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NSX - Namsea - Interim Report For The Six Months Ended 30 June 2003
NAMIBIAN SEA PRODUCTS LIMITED
("Namsea" or "the company")
(Incorporated in the Republic of Namibia)
(Registration number 709/1953)
South African share code : NMS
Namibian share code : NAS
ISIN : NA0008640246
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2003
The unaudited consolidated results of the group for the six months ended 30 June
2003 are set out below. The interim report is prepared on the historical cost
basis. The accounting policies comply with Statements of Generally Accepted
Accounting Practice in Namibia and South Africa and are consistent with those
applied in the latest annual report.
GROUP INCOME STATEMENT 6 months 6 months 12 months
ended ended ended
30/6/03 30/6/02 31/12/02
(unaudited) (unaudited) (audited)
N$"000 N$"000 N$"000
Revenue 31 461 72 115 100 023
Group operating profit/(loss) before
depreciation and
finance costs 1 970 7 885 ( 1 899)
Depreciation ( 1 227) ( 1 339) ( 2 546)
Finance costs ( 1 987) ( 2 584) ( 3 667)
Group operating (loss)/profit ( 1 244) 3 962 ( 8 112)
Investment income 120 11 43
Surplus on disposal of fixed - 5 566 -
assets
(Loss)/profit before taxation ( 1 124) 9 539 ( 8 069)
Exceptional items - ( 1 148) 3 660
( 1 124) 8 391 ( 4 409)
Taxation ( 108) - ( 15 237)
Net (loss)/profit after taxation ( 1 016) 8 391 10 828
for the period
Number of ordinary shares upon
which
earnings per share is based 116 236 116 236 116 236
(000"s)
Earnings per ordinary share ( 0.9) 7.2 9.3
(cents)
Fully diluted earnings per ( 0.9) 7.0 9.1
ordinary share (cents)
Headline earnings per ordinary ( 0.9) 2.4 6.1
share (cents)
Adjusted headline earnings per ( 0.9) 2.4 ( 7.2)
ordinary share (cents)
Reconciliation between earnings and
headline earnings:
N$"000 N$"000 N$"000
Per group income statement ( 1 016) 8 391 10 828
Adjustments:
Impairment charge relating to - - 1,103
fixed assets
Surplus on disposal of fixed - ( 5 566) ( 65)
assets
Surplus on disposal of vessel - - ( 4 763)
(Profit)/Loss on disposal of ( 1) - 1
investment
Headline earnings ( 1 017) 2 825 7 104
Deferred tax asset in respect - - ( 15 483)
of prior tax losses
Adjusted headline earnings ( 1 017) 2 825 ( 8 379)
GROUP BALANCE SHEET 30/6/03 30/6/02 31/12/02
(unaudited) (unaudited) (audited)
N$"000 N$"000 N$"000
ASSETS
Non current assets
Fixed assets 36 909 39 242 38 133
Unlisted investments 2 977 2 994 2 977
Deferred tax asset 26 687 - 24 234
Current assets 58 243 40 918 17 539
124 816 83 154 82 883
EQUITY AND LIABILITIES
Ordinary shareholders" funds 45 000 43 579 46 016
Long term liabilities 11 526 3 468 10 826
Deferred taxation 11 342 - 8 997
Current liabilities 56 948 36 107 17 044
124 816 83 154 82 883
Notes:
1 Number of shares in issue 116 236 116 236 116 236
. (000"s)
2 Net asset value per share 39 37 40
. (cents)
3 Interest bearing borrowings 45 854 23 596 19 549
.
4 Directors valuation of 2 977 2 994 2 977
. unlisted investments
5 Cost of sales 27 291 60 706 97 812
.
6 Staff costs 7 125 5 721 11 842
.
7 Acquisition of fixed assets 3 364 458
.
GROUP STATEMENT OF CHANGES IN 30/6/03 30/6/02 31/12/02
EQUITY
(unaudited) (unaudited) (audited)
N$"000 N$"000 N$"000
Balance at beginning of period 46 016 35 188 35 188
Net profit/(loss) for the period ( 1 016) 8 391 10 828
Balance at end of period 45 000 43 579 46 016
GROUP CASH FLOW STATEMENT
Cash generated from operations ( 25 424) 12 989 13 524
Investment income 120 11 43
Finance costs ( 1 987) ( 2 584) ( 3 667)
Taxation refunded 195
Net cash flows from operating ( 27 291) 10 416 10 095
activities
Net cash flows from investing ( 2) 6 398 5 623
activities
Net cash flows from financing ( 1 240) ( 491) 8 870
activities
Net movement in cash and cash ( 28 533) 16 323 24 588
equivalents
Cash and cash equivalents at ( 3 081) ( 27 669) ( 27 669)
beginning of period
Cash and cash equivalents at end ( 31 614) ( 11 346) ( 3 081)
of period
COMMENTS TO THE "INTERIM REPORT" 2003
QUOTAS AND LANDINGS
Mid-water trawl horse mackerel
The Total Allowable Catch (TAC) for this sector was set at 300 000 tons (2002:
290 000 tons). The group"s quota allocated from this remained unchanged at 14
915 tons (2002: 14 915 tons). Catches of this fish, which is sold in a frozen
format, have been good and 76% of the group"s quota was caught at half year.
Industrial fish
The Horse Mackerel TAC for the Pelagic sector was set at 50 000 tons (2002: 55
000 tons). Individual quotas are not set for this sector. This fish is caught
along with non-quota anchovy and the total catch is converted into fishmeal and
fish oil. The group"s total catches declined substantially to 24 199 tons
(2002: 50 810 tons) due to poor anchovy catches.
Pilchards
The pilchard TAC was set at 20,000 tons (2002: Nil). The group was allocated a
quota of 2 754 tons and also caught 4 449 tons on behalf of other quota holders.
Angola
Industrial fishing in Angolan waters was below expectations.
PRODUCTION
The group operated one of the three factories producing fishmeal and fish oil as
well as one of only two factories producing canned pilchards.
The range of products produced under the "Ocean Fresh" label has been maintained
at production levels sufficient to service markets.
SALES
Canned pilchards are currently in short supply resulting in satisfactory prices
being achieved.
Although international fishmeal and fish oil prices remained firm, realizations
have been substantially lower than last year due to the strengthening of the
Namibian Dollar against the United States Dollar.
FINANCIAL
The group"s core business is catching and processing pelagic fish, principally
pilchards for canning purposes. Although a pilchard TAC was granted to the
industry for 2003, it was too small to make a meaningful contribution to
earnings.
The group"s results, compared to the previous period, were negatively impacted
by poor catches of industrial fish during the period under review in addition to
declining sales realisations due to the strengthening Namibian Dollar.
Cash flow has deteriorated as a result of the build up of canned pilchard stock
at the reporting date.
PROSPECTS
Having regard to the factors noted above and bearing in mind that the group"s
income does not accrue evenly through the year, the board does not anticipate
that the group will return positive headline earnings for the current financial
year. Given a reasonable contribution from Angolan operations, the results could
be similar to those achieved in the first half.
No material carry-over of canned pilchard stock is anticipated at year end.
DIVIDEND
The board has resolved that no interim divided be declared.
Registered Office
By order of the Board 2nd Street East
C L R HAIKALI (Chairman) Walvis Bay
W C PRONK (Managing Director) (PO Box 2715
Walvis Bay
Namibia)
Sponsor to Namsea in SA Sponsor to Namsea in Namibia
PSG Capital Investment House Namibia
Member of the Namibian Stock Exchange
17 September 2003
Windhoek
Date: 25/09/2003 09:05:35 AM Produced by the JSE SENS Department
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