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Unaudited condensed consolidated interim results for the six months ended 28 February 2019 and dividend declaration
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”)
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2019 AND DIVIDEND DECLARATION
Group Profile
Premier Fishing and Brands Limited through its subsidiaries operates a vertically integrated fishing business which specialises in the
harvesting, processing and marketing of fish and fish-related products. The Group holds medium to long-term fishing rights in squid,
lobster, small pelagics, hake deep-sea trawl, hake longline ,horse mackerel, swordfish and tuna. The Group also owns an abalone farm
and invests in organic fertilisers through the “Seagro” range of products.
Highlights compared to the prior period:
- Revenue increased by 55% to R287 million from R185 million.
- Gross profit increased by 72% to R130 million from R76 million.
- Operating profit increased by 200% to R60 million from R20 million.
- Profit before tax increased by 78% to R73 million from R41 million.
- Cash generated from operations for the period amounted to R55 million.
- A maiden interim gross dividend of 12 cents per share has been declared after the reporting period, but before the financial
statements were authorized for issue.
The Group delivered a strong performance for the period under review, with revenue increasing by 55% and operating profit increasing by
200% compared to the previous period.
Group headline earnings increased by 22% to R35 million from R29 million Headline earnings per share (“HEPS”) increased to 13.49 cents per
share from 11.10 cents per share and earnings per share (“EPS”) increased to 13.44 cents per share from 11.10 cents per share.
Cash generated from operations for the period amounted to R55 million, compared to cash used in operations of R22 million in the prior
period.
The acquisition of Talhado Fishing Enterprises Propriety Limited(“Talhado”) into the Group is now fully accounted for and the benefits of
the acquisition has contributed positively to our results under review.
The increase in operating profit is mainly attributable to the strong performance of the squid division.
Our abalone division continued to deliver results in line with management’s expectations, whilst we continue to focus on our expansion
plans with increased performance expected to be achieved once the expansion of the abalone farm is completed.
During the current interim reporting period, the carrying value of property, plant and equipment increased from R310 million to R368 million,
the majority of which is attributed to the abalone farm expansion.
Condensed Consolidated Statement of Profit or loss and Other Comprehensive Income
for the six months ended 28 February 2019
Unaudited Unaudited Audited
Group Group Group
28 February 28 February 31 August
2019 2018 2018
6 months 6 months 12 months
R’000 R’000 R’000
Revenue 286 920 184 580 490 870
Cost of sales (156 793) (108 763) (280 651)
Gross profit 130 127 75 817 210 219
Other operating income 7 388 672 19 523
Other operating expenses (76 703) (56 220) (138 161)
Operating profit 60 812 20 269 91 581
Investment revenue 14 685 22 325 40 975
Finance costs (2 013) (1 343) (3 543)
Profit before taxation 73 484 41 251 129 013
Taxation (18 775) (12 401) (33 672)
Profit after taxation for the period 54 709 28 850 95 341
Total comprehensive income for the period 54 709 28 850 95 341
Profit after tax attributable to:
Shareholders of Premier 34 940 28 850 81 858
Non-controlling interests 19 769 - 13 483
Profit after taxation for the period 54 709 28 850 95 341
Basic and diluted earnings per share (cents) 13.44 11.10 31.48
Headline and diluted headline earnings per share (cents) 13.49 11.10 31.60
Weighted average number of shares (OOOs) 260 000 260 000 260 000
Condensed Consolidated Statement of Financial Position as at 28 February 2019
Unaudited Unaudited Audited
Group Group Group
28 February 28 February 31 August
2019 2018 2018
6 months 6 months 12 months
R’000 R’000 R’000
Assets
Non-current assets 568 374 290 033 509 625
Property, plant and equipment 367 718 173 969 310 242
Goodwill 70 129 18 165 70 129
Intangible assets 36 310 66 39 550
Loans to group companies 94 131 97 821 89 618
Deferred tax 86 12 86
Current assets 524 959 654 770 599 460
Inventories 48 865 48 861 48 528
Other financial assets 4 685 10 665 3 424
