Clean Seas Seafood Limited

Earnings Release • Apr 21, 2022

Record Sales & Positive Operating Cashflow

Record Sales & Positive Operating Cashflow

Clean Seas Seafood Limited (ASX: CSS, OSE: CSS), the global leader in full cycle breeding, production and sale of Yellowtail Kingfish, is pleased to provide its Appendix 4C and Quarterly Activities Report for Q3 FY22, provided under Listing Rules 4.7b and 4.7c.

• Record revenue of A$17.6 million in Q3 FY22. YTD FY22 revenue of A$48.8 million, up 38% on YTD FY21 and 40% ahead of YTD FY20

• Record YTD sales volume of 2,875t, up 25% on YTD FY21 and 43% ahead of YTD FY20

• Record YTD cash receipts of A$49.2 million, up 49% on YTD FY21 and 33% ahead of YTD FY20

• Prices increased across key categories, with continued growth in YTD revenue per kg to A$16.97 (A$0.91/kg increase from Dec-21)

• Positive operating cash flow YTD FY22 of A$7.2 million, an increase of A$11.4 million on YTD FY21, and A$13.2 million on YTD FY20 as a result of strong sales and reduced cost of production

• Cash and unused working capital funding of A$25.7 million, plus an additional A$16.8 million of undrawn facilities to fund major capital works

• Full Year FY22 cost of production expected range between $12.00-$12.75/kg