OMG GROUP LIMITED — AGM Information 2020

Nov 25, 2020

26 November 2020

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FORBIDDEN FOODS LIMITED (ASX.FFF)
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ASX Announcement

2020 AGM Chairman’s Address and CEO Presentation

In accordance with the Listing Rules, attached is the Chairman’s address and CEO presentation which will be delivered today at the Forbidden Foods Limited 2020 Annual General Meeting.

This announcement is authorised to be given to the ASX by Adam Soffer, Company Secretary.

ENDS

For further information, please contact:

Marcus Brown Tim Dohrmann Chief Executive Officer Investor & Media Enquiries info@forbiddenfoods.com.au tim@nwrcommunications.com.au 1300 778 061

About Forbidden Foods Ltd

Forbidden Foods Ltd (ASX: FFF) is a multi-brand premium food, beverage and ingredients company focusing on the baby food, wellness and organic markets, with diverse national and international sales channels. The Company was established in 2010 with a vision to provide Australia with the very best health foods and to meet growing consumer demand for differentiated, plant-based and health-oriented products. The business offers more than 50 SKUs across its three brands – Forbidden, Sensory Mill and Funch – direct to consumer, retailers and food service companies, through distribution partners and via e-commerce.

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Forbidden Foods Limited | ACN 616 507 334
info@forbiddenfoods.com.au | www.forbiddenfoodsgroup.com
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FORBIDDEN FOODS LIMITED (ASX.FFF)
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CHAIRMAN’S ADDRESS

Good morning everyone, welcome to the Annual General Meeting of Forbidden Foods Limited.

My name is Mark Hardgrave and I am Chairman of Forbidden Foods and will chair today’s meeting.

At this time, I would like to introduce the other members of the Board and Management in the room with me today.

• Colleen Lockwood – independent non-executive director;

• Marcus Brown – CEO and co-founder of Forbidden Foods;

• Jarrod Milani – COO and co-founder of Forbidden Foods;

• Sam Fraser – Chief Financial Officer; and

• Adam Soffer – Company Secretary.

Additionally, Kenneth Weldin, representative of Forbidden Foods’ auditor PKF has joined the meeting online.

In terms of the agenda today, I will first make some introductory remarks, followed by Marcus who will present an update on the business and its operations, and then turn to the formal business of the meeting. There will be ample opportunity for shareholders to ask questions via the “Q&A” button on the videoconference. Please type in your questions and we will respond verbally at the appropriate time during the meeting.

Since being founded by Jarrod and Marcus in 2010, Forbidden has expanded to now produce healthy food products under three primary brands – Forbidden, Sensory Mill and Funch.

2020 has been a significant year for Forbidden Foods, particularly with the successful IPO raising $6 million new capital for the business to invest in growth opportunities for the business and we welcome all our new shareholders to join us on this journey.

There is much to be excited about for Forbidden Foods as we launch new product lines, increase existing market penetration and broaden international focus. We have announced the launch of a new Funch range of 100% Australian-made Baby Food products which will be ranged in FoodWorks/AUR stores from January and will continue to drive growth with new distribution partnerships and products.

I will now hand over to Marcus for his CEO presentation.

ENDS

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Forbidden Foods Limited | ACN 616 507 334
info@forbiddenfoods.com.au | www.forbiddenfoodsgroup.com
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ANNUAL GENERAL MEETING 2020 (ASX:FFF)

FORBIDDEN FOODS LIMITED BOARD AND MANAGEMENT

• Mark Hardgrave , Independent Non-Executive Director and Chairman

• Colleen Lockwood , Independent Non-Executive Director

• Marcus Brown , Chief Executive Officer and Managing Director

• Jarrod Milani , Chief Operating Officer and Executive Director

• Sam Fraser , Chief Financial Officer

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ASX:FFF

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A G E N D A

• Chairman’s address

• CEO presentation

• Registration and voting instructions

• Business of the meeting

• Meeting close

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A D D R E S S

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CEO PRESENTATION MARCUS BROWN

C O M P A N Y H I G H L I G H T S

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KEY BRAND IN FAST GROWING BABY FOOD & PLANT BASED SEGMENTS

DIVERSE CUSTOMER BASE & REVENUE STREAMS

Differentiated product range with consumer appeal in the growing Organic Food, Healthy Snack and Baby Food market segments.

