Wrap Text
Short Form - Summarised Unaudited Condensed Consolidated Interim Results for Six Months Ended 28 February 2022
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 2022
Shareholders are hereby advised that Premier Fishing and Brands Limited’s (“Premier”) summarised unaudited condensed
consolidated interim results for the period ended 28 February 2022 are available on Premier’s website and can be
viewed at https://senspdf.jse.co.za/documents/2022/jse/isse/pfbe/SENS LF.PDF
The salient features for the six months ended 28 February 2022 compared to the corresponding period in the prior
year are as follows:
- Revenue decreased by 22% to R224 million from R286 million
- Gross profit increased by 4% to R90 million from R87 million
- Profit before tax decreased by 38% to R13 million from R21 million
- Earnings before interest, taxation, depreciation, and amortization (EBITDA) decreased by 38% to R25 million
from R40 million.
- Earnings per share increased by 75% to 3.07 cents from 1.75 cents
- Headline earnings per share increased by 75% to 3.07 cents from 1.75 cents
- Cash balances have improved from R58m for the period February 2021 to R91m for the period February 2022, which
is testament to all he operating efficiencies that the Group has achieved over the past couple of years.
- No dividend declared. Dividend declared for the period ending 28 February 2021 was 5 cents per share.
- Current asset ratio 4:1 (2021: 4:1)
Given the tough economic circumstances and the squid resource, the Group still delivered a solid performance for
the period ending 28 February 2022. Revenue amounted to R224m, representing a decline of revenue by R62m primarily
due to the scarcity of the squid resource. Volumes landed and overall squid catch rates in the squid sector have
taken a massive knock compared to the prior year. As noted in prior years, the availability of the squid resource
has become a challenge, which is an industry wide challenge. However, export demand for the squid has remained
strong with selling prices per kilogram improving and overall customer demand improving, but due to the industry
wide scarcity of the resource, the revenue in this sector has declined. The revenues for some of the other sectors
have done very well especially the lobster, hake deep sea and abalone sector. For the pelagic sector, catch rates
have declined but as usual, we should see an improved second half of the year for the pelagic sector.
Catch rates to date for the lobster sector have been positive and are expected to continue provided the resource
remains strong. Furthermore, we expect pelagic catches to pick up in the second half of the year. The abalone
sector has seen an improvement following the effects of the COVID-19 on the Asian export markets, with selling
prices per kilogram for certain sizes and the Group has also managed to increase its volumes sold in this sector.
DIVIDENDS
The impact of Covid-19 is still being felt in most of the markets that the Group operates in, despite there being a
slight improvement in the export markets. There is no certainty as to when the pandemic will be brought under control
and how long it will take for our markets to return to normal levels.
Furthermore, the Group has had a very challenging squid season, due to the resource being scarce. With the squid
sector being our biggest contributor to profitability and having endured a tough first half of the year, this has
had an impact on cashflow.
The Board of Directors believes that due to the factors mentioned above, preservation of cash is paramount to ensure
the operational and sustainability of the Group, and has such, made the decision not to declare a dividend for the
period ending 28 February 2022.
GOING CONCERN
Following the recent outbreak of COVID-19, certain 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 in operation for the
foreseeable future and accordingly these interim financial statements for the six months ended 28 February 2022 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
sufficient cash resources to meet its foreseeable operational requirements. The directors are not aware of
any new material changes, except for the COVID-19 pandemic that may 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 Mrs Rushaan Isaacs
Independent non-executive Chairperson Chief executive Officer
Cape Town
17 May 2022
DIRECTORATE AND STATUTORY INFORMATION
Directors
#*Aziza Amod (Independent non-executive chairperson; *Rushaan Isaacs (Chief executive officer); *B Robertson (Chief
financial Officer #*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: No.3 South Arm Road, Victoria Basin, Victoria and Alfred Waterfront, 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
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: 17-05-2022 05:00:00
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