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NAMIBIAN SEA PRODUCTS LIMITED - AUDITED RESULTS FOR THE FINANCIAL YEAR ENDING 31
DECEMBER 2004
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
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2004
FINANCIAL SUMMARY
2004 2003
Income
statement
(N$`000)
Operatin ( 4 931) ( 8 337)
g loss
Loss ( 6 412) ( 9 754)
after
taxation
Loss attributable to ordinary ( 6 412) ( 9 754)
shareholders
Balance
sheet
(N$`000)
Total 90 358 95 914
assets
Sharehol 29 850 36 262
ders`
funds
Number of shares in issue 116 236 116 236
(000`s)
Fully diluted basis (000`s) 119 286 119 286
Net asset value per share 26 31
(cents)
Per
share
(cents)
Attributable (5,5) ( 8,4)
earnings
Diluted (5,4) ( 8,2)
earnings
Headline (5,6) ( 8,4)
earnings
INCOME STATEMENTS
for the year ended 31 December 2004
Group Company
2004 2003 2004 2003
N$`000 N$`000 N$`000 N$`000
Revenue 91 815 86 704 21 117 19 942
Operatin ( 4 931) ( 8 337) ( 3 995) ( 4 042)
g loss
Finance 4 189 5 751 - 82
costs
Investme 66 13 9 1 385
nt
income
Interest on short 66 13 9 13
term deposits
Income from - 1 372
subsidiaries
Loss ( 9 054) ( 14 075) ( 3 986) ( 2 739)
before
taxation
Taxation ( 2 642) ( 4 321) ( 928) ( 1 393)
Loss attributable to ordinary ( 6 412) ( 9 754) ( 3 058) ( 1 346)
shareholders
Earnings per share (cents) (5,5) ( 8,4)
Diluted earnings per share (5,4) ( 8,2)
(cents)
Headline earnings per share (5,6) ( 8,4)
(cents)
Reconciliation of headline
earnings
Loss for the year ( 6 412) ( 9 754)
after taxation
Diminution in value of 100 -
investments
(Surplus) on disposal of ( 210) ( 57)
fixed assets
Headline ( 6 522) ( 9 811)
earnings
BALANCE SHEETS
at 31 December 2004
Group Company
2004 2003 2004 200
N$`00 N$`000 N$`000 N$`
0
ASSETS
Non-
current
assets
Fixed 35 35 593 1 274 1
assets 381
Interest in 96 171 90
subsidiarie
s
Other 2 2 977 214 3
investme 877
nts
Deferred 32 29 275 10 198 9
tax 363
asset
70 67 845 107 857 10
621 744
Current
assets
Inventor 4 11 671 - -
ies 294
Trade and other 13 15 053 375 89
receivables 787
Bank 1 1 345 148 17
balances 656
and cash
19 28 069 523 1
737
Total 90 95 914 108 380 10
assets 358 812
EQUITY
AND
LIABILITI
ES
Capital
and
reserves
Share 46 46 997 46 997 46
capital 997
Non-distributable - - 4 310 4 3
reserves
Accumulated ( 17 ( 10 735) 39 149 42
(loss)/profit 147)
Ordinary 29 36 262 90 456 93
shareholders` 850
interest
Non-
current
liabiliti
es
Deferred 10 9 717 1 692 1 8
tax 163
liability
Long term 7 7 615 - -
liabilities 084
Amounts 15 868 7 1
owing to
subsidiar
ies
17 17 332 17 560 8
247
Current
liabilit
ies
Trade and other 12 6 746 364 33
payables 543
Current portion of long term liabilities 2 3 107 - -
116
Bank 28 32 467 - -
overdraf 602
t
43 42 320 364 3
261
Total 90 95 914 108 380 102
equity 358 812
and
liabiliti
es
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2004
Capital
Share Share Redemptio Revaluation Accumulated Total
n
capital premium reserve reserve (loss)/profit
GROUP -
N$ `000
Balance 5 812 39 625 1 560 - ( 981) 46 016
at 31
December
2002
Loss for ( 9 754) ( 9 754
the year
Balance 5 812 39 625 1 560 - ( 10 735) 36 262
at 31
December
2003
Loss for ( 6 412) ( 6 412
the year
Balance 5 812 39 625 1 560 - ( 17 147) 29 850
at 31
December
2004
COMPANY
- N$
`000
Balance 5 812 39 625 1 560 4 310 43 553 94 860
at 31
December
2002
Loss for ( 1 346) ( 1 346
the year
Balance 5 812 39 625 1 560 4 310 42 207 93 514
at 31
December
2003
Loss for ( 3 058) ( 3 058
the year
Balance 5 812 39 625 1 560 4 310 39 149 90 456
at 31
December
2004
CASH FLOW STATEMENTS
for the year ended 31 December 2004
Group Company
2004 2003 2004 2003
N$`000 N$`000 N$`000 N$`00
Cash flows
from
operating
activities
Cash 91 809 80 777 21 117 19 9
received
from
customers
Cash paid ( 78 536) ( 100 332) ( 23 178) ( 24
to
suppliers
and
employees
Cash generated / 13 273 ( 19 555) ( 2 061) ( 4 9
(absorbed) by
operations
Investme 66 13 9 1 38
nt
income
Finance ( 4 189) ( 5 751) - ( 82
costs
Net cash flows from 9 150 ( 25 293) ( 2 052) ( 3 6
operating activities
Cash flows
from
investing
activities
Acquisition of fixed ( 4 244) ( 183) ( 308) -
assets
Proceeds on disposal of fixed 792 57 190 -
assets
Proceeds on disposal of 17 -
subsidiaries
Advances to subsidiary ( 6 598) -