The Company supplies to a broad range of distributors, major retailers, independent retailers, food manufacturing and QSRs.

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BRAND AUSTRALIA PADDOCK TO POUCH

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INTERNATIONAL OPPORTUNITY

Superior Australian products with sustainable sourcing and clear traceability for the consumer where the fruit and grains are grown.

Each export market Forbidden Foods trades in is also experiencing growth globally, such as the US, UK and Asia.

PAGE 1

BOARD OF DIRECTORS

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MARK HARDGRAVE

Independent Non-Executive Chairman (appointed January 2020)

Over 35 years’ experience in finance. Co-founder and former joint MD of boutique corporate advisory group M&A Partners. Prior to that, senior roles at Taverners Group, Merrill Lynch, Thorney and Bennelong, specialising in funds management, equity capital markets and M&A. Current chairman of Pental Ltd (ASX: PTL) and non-executive director of Traffic Technologies Ltd (ASX: TTI), and non-executive director of Nimble Finance Ltd..

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MARCUS BROWN

Chief Executive Officer / Managing Director (appointed December 2016)

Marcus co-founded Forbidden Foods in 2010, when he and co-founder Jarrod Milani recognised an opportunity to build a strong brandled food business by introducing unique rice varieties into Australia and New Zealand. Previously worked in the corporate risk management and international captive insurance teams at AON, where he assisted multi-national companies manage risk and insurance.

JARROD MILANI

Chief Operating Officer / Executive Director (appointed December 2016)

Prior to co-founding Forbidden Foods with Marcus Brown in 2010, Jarrod worked at Coles in various marketing-related roles including trade planning, growth projects and supplier engagement. Jarrod’s experience has given him the ability to manage ongoing relationships with suppliers, customers and manufacturers in order to help the Company meet its strategic objectives. Jarrod is a Graduate of the Australian Institute of Company Directors.

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COLLEEN LOCKWOOD

Independent Non-Executive Director (appointed in January 2020)

Extensive experience in the Food and Beverage industry, having previously worked as a Business Development Director for Golden State Foods, where she co-ordinated business units in the retail and foodservice sectors across Asia-Pacific, the Middle East and Africa. Former member of the Kraft Heinz Australian leadership team. Currently business relationship manager at Turosi, a leading privately owned Australian food manufacturer and supplier.

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CORPORATE SNAPSHOT

K E Y S TAT I S T I C S M A N A G E M E N T T E A M

ASX Stock Code	FFF
FY20 Revenue	$4.1M
Cash Balance (30 Sep 20) Debt Share Price (18 Nov 20) Shares on Issue	75M Nil $0.28 $5.1M
Market Cap	A$21M

Marcus Brown	CEO
Jarrod Milani	COO
Sam Fraser	CFO
Adam Soffer	Company Secretary

S H A R E P R I C E H I S T O R Y A N D V O L U M E S I N C E A S X L I S T I N G V I A I P O A T $ 0 . 2 0 / S H A R E

T O P S H A R E H O L D E R S

Marcus Brown	9.3M (12.45%)
Jarrod Milani	9.3M (12.45%)
BNP Paribas Nominees	3.05M (4.07%)
Adam Soffer Total Top 20 TR Nominees Talmalmo Investments	1.51M (2.01%) 40.14M (53.53%) 2.49M (3.32%) 1.65M (2.20%)

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STRONG OPERATIONAL PROGRESS SINCE ASX LISTING

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Forbidden Foods is well-capitalised to take

advantage of multiple growth opportunities, with IPO funds applied toward accelerating sales, marketing and brand development

Key distribution deal secured with Foodworks/AUR, rolling out FUNCH and Sensory Mill products to up to 500 Australian supermarkets from January 2021

