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OCEANA GROUP LIMITED - INTERIM REPORT AND DIVIDEND DECLARATION
OCEANA GROUP LIMITED
JSE Share Code: OCE
ISIN Number: ZAE000025284
NSX Share Code: OCS
Incorporated in the Republic of South Africa
(Registration Number 1939/001730/06)
INTERIM REPORT AND
DIVIDEND DECLARATION
FOR THE SIX MONTHS ENDED
31 MARCH 2003
The unaudited results of the group for the six months ended 31 March 2003 are
set out herein.
This report has been prepared in compliance with South African Statements of
Generally Accepted Accounting Practice applicable to Interim Financial Reporting
and in accordance with the principles applied in the most recently published
annual financial statements, except as disclosed in Note 2.
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.
Company Secretary: J D Cole
GROUP INCOME STATEMENT Unaudited Audited
Six months ended Year ended
31 March 30 Sept
Notes 2003 2002 Change 2002
R"000 R"000 % R"000
Revenue 1,318,469 1,450,724 (9) 2,690,433
Operating profit before
abnormal items 128,152 118,359 8 248,015
Abnormal items 1 17 1,252 14,484
Operating profit 128,169 119,611 262,499
Dividends received 3,726 48 48
Net interest received 11,227 11,432 27,081
Profit before taxation 143,122 131,091 9 289,628
Taxation 52,106 44,611 17 98,786
Profit after taxation 91,016 86,480 190,842
Attributable to outside
shareholders in subsidiaries 3,478 5,329 7,423
Attributable to own
shareholders 87,538 81,151 8 183,419
Number of shares in
issue (000"s) 107,992 106,635 107,742
Weighted average number of shares
on which earnings per share and
headline earnings per share are
based (000"s) 107,934 106,434 106,743
Adjusted weighted average
number of shares on which diluted
earnings per share and diluted
headline earnings per share are
based (000,s) 111,491 110,607 110,141
Earnings per share (cents)
Basic 81.1 76.2 6 171.8
Diluted 78.5 73.4 7 166.5
Headline earnings per share (cents)
Basic 85.1 75.1 13 162.0
Diluted 82.4 72.3 14 157.0
Dividends per share (cents) 17.5 16.5 6 68.0
DETERMINATION OF HEADLINE EARNINGS
Attributable to own shareholders 87,538 81,151 183,419
Adjusted for:
- Amortisation of goodwill 0 232 2,797
- Impairment loss on plant and
equipment 4,443 0 1,821
- Profit on change of interest
in investment 0 (838) (1,065)
- Profit on disposal of property,
plant and equipment (83) (613) (14,078)
Headline earnings for ______ ______ _______
the period 91,898 79,932 15 172,894
DIVIDEND DECLARATION
Notice is hereby given that an interim dividend No. 119 of 17.5 cents per share,
in respect of the year ending 30 September 2003 was declared on Thursday 8 May
2003. Relevant dates are as follows:
Last day to trade cum divided - Friday 27 June 2003.
Commence trading ex dividend - Monday 30 June 2003
Record date - Friday 4 July 2003.
Dividend payable - Monday 7 July 2003.
Share certificates may not be dematerialised or rematerialised between
Monday 30 June 2003 and Friday 4 July 2003, both dates inclusive.
