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Oceana Group Limited - Group Results And Dividend Declaration For The Year Ended
30 September 2002
Oceana Group Limited
JSE Share Code: OCE
NSX Share Code: OCS
ISIN Number: ZAE000025284
Incorporated in the Republic of South Africa
(Registration Number 1939/001730/06)
GROUP RESULTS AND DIVIDEND DECLARATION FOR THE YEAR ENDED 30 SEPTEMBER 2002
The results of the group for the year ended 30 September 2002 are set out
herein.
This report has been prepared in compliance with the South African Statement of
Generally Accepted Accounting Practice applicable to interim financial reporting
in accordance with the principles applied in the most recently published annual
financial statements, except as disclosed in note 2.
The financial information has been reviewed by our auditors, Deloitte & Touche,
whose unqualified review opinion is available for inspection at the registered
office of the company.
Directors :
D M J Ncube (Chairman), R A Williams (Vice Chairman), A B Marshall (Chief
Executive Officer), D F Behrens, M A Brey, B P Connellan, N Dennis,
R G Nicol, S Pather, R V Smither.
GROUP INCOME STATEMENT
Reviewed Audited
Notes 2002 2001 Change
R`000 R`000 %
Revenue 2,690,433 2,084,523 29
Operating profit
before abnormal items 248,015 205,429 21
Abnormal items 1 14,484 2,054
Operating profit 262,499 207,483
Dividends received 48 206
Net interest received 27,081 10,036
Profit before taxation 289,628 217,725 33
Taxation 98,786 76,008 30
Profit after taxation 190,842 141,717
Attributable to outside
shareholders
in subsidiaries 7,423 3,365
Attributable to own shareholders 183,419 138,352 33
Number of shares in issue (000`s) 107,742 106,055
Weighted average number of shares on
which headline earnings and net profit
per share are based (000`s) 106,743 105,137
Headline earnings per share (cents) 162.0 127.2 27
Diluted headline earnings per share
(cents) 157.0 123.5 27
Basic earnings per share (cents) 171.8 131.6 31
Diluted basic earnings per share (cents) 166.5 127.8 30
Dividends per share (cents) 68.0 53.4 27
DETERMINATION OF HEADLINE EARNINGS
Attributable to own shareholders 183,419 138,352
Adjusted for:
- Amortisation of goodwill 2,797 310
- Impairment loss on plant and equipment 1,821 0
- Profit on change of interest
in investment (1,065) (416)
- Profit on disposal of property, plant
and equipment (14,078) (4,518)
Headline earnings for the year 172,894 133,728 29
DIVIDEND DECLARATION
Notice is hereby given that a final dividend No. 118 of 51.5 cents per share, in
respect of the year ending 30 September 2002, was declared on Wednesday 6
November 2002, payable on Monday 6 January 2003.