Investing to fund growth with minimal net cash

burn , with multiple levers for growth across new products, eCommerce, export channels and potential M&A

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New product range , FUNCH Baby Fruit Purees, now in production and expected to contribute to FY21 revenue growth

$1 million in Q1 FY21 cash receipts reflecting

double-digit year-on-year sales growth

Executive team strengthened with appointment of CFO

Strong eCommerce focus with increasing

capabilities, range growth and overseas market expansion

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1

ON-TREND FOR BABY FOOD MARKET

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5.4% PA ~US$278 B
GROWTH
ANTICIPATED
2025
~US$214 B
2020 Growth Trends
• Natural and Organic - no
preservatives, artificial colours
or flavours used
•
China growth (14.6m births pa
expected) 2
•
Convenience (easy-to-use
packages)
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• 1.Statista 2020 - https://www.statista.com/outlook/40120000/100/baby-food/worldwide

• 2.Reuters referencing China National Bureau of Statistics – 2020 https://www.reuters.com/article/us-china-economy-society-population-idUSKBN1ZG08C

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STRUCTURE

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PRODUCT GROUPS

SERVICING ALL CHANNELS

KEY CUSTOMERS

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P L A N T - B A S E D P O W D E R S , G R A I N S & W E L L N E S S I N G R E D I E N T S

B A B Y P U R E E & P O W D E R S , D I Y M I X E S & S N A C K S

F O O D R E T A I L E R S

F O O D F O O D M A N U F A C T U R E R S S E R V I C E

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R I C E A N D P A C K A G E D R I C E F O O D P R O D U C T S

E X P O R T

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RANGE

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A U S T R A L I A N I N F A N T F R U I T & G R A I N P U R E E & P O W D E R S

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FUNCH is all about Fun, Family, Food. Its current range includes Australian baby foods (featured above), Do-It-Yourself Home Baking Mixes and Wellness Smoothie Blends.

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RANGE

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P L A N T - B A S E D G L U T E N F R E E / 1 0 0 % A U S T R A L I A N F L O U R S

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Plant-based powders, flours and other wellness products

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RANGE

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C E R T I F I E D O R G A N I C R I C E R A N G E

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Organic Rice, Conventional Rice, Rice Flour and Rice Foods

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CHANNELS

DIRECT:

DISTRIBUTORS:

Forbidden Foods sells direct to retailers such as Woolworths and Costco to maximise control in the relationships and gain more value from sales. Forbidden Foods also sells direct to food service companies such as QSRs and Industrial Food Manufacturing that create recipes using Forbidden Foods ingredients.

Distributors sell the Company’s products to end businesses. Distributors have multiple customers that Forbidden Foods can access. This spreads the credit risk, maximises pallet volumes/sale size by shipping more to a distributor and ensures the business doesn’t need its own fleet of delivery vehicles for fulfilment.

ECOMMERCE:

SALES MIX BY CHANNEL:

Forbidden Foods also sells products via e-commerce and distributes these direct-to-consumer orders by courier/post. This is a fast-growing channel for the Company and with increased focus on e-commerce for FUNCH; this will seek to generate additional revenues direct from consumers and act as a strong outlet for new product trials and launches, especially for the baby foods category commencing December 1st, 2020.

Websites:

www.FUNCH.com.au www.forbiddenfoods.com.au www.sensorymill.com.au

Approximate customer mix by segment based on revenue generated in FY2020

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EXPORT MARKET

Beyond Australia, Forbidden Foods exports to customers in New Zealand, Ireland, Singapore and the United States. This international supply chain has been strengthened through relationships built with leading distributors including:

• Performance Food Group (United States), a food distributor in the US with 76 locations;

• Lynas Foodservice (Ireland), the largest distributor in Ireland with recent expansion to Scotland;

• Service Foods (New Zealand), a food service distributor in New Zealand; and

• Gilmours/Foodstuffs (New Zealand), the country’s largest retailer with three leading supermarket brands in its portfolio and

• approximately 53% of the national grocery market.

