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Short Form Announcement Summarised Unaudited Condensed Consolidated Interim Results For Six Months Ended 28 Feb 2023
PREMIER FISHING AND BRANDS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1998/018598/06
Share code: PFB and ISIN: ZAE000247516
(“PFB” or “the Company” or “the Group” or "Premier”)
SHORT FORM ANNOUNCEMENT
SUMMARISED UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 28 February 2023
Shareholders are hereby advised that Premier Fishing and Brands Limited’s (“Premier”) summarised unaudited condensed
consolidated interim results for the period ended 28 February 2023 are available on Premier’s website and can be
viewed at https://senspdf.jse.co.za/documents/2023/jse/isse/pfbe/SENS LF.PDF
The salient features are as follows:
- Revenue increased by 15% to R258 million from R224 million
- Gross profit increased by 4% to R104 million from R99 million
- Profit before tax increased by 33% to R18 million from R13 million
- Earnings before interest, taxation, depreciation, and amortization (EBITDA) increased by 29% to R32 million
from R25 million.
- Current asset ratio 3:1 (2022: 4:1)
The Group delivered a solid performance for the period ending 28 February 2023 in comparison to 28 February 2022.
Revenue amounted to R258m, representing an increase of revenue by R34m primarily due to the improved squid
resource. Volumes landed and sold, and overall catch rates in the squid sector have improved compared to the prior
year. The export demand for the squid has been strong and the overall customer demand for the Group’s exports
remains strong.
The revenues for the other sectors have all had a solid first six months of the year, especially the lobster and
hake deep sea. There have been some declines in revenue in certain sectors like pelagic and seagro compared to the
prior year, but it’s purely down to timing of sales. The resources in these sectors are healthy and in high demand
and we expect an improved performance for the next six months, as compared to the first six months.
Catch rates to date for the lobster sector have been positive, especially in the south coast rock lobster where we
have landed well over 60% of the quota allocated to the group.
The Group had a high value of stock unsold and a high value of accounts receivable on hand as at the end of this
interim period. This has impacted our cash generated from operations as reflected in the cash flow statement, as
the cash resources invested in catching the quotas was only realised in sales post the interim period. In addition;
cash collections from debtors were also only received post this interim period. This timing of sale of stock and
collection of cash from customers is temporary and the group is very confident of selling all stock and recovering
all monies owed by the 31st of August 2023 financial year end.
Furthermore, we expect pelagic catches to improve in the second half of the year. The abalone sector has seen an
improvement in the Far East export markets, with selling prices for live and canned abalone all improving.
DIVIDENDS
Due to the uncertainty of the banking facilities in the group in terms of access to overdraft facilities, the Board
of Directors therefore believes that preservation of cash is paramount to ensure the sustainability of the Group in
this current environment, and as such, has made the decision not to declare a dividend for the interim period ending
28 February 2023.
GOING CONCERN
Given the tough economic conditions, financial pressures will be placed on certain divisions within the Group. A
number of interventions have been put in place to mitigate these financial pressures and as such, the Board of
Directors believe that the Group still has adequate financial resources to continue to operate for the foreseeable
future and accordingly these interim financial statements for the six months ended 28 February 2023 have been
prepared on a going concern basis.
The Board of Directors have satisfied themselves that the Group is in a sound financial position and that it has
access to sufficient cash resources to meet its foreseeable cash requirements. The Board of Directors are not aware
of any new material changes that will economically impact the Group.
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION
This short-form announcement contains only a summary of the information in the full announcement and does not
contain the full and complete details and is the responsibility of the directors.
Please refer to the full announcement for additional information. The full announcement is also available for
viewing on Premier’s website at www.premierfishing.co.za. In addition, electronic copies of the full announcement
may be requested and obtained, at no charge during office hours, or from the sponsor at sponsor@vunanicapital.co.za.
Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement
which is available on Premier’s website.
APPRECIATION
We wish to thank our employees, Group executives, management, our Board of Directors, as well as our strategic
partners, stakeholders and business partners for their loyalty and dedication in contributing to the success of
the Group during this trying period.
Mrs Aziza Amod Mr Sooren Ramdenee
Independent non-executive Chairperson Chief executive Officer
Cape Town
25 May 2023
DIRECTORATE AND STATUTORY INFORMATION
Directors
#*Aziza Amod (Independent non-executive chairperson; *Sooren Ramdenee (Chief executive officer); *B Robertson (Chief
financial Officer; *Rushaan Isaacs (Sales Director) #*Rosemary Phindile Mosia; #*Clifford Leonard van der Venter;
#*Advocate Ngoako; Ramatlhodi, #*Sebenzile Patrick Mngconkola; #*Valentine Dzvova
* Executive directors
#*Non-executive directors
Company Secretary: Cornell Kannemeyer
Business address: 10th Floor Convention Tower, Corner Heerengracht and Walter Sisulu Avenue, Foreshore, Cape
Town, 8001
Email: cornellk@premfish.co.za
Transfer secretaries: Link Market Services South Africa (Pty) Ltd, Rennie House, 13th Floor, 19 Ameshoff Street,
Braamfontein, 2001
Joint Auditors: THAWT Inc and Crowe JHB (3 Sandown Valley Crescent, Sandown 3196, PO Box 652550, Benmore
2010, South Africa, Docex 12, Nelson Mandela Square)
Sponsor: Vunani Sponsors
Date: 25-05-2023 05:30:00
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