Barramundi Group

Investor Presentation • Aug 30, 2022

1H 2022 Report Presentation

BARRAMUNDI GROUP LTD 30 AUG 2022

Building an Asia Pacific aquaculture leader

Barramundi Group builds a fully integrated aquaculture leader with a premium product in a high growth market

retailers.

Growth Securing capacity for growth

Barramundi group is securing capacity to grow from 2,000 tonnes capacity in 2021 to 7,000 tonnes in 2026 and further to a long term target of 75,000 tonnes.

Highlights 1H 2022

- There was a reduction in sales tonnage from 1,012 tonnes in 1H 2021 to 930 tonnes in 1H 2022. 1H 2022 sales million in 1H 2021. • Net profit for 1H 2022 was -\$12m

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1H 2022 Profit and Loss (Unaudited)

• companies.
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  -
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• loans in August 2021.
• Australia.

1H 2022 Profit and Loss
	(Unaudited)
Revenue 1H 2022 of SGD 16.9 million (1H 2021 : SGD 17.1 million). Harvest volumes		Actual	Proforma	Actual
were up from 973 to 986 tonnes (WFE).		1H 2022	1H 2022	1H 2021
		Unaudited \$	Unaudited \$	Unaudited \$
Change in accounting estimates from 1 January 2022 to the full capitalisation method for biological assets in order to be aligned with the reporting by other listed seafood
companies.	Revenue	16,919,539	16,919,539	17,104,383
All direct and indirect costs of producing the biomass are being capitalised as o	Other income Raw materials and consumables	323,864 (12,634,500)	323,864 (12,789,528)	1,349,516 (10,948,784)
opposed to just juvenile and feed costs as was done prior to 2022.	Farm personnel expense	(1,693,918)	(4,353,337)	(4,515,204)
"Pro forma" income statement for the first half of 2022, based on the accounting o	Fair value (loss)/gain on biological assets	(7,267,085)	(4,381,238)	(50,649)
estimates used in 2021.	Fish mortalities Depreciation	(1,720,884) (849,930)	(1,074,139) (1,568,075)	(1,254,897) (1,863,043)
Cost of raw materials and consumables utilized in the period increased by SGD 1.8 o	Amortisation	(282,151)	(282,151)	(282,150)
million from SGD 10.9 million following biomass adjustments in Australia, increase	Administrative expense	(3,236,445)	(3,236,445)	(3,074,426)
in production costs and higher costs of raw materials in Fassler.	Distribution expense Finance expense	(1,003,021) (479,357)	(1,003,021) (479,357)	(1,241,063) (1,241,896)
Change in fair value adjustment in the profit and loss statement represents the reduction	Loss before tax	(11,923,888)	(11,923,888)	(6,018,213)
in the positive fair value difference between fair value of the biomass and value of the
biomass at cost.	Income tax credit	(29,560)	(29,560)	-
Change in fair value adjustment of SGD 4.4 million in the pro forma P&L results o	Net loss for the financial period	(11,953,448)	(11,953,448)	(6,018,213)
from the change in capitalisation method and an increase in production costs
caused by increases in feed and feed freight, higher energy costs, lower than	Other comprehensive income/(loss):
expected production results and stock adjustments from fish losses.	Items that may be reclassified subsequently to profit or loss: - Currency translation gain/(loss) on
Additional administrative charges were incurred from continuing listing costs.	translating foreign operations	(100,112)	(100,112)	(502,400)
Additionally, new sites costs are incurred in the application of leases for new sites in
Australia.	Total comprehensive loss for the financial period	(12,053,560)	(12,053,560)	(6,520,613)
	(Loss)/profit attributable to:
Distribution costs fell due to a write back of accruals for distribution costs following Covid	Owners of the Company	(12,052,820)	(12,052,820)	(6,420,460)
restrictions in China which limited the sales and distribution of the products.	Non-controlling interests	99,372	99,372	402,247
		(11,953,448)	(11,953,448)	(6,018,213)
	Total comprehensive (loss)/income
Finance costs were reduced by SGD 0.8 million compared to the first half of 2021,	attributable to: Owners of the Company
following the repayment or conversion to equity in respect of the Company's convertible		(12,152,932) 99,372	(12,152,932) 99,372	(6,922,860) 402,247
loans in August 2021.			(12,053,560)
	Non-controlling interests	(12,053,560)		(6,520,613)

1H 2022 Balance Sheet (Unaudited)

• Singapore.
• Singapore.

1H 2022 Balance Sheet	(Unaudited)
Total assets as at 30 June 2022 was SGD 89.0 million and shareholders' equity was • SGD 39.6 million.		30 Jun 2022 Unaudited \$	30 Jun 2021 Unaudited \$
• In this half year, capex spending was made towards the Brunei site and a new vessel in	ASSETS
Singapore.	Current assets Cash and cash equivalents Trade and other receivables	17,652,049 5,921,297	27,354,041 6,861,056
There was a reduction in biological assets carried at fair value following a decrease in • biomass and on the back of a slight reduction in average net selling price.	Inventories Biological assets	6,029,902 16,903,863 46,507,111	3,096,347 22,886,826 60,198,270
• Cash continued to be invested in the operations to build biomass, capex spending and repayment of bank borrowings.	Non-current assets Property, plant and equipment Intangible assets	28,514,321 10,893,232	27,523,071 13,957,533
• An additional banking facility of SGD 5 million was secured for business funding in	Biological assets Deferred income tax assets	977,858 2,096,262 42,481,673	1,162,866 2,697,033 45,340,503
Singapore.	Total assets LIABILITIES	88,988,784	105,538,773
	Current liabilities Trade and other payables Employee benefits	9,783,424 445,985	9,549,495 564,931
	Borrowings Deferred capital grants	9,159,238 127,924	35,858,182 75,290
	Income tax payables	39,908 19,556,479	- 46,047,898
	Non-current liabilities Employee benefits	-	112,415
	Borrowings Deferred capital grants	21,541,858 4,767,594	26,630,009 5,129,724
	Provision for reinstatement Deferred income tax liabilities	55,980 3,418,940	55,980 4,050,756
	Total liabilities	29,784,372 49,340,851	35,978,884 82,026,782
	Net assets	39,647,933	23,511,991
	EQUITY
	Share capital Other reserves	153,913,373 (2,724,008)	105,154,252 (326,470)
	Accumulated losses Non-controlling interests	(117,289,178) 5,747,746	(85,735,353) 4,419,562