The last day to trade cum dividend will be Tuesday, 24 December 2002
The shares will commence trading ex dividend from Friday, 27 December 2002
The record date is Friday, 3 January 2003
Share certificates may not be dematerialised or rematerialised between Friday,
27 December 2002 and Friday, 3 January 2003, both days inclusive.
By order of the board
J D Cole Secretary
6 November 2002
Registered Office: 16th Floor Metlife Centre, 7 Coen Steytler Avenue,
Cape Town 8001
Transfer Secretaries: Computershare Investor Services Limited
70 Marshall Street, Johannesburg, 2001
(P.O. Box 62053, Marshalltown, 2107)
GROUP STATEMENT OF CHANGES IN EQUITY
Notes Share Non TOTAL
Capital Distribut- Distribut- R`000
& able able
Premium Reserves Reserves
R`000 R`000 R`000
Balance at the 16,795 13,929 348,523 379,247
beginning of the prior
year
Adjustment to opening 2.1 0 0` 1,466 1,466
balance
Reversal of dividend 2.2 0 0 35,501 35,501
provision
Restated balance at the 16,795 13,929 385,490 416,214
beginning of the prior
year
Shares issued 6,917 0 0 6,917
Movement on foreign 0 7,112 0 7,112
currency translation
reserve
Net profit for the year 0 0 138,352 138,352
Dividends 0 0 (49,336) (49,336)
Balance at the 23,712 21,041 474,506 519,259
beginning of the year
Shares issued 6,887 0 0 6,887
Movement on foreign 0 18,973 0 18,973
currency translation
reserve
Transfer to capital 0 30 (30) 0
redemption reserve fund
Net profit for the year 0 0 183,419 183,419
Dividends 0 0 (60,597) (60,597)
Balance at the end of 30,599 40,044 597,298 667,941
the year
GROUP BALANCE SHEET
Reviewed Audited
Notes 2002 2001
R`000 R`000
Assets
Non current assets 322,029 314,993
Property, plant and equipment 199,055 194,758
Goodwill 0 2,797
Fishing rights 29,183 24,653
Deferred taxation 17,762 16,254
Investments and loans 3 76,029 76,531
Current assets 841,670 642,257
Inventories 161,017 130,179
Accounts receivable 387,334 369,311
Cash and cash equivalents 293,319 142,767
Total assets 1,163,699 957,250
Equity and liabilities
Capital and reserves 667,941 519,259
Share capital and premium 30,599 23,712
Non-distributable reserves 40,044 21,041
Retained income 2.2 597,298 474,506
Interest of outside shareholders 11,868 7,834
Non-current liabilities
Deferred taxation 9,096 10,447
Current liabilities 474,794 419,710
Bank overdraft 43,471 52,218
Accounts payable and
provisions 2.2 431,323 367,492
Total equity and liabilities 1,163,699 957,250
Net asset value per ordinary
share (cents) 620 490
Total liabilities: Total
shareholders`funds (%) 70 80
GROUP CASH FLOW STATEMENT
Reviewed Audited
2002 2001
R`000 R`000
Cash flows from operating activities
Operating profit 248,015 205,429
Adjustment for non cash items 48,475 33,107
Operating profit before working capital changes 296,490 238,536
Working capital changes 2,958 5,884
Cash generated from operations 299,448 244,420
Interest and dividends received 31,514 20,465
Interest paid (4,385) (10,223)
Taxation paid (77,567) (52,033)
Dividends paid (64,798) (49,881)
Net cash inflow from operating activities 184,212 152,748
Cash outflow from investing activities (33,833) (148,319)
Net cash inflow before financing activities 150,379 4,429
Net cash flows from financing activities 6,887 6,917
Net increase in cash and cash equivalents 157,266 11,346
Borrowings resulting from acquisition/
disposal of business (6) (8,945)
Cash and cash equivalents at the
beginning of the year 90,549 85,350
Effect of exchange rate changes 2,039 2,798
Cash and cash equivalents at the end of the year 249,848 90,549
SEGMENT REPORT
Reviewed Audited
2002 2001
R`000 R`000
Revenue
Oceana Brands 813,516 801,677
Erongo Group 863,147 436,739
Blue Continent Group 900,549 737,769
Commercial Cold Storage & Logistics 113,221 108,338
Total 2,690,433 2,084,523
Operating Profit before abnormal items
Oceana Brands 90,637 75,814
Erongo Group 35,165 25,494
Blue Continent Group 88,941 72,935
Commercial Cold Storage & Logistics 33,272 31,186
Total 248,015 205,429
Total assets
Oceana Brands 279,362 242,797
Erongo Group 102,798 134,619
Blue Continent Group 245,732 215,639
Commercial Cold Storage & Logistics 134,094 128,643
Financing 383,951 219,298
Total assets excluding deferred tax 1,145,937 940,996
Deferred tax 17,762 16,254
Total assets 1,163,699 957,250
Total liabilities
Oceana Brands 194,471 158,421
Erongo Group 60,231 37,187
Blue Continent Group 79,170 78,811
Commercial Cold Storage & Logistics 86,779 83,350
Financing 54,143 61,941
Total liabilities excluding deferred tax 474,794 419,710
Deferred tax 9,096 10,447
Total liabilities 483,890 430,157
NOTES
Reviewed Audited
2002 2001
R`000 R,000
1. Abnormal items
Profit on change of interest
in investment 1,065 416
Profit on disposal of property, plant
and equipment 13,419 1,638
Abnormal profit before taxation 14,484 2,054
Taxation 1,143 28
Abnormal profit attributable to
own shareholders 13,341 2,026_
Change in accounting policies
2.1 Adjustment in respect of provisions
accounted for in accordance with AC130. - 1,466
2.2 The group has changed its accounting
policy for providing for dividends.
