With regards to the SFG results and the difference in price per...

With regards to the SFG results and the difference in price per KG for the prawns (SFG $19.66/kg, TGR $17.85/kg) - you're right, this is purely due to the Coles contract that Tassals has for the prawn which is higher volume / lower price. My understanding is:

First, SFG gets higher price for smaller volumes, but because of export restrictions are dumping into the domestic market. Hopefully this stops with air freight improvements. It should improve TGR margins.

Second, TGR's price per KG should increase as the size of their prawns grow. Currently the average size is 36 grams - SFG doesn't report this. As they become more proficient, not only does the tonnage per hectare increase (TGR: ~11t/ha, SFG: ~8), but the size of prawns increases. Larger prawns sell for more - go to Coles and you see "extra larger" at $28/KG and "larger" at $22/KG. This isn't the case for salmon - larger salmon are just cut up into more fillets at the same price.

Third, despite the lower price by Tassals, they are significantly higher margin. TGR is getting over $5/KG EBITDA, whereas SFG is getting around $2/KG EBITDA (they don't report this, but you can look at their revenues less cost of goods sold divided by production - not perfect). This is the first year that their cost of goods sold was less than their revenue, so that's a win I suppose.

Meanwhile, I am surprised ASIC and Deloitte haven't pulled up SFG for misleading their shareholders with their reporting (or lack of) and presentations. It's atrocious. If you actually want to analyse the company without just buying into their 2050 plans for the unfunded Project Sea Dragon, it's impossible. The only thing I could work out was that their Net Tangible Assets per Share is now the ignominious "$0.00". GLTAH.