Rare Foods Australia : Half Year Accounts

Appendix 4D Half year report

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Rare Foods Australia Limited

Appendix 4D

Half-year report

For the Half-Year ended 31 December 2021

Rule 4.2A.3

For personal use

Name of Entity	Rare Foods Australia Limited
ABN:	52 148 155 042
Current Reporting Period	31 December 2021 (H1FY2022)
Previous Reporting Period	31 December 2020
Results for announcement to the market
Item 1 - Operating Performance					H1FY2022
					$
Revenue from ordinary activities		Up	27%	to	2,009,674
EBITDA		Up	56%	to	985,215
EBIT		Up	123%	to	651,014
Profit/(Loss) from ordinary activities before tax attributable to members	Up	119%	to	643,515
Profit/(Loss) from ordinary activities after tax attributable to members	Down	142%	to	(62,445)

Item 2 - Dividends

It is not proposed to pay dividends.

There are no dividend or distribution reinvestment plans in operation and there has been no dividend or distribution payments during the financial half-year ended 31 December 2021.

Item 3 - Brief Explanation

Refer to "Review of Operations and Financial Results" section in the accompanying Directors' Report which forms part of the Appendix 4D Half-Year Report.

Item 4 - Net Tangible Assets

		Half-year ended 31 December
	2021	2020	Movement	Movement
Net tangible assets per security for	$	$	$	%
0.068	0.077	(0.009)	(11.7)
Group

Appendix 4D Page 1

For personal use only

Appendix 4D

Half year report

Item 5 - Control gained or lost over Entities during the period

Not applicable.

Item 6 - Controlled Entities and Joint Ventures	Ownership interest as at
	31 December 2021	30 June 2021
Parent Entity: Rare Foods Australia Limited	%	%
Controlled entities:
Ocean Grown Abalone Operations Pty Ltd	100	100
Two Oceans Abalone Pty Ltd	100	100
Wylie Bay Abalone Pty Ltd	66.67	66.67
Ocean Grown Abalone Wylie Bay Pty Ltd	100	100

All companies are incorporated in Australia

Item 7 - Auditor's review report

The accompanying half-year financial report of Rare Foods Australia Limited for the half year ended 31 December 2021 has been reviewed by BDO Audit (WA) Pty Ltd. Refer to the 31 December 2021 half-year financial report for the Independent Auditor's Review Report provided to the members of Rare Foods Australia Limited.

Appendix 4D Page 2

For personal use only

financial

REPORT

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

RARE FOODS AUSTRALIA LIMITED

(Formerly Ocean Grown Abalone Limited)

www.rarefoodsaustralia.com.au

2022 Rare Foods Australia Limited (ASX:RFA). All Rights Reserved.

ACN 52 148 155 042 | [phone] | Unit 302 3 Cantonment St. Fremantle WA 6160 | [e-mail]

For personal use only

table of contents

Director's Report

Independent Auditor's Review Report

Auditor's Independence Declaration

Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flow

Condensed Notes to the Financial Statements

Corporate Directory

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For personal use only

half-year highlights

FOR THE HALF-YEAR ENDED 31 DECEMBER 2021

30%		123%		30%
INCREASE		INCREASE		UPLIFT
Abalone Sales Revenue		EBIT		Biological Asset Fair Value
$ 1,974,342		$ 651,014		$ 1,788,152
Compared to HY21 $ 1,514,603		Compared to HY21 $ 292,202		Compared to HY21 $ 1,370,611

7%	23%	56%
INCREASE	INCREASE	IMPROVEMENT
Abalone Sales	Average Sales Price	EBITDA
Volume	per KG
37.9 Tonnes		$ 985,215
Compared to HY21 35.4 Tonnes	Compared to FY21	Compared to HY21 $ 633,567

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