1H 2022 Cash Flow Statement (Unaudited)

1H 2022 Cash Flow Statement	(Unaudited)
There was a net decrease of SGD 10.7 million in the cash position for this half year to		YTD 30 June 2022	YTD 30 June 2021
17.7 million. A negative cashflow was caused by a combination of lower revenue,		Unaudited \$	Unaudited \$
reduced harvest tonnage, increase in raw materials and production cost, growth capex
spending for Brunei and the new vessel for Singapore. Additional funding was secured	Cash flows from operating activities Loss before tax	(11,923,888)	(6,018,213)
through a bank loan for the Singapore operations.
	Adjustments for: - Fair value adjustment on biological assets	7,267,085	50,649
	- Amortisation of government grant	(89,445)	(167,234)
	- Depreciation of property, plant and equipment and right-of-use assets	796,041	1,809,154 53,889
	- Depreciation of biological assets - Property, plant and equipment written-off	53,889 20,624	-
	- Amortisation of intangible assets	282,151	282,150
	- Employee share option expenses - Interest expense	95,291 488,253	185,226 1,241,896
	- Interest income	(8,896)	(53,090)
	- Provision for employee benefits	14,395 (3,004,500)	16,340 (2,599,233)
	Changes in working capital:
	- Biological assets	(3,692,583)	(686,228)
	- Inventories - Trade and other receivables	(2,517,576) 1,292,056	(1,119,604) (49,271)
	- Trade and other payables	408,554	114,141
	Cash used in operations, representing net cash used in operating activities	(7,514,049)	(4,340,195)
	Cash flows from investing activities
	Additions to property, plant and equipment Interest received	(4,146,976) 8,896	(3,828,203) 53,090
	Net cash used in investing activities	(4,138,080)	(3,775,113)
	Cash flows from financing activities
	Proceeds from borrowings	1,839,621	9,381,634
	Repayment of lease liabilities Interest paid	(454,749) (488,253)	(643,842) (1,241,896)
	Redemption of redeemable convertible preference shares	-	(1,234,223)
	Net cash provided by financing activities	896,619	6,261,673
	Net (decrease)/increase in cash and cash equivalents	(10,755,510)	(1,853,635)
	Cash and cash equivalents
	Beginning of the financial year	28,482,011	29,327,259
	Effects of currency translation on cash and cash equivalents End of the financial year	(74,452) 17,652,049	(119,583) 27,354,041

1H 2022 Key Financials & Highlights- Australia • Net sales for Australia were reduced by SGD 1.5 million following reduced harvest

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Harvest tonnage (T)	729	811
Biomass end of quarter (T)	1,562	1,696

1H 2022 Key Financials & Highlights - Singapore • Net sales for 1H 2022 increased by SGD 0.3 million on the back of higher harvest volume. With the relaxation of Covid restrictions, there was an uplift in B2B sales to

2021 to SGD 13.24.

	Actual	Actual
	1H 2022	1H 2021
Net sales (S\$) (in million)	\$2.66	\$2.27
Net selling price (S\$)	\$13.24	\$14.05
Harvest tonnage (T)	257	162
Biomass end of quarter (T)	236	541

• advanced stages. Net sales was from trial harvest.

Harvest tonnage (kg)	25	-
Biomass end of quarter (T)	80	3

1H 2022 Key Financials & Highlights- Fassler • Fassler's revenue increased by 18% to SGD 6.8 million in 1H 2022 with a more

customers gradually from Q2 2022.

Outlook

• Barramundi prices are expected to be stable, gradual price increase for other processed fish
• Harvest volume in 2022 expected to be similar to 2021
• Expected cost inflation, particularly feed
• Process for funding of Australian expansion to commence in Q3 2022

Financial Calendar

Q3 2022 Business update	29 November 2022
2H 2022 Results	28 February 2023
2022 Full year results	28 April 2023

Appendix

Alternative performance measures Barramundi Group Ltd discloses alternative performance measures as a supplement to the financial statements prepared in accordance with IFRS. Such performance measures are commonly used by analysts, investors and other stakeholders to evaluate the performance of the company and its businesses. The measures are provided to give an enhanced insight into the operations of the company and its businesses. Operating EBITDA and/or Operational EBITDA is net profit/(loss) before amortization and depreciation expenses, finance costs, provision for income taxes, excluding new sites, one-off non-operational costs and fair value adjustments on biological assets. Operating EBIT and/or Operational EBIT is net profit/(loss) before finance costs, provision for income taxes, excluding new sites, one-off non-operational costs and fair value adjustments on biological assets. Operating EBT and/or Operational EBT is net profit/(loss) before provision for income taxes, excluding new sites, one-off non-operational costs and fair value adjustments on biological assets. Operating net profit/(loss) and/or Operational net profit/(loss) is net profit/(loss) excluding new sites, one-off non-operational costs and fair value adjustments on biological assets.