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NSX - Namibian Sea Products Limited - Unaudited Interim Report For The
Six Months Ended 30 June 2005
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
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2005
GROUP FINANCIAL RESULTS
The unaudited consolidated results of the group for the six months
ended 30 June 2005 are set out below:
The interim report is prepared on the historical cost basis. The
accounting policies comply with International Financial Reporting
Standards. The group has adopted IFRS for the first time with effect
from year ending 31 December 2005 and the comparative figures for
December 2004 and June 2004 have been restated. 1 January 2004 is the
IFRS transition date accordingly these are the first interim results
prepared under IFRS and they have been presented in accordance with IAS
34.
Significant changes to the group"s accounting policies due to IFRS
adoption:
Property plant and equipment
Where parts of an item of property, plant and equipment have different
useful lives, they are accounted for as separate items. The useful
lives and residual values of assets are reassessed annually.
Restated Restated
Note 10 Note 10
GROUP INCOME STATEMENTS (IFRS) 6 months 6 months 12 months*
30/6/05 30/6/04 31/12/04
(unaudited) (unaudited) (unaudited)
N$"000 N$"000 N$"000
Revenue (Note 5 for cost of 50 915 49 401 91 815
sales)
Group operating profit/(loss)
before depreciation and
finance costs 3 416 5 903 ( 1 057)
Depreciation ( 731) ( 1 255) ( 2 865)
Finance costs ( 2 407) ( 2 079) ( 4 189)
Group operating profit/(loss) 278 2 569 ( 8 111)
Investment income 5 253 66
Surplus on disposal of fixed 11 4 -
assets
Profit/(loss) before taxation 294 2 826 ( 8 045)
Taxation ( 207) ( 418) ( 2 750)
Net profit/(loss) after taxation 501 3 244 ( 5 295)
for the period
Number of ordinary shares upon which
earnings per share is based 116 236 116 236 116 236
(000"s)(Note 1)
Earnings per ordinary share 0.4 2.8 ( 4.6)
(cents)
Fully diluted earnings per 0.4 2.7 ( 4.4)
ordinary share (cents)
Headline earnings per ordinary 0.4 2.8 ( 4.7)
share (cents)
Reconciliation between earnings
and headline earnings:
N$"000 N$"000 N$"000
Per group income statement 501 3 244 ( 5 295)
Adjustments:
Impairment of investments - - 100
Surplus on disposal of ( 11) ( 4) ( 210)
fixed assets
Headline earnings 490 3 240 ( 5 405)
Reconciliations from Namibian and SA GAAP to IFRS:
Property plant and equipment as 33 674 35 381
previously reported
Effect of transition to IFRS 23 325 23 641
Restated in terms of IFRS 56 999 59 022
Equity as previously reported 38 802 29 850
Effect of transition to IFRS 22 638 23 051
Restated in terms of IFRS 61 440 52 901
Deferred tax liability as previously 9 795 10 163
reported
Effect of transition to IFRS 687 591
Restated in terms of IFRS 10 482 10 754
Profit/(loss) as previously reported 2 540 ( 6 412)
Effect of transition to IFRS:
Depreciation 692 1 009
Deferred taxation 12 108
Restated in terms of IFRS 3 244 ( 5 295)
Restated Restated
(Note 10) (Note 10)
GROUP BALANCE SHEETS (IFRS) 30/6/05 30/6/04 31/12/04*
(unaudited) (unaudited) (unaudited)
N$"000 N$"000 N$"000
ASSETS
Non current assets
Property plant and equipment 58 834 56 999 59 022
Unlisted investments (Note 4) 2 877 2 977 2 877
Deferred tax asset 32 313 29 759 32 363
Current assets 17 880 25 413 19 738
111 904 115 148 114 000
EQUITY AND LIABILITIES
Ordinary shareholders" funds 53 402 61 440 52 901
Long term liabilities 6 740 7 056 7 084
Deferred tax liability 10 497 10 482 10 754
Current liabilities (Note 3) 41 265 36 170 43 261
111 904 115 148 114 000
GROUP STATEMENT OF CHANGES IN 30/6/05 30/6/04 31/12/04*
EQUITY
(unaudited) (unaudited) (unaudited)
N$"000 N$"000 N$"000
Equity as previously reported at 36 262
31 December 2003
Effect of transition to IFRS 21 934
Balance at beginning of period in 52 901 58 196 58 196
terms of IFRS
Net profit/(loss) for the period 501 3 244 ( 5 295)
Balance at end of period 53 402 61 440 52 901
GROUP CASH FLOW STATEMENTS
Cash generated by operations 4 850 17 199 13 272
