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NAMIBIAN FISHING INDUSTRIES LIMITED
("Namfish" or "the company")
(Incorporated in the Republic of Namibia)
(Registration number 342/1947)
South African share code : NFH
Namibian share code : NMF
ISIN : NA0008640220
INTERIM REPORT FOR THE SIX MONTHS ENDED 31 OCTOBER 2002
The unaudited consolidated results for the six months ended 31 October 2002,
which have been prepared in accordance with Namibian Generally Accepted
Accounting Practice, are set out below. Accounting policies are consistent with
those of the previous year, except as set out in note 11.
Unaudited 6
months
ended
GROUP INCOME STATEMENT 31/10/2002 31/10/200 Ch
1
Notes N$`000 N$`000
Revenu 62,569 64,992
e
Operating (loss)/profit before exceptional -8,899 11,718 -
items and depreciation
Depreciation -7,299 -7,426
Exceptional items 1 -4,322 -5,645
Operating (loss)/profit before net finance -20,520 -1,353 -1,4
costs
Net finance costs 2 -1,900 -1,725
(Loss)/profit before taxation -22,420 -3,078 -6
Taxation 6,266 428
(Loss)/profit after taxation -16,154 -2,650 -5
Joint ventures 3 -1,444 522
Net (loss)/profit attributable to shareholders -17,598 -2,128 -7
Headline (loss)/earnings -12,870 3,015 -5
Weighted average number of ordinary shares on 89,025 89,025
which headline earnings and net profit per share
are based (`000)
(Loss)/earnings per share (cents) (19.8) (2.4) -7
Headline (loss)/earnings per share (cents) (14.5) 3.4 -5
Dividends per share (cents) 6.0 0.0
RECONCILIATION OF HEADLINE EARNINGS N$`000 N$`0
Net (loss)/profit per income statement -17,598 -2,1
Adjusted for:
(Loss)/surplus on disposal of property, plant and equipment -127 9
(after tax)
Profit on disposal of subsidiary 0
Goodwill written off 4,518 4,2
Joint venture adjustments 337
Headline (loss)/earnings -12,870 3,0
Unaudited
GROUP BALANCE SHEET at
31/10/20 31/10/20
02 01
Assets N$`000 N$`000
Property, plant and equipment 93,767 78,701
Goodwill and intangible assets 49,040 57,818
Deferred taxation 9,674 6,938
Investments in joint ventures 9,805 16,018
Other investments 22 22
Current assets 49,239 52,228
211,547 211,725
Equity and liabilities
Equity capital and reserves 118,545 129,717
Share capital and premium 67,548 67,548
Non-distributable reserves 3,312 3,416
Minority interest 0 0
Retained income 47,685 58,753
Long-term borrowings 36,516 15,855
Current liabilities 56,486 66,153
211,547 211,725
Number of shares in issue (`000) 89,025 89,025
Net asset value per share (cents) 133 146
Interest bearing borrowings 56,500 48,274
Unaudited six mon
ended
GROUP CASH FLOW STATEMENT 31/10/2002 31/10/
N$`000 N
Cash (absorbed by)/generated from operations -8,975
Net interest paid -1,900 -
Taxation paid -515 -
Cash flow from operations -11,390 -
Dividends paid -1,095
Net cash flow from operating activities -12,485 -
Net cash flow from investing activities -33,354 -
Net cash flow before financing activities -45,839 -
Net cash flow from financing activities 24,361
Net decrease in cash and cash equivalents -21,478 -
Cash and cash equivalents at beginning of period 11,332 -2
Cash and cash equivalents at end of period -10,146 -2
Unaudited Audited 16
six months mths ended
ended
NOTES 31/10/2002 31/10/2001 30/04/2002
N$`000 N$`000 N$`000
1. Exceptional items
Surplus on disposal of 196 -1,436 7,913
property, plant and equipment
Profit on disposal of 0 0 1,186
subsidiary
Goodwill written off -4,518 -4,209 -10,509
-4,322 -5,645 -1,410
2. Net finance costs
Interest received 584 17 3,004
Interest paid -2,484 -1,742 -7,790
-1,900 -1,725 -4,786
3. Joint ventures
Dividends received 650 0 5,117
(Losses)/ profits from joint -2,094 522 1,872
ventures
-1,444 522 6,989
4. Investments in unlisted joint
ventures
Investment in unlisted joint 131 2 2
ventures at cost
Share of retained income 0 1,290 1,872
Loans and advances 14,359 19,300 13,891
Provision for unrealised -4,685 -4,574 -4,869
profits
9,805 16,018 10,896
5. Other investments
At cost and directors` 22 22 22
valuation
6. Changes in equity
Opening balance 141,484 131,845 121,086
Shares issued on acquisition 0 0 0
of subsidiaries
Transfer from income -17,598 -2,128 21,273
statement
Transfer to non-distributable 0 0 193
reserve
Dividends -5,341 0 -1,068
118,545 129,717 141,484
7. Operating cash flows before -8,899 11,833
working capital changes
Working capital changes
Inventories 1,218 -4,091
Receivables 19,786 5,813
Payables -21,080 -11,649
Cash (absorbed by)/generated -8,975 1,906
from operations
8. Capital expenditure 34,344 9,519 10,350
9. Commitments
Capital commitments to be 0 0 6,615
incurred
Contracted 0 0 0
Approved 0 0 6,615
Operating lease commitments 425 385 1,058
