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NMS
NMS
NSX - Namsea - Audited results for the financial year ending 31 December 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
AUDITED RESULTS FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2005
INCOME STATEMENTS
for the year ended 31 December 2005
Group Company
2005 2004 2005 2004
N$"000 N$"000 N$"000 N$"000
Revenue 58 372 91 881 13 445 21 126
Operating loss (1 042) (3 922) (66 422) (3 950)
Finance costs 5 074 4 189 - -
Investment income 28 66 26 9
Loss before taxation (6 088) (8 045) (66 396) (3 941)
Taxation 21 609 (2 750) 8 083 (908)
Loss attributable to ordinary
shareholders (27 697) (5 295) (74 479) (3 033)
Earnings per share (cents) (23,8) (4,6)
Diluted earnings per share (23,2) (4,4)
(cents)
Headline earnings per share (25,4) (4,7)
(cents)
Reconciliation of headline
earnings
Loss for the year after (27 697) (5 295)
taxation
Impairment in value of equity - 100
investment
(Surplus) on disposal of (1 867) (210)
property, plant and equipment
Headline earnings (29 564) (5 405)
BALANCE SHEETS
at 31 December 2005
Group Company
2005 2004 2005 2004
N$"000 N$"000 N$"000 N$"000
ASSETS
Non-current assets
Property plant and 55 262 59 022 2 041 2 044
equipment
Interest in 24 620 94 738
subsidiaries
Investments 2 877 2 877 214 214
Deferred tax asset - 32 363 - 10 198
58 139 94 262 26 875 107 194
Current assets
Inventories 3 155 4 294 - -
Trade and other 4 809 13 788 74 375
receivables
Bank balances and cash 2 314 1 656 1 665 148
10 278 19 738 1 739 523
Total assets 68 417 114 000 28 614 107 717
EQUITY AND LIABILITIES
Capital and reserves
Share capital 46 997 46 997 46 997 46 997
Non-distributable - - 4 310 4 310
reserves
Accumulated (21 793) 5 904 (34 555) 39 924
(loss)/profit
Ordinary shareholders" 25 204 52 901 16 752 91 231
interest
Non-current liabilities
Deferred tax liability - 10 754 - 2 115
Long term liabilities 4 830 7 084 - -
Amounts owing to 6 366 14 007
subsidiaries
4 830 17 838 6 366 16 122
Current liabilities
Trade and other payables 6 077 12 543 183 364
Current portion of long 2 345 2 116 - -
term liabilities
Bank overdraft 29 961 28 602 5 313 -
38 383 43 261 5 496 364
Total equity and 68 417 114 000 28 614 107 717
liabilities
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2005
Capital
redemption
Share Share reserve Re- Accumu- Total
valuation lated
capital premium fund reserve (loss)/
profit
GROUP -
N$ "000
Balance at 5 812 39 625 1 560 - (10 735) 36 262
31 December
2003
Effect of transition 21 934 21 934
to IFRS
Depreciatio 22 633 22 633
n
Deferred (699) (699)
tax
IFRS 5 812 39 625 1 560 - 11 199 58 196
balance at
31 December
2003
Loss for (5 295) (5 295)
the year
Balance at 5 812 39 625 1 560 - 5 904 52 901
31 December
2004
Loss for (27 697) (27 697)
the year
Balance at 5 812 39 625 1 560 - (21 793) 25 204
31 December
2005
COMPANY - N$ "000
Balance at 5 812 39 625 1 560 4 310 42 207 93 514
31 December
2003
Effect of transition 750 750
to IFRS
Depreciatio 811 811
n
Interest in 342 342
subsidiarie
s
Deferred (403) (403)
tax
IFRS 5 812 39 625 1 560 4 310 42 957 94 264
balance at
31 December
2003
Loss for (3 033) (3 033)
the year
Balance at 5 812 39 625 1 560 4 310 39 924 91 231
31 December
2004
Loss for (74 479) (74 479)
the year
Balance at 5 812 39 625 1 560 4 310 (34 555) 16 752
31 December
2005
CASH FLOW STATEMENTS
for the year ended 31 December 2005
Group Company
2005 2004 2005 2004
N$"000 N$"000 N$"000 N$"000
Cash flows from operating
activities
Cash received from 67 608 91 809 13 419 21 117
customers
Cash paid to suppliers and (65 674) (78 536) (14 721) (23 092)
employees
Cash generated / 1 934 13 273 (1 302) (1 975)
(absorbed) by operations
Interest income 28 66 26 9
Finance costs (5 074) (4 189) - -
Net cash flows from (3 112) 9 150 (1 276) (1 966)
operating activities
Cash flows from investing
activities