Dividends are now recognized only when
they have been declared. Prior period
financial statements have been restated
accordingly. Presentation of dividends
per share is not affected by this change
in policy.
2.3 The group has adopted AC116 (revised)
relating to the disclosure of employee
benefits. There was no effect on the
results or balance sheet of the group as
a result of this change in policy.
3. Investment and loans
Directors` valuation of investments and loans
Unlisted shares 93 615
Loans 75,936 75,916
76,029 76,531
Loans totalling R69 million included in
accounts receivable in the prior year
have been reclassified as long-term loans.
Prior period figures have been restated
accordingly.
4. Dividends
Dividend declared after reporting date 55,745 42,882
5. Supplementary Information
Cost of inventories utilised 1,985,983 1,515,531
Depreciation 39,829 33,641
Amortisation of goodwill and other intangibles 5,203 1,842
Impairment loss on plant and equipment 2,802 -
Operating lease charges 12,061 7,031
Capital expenditure 50,706 69,065
- Expansion 7,211 45,158
- Replacement 43,495 23,907
Capital commitments 166,540 70,251
- Contracted 35,905 8,283
- Approved 130,635 61,968
Contingent liabilities 1,908 2,800
COMMENTS
Financial Results
Headline earnings increased by 29% over those of the previous year and by 27% on
a per share basis. Group operating profit before abnormal items for the year
improved by 21% on a turnover increase of 29%.
A final dividend of 51.5 cents per share has been declared, which together with
the interim dividend of 16.5 cents brings the total dividend for the year to
68.0 cents per share. The total dividend represents an increase of 27% over the
previous year.
Review of operations
Sales volumes of canned fish on the domestic market were lower than the previous
year as a result of the continued shortage caused by difficult fishing
conditions. Although the pilchard biomass is considered to be healthy and at
record levels, landings were only marginally higher than those of last year. In
addition, yields were low due to the small size and poor quality of fish and the
increased distance from the fishing grounds to the plant. A fourth steel pelagic
vessel was added to the fleet during the year.
Despite a nil pilchard total allowable catch (TAC) in Namibia, Etosha Fisheries
made a small profit due to good industrial fish landings and strong fish meal
prices.
Profits from the South African fish meal operations improved due to increased
volumes and firmer prices.
Midwater pelagic volumes traded out of Mauritania showed strong growth albeit at
lower margins. Namibian and South African horse mackerel catches were good and
market conditions were favourable. The Erongo operation made an excellent
contribution to Group profits.
Hake operations in the Western and Eastern Cape performed well, but the Namibian
business sustained a loss having been adversely impacted by poor fishing
conditions and low catch rates.
The french fries operation was negatively affected by a shortage of raw material
and constantly increasing potato prices which could not be recovered in selling
prices, resulting in a loss.
Lobster earnings benefited from increased sales of live product, good export
prices and favourable exchange rates. The lobster operation in Western Australia
experienced lower catches in line with the industry.
Abalone volumes and profits were lower due to a reduction in the TAC.
The tuna, squid and agriproducts trading operations performed well.
Average occupancy levels at Commercial Cold Storage were in line with the
previous year whilst fruit volumes handled through the Maydon Wharf facility
showed good growth.
Profitability at TRT Shipping Services improved due to higher bunker revenues
and increased activity in the ships agency business.
Prospects
The pelagic fishing season continues until the end of December and, weather
permitting, good pilchard landings are anticipated in the remaining period.
However, the shortage of canned fish will continue into next year.
The improved fish meal prices achieved during the year are expected to continue.
A capital expenditure upgrade programme is planned to increase plant capacity,
improve production yields and product quality, and further address environmental
issues.
On the strength of research results, the 2002/2003 West Coast Lobster TAC may be
increased. Further growth in earnings from this resource is expected.
The 2003 Namibian horse mackerel TAC has been set at the same level as 2002.
Midwater pelagic trading operations in the West and Central Africa region are
expected to continue performing well. A South African owned midwater trawler is
planned for commissioning next year in the South African horse mackerel fishery.
Overall, the Group expects to achieve further real growth in operating profit
and headline earnings in the year ahead.
On behalf of the board.
DMJ Ncube AB Marshall
Chairman Chief Executive Officer
Date: 06/11/2002 05:12:41 PM Produced by the JSE SENS Department
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