Business Update and Trading Statement

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”)


BUSINESS UPDATE AND TRADING STATEMENT

The Company is currently finalising its financial results for the six months
ended 31 March 2019, which are expected to be released on the Stock Exchange
News Service of the JSE Limited (“JSE”) on or about Friday,10 May 2019.

BUSINESS UPDATE

Overall financial performance of the Group for the six months ended 31 March
2019 has been positive driven primarily by increased canned fish sales
volumes and realised prices together with production efficiencies in the
Group’s local canneries. Stronger fishmeal and fish oil prices, good hake
and horse mackerel catch rates and prices combined with higher cold store
occupancy levels in the South African coastal stores are also factors
contributing to the improved performance.

Profit before taxation for the six months ended 31 March 2019 is expected to
increase by between 26% and 30% compared to the six months ended 31 March
2018 (“comparative period”). This increase is attributable to the combined
effect of the operational factors mentioned above, lower foreign exchange
losses, a lower net interest expense and the non-recurring effect of other
operating expenses (R 16 million) and fair value losses (R36 million)
recognised in the comparative period.

TRADING STATEMENT

In accordance with paragraph 3.4(b) of the Listings Requirements of the 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.

In the comparative period earnings per share (“EPS”) and headline earnings
per share (“HEPS”) were positively impacted by a reduced tax charge due to
a once off release of deferred taxation amounting to R161 million following
the reduction in the federal corporate tax rate in the United States of
America from 35% to 21%. As a result, the expected taxation charge for the
six months ended 31 March 2019 is materially higher than the comparative
period.

Accordingly, EPS for the six months ended 31 March 2019 compared to the
comparative period is expected to decrease by between 19% and 23%, to between
253.1 cents per share and 240.6 cents per share (31 March 2018: 312.5 cents
per share).

HEPS for the six months ended 31 March 2019 is expected to decrease by between
18% and 22%, to between 254.5 cents per share and 242.1 cents per share (31
March 2018: 310.4 cents per share) compared to the comparative period.

The financial information on which this trading statement is based has not
been reviewed and/or reported on by the Company`s auditors.

Cape Town
12 April 2019

JSE Sponsor
The Standard Bank of South Africa Limited

Namibian Sponsor
Old Mutual Investment Services (Namibia) Proprietary Limited

Date: 12/04/2019 03:30:00 
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