By order of the board
J D Cole Secretary
8 May 2003
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 or P O Box 1053 Johannesburg 2000)
STATEMENT OF CHANGES IN EQUITY
Share Non TOTAL
Capital Distribut- Distribut- R"000
& able able
Premium Reserves Reserves
R"000 R"000 R"000
Period 1 October 2002 to 31
March 2003
Balance at the beginning of
the period 30,599 40,044 597,298 667,941
Shares issued 968 0 0 968
Movement on foreign currency
translation reserve 0 (16,298) 0
(16,298)
Foreign currency hedging
reserve 0 (2,100) 0 (2,100)
Net profit for the period 0 0 87,538 87,538
Dividends 0 0 (55,554) (55,554)
Balance at the end of the
period 31,567 21,646 629,282 682,495
Period 1 October 2001 to 31
March 2002
Balance at the beginning of
the period 23,712 21,041 474,506 519,259
Shares issued 2,302 0 0 2,302
Movement on foreign currency
translation reserve 0 25,448 0 25,448
Net profit for the period 0 0 81,151 81,151
Dividends 0 0 (42,882) (42,882)
Balance at the end of the
period 26,014 46,489 512,775 585,278
Period 1 October 2001 to 30
September 2002
Balance at the beginning of
the year 23,712 21,041 474,506 519,259
Shares issued 6,887 0 0 6,887
Movement on foreign currency
translation reserve 0 18,973 0 18,973
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 the 30,599 40,044 597,298 667,941
year
GROUP BALANCE SHEET
Unaudited Audited
31 March 30 Sept
2003 2002 2002
R"000 R"000 R"000
Assets
Non current assets 383,302 317,733 322,029
Property, plant and equipment 263,806 195,448 199,055
Goodwill 0 2,565 0
Fishing Rights 23,837 31,951 29,183
Deferred taxation 17,972 19,326 17,762
Investments and loans 77,687 68,443 76,029
Current assets 874,881 701,472 841,670
Inventories 175,076 134,985 161,017
Accounts receivable 521,295 428,844 387,334
Cash and cash equivalents 178,510 137,643 293,319
_______ _______ _______
Total assets 1,258,183 1,019,205 1,163,699
Equity and liabilities
Capital and reserves 682,495 585,278 667,941
Share capital and premium 31,567 26,014 30,599
Non-distributable reserves 21,646 46,489 40,044
Retained income 629,282 512,775 597,298
Interest of outside
shareholders 12,385 12,195 11,868
Non-current liabilities
Deferred taxation 7,552 8,134 9,096
Current liabilities 555,751 413,598 474,794
Bank overdraft 58,372 11,339 43,471
Accounts payable and provisions 497,379 402,259 431,323
_______ _______ _______
Total equity and liabilities 1,258,183 1,019,205 1,163,699
_______ _______ _______
Net asset value per ordinary
share (cents) 632 549 620
Total liabilities: Total
shareholders"funds (%) 80 69 70
GROUP CASH FLOW STATEMENT
Unaudited Audited
Six months ended Year ended
31 March 30 Sept
2003 2002 2002
R"000 R"000 R"000
Cash flows from operating activities
Operating profit 128,152 118,359 248,015
Adjustment for non cash items 27,256 19,089 48,475
_______ ________ _______
Cash operating profit before working
capital changes 155,408 137,448 296,490
Working capital changes (80,104) (19,667) 2,958
_______ ________ _______
Cash generated from operations 75,304 117,781 299,448
Interest and dividends received 15,323 14,193 31,514
Interest paid (4,096) (2,713) (4,385)
Taxation paid (56,997) (41,845) (77,567)
Dividends paid (59,514) (45,870) (64,798)
________ ________ ________
Net cash (outflow)inflow from
operating activities (29,980) 41,546 184,212
Cash outflow from investing
activities (93,014) (11,188) (33,833)
_______ ________ ________
Net cash(outflow)inflow
before financing activities (122,994) 30,358 150,379
Net cash flows from financing
activities 969 2,303 6,887
_______ ________ ________
Net(decrease)increase in
cash and cash equivalents (122,025) 32,661 157,266
Borrowings resulting from
acquisition of business 0 (6) (6)
Cash and cash equivalents at the
beginning of the period 249,848 90,549 90,549
Effect of exchange rate changes (7,685) 3,100 2,039
_______ _______ ________
Cash and cash equivalents at the
end of the period 120,138 126,304 249,848
SEGMENT REPORT
Unaudited Audited
31 March 30 Sept
2003 2002 2002
R"000 R"000 R"000
Revenue
Inshore Fishing 599,313 540,587 1,089,504
Midwater and Deepsea Fishing 663,671 857,278 1,487,708
Commercial Cold Storage and Logistics 55,485 52,859 113,221
_______ ________ ________
Total 1,318,469 1,450,724 2,690,433
Operating profit before abnormal items
Inshore Fishing 72,582 59,022 142,044
Midwater and Deepsea Fishing 39,258 45,581 72,699
Commercial Cold Storage and Logistics 16,312 13,756 33,272
_______ ________ ________
Total 128,152 118,359 248,015
Total assets
Inshore Fishing 489,445 321,238 379,499
Midwater and Deepsea Fishing 324,769 328,385 248,393
Commercial Cold Storage and Logistics 157,174 139,294 134,094
Financing 268,823 210,962 383,951
1,240,211 999,879 1,145,937
Deferred taxation 17,972 19,326 17,762
Total 1,258,183 1,019,205 1,163,699
Total liabilities
Inshore Fishing 264,178 190,252 234,279
Midwater and Deepsea Fishing 127,983 109,276 99,593
Commercial Cold Storage and Logistics 96,924 95,677 86,779
Financing 66,666 18,393 54,143
555,751 413,598 474,794
Deferred taxation 7,552 8,134 9,096
Total 563,303 421,732 483,890
NOTES
Unaudited Audited
31 March 30 Sept
2003 2002 2002
R"000 R"000 R,000
1. Abnormal items
Net profit on disposal of property,
plant and equipment 17 414 13,419
Profit on changes of interest
in investments 0 838 1,065
Abnormal profit before taxation 17 1,252 14,484
Taxation 4 0 1,143
________ ________ ________
Abnormal profit attributable to
own shareholders 13 1,252 13,341
________ ________ ________
2. Change in accounting policy
With effect from 1 October 2002
the group has adopted AC133 relating
to the recognition and measurement of
financial instruments. Prior period
results have not been restated and
there has been no material effect on
the results for the current period as
a result of this change in policy.
