| Tue 27 Sep 2022, 16:33 | | OCEANA GROUP LIMITED - Voluntary trading update and board committee changes |
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Voluntary trading update and board committee changes
OCEANA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1939/001730/06)
JSE share code: OCE
NSX share code: OCG
ISIN: ZAE000025284
(“Oceana” or “the Company” or “the Group”)
VOLUNTARY TRADING UPDATE AND BOARD COMMITTEE CHANGES
1. VOLUNTARY TRADING UPDATE FOR THE 11 MONTHS ENDED 27 AUGUST 2022
Strong demand and supply normalization in the second half has driven a 16.2% increase in canned fish
(pilchard) sales volumes compared to the prior year second half with total sales volumes of 8,0 million
cartons for the 11-month period (August 2021: 7,9 million cartons). Cost pressures including freight and the
weaker rand against the US dollar have been partially mitigated by a 50% increase in local canning
production (and with a similar proportion of local catch) for the 11-month period.
In the African fishmeal and fish oil business production volumes were 24% higher compared to the prior
second half period although July and August winter weather conditions impeded available fishing days. Sales
volumes of 23 105 tons were 5% higher than the prior year-to-date period, with a higher mix of fish oil. Strong
fish oil pricing and the weaker rand against the US dollar resulted in a 40% increase in average rand selling
prices for the 11-month period.
In the US, favorable fishing and weather conditions have resulted in a 63% increase in landings by Westbank
to 650 million fish (landings to week 23, 2021: 399 million fish) for the season to date, 28% above the long-
term average of 509 million fish. The 28-week season ends after the Group’s 30 September 2022 financial
year end, on 31 October 2022. Inventory levels available for sale in September and into the new financial
year are currently well above the 5-year average. Strong dollar pricing for fishmeal and in particular fish oil,
and the effect of the weaker rand on translation are contributing to an improved year-to-date performance.
Hake and horse mackerel operations have continued to be adversely impacted by high fuel and quota costs,
and poor catch rates. Sales volumes for the 11 months are 10% lower than the prior period mainly due to
scheduled vessel maintenance in Namibia in the first half. Horse mackerel demand and pricing in Africa
remain strong whilst hake demand in Europe remains stable.
Commercial cold storage performance has been negatively impacted by an overall 5% decline in occupancy
levels, with the Western Cape region experiencing lower import activity and excess market capacity.
The Board expects to report provisional reviewed results for the year ended 30 September 2022 during
December 2022 and to release audited results by no later than 31 January 2023 aligned with JSE Listings
Requirements.
This voluntary trading update and any forward-looking statements set out in this announcement have not
been reviewed or reported on by the Company’s external auditors.
2. BOARD COMMITTEE CHANGES
In terms of paragraph 3.59 of the JSE Listings Requirements shareholders are advised of the following Board
Committee changes:
Mr. Neville Brink has been appointed to the Risk Committee and the Social, Ethics and Transformation
Committee, with effect from 1 June 2022.
Mr. Aboubakar (Bakar) Jakoet has been appointed to the Nominations and Governance Committee and
aligned with the planned transitioning of longer-standing Board members, has taken over as Chairman of
the Risk Committee, effective from 15 August 2022.
27 September 2022
Cape Town
Sponsor – Primary Sponsor
The Standard Bank of South Africa Limited
Namibian Sponsor – Secondary Sponsor
Old Mutual Investment Services (Namibia) Proprietary Limited
Date: 27-09-2022 04:33:00
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