Overview The past year has witnessed relatively good performance of the Queensland operations and continued assessment and development of Project Sea Dragon. For personal use only In parallel, the construction dispute with Canstruct has occupied the time and resources of the company, hindering our p
Slide 7: Financial Results
Financial Results Our financial results reflect costs from investments in the future of the company, primarily Project Sea Dragon. For personal use only 2024 2023 Revenues from con-nuing opera-ons $25.5m $25.9 Net Profit (loss) aIer Tax $19.3m $15.4m Net reduc-on in contract liabili-es (gain) ($0.4m)
Slide 8: Financial Position
Financial Position 2024 2023 Net Assets $14.8m $34.1m For personal use only Cash on hand $1.2m $8.5m Net current assets $4.3m $17.3m Non current assets $12.0m $18.4m Provision for contractual liabilities* $0.6m $1.0m *Included in net current assets Non current assets comprises mainly the aquaculture
Slide 9: Existing Operations Update
For personal use only Exis)ng Opera)ons Update Taking stock and building forward momentum 8
Slide 10: Operating Performance
Operating Performance In FY24 the Group operated from three sites: Flying Fish Point (commercial hatchery), Cardwell (Farms 1 & 2) and Ingham (Farm 3) For personal use only Total production was 1,118 tonnes, compared to 1,260 in the previous year: Banana prawn production increased to 696 tonnes. Sto
Slide 11: Operating Performance (continued)
Operating Performance (continued) Domestic market conditions were consistent in the first half of the year however, sales were impacted significantly later in the year by both subdued retail demand for premium cooked For personal use only prawns and the increased overall wild and aquaculture, Austra
Slide 12: Project Sea Dragon
For personal use only Project Sea Dragon Taking stock and building forward momentum 11
Slide 13: Our Year
Our Year January 2024: Seafarms appoints Peter Fraser Commercial Director of Project Sea Dragon. February 2024: Federal Court finds in favour of Canstruct to set aside the DOCA and place Project Sea Dragon into liquidation. For personal use only March 2024: Project Sea Dragon Pty Ltd lodges appeal a
Slide 14: Project Sea Dragon: Project status
Project Sea Dragon Project status Construction completed: Sea water intake walls 1/3rd completed. For personal use only 21 nursery partially ponds completed. Area for 8Ha ponds partially cleared. 100,000 tonnes of crushed material for roads 50km of roads improved. Pre-cast concrete structure for pon
Slide 15: Observations – Challenges & Opportunities
Observations – Challenges & Opportuni)es Progress has been made on Existing operations in particular the continuing development export markets For personal use only Rationalisation of farm ownership to free up capital The contractual dispute with Canstruct is nearing conclusion Posi-ve discussions w
Slide 16: 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