companies
Loans from subsidiary 8 728 3 61
companies
Net cash flows from investing ( 3 452) ( 126) 2 029 3 61
activities
Cash flows
from
financing
activities
Long term liabilities raised 9 200 - - -
Long term liabilities repaid ( 10 722) ( 2 622) - -
Net cash flows from financing ( 1 522) ( 2 622) - -
activities
Net movement in cash and cash 4 176 ( 28 041) ( 23) ( 25
equivalents
Cash and cash ( 31 122) ( 3 081) 171 196
equivalents at
beginning of year
Cash and cash ( 26 946) ( 31 122) 148 171
equivalents at end
of year
CHAIRMAN`S STATEMENT
FINANCIAL RESULTS
Although there was a marked reduction in the losses suffered by the group, the
results were below expectations.
Results are summarised as follows:
2004 2003
N$`000 N$`000
Revenue 91 815 86 704
Net loss before taxation (9 054) (14 075)
Loss after taxation (6 412) (9 754)
Headline earnings (6 522) (9 811)
The group`s inability to return to profitability is ascribed mainly to the
following:
The low level of the pilchard total allowable catch (TAC).
Poor infrastructure in Angola, resulting in delays with the diversification
initiatives into that country.
The effect of the strong Namibian dollar on proceeds from Angola.
QUOTAS AND CATCHES
2004 2003
Tons Tons
Namibian total allowable catch
Pilchards 25 000 20 000
Purse seine horse mackerel 42 000 40 000
Mid-water trawl horse mackerel 308 000 310 000
Catches by group vessels
Pilchards 6 972 5 558
Purse seine horse mackerel 13 658 10 089
Other Industrial fish 4 235 3 946
Mid-water trawl horse mackerel 14 670 15 603
Fish processed at group facilities
Pilchards Nil 7 097
Purse seine horse mackerel 34 639 19 498
Other Industrial fish 7 803 5 159
Mid-water trawl horse mackerel Nil Nil
PRODUCTION
The operation of the group`s pilchard canning factory was not feasible due to
the low level of pilchard quotas allocated for 2004. Only one pilchard canning
factory was operational in Walvis Bay and group vessels delivered all pilchard
catches to this factory for canning.
The group operated its fishmeal plant during the year under review and
industrial fish processed at the fishmeal plant included catches by private boat
owners and other factories.
Vessels operating in Angola caught 47,635 tons (2003: 19,367 tons) of industrial
fish, which was delivered to shore based facilities, operated by third parties,
for the production of fishmeal.
SALES
All canned fish stock was sold by the year end, however, the market for canned
pilchards, predominantly South Africa, remained fully supplied throughout the
year and prices were reduced in order to achieve these sales.
All fishmeal and fish oil production was sold by the year end. Fishmeal and
fish oil prices remained stable throughout the year and were in line with the
prices achieved in the previous year.
DIVIDENDS
The board has resolved that no dividends be declared nor are any recommended
(2003: Nil).
PROSPECTS
The Ministry of Fisheries & Marine Resources in Namibia granted a provisional
TAC of 20,000 tons of pilchard for 2005, which will be reviewed after a
scientific survey of the resource during March 2005.
Industrial fish catches during the first two months of 2005 were below
expectations, but appear to be improving.
Cost control and improved efficiencies are being addressed on a daily basis.
The group is cautiously optimistic that the year ahead could result in a return
to profitability. Such a turnaround will be largely dependent on successful
implementation of the diversification initiatives into Angola.
APPRECIATION
I take this opportunity to thank my fellow directors for their guidance and
counsel, the management of the group for its dedication and the staff and
fishermen for their loyalty in these trying times.
CLR Haikali Walvis Bay
Chairman 8 March 2005
Directors:
C L R Haikali (Chairman), W C Pronk (Managing), G F Bezuidenhout*, I A F de
Gouveia, E Knouwds, F P Kuttel*, M K Mokgatle, P H Pahl, D S Shimwino
* RSA
Annual Reports
Annual reports will be distributed to shareholders via mail today and will also
be available at the Namibian Stock Exchange and the JSE Securities Exchange.
Registered Office
2nd Street East
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
30 March 2005
Windhoek
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