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NAMIBIAN FISHING INDUSTRIES LIMITED - AUDITED RESULTS
South African share code: NFH
Namibian share code: NMF
(ISIN: NA0008640220)
(Registration Number: 342)
(Date of Incorporation: 05/06/1974)
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 30 APRIL 2002
BALANCE SHEETS
30 April 2002
Group Company
2002 2000 2002 2000
N$`000 N$`000 N$`000 N$`000
ASSETS
Non-current assets 159 582 196 367 113 016 114 154
Property, plant and equip-
ment 81 166 102 469 - -
Interest in subsidiaries - - 108 777 109 496
Goodwill and intangible
Assets 64 183 75 408 2 244 2 413
Other investments and loans 2 022 22 11 11
Deferred taxation 12 211 18 468 1 984 2 234
Current assets 104 843 62 908 587 384
Inventories 23 147 11 220 - -
Trade and other receiv-
ables 62 316 50 834 586 383
Short-term portion of
Loans granted 250 - - -
Bank balances and cash 19 130 854 1 1
TOTAL ASSETS 264 425 259 275 113 603 114 538
EQUITY AND LIABILITIES
Capital and reserves 141 484 121 086 113 178 113 150
Share capital and premium 67 548 67 548 67 548 67 548
Non-distributable reserves 3 312 3 223 86 86
Retained income 70 624 50 315 45 544 45 516
Minority interest 58 514 - -
Interest of all shareholders 141 542 121 600 113 178 113 150
Non-current liabilities 40 280 52 059 - -
Interest bearing 23 014 34 237 - -
Non-interest-bearing 11 635 11 694 - -
Deferred taxation 5 631 6 128 - -
Current liabilities 82 603 85 616 425 1 388
Trade and other payables 65 315 48 973 425 1 332
Taxation 6 043 1 352 - -
Short-term borrowings 6 440 6 072 - -
Bank overdraft 4 805 29 219 - 56
TOTAL EQUITY AND LIABILITIES 264 425 259 275 113 603 114 538
INCOME STATEMENTS
for the sixteen months ended 30 April 2002
Group Company
2002 2000 2002 2000
N$`000 N$`000 N$`000 N$`000
Revenue 312 996 187 726 - -
Operating profit 42 986 21 753 751 494
Finance costs (9 431) (6 314) (35) (188)
Income from investments 2 341 1 495 - 1 065
Profit before exceptional
items 35 896 16 934 716 1 371
Exceptional items (1 489) (4 561) 631 (127)
Profit before taxation 34 407 12 373 1 347 1 244
Taxation 13 322 4 865 251 497
Profit after taxation 21 075 7 508 1 096 747
(Losses)/profit attributable
to outside shareholders (198) 452 - -
Net profit for the period 21 273 7 056 1 096 747
Headline earnings
Net profit for the period 21 273 7 056 1 096 747
Adjusted for:
Exceptional items 1 489 4 561 631 (127)
Headline earnings 22 762 11 617 465 874
Headline earnings per
share (cents) 25,6 15,1
Earnings per share (cents) 23,9 9,2
Dividends paid (cents) 1,2 8,0
CASH FLOW STATEMENTS
for the sixteen months ended 30 April 2002
Group Company
2002 2000 2002 2000
N$`000 N$`000 N$`000 N$`000
CASH FLOWS FROM OPERATING
ACTIVITES 44 702 22 848 (1 462) (3 344)
Cash receipts from
customers 299 237 168 107 - -
Cash paid to suppliers
and employees 243 839 134 286 359 (1 791)
Cash generated/(absorbed)
by operations 55 398 33 821 (359) 1 791
Investment income 2 341 1 495 - (188)
Dividends paid (1 068) (6 012) (1 068) (6 012)
Taxation paid (2 538) (142) - -
CASH FLOWS FROM INVESTING
ACTIVITIES 2 180 (30 815) 1 518 3 951
Acquisition of subsidiaries - (3 623) (145) (2 540)
Acquisition of property,
plant and equipment (20 577) (44 526) - -
- replacement capital
expenditure (14 242) (22 283) - -
expansion capital
expenditure (6 335) (22 243) - -
Acquisition of investments (14 954)
Total proceeds 25 007 32 288 20 678
- proceeds from disposal
of subsidiary 3 790 - - -
- proceeds from disposal
of property, plant and
equipment 20 581 8 363 - -
repayment of investment
loans 636 23 925 - 20 678
Increase in amounts owed
by investments (2 250) - - -
Decrease/(increase) in net
Investments in subsidiaries 1 663 (14 187)
CASH FLOWS FROM FINANCING
ACTIVITIES
Repayment of long-term
Borrowings (4 192) (8 143) - -
Net increase/(decrease) in
cash and cash equivalents 42 690 (16 110) 56 607
Cash and cash equivalents
at beginning of the period (28 365) (12 255) (55) (662)
CASH AND CASH EQUIVALENTS
at end of the period 14 325 (28 365) 1 (55)
Namibian Fishing Industries Limited
South African share code: NFH
Namibian share code: NMS
(ISIN: NA0008640220)
(Registration number: 342)
(Date of incorporation: 05/06/1974)
Notice is hereby given that the Board of directors has approved a final
dividend of 6,0 cents per share. The salient dates of the payment of this
dividend are as follows:
Last date to trade ordinary shares "CUM" dividend: Friday, 30 August
Ordinary shares trade "EX" the dividend:
Monday, 2 September
Record Date: Friday, 6 September
Payment Date: Monday, 9 September
Share certificates may not be dematerialised or rematerialised between
Monday, 2 September and Friday, 6 September 2002, both days inclusive.
Shareholders are furthermore advised that a 10 % non-resident shareholder`s
tax on the declared dividend will be applicable to all shareholders with
addresses outside of Namibia.
P S H Alfheim
Company Secretary
Maritime Building
13th Avenue
Walvis Bay
1 August 2002
Date: 01/08/2002 10:22:56 AM Produced by the JSE SENS Department
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