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THE DRIVE TOWARDS PLANT -BASED FOODS: FEEDING 10 BILLION PEOPLE BY 2050 1

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Less water, less Abundance AVAILABILITY
SUSTAINABILITY
land, lower carbon creates &
BENEFITS
footprint scalability AFFORDABILITY
High in protein, low Appeals to PURPOSE-
NUTRITIONAL
cholesterol, Millennials and CONSCIOUS
BENEFITS
vitamins and
Gen Z consumers CONSUMERS
minerals
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1. United Nations, Department of Economic and Social Affairs, 2019 - https://www.un.org/development/desa/en/news/population/world-population-prospects-2019.html

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FORBIDDEN FOODS OPERATES AT THE NEXUS OF TWO GROWTH SEGMENTS IN FOOD

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Plant-Based
Baby Foods
Foods
Global (2019) Global (2020)
~US$20 billion 1 ~US$214 billion 3
U.S. Growing at 11% pa Growing at 5.4% pa
(vs total food market (vs total food market
growing at 2% pa) 2 growing at 2% pa)3
Funch baby foods are
Our ranges are 100%
Australian made &
plant-based
plant-based
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1. Verified Market Research - https://www.verifiedmarketresearch.com/product/plant-based-protein-market/

2. SPINS – Referenced in William Blair, Food for Thought Report, 2019 - https://www.williamblair.com/-/media/Downloads/Insights/IB-Market-Assets/2019/william-blair-food-for-thought-092019.pdf?as=1&la=en 3. Statista 2020 - https://www.statista.com/outlook/40120000/100/baby-food/worldwide

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B U S I N E S S O F T H E M E E T I N G

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Registration and Voting

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2. Click “register” in the
3. Record your vote. Once
1. Log in or register at: banner at the bottom of
https://investor.automic.com.au/#/home you confirm it is lodged
your screen, then select
and final
“register” for this meeting
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To contact support: Call 1300 816 159 or open live chat from the Investor Portal

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FINANCIAL REPORTS

To receive and consider, the Financial report, the Directors’ Report and the Auditor’s Report, each for the financial year ended 30 June 2020.

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RESOLUTION 1: NON-BINDING ADVISORY VOTE ON THE REMUNERATION REPORT

• •To consider and, if thought fit, to pass the following resolution as an :

• ordinary resolution

• 'That, in accordance with section 250R(2) of the Corporations Act, the Remuneration Report as set out in the Company's annual report for the financial year ended 30 June 2020 be adopted.’

PROXY VOTING RESULTS FOR OPEN AGAINST ABSTAIN - Proxy votes on Resolution 1 (%) 99.62% 0.21% 0.17% Proxy votes on Resolution 1 (number) 5,416,158 11,333 9,300 19,137,509

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RESOLUTION 2: ELECTION OF JARROD MILANI AS DIRECTOR

• •To consider and, if thought fit, to pass the following resolution as an :

• ordinary resolution

• 'That Mr Jarrod Milani, being a Director who retires by rotation in accordance with Rule 7.1(f) of the Constitution and Listing Rule 14.4, and being eligible for re-election, be re-elected as a Director of Forbidden Foods Limited.’

PROXY VOTING RESULTS	FOR	OPEN	AGAINST	ABSTAIN
Proxy votes on Resolution 2 (%)	99.97%	0.02%	0.01%	-
Proxy votes on Resolution 2 (number)	15,225,656	3,333	1,300	9,344,011

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RESOLUTION 3: ISSUE OF EXECUTIVE DIRECTOR OPTIONS

• •To consider and, if thought fit, to pass the following resolution as an :

• ordinary resolution

• 'That the issue of 1,500,000 Incentive Options to Mr Jarrod Milani (or nominee), details of which are set out in the Explanatory Memorandum, is approved under and for the purpose of Listing Rule 10.14 and for all other purposes.’