Investment income 5 253 66
Finance costs ( 2 407) ( 2 079) ( 4 189)
Net cash flows from operating 2 448 15 373 9 149
activities (Including note 7)
Net cash flows from investing ( 532) ( 24) ( 3 451)
activities
Net cash flows from financing ( 960) ( 3 666) ( 1 522)
activities
Net movement in cash and cash 956 11 683 4 176
equivalents
Cash and cash equivalents at ( 26 946) ( 31 122) ( 31 122)
beginning of period
Cash and cash equivalents at end ( 25 990) ( 19 439) ( 26 946)
of period
* Refer to note 10
Notes:
1. Number of shares in issue 116 236 116 236 116 236
(000"s)
2. Net asset value per share 46 53 46
(cents)
3. Interest bearing borrowings 35 152 30 193 37 802
4. Directors valuation of 2 877 2 977 2 877
unlisted investments
5. Cost of sales 44 059 38 581 87 136
6. Staff costs 7 267 7 081 11 570
7. Acquisition of fixed assets 569 28 4 244
8. No material events subsequent to 30 June 2005
9. No material changes in contingent liabilities since year end
10. Amounts for 31/12/04 have been audited except for IFRS numbers
COMMENT
FINANCIAL RESULTS
Headline earnings reduced to N$0,5 million (2004: N$3,2 million) despite a
moderate increase in revenue to N$50,9 million (2004: N$49,4 million).
The main reason for the decline is lower fishmeal production due to reduced
catches by group vessels and lower landings by third party fleets. The
anticipated earnings from operations in Angola have not materialized.
The group"s inability to return to substantial profitability can still be
ascribed to the following:
The continued low level of the pilchard total allowable catch (TAC)
The poor infrastructure and difficult operational environment in Angola
The effect of the strong Namibian dollar on sales
QUOTAS AND CATCHES
2004
TONS TONS
Namibian total allowable catch:
Pilchards 25,000 25,000
Purse-seine horse mackerel 40,000 42,000
Mid-water trawl horse mackerel 310,000 308,000
Catches by group vessels:
Pilchards 5,017 5,017
Purse-seine horse mackerel 12,246 12,246
Other industrial fish 508 508
Mid-water trawl horse mackerel 3,974 3,974
Angolan catches 19,676 19,676
Fish processed at group facilities:
Pilchards Nil Nil
Purse-seine horse mackerel 23,614 23,614
Other industrial fish 1,598 1,598
Mid-water trawl horse mackerel Nil Nil
PRODUCTION AND SALES
The group did not operate its pilchard cannery in 2005 due to the low level of
pilchard quotas. All canning of pilchard was centralized at one factory in
Walvis Bay.
Lower catches of horse mackerel and other industrial fish was experienced. In
addition, third parties landed less fish for fishmeal processing at the group"s
plant.
Operational and infrastructural problems in Angola impacted negatively on this
venture resulting in the early return of the fleet and substantially lower
catches.
The market for canned pilchard, fishmeal and fish oil remained firm resulting in
low inventory levels.
LIQUIDITY
The group will require additional funding before the end of the year. Increased
facilities are being negotiated with the group"s bank and the sale of non-core
assets is being pursued.
DIVIDENDS
The board resolved that no dividends be declared nor are any recommended.
PROSPECTS
Discussions with Angolan parties continue and, if successful, will result in
Angolan operations recommencing. Further catches of industrial species such as
anchovy are not expected during the remainder of the year.
The future operation of the group is dependent on its ability to raise
additional funds.
The board does not anticipate a return to positive headline earnings for the
current financial year.
Directors: C.L.R. Haikali (Chairman), W.C. Pronk (Managing), G.F. Bezuidenhout*,
E. Knouwds, P.H. Pahl.
* South African
Registered Office
By order of the board 2nd Street East
CLR HAIKALI (Chairman) Walvis Bay
WC PRONK (Managing) (PO Box 2715
Walvis Bay
13 October 2005 Namibia)
Windhoek
Sponsor to Namsea in SA Sponsor to Namsea in Namibia
PSG Capital Investment House Namibia
Member of the Namibian Stock Exchange
Date: 14/10/2005 05:09:52 PM Produced by the JSE SENS Department
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