|
NMS
NMS
NSX - Namsea - Cautionary, Trading Update and Unaudited Interim Report
Namibian Sea Products Limited
("Namsea" or "the group")
(Incorporated in the Republic of Namibia)
(Registration number 709/1953)
South African share code: NMS
Namibian share code: NAS
ISIN: NA0008640246
CAUTIONARY ANNOUNCEMENT, TRADING UPDATE AND UNAUDITED INTERIM REPORT FOR THE SIX
MONTHS ENDED 30 JUNE 2006
GROUP FINANCIAL RESULTS
The unaudited consolidated results of the group for the six months ended 30 June
2006 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
adopted IFRS for the first time with effect from year ending 31 December 2005. 1
January 2004 was the IFRS transition date accordingly these are the second
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.
GROUP INCOME STATEMENTS (IFRS) 6 months 6 months 12 months
Condensed 30/6/06 30/6/05 31/12/05
(unaudited) (unaudited) (audited)
N$"000 N$"000 N$"000
Revenue 45 635 50 915 58 372
Group operating profit/(loss)
before depreciation and
finance costs 2 590 3 416 149
Depreciation ( 384) ( 731) ( 1 191)
Finance costs ( 1 743) ( 2 407) ( 5 074)
Group operating profit/(loss) 463 278 ( 6 116)
Investment income 32 5 28
Surplus on disposal of fixed 150 11 -
assets
Profit/(loss) before taxation 645 294 ( 6 088)
Taxation - ( 207) 21 609
Net profit/(loss) after 645 501 ( 27 697)
taxation for the period
Number of ordinary shares upon which
earnings per share is based 116 236 116 236 116 236
(000"s)
Earnings per ordinary share 0.6 0.4 ( 23.8)
(cents)
Fully diluted earnings per 0.5 0.4 ( 23.2)
ordinary share (cents)
Headline earnings per ordinary 0.4 0.4 ( 25.4)
share (cents)
Reconciliation between earnings and
headline earnings:
N$"000 N$"000 N$"000
Per group income statement 645 501 ( 27 697)
Adjustments:
Impairment in value of - - -
equity investment
Surplus on disposal of ( 150) ( 11) ( 1 867)
fixed assets
Headline earnings 495 490 ( 29 564)
GROUP BALANCE SHEETS (IFRS) 30/6/06 30/6/05 31/12/05
Condensed (unaudited) (unaudited) (audited)
N$"000 N$"000 N$"000
ASSETS
Non current assets
Property plant and equipment 55 120 58 834 55 262
Unlisted investments 2 877 2 877 2 877
Deferred tax asset - 32 313 -
Current assets 7 071 17 880 10 278
65 068 111 904 68 417
EQUITY AND LIABILITIES
Ordinary shareholders" funds 25 849 53 402 25 204
Long term liabilities 4 251 6 740 4 830
Deferred tax liability - 10 497 -
Current liabilities 34 968 41 265 38 383
65 068 111 904 68 417
GROUP STATEMENT OF CHANGES IN 30/6/06 30/6/05 31/12/05
EQUITY
Condensed (unaudited) (unaudited) (audited)
N$"000 N$"000 N$"000
Balance at beginning of period 25 204 52 901 52 901
Net profit/(loss) for the 645 501 ( 27 697)
period
Balance at end of period 25 849 53 402 25 204
GROUP CASH FLOW STATEMENTS 30/6/06 30/6/05 31/12/05
Condensed (unaudited) (unaudited) (audited)
N$"000 N$"000 N$"000
Cash generated by operations 7 111 4 850 1 934
Investment income 32 5 28
Finance costs ( 1 743) ( 2 407) ( 5 074)
Net cash flows from operating 5 400 2 448 ( 3 112)
activities
Net cash flows from investing ( 1 807) ( 532) 4 436
activities
Net cash flows from financing ( 1 138) ( 960) ( 2 025)
activities
Net movement in cash and cash 2 455 956 ( 701)
equivalents
Cash and cash equivalents at ( 27 647) ( 26 946) ( 26 946)
beginning of period
Cash and cash equivalents at ( 25 192) ( 25 990) ( 27 647)
end of period
Notes:
1. Number of shares in issue 116 236 116 236 116 236
(000"s)
2. Net asset value per share 22 46 22
(cents)
3. Interest bearing borrowings 28 778 35 152 37 136
4. Directors valuation of 2 877 2 877 2 877
unlisted investments
5. Cost of sales 40 299 44 059 50 917
6. Staff costs 5 248 7 267 11 653
7. Acquisition of fixed assets 242 569 702
8. No material events have occurred subsequent to 30 June 2006
9. Contingent liabilities since 31 December 2005 have increased by
N$ 650 000 due to legal costs.
COMMENTS
FINANCIAL RESULTS
Earnings before tax increased to N$0,6 million (2005: N$0,3 million) despite a
moderate decrease in revenue to N$45,6 million (2005: N$50,9 million).
The main reason for the increase can be ascribed to cost control and improved
efficiencies.
QUOTAS AND CATCHES
2006 2005
TONS TONS
Namibian total allowable catch
- Pilchards 25,000 25,000
- Purse-seine horse mackerel 45,000 40,000
- Mid-water trawl horse mackerel 315,000 310,000
Catches by group vessels
- Pilchards Nil 5,017
- Purse-seine horse mackerel 16,424 12,246
- Other industrial fish 10,224 508
- Mid-water trawl horse mackerel Nil 3,974
- Angolan catches 871 19,676
Fish processed at group facilities
- Pilchards Nil Nil
- Purse-seine horse mackerel 26,038 23,614
- Other industrial fish 15,119 1,598
- Mid-water trawl horse mackerel Nil Nil
PRODUCTION AND SALES
The group is unlikely to operate its pilchard cannery in 2006 due to the low
level of pilchard quotas. All canning of pilchard is centralized at one factory
in Walvis Bay.
Pilchard catches only commenced in July due to the late granting of pilchard
quotas.
Operational and infrastructural problems in Angola persist and impacted
negatively on results.
The market for canned pilchard, fishmeal and fish oil remains firm resulting in
low inventory levels.
LIQUIDITY
The group depends on facilities negotiated with its bankers.
DIVIDENDS
The board resolved that no dividends be declared nor are any recommended.
PROSPECTS
A return to positive headline earnings for the current financial year is
dependent on the group recommencing with fishing operations in Angola and
procuring additional raw material for processing in its factory in Namibia.
UPDATE ON OFFER TO ALL SHAREHOLDERS AND CAUTIONARY ANNOUNCEMENT
Shareholders are advised that the offer to all shareholders other than The
Bidvest Group remains open and are requested to watch the press for further
announcements in this regard. Notwithstanding the offer, the company has engaged
the major shareholder The Bidvest Group Limited in discussions regarding the
potential restructuring and reorganisation of the Group. Accordingly
shareholders are advised to exercise caution in dealing in Namsea"s securities
until a further announcement is made in this regard.
Directors: C.L.R. Haikali (Chairman), W.C. Pronk (Managing), D Cleasby*, B
Joffe* (alternate M A Hodgson**), E. Knouwds, P Steyn*.
*South African **British
By order of the board Registered Office
CLR Haikali (Chairman) 2nd Street East
WC Pronk (Managing) Walvis Bay
PO Box 2715
Walvis Bay
29 August 2006 Namibia)
Sponsor to Namsea in SA Sponsor to Namsea in Namibia
PSG Capital Investment House Namibia
Member of the Namibian Stock Exchange
Date: 29/08/2006 11:05:08 AM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