3. Dividends
Dividend declared after reporting
date 18,899 17,745 55,554
4. Supplementary information
Cost of inventories utilised 882,186 1,092,146 1,985,983
Depreciation 18,499 17,637 39,829
Amortisation of goodwill and other
intangibles 1,135 1,425 5,203
Impairment loss on plant and equipment 4,443 0 2,802
Operating lease charges 4,416 3,925 9,397
Capital expenditure 91,955 19,474 50,706
Expansion 50,870 3,690 7,211
replacement 41,085 15,784 43,495
Capital commitments 65,840 51,445 166,540
contracted 35,937 13,678 35,905
approved 29,903 37,767 130,635
Contingent liabilities 1,600 3,533 1,908
COMMENTS
Financial Results
Headline earnings for the six months ended 31 March 2003 increased by 15% over
those of the first half of the previous year and by 13% on a per share basis.
Group turnover declined by 9% due to lower trading volumes of midwater pelagic
fish and the effect of the stronger Rand exchange rate on exports. Despite lower
turnover operating profit improved by 8%, due to higher margins particularly in
midwater pelagic fishing operations.
An interim dividend of 17.5 cents per share has been declared which represents
an increase of 6% over the previous year.
Review of operations
Pilchard landings were higher than for the same period last year and of better
quality and size. The pilchard resource remains healthy and the 2003 Total
Allowable Catch (TAC) has been set at 250 000 tons. Canned fish production has
improved significantly, particularly since the commencement of the current
fishing season. This has resulted in a 15% increase in sales volumes in the
domestic market.
Fish meal sales volumes and prices were below the previous year.
Export realisations from lobster were lower due to both weaker dollar selling
prices and the stronger Rand exchange rate. Lobster catches have been good and
the TAC was increased by 25% to 2 915 tons.
Horse mackerel fishing in both Namibia and South Africa has been good and market
conditions favourable. Trading volumes of midwater pelagic fish from the north
Atlantic region were lower than the abnormally high level of the previous year.
As a result turnover was lower but margins improved.
Hake catch rates in South Africa have been lower than the previous year. Selling
prices have been firm but realisations were affected by the stronger Rand
exchange rate. Namibian hake operations continued to incur losses due to poor
fishing conditions, low catch rates and vessel refurbishment costs.
Squid operations performed well, whilst abalone and tuna recorded poor results.
Cold storage occupancy levels were higher, due mainly to increased import
activity, and profits increased.
Bunker revenues declined, but the ships agency and clearing & forwarding
business showed improved results.
The Group has continued to increase its investment in the fishing industry
through capital expenditure of R92 million in the past six months. The major
portion of this investment relates to pelagic, horse mackerel and squid vessels.
Prospects
Whilst fishing conditions for pilchard are expected to remain favourable, the
shortage of canned fish on the local market is likely to continue in the medium
term. Initial pilchard research in Namibia is encouraging and there is a
possibility that a TAC could be announced in June. Dependent on fishing
conditions, increased canned fish sales are anticipated for the remainder of the
year.
Export earnings are expected to remain depressed.
Overall, the Group expects to achieve an increase in headline earnings per share
for the full year ending 30 September 2003 provided there is no further
appreciation of the Rand exchange rate.
On behalf of the board.
DMJ Ncube AB Marshall
Chairman Chief Executive Officer
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