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Trading statement and business update
Oceana Group Limited
Incorporated in the Republic of South Africa
(Registration number 1939/001730/06
JSE Share Code: OCE
NSX Share Code: OCG
ISIN Number: ZAE000025284
("Oceana" or "the Company" or “the Group”)
TRADING STATEMENT AND BUSINESS UPDATE
In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE Limited (“JSE”),
companies are required to publish a trading statement as soon as they are reasonably certain
that the financial results for the current reporting period will differ by at least 20% from those
of the prior comparative period.
Accordingly, basic earnings per share (“EPS”) for the six months ended 31 March 2018
compared to the six months ended 31 March 2017 (“comparative period”) are expected to
increase between 55% and 65%, to between 300.7 cents per share and 320.1 cents per share
(31 March 2017: 194.0 cents per share).
Basic headline earnings per share (“HEPS”) for the six months ended 31 March 2018 are
expected to increase between 55% and 65%, to between 300.4 cents per share and 319.8
cents per share (31 March 2017: 193.8 cents per share) compared to the comparative period.
The increase in EPS and HEPS is largely attributable to the release of USD13 million deferred
taxation in Daybrook following the reduction in the federal corporate tax rate in the United
States of America from 35% to 21%.
The Group’s operating profit before associate and joint venture income and fair value
adjustments is expected to increase between 5% and 12%. This increase is largely attributable
to improvements in the canned fish and the horse mackerel and hake segments which were
offset by a decline in USA fishmeal and fish oil earnings.
The solid performance of the canned fish segment was driven by increased sales volumes
and improved margins owing to lower raw material and logistics costs, while horse mackerel
and hake earnings benefitted from increased volumes due to improved vessel utilisation and
good catch rates.
Daybrook operating results were adversely affected by the lag effect of lower pricing
contracted during the latter part of 2017 and lower fish oil sales volumes due to a reduced oil
yield in the 2017 fishing season.
The financial information on which this trading statement is based has not been reviewed
and/or reported on by the Company`s auditors.
The Company expects its results for the six months ended 31 March 2018 to be released on
the Stock Exchange News Service of the JSE on or about Thursday, 17 May 2018.
Cape Town
10 April 2018
JSE Sponsor
The Standard Bank of South Africa Limited
Namibian Sponsor
Old Mutual Investment Services (Namibia) Proprietary Limited
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