Finance lease commitments 83 47 133
508 432 7,806
10. Contingent liabilities
Limited guarantees in respect 48,270 18,000 31,270
of loan and banking
facilities granted to various
joint ventures
At period end the facilities 45,446 13,952 25,393
utilised were
Guarantees given in terms of 1,700 1,000 1,700
joint venture agreements
11. Change in accounting policy
The accounting policy used by the group to account for
interests in joint ventures was changed during the
year. Previously these investments were accounted for
on the proportionate consolidation method. These are
now accounted for using the equity method. The change
in accounting policy had no effect on the income
statement and had the following effect on the audited
balance sheet items as at 30 April 2002:
Previously Adjustment Restated
stated at 30
April
2002
Assets
Property, plant and equipment 81,166 (13,520) 67,
Goodwill and intangible assets 64,183 (10,625) 53,
Deferred taxation 6,580 (2,763) 3,
Investments in joint ventures 0 10,896 10,
Other investments 2,022 (2,000)
Current assets 104,843 (23,870) 80,
(41,882)
Equity and Liabilities
Equity capital and reserves 141,542 (58) 141,
Long-term borrowings 34,649 (19,023) 15,
Current liabilities 82,603 (22,801) 59,
(41,882)
COMMENTARY ON THE SIX MONTHS TO OCTOBER 2002
OPERATIONS
Group revenue decreased by 4 % from N$ 65.0m to N$ 62.6m due mainly to poor
fishing conditions, the strengthening of the Namibian dollar and a number of
vessels being out of operation for routine maintenance during the period.
Operating loss increased from N$1,4mil to N$20,5mil and similarly headline
earnings decreased from a profit of N$3,0mil to a loss of N$12,9mil. Headline
earnings per share are down from 3.4 cents to a loss of 14.5 cents.
Winter catches have been worse than expected and management saw it as an
opportune time to attend to the routine maintenance of the fleet in order to
prepare and optimise it`s catching capacity for the summer months, which is
traditionally the better fishing period. An additional wetfish trawler, the mfv
Bardi, was purchased to enhance the group`s catching capacity and the vessel
became operational during October. The group`s flagship, the freezer factory
trawler Vezilifa, was withdrawn from operation during the period in order to
complete a factory deck upgrade. This now enables us to produce cuts for the
American and Australian markets at better prices than the European market.
Unusual weather conditions prevailed during the period under review and catch
rates for hake remained erratic.
As a result, the group only landed 33% of it`s annual quota in the period under
review, while in the corresponding period last year, 46% of the quota was
landed.
The same conditions affected the joint ventures and they have under performed
compared to the same period last year. The results of the monk operation have
also been disappointing, the main reasons being poor catches, unplanned
breakdowns on the vessels and a decrease in sales prices due to the oversupply
of monk on the European market.
Cash flow during the period under review has decreased substantially due to
increased working capital requirements, which includes vessel refits and the
payment of the previous financial year`s dividend.
PROSPECTS
Management is confident that the effort and money spent in the first half of the
year to re-align the group`s catching capacity, will bear fruit in the
foreseeable future. No vessel refits are planned for the next eighteen months.
67% of the annual quota is available for the next six months during which period
the group normally experiences improved catches.
In addition, the lobster season falls within the next six months.
The world market for whitefish is expected to remain favourable with firm
prices.
As a result of the above, the group expects to substantially reduce the current
loss to date, although a strengthening of the Namibian dollar could influence
earnings negatively.
INTERIM DIVIDEND
In line of the group`s dividend policy, the directors resolved not to pay an
interim dividend.
By order of the board
CHRIS NISSEN ERIC KNOUWDS WINDHOEK
CHAIRMAN MANAGING DIRECTOR 17 DECEMBER 2002
Transfer Secretaries: Registered Office: Company Secretary:
Transfer Secretaries (Pty) Ltd 16th Floor Sam Alfheim
P O Box 2401 Frans Indongo Gardens 13th Road
Windhoek Blow Street
Walvis Bay
Windhoek
Sponsor to Namfish in SA Sponsor to Namfish in Namibia
PSG Capital Investment House Namibia
Member of the Namibian Stock Exchange
18 Desember 2002
Windhoek
Date: 18/12/2002 03:30:40 PM Produced by the JSE SENS Department
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