PROXY VOTING RESULTS	FOR	OPEN	AGAINST	ABSTAIN
Proxy votes on Resolution 3 (%)	98.52%	0.23%	1.25%	-
Proxy votes on Resolution 3 (number)	5,797,176	13,333	73,520	18,690,271

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RESOLUTION 4: ISSUE OF EXECUTIVE DIRECTOR OPTIONS

• •To consider and, if thought fit, to pass the following resolution as an :

• ordinary resolution

• 'That the issue of 1,500,000 Incentive Options to Mr Marcus Brown (or nominee), details of which are set out in the Explanatory Memorandum, is approved under and for the purpose of Listing Rule 10.14 and for all other purposes.’

PROXY VOTING RESULTS FOR OPEN AGAINST ABSTAIN - Proxy votes on Resolution 4 (%) 98.69% 0.06% 1.25% Proxy votes on Resolution 4 (number) 5,808,376 3,333 73,520 18,689,071

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RESOLUTION 5: ADDITIONAL PLACEMENT CAPACITY

•To consider and, if thought fit, to pass the following resolution as a special resolution :

• 'That the Company have the additional capacity to issue equity securities

• provided for in Listing Rule 7.1A.'

PROXY VOTING RESULTS	FOR	OPEN	AGAINST	ABSTAIN
Proxy votes on Resolution 5 (%)	99.47%	0.01%	0.51%	-
Proxy votes on Resolution 5 (number)	24,437,759	3,333	126,452	6,756

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C O N T A C T D E T A I L S

MEETING CLOSE

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www.forbiddenfoodsgroup.com

Forbidden Foods Limited (ASX.FFF) Email: info@forbiddenfoods.com.au Phone: 1300 778 061

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@forbiddenfoods

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@forbiddenfoods https://www.linkedin.com/company/forbidden-foods

DISCLAIMER

This presentation has been prepared by Forbidden Foods Ltd ACN 616 507 334 (known as “Forbidden Foods”) to provide summary information about Forbidden Foods and its subsidiaries current as at the date of this presentation. This presentation was prepared on the 26/11/2020 and the information in it is subject to change without notice.

The information contained in this presentation is for information purposes only. The information contained in this presentation is of general background and does not purport to be complete. The information contained in this presentation does not constitute investment or financial product advice (nor taxation or legal advice) and is not intended to be used as the basis for making any investment decision. In providing this presentation, Forbidden Foods has not considered the objectives, financial position or needs of any particular recipients.

No representation or warranty, express or implied, is made as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation. Forbidden Foods does not represent or warrant that this presentation is complete or that it contains all material information about Forbidden Foods or which a prospective investor may require in evaluating a possible investment in Forbidden Foods or acquisition of Forbidden Foods shares. To the maximum extent permitted by law, Forbidden Foods expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this presentation including in relation to the accuracy or completeness of the information, statements, opinions or matters, express or implied, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any financial information, any estimates or projections and any other financial information derived therefrom.

This presentation contains certain forward looking statements and comments about future events, including Forbidden Foods’ expectations about the performance of its businesses. Forward looking statements can generally be identified by the use of forward looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”, “will”, “believe”, “forecast”, “estimate”, “target” and other similar expressions. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward looking statements. Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward looking statements will not be achieved. A number of important factors could cause Forbidden Foods’ actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements, and many of these factors are beyond Forbidden Foods’ control. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks and other factors, many of which are outside the control of Forbidden Foods. As such, undue reliance should not be placed on any forward looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward looking statements, forecast financial information or other forecast. Nothing contained in this presentation nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Forbidden Foods.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor any of the information contained herein shall form the basis of any contract or commitment. In particular, this presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. All dollar values are in Australian dollars (A$) unless other stated. The figures in this presentation are subject to rounding. The information in this presentation remains subject to change without notice.

This presentation contains data relating to the industries, segments and markets in which Forbidden Foods operates (Industry Data). Unless otherwise stated, the Industry Data has been prepared by Forbidden Foods using publicly available data, estimates and projection. There is no assurance regarding the accuracy of the Industry Data, which has not been independently verified by Forbidden Foods.

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