Acquisition of property (702) (4 244) - (308)
plant and equipment
Proceeds on disposal of 5 138 792 - 190
property plant and
equipment
Proceeds on disposal of 801 17
subsidiaries
Repayments by/(advances to) 4 320 (6 312)
subsidiary companies
(Decrease)/increase in amounts owing (7 641) 8 356
to subsidiary companies
Net cash flows from 4 436 (3 452) (2 520) 1 943
investing activities
Cash flows from financing
activities
Long term liabilities - 9 200 - -
raised
Long term liabilities (2 025) (10 722) - -
repaid
Net cash flows from (2 025) (1 522) - -
financing activities
Net movement in cash and (701) 4 176 (3 796) (23)
cash equivalents
Cash and cash equivalents (26 946) (31 122) 148 171
at beginning of year
Cash and cash equivalents (27 647) (26 946) (3 648) 148
at end of year
CHAIRMAN"S STATEMENT
FINANCIAL RESULTS
There was a marked reduction in the operating losses suffered by the group but
as envisaged in the Interim Report 2005 the company could not return to positive
headline earnings for fiscal 2005.
Results are summarized as follows:
2005 2004
N$`000 N$`000
Revenue 58 344 91 815
Operating Loss (1 042) (3 922)
Net loss before taxation (6 088) (8 045)
Loss after taxation (27 697) (5 295)
Headline earnings (29 564) (5 405)
The reason for the considerable increase in net loss after tax and also headline
earnings, is the reversal of deferred tax assets and liabilities.
The group"s inability to return to profitability is ascribed mainly to the
following:
The low level of the pilchard total allowable catch (TAC).
Operational and infrastructural problems in Angola impacted negatively on this
venture resulting in the early return of the fleet and substantially lower
catches.
The effect of the strong Namibian dollar on US dollar denominated proceeds from
Angola.
QUOTAS AND CATCHES
2005 2004
TONS TONS
Namibian total allowable
catch
- Pilchards 25 000 25 000
- Purse seine horse mackerel 40 000 42 000
- Mid-water trawl horse 310 000 308 000
mackerel
Catches by group vessels
- Pilchards 6 203 6 972
- Purse seine horse mackerel 12 246 13 658
- Other industrial fish 508 4 235
- Mid-water trawl horse 13 461 14 670
mackerel
- Angolan catches 19 676 35 956
Fish processed at group
facilities
- Pilchards Nil Nil
- Purse seine horse mackerel 23 614 34 639
- Other industrial fish 1 598 7 803
- Mid-water trawl horse Nil Nil
mackerel
PRODUCTION
The operation of the group`s pilchard canning factory was not feasible due to
the low level of pilchard quotas allocated for 2005. 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 19,676 tons (2004: 35,956 tons) industrial
fish, which was delivered to shore based facilities operated by third parties,
for the production of fishmeal.
SALES
The market for canned pilchard, fishmeal and fish oil remained firm resulting in
low inventory levels.
DIVIDENDS
The board has resolved that no dividends be declared nor are any recommended
(2004: Nil).
GOING CONCERN
Negotiations are ongoing to provide additional capital and working capital in
order to continue as a going concern.
This is elaborated upon in the directors" report.
PROSPECTS
The Ministry of Fisheries & Marine Resources in Namibia will decide on the
granting of a pilchard TAC for 2006 after a scientific survey of the resource
during March 2006.
Industrial fish catches during the first two months of 2006 were satisfactory.
Cost control and improved efficiencies continue to be addressed.
The group"s ability to return to profitability will be largely dependent on the
granting of a meaningful pilchard TAC and successful operations in 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 2006
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 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 2006
Windhoek
Date: 31/03/2006 10:58:23 AM Produced by the JSE SENS Department
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