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(Registration number 709/1953)
(Incorporated in the Republic of Namibia)
ISIN CODE : ZAE000031266
SHARE CODE : NMS
INTERIM REPORT 2001
GROUP FINANCIAL RESULTS
The unaudited consolidated results of the group for the six months ended 30
June 2001 are set out below:
The interim report complies with Namibian statements of generally accepted
accounting practice in Namibia and South Africa. It is prepared on the
historical cost basis applying accounting policies and methods of
computation as stated in the latest annual report.
GROUP INCOME STATEMENT
6 months 6 months 12 months
ended ended ended
30/6/01 30/6/00 31/12/00
(unaudited) (unaudited) (audited)
N$'000 N$'000 N$'000
Revenue 51 070 38 808 111 482
Group operating profit before depreciation
and finance costs 2 503 2 903 938
Depreciation (848) (5 099) (7 608)
Finance costs (2 823) ( 5 810) ( 9 658)
Group operating loss (1 168) (8 006) (16 328)
Investment income 90 730 848
Interest received 90 248 367
Dividends - 482 481
Income from associates - 17 161 17 163
Normal activities - 1 128 1 128
Surplus on disposal of investment - 16 033 16 035
(Loss)/profit before taxation ( 1 078) 9 885 1 683
Taxation - - -
(Net loss)/profit after taxation ( 1 078) 9 885 1 683
Attributable to outside shareholders
of subsidiary - 30 -
(Net loss)/profit attributable to
ordinary shareholders ( 1 078) 9 915 1 683
Number of ordinary shares upon which
earnings per share is based (000's) 116 236 116 236 116 236
Earnings per ordinary share (cents) (0.9) 8.5 1.4
Fully diluted earnings per ordinary
share (cents) (0.9) 8.3 1.4
Headline earnings per ordinary share (cents) (1.1) (5.3) (9.4)
Reconciliation between earnings and
headline earnings:
Per group income statement (1 078) 9 915 1 683
Adjustments:
(Surplus)/loss on disposal of assets (190) (40) 2 289
Surplus on disposal of investment (4) (16 033) (16 035)
Provision for diminution in value of
Investment - - 1 130
Liquidation dividend received - - (38)
Headline earnings (1 272) (6 158) (10 971)
GROUP BALANCE SHEET
30/6/01 30/6/00 31/12/00
(unaudited) (unaudited) (audited)
N$'000 N$'000 N$'000
ASSETS
Non current assets
Fixed assets 42 403 52 866 43 587
Unlisted investments 2 996 3 115 2 997
Current assets 36 681 53 249 52 103
82 080 109 230 98 687
EQUITY AND LIABILITES
Ordinary shareholders' funds 33 455 42 765 34 533
Outside shareholders' interest - 695 -
Long term liabilities 4 020 7 806 4 477
Deferred taxation - - -
Current liabilities 44 605 57 964 59 677
82 080 109 230 98 687
Notes:
1. Number of shares in issue (000's) 116 236 116 236 116 236
2. Net asset value per share (cents) 29 37 30
3. Interest bearing borrowings 30 203 54 815 54 239
4. Directors valuation of unlisted
investments 2 996 3 115 2 997
5. Cost of sales 47 160 38 426 107 291
6. Staff costs 5 188 4 428 7 927
7. Acquisition of fixed assets 224 139 2 559
GROUP STATEMENT OF CHANGES IN EQUITY 30/6/01 30/6/00 31/12/00
(unaudited) (unaudited) (audited)
N$'000 N$'000 N$'000
Balance at beginning of period 34 533 32 850 32 850
(Net loss)/profit for the period ( 1 078) 9 915 1 683
Balance at end of period 33 455 42 765 34 533
GROUP CASH FLOW STATEMENT
Cash generated from operations 23 355 2 649 8 825
Investment income 90 730 848
Finance costs (2 823) (5 810) (9 658)
Net cash flows from operating activities 20 622 (2 431) 15
Net cash flows from investing activities 531 26 675 34 365
Net cash flows from financing activities (455) (20 184) (27 017)
Net increase in cash and cash equivalents 20 698 4 060 7 363
Cash and cash equivalents at beginning
of period (44 982) (52 345) (52 345)
Cash and cash equivalents at end of
period (24 284) (48 285) (44 982)
COMMENTS
QUOTAS AND LANDINGS
The pelagic season commenced on 15 January 2001 and your group and its
associates were granted quotas of 3,207 tons (2000: 8,276 tons) of pilchards
and 18,779 tons (2000: 15,000 tons) of horse mackerel.
Fishing for pilchards started on 23 June and the full quota was landed by 31
August. Industrial fishing for the period under review was poor in Namibian
waters and our group landed only 4,200 tons up to 31 August. Industrial
fishing in Angolan waters was at levels similar to those in 2000.
PRODUCTION
In view of this year's reduced pilchard Total Allowable Catch of 10,000 tons
(25,000 tons in 2000), it was again decided to conduct pilchard canning at
one factory only. In view of the poor catches of industrial fish in
Namibian waters, fish meal and fish oil production was similarly conducted
at only two factories in Walvis Bay.
Good progress has been made with the production of pickled and curried fish
under the "Ocean Fresh" label. This expansion has created employment for 48
Namibians and the only constraint to production is the erratic supply of
fresh hake.
SALES
Canned pilchards are currently in short supply, resulting in opening stocks
and the current year's production having been sold at prices higher than
those achieved in 2000. No material carry-over of canned pilchard stock is
anticipated at year-end. The market for pickled and curried fish has met
expectations and sales are keeping abreast with production.
Fishmeal and fishoil prices have shown improvements from the low levels
experienced in 2000 and all production has been sold.
FINANCIAL
Product diversification at UFE has made a positive contribution to fixed
cost recoveries and the significant reduction in interest bearing debt is
reflected in lower interest charges. The reduction in depreciation charged
for the half-year is as a result of the review in the depreciation policy,
as referred to in the Chairman's report dated 12 March 2001.
Having regard to the factors noted above and bearing in mind that the
group's income does not accrue evenly throughout the year, your board is
optimistic that the group should return positive headline earnings for the
current financial year.
STRATE
Your company is scheduled to move to the STRATE system during December
2001/January 2002. Dematerialisation will start on 18 December, with
electronic trading commencing 14 January 2002 and the first electronic
settlement taking place on 21 January 2002.
From 14 January 2002 no paper scrip will be accepted for settlement on the
JSE Securities Exchange SA and therefore shareholders who have not yet
entered the STRATE environment should appoint a Central Securities
Depository Participant as soon as possible.
DIVIDEND
The board has decided that no interim dividend be declared.
By order of the board Registered Office
D S Shimwino (Chairman) 2nd Street East
F P Kuttel (Managing Director) Walvis Bay
(PO Box 2715
14 September 2001 Walvis Bay, Namibia)
Directors: D.S. Shimwino (Chairman), F.P. Kuttel*(Managing), E.P.H Bieber*,
W.E.W. Guhring, P.C. Kuttel* J.A. Levin*, A J Mays, S. Pick*, P.A.
Schwieger.*RSA
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