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Namsea - Reviewed Interim Report For The Six Months Ended 30 June 2004
NAMIBIAN SEA PRODUCTS LIMITED
(`Namsea` or `the company`)
(Incorporated in the Republic of Namibia)
(Registration number 709/1953)
NSX share code : NAS
JSE share code : NMS
ISIN : NA0008640246
REVIEWED INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2004
GROUP FINANCIAL RESULTS
The unaudited consolidated results of the group for the six months ended 30
June 2004 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
30/6/04 30/6/03 31/12/03
(unaudited) (unaudited) (audited)
N$`000 N$`000 N$`000
Revenue 49 401 31 461 86 704
Group operating profit/(loss) before
depreciation and
finance costs 5 903 1 970 (5 614)
Depreciation (1 947) (1 227) (2 723)
Finance costs (2 079) (1 987) (5 751)
Group operating profit/(loss) 1 877 (1 244) (14 088)
Investment income 253 120 13
Surplus on disposal of fixed assets 4 - -
Profit/(loss) before taxation 2 134 (1 124) (14 075)
Exceptional items - - -
2 134 (1 124) (14 075)
Taxation (406) (108) (4 321)
Net profit/(loss) after taxation for 2 540 (1 016) (9 754)
the period
Number of ordinary shares upon which
earnings per share is based (000`s) 116 236 116 236 116 236
Earnings per ordinary share (cents) 2.2 (0.9) (8.4)
Fully diluted earnings per ordinary 2.1 (0.9) (8.2)
share (cents)
Headline earnings per ordinary share 2.2 (0.9) (8.4)
(cents)
Adjusted headline earnings per 2.2 (0.9) (8.4)
ordinary share (cents)
Reconciliation between earnings and
headline earnings:
N$`000 N$`000 N$`000
Per group income statement 2 540 (1 016) (9 754)
Adjustments:
Impairment charge relating to fixed - - -
assets
Surplus on disposal of fixed assets (4) - (57)
Surplus on disposal of vessel - - -
(Profit)/Loss on disposal of - (1) -
investment
Headline earnings 2 536 (1 017) (9 811)
Deferred tax asset in respect of - - -
prior tax losses
Adjusted headline earnings 2 536 (1 017) (9 811)
GROUP BALANCE SHEET 30/6/04 30/6/03 31/12/03
(unaudited) (unaudited) (audited)
N$`000 N$`000 N$`000
ASSETS
Non current assets
Fixed assets 33 674 36 909 35 593
Unlisted investments 2 977 2 977 2 977
Deferred tax asset 29 759 26 687 29 275
Current assets 25 413 58 243 28 069
91 823 124 816 95 914
EQUITY AND LIABILITIES
Ordinary shareholders` funds 38 802 45 000 36 262
Long term liabilities 7 056 11 526 7 615
Deferred tax liability 9 795 11 342 9 717
Current liabilities 36 170 56 948 42 320
91 823 124 816 95 914
Notes:
1. Number of shares in issue (000`s) 116 236 116 236 116 236
2. Net asset value per share (cents) 33 39 31
3. Interest bearing borrowings 30 193 45 854 43 189
4. Directors valuation of unlisted 2 977 2 977 2 977
investments
5. Cost of sales 38 581 27 291 89 102
6. Staff costs 15 866 12 579 22 499
7. Acquisition of fixed assets 28 3 183
8. No material events subsequent to 30
June 2004
9. No material changes in contingent liabilities
since year end
GROUP STATEMENT OF CHANGES IN EQUITY 30/6/04 30/6/03 31/12/03
(unaudited) (unaudited) (audited)
N$`000 N$`000 N$`000
Balance at beginning of period 36 262 46 016 46 016
Net profit/(loss) for the period 2 540 (1 016) (9 754)
Balance at end of period 38 802 45 000 36 262
GROUP CASH FLOW STATEMENT
Cash (absorbed) / generated by 17 199 (25 424) (19 555)
operations
Investment income 253 120 13
Finance costs (2 079) (1 987) (5 751)
Taxation - - -
Net cash flows from operating 15 373 (27 291) (25 293)
activities
Net cash flows from investing (24) (2) (126)
activities
Net cash flows from financing (3 666) (1 240) (2 622)
activities
Net movement in cash and cash 11 683 (28 533) (28 041)
equivalents
Cash and cash equivalents at beginning (31 122) (3 081) (3 081)
of period
Cash and cash equivalents at end of (19 439) (31 614) (31 122)
period
COMMENTS
FINANCIAL RESULTS
The group experienced encouraging results during the period under review.
Revenue increased to N$49 million (2003: N$ 31 million). This was principally
the result of increased canned pilchard sales (N$5 million) and fees received
for the catching of pilchards (N$9 million). Pilchard catching commenced in
April 2004; 2 months earlier than in 2003.
The effect of the increased revenue was that headline earnings increased to N$
2,5 million (2003: loss of N$1,0 million).
QUOTAS AND LANDINGS
Details are as follows: 2004 2003
Total industry catches: Tons Tons
- Pilchards 25 000 20 000
- Purse-seine horse mackerel 40 000 40 000
- Mid-water horse mackerel 310 000 310 000
Catches by the group:
- Pilchards 6 146 3 449
- Industrial fish 16 337 13 909
Fish processed at the group factory:
- Pilchards - 3 449
- Industrial fish for fishmeal 39 626 24 032
The group did not open the pilchard canning factory in 2004 due to the low level
of pilchard quotas. All pilchard canning was undertaken at one factory in Walvis
Bay. Industrial fish processed at the group factory included catches by private
boat owners and other factories.
PRODUCTION AND SALES
Only half of the 2003 canned pilchard stock has been sold during the 6 months
under review. The market is over-supplied and margins are under pressure.
The market for fishmeal and fish oil produced by the group remained firm but the
strong Namibian dollar impacted negatively on realizations.
Industrial fish catches in Angolan waters doubled over the 2003 harvest and the
group is exploring avenues to improve returns from this source.
LIQUIDITY
Before the end of the year the group will require additional funding which will
be met from increased banking facilities and / or the sale of assets.
DIVIDENDS
The board resolved that no dividends be declared nor are any recommended.
PROSPECTS
Contrary to remarks in the 2003 Annual Report the board does not anticipate a
return to positive headline earnings for the current financial year, although
the group operating loss should reduce over the previous year. The strong
Namibian dollar remains a concern, as fishmeal prices are US dollar based.
DIRECTORS
CLR Haikali (Chairman), WC Pronk (Managing Director), GF Bezuidenhout,* IAF
de Gouveia, E Knouwds, FP Kuttel, Ms. MK Mokgatle, PH Pahl , DS
Shimwino,
*RSA
By order of the board Registered office
CLR HAIKALI (Chairman) 2nd Street East
WC PRONK (Managing) Walvis Bay
(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
Transfer Secretaries
Ernst & Young
29 September 2003
Windhoek
Date: 28/09/2004 02:22:19 PM Produced by the JSE SENS Department
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