Current tax receivable 260 154 264
Trade and other receivables 128 612 104 825 128 643
Construction deposits - 8 951 -
Biological assets 76 015 55 872 68 021
Cash and cash equivalents 266 522 425 442 350 580
Total assets 1 093 333 944 803 1 109 085
Equity and liabilities
Equity
Stated capital 507 517 507 517 507 517
Reserves 8 014 8 014 8 014
Retained income 268 364 245 416 298 424
Equity attributable to shareholders of Premier 783 895 760 947 813 955
Non-controlling interests 43 032 - 48 481
Total equity 826 927 760 947 862 436
Non-current liabilities 120 108 87 062 116 134
Other financial liabilities 4 550 6 564 4 663
Operating lease liability 313 788 333
Post-employment medical costs 854 1 111 984
Deferred tax 114 391 78 599 110 154
Current liabilities 146 298 96 794 130 515
Other financial liabilities 36 215 3 178 6 712
Current tax payable 20 750 23 201 19 186
Trade and other payables 84 689 42 151 89 937
Provisions 4 644 4 492 14 680
Bank overdraft - 23 772 -
Total liabilities 266 406 183 856 246 649
Total equity and liabilities 1 093 333 944 803 1 109 085
Net asset value per share (cents) 318.05 292.67 331.71
Weighted average number of shares in issue 260 000 000 260 000 000 260 000 000
Condensed Consolidated Statement of Changes in Shareholder’s Equity for the six months ended 28 February 2019
Unaudited Unaudited Audited
Group Group Group
28 February 28 February 31 August
2019 2018 2018
6 months 6 months 12 months
R'000 R'000 R'000
Balance at the beginning of the year 862 436 771 097 771 097
Non-controlling interests arising on acquisition of Talhado - - 50 662
Acquisition of additional shares from non-controlling interests
in subsidiaries of Talhado - - (15 664)
Profit for the year attributable to shareholders of Premier 34 940 28 850 81 858
Profit for the year attributable to non-controlling interests 19 769 - 13 483
Dividends (90 218) (39 000) (39 000)
Balance at the end of the year 826 927 760 947 862 436
Comprising of:
Stated capital 507 517 507 517 507 517
Reserves 8 014 8 014 8 014
Retained income 268 364 245 416 298 424
Non-controlling interests 43 032 - 48 481
Total equity 826 927 760 947 862 436
Condensed Consolidated Statement of Cash Flows for the six months ended 28 February 2019
Unaudited Unaudited Audited
Group Group Group
28 February 28 February 31 August
2019 2018 2018
6 months 6 months 12 months
R’000 R’000 R’000
Cash (used in)/generated from operations 54 621 (21 731) 91 187
Interest income 9 010 15 537 29 448
Finance cost (2 013) (1 343) (3 543)
Tax paid (13 141) (4 644) (54 820)
Net cash flows from operating activities 48 477 (12 181) 62 272
Cash flows from investing activities
Purchases of property, plant and equipment to sustain operations (22 077) (26 488) (28 837)
Purchases of property, plant and equipment to expand operations (45 679) (25 026) (86 803)
Purchases of intangible assets (16) (7) (1 862)
Purchase of biological assets (2 994) - (520)
Business combinations - - (61 239)
Acquisition of additional shares from non-controlling interests in
subsidiaries of Talhado - (15 664)
Loans advanced to group companies (36 868) (20 794) (58 721)
Loans to group companies repaid 37 550 11 520 60 720
Financial assets advanced (1 261) (8 959) (341)
Net cash flows from investing activities (71 345) (69 754) (193 267)
Cash flows from financing activities
Proceeds received from financial liabilities 31 362 - 942
Repayment of other financial liabilities (2 334) (1 328) (4 300)
Dividends paid (90 218) (39 000) (39 000)
Net cash flows from financial activities (61 190) (40 328) (42 358)
Total cash movement for the year (84 058) (122 263) (173 353)
Cash at the beginning of the year 350 580 523 933 523 933
Total cash at the end of the year 266 522 401 670 350 580
1.STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements have been prepared and presented in accordance with International
Accounting Standard 34 (“IAS34”), the Listings Requirements of the JSE Limited (“JSE”) (“the Listings Requirements”),the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and the Financial Reporting Pronouncements as issued by the Financial
Reporting Standards Council and the requirements of the Companies Act of South Africa (No. 71 of 2008), as amended, applicable to
summarised financial statements.
The unaudited condensed consolidated interim financial statements have been prepared on the going concern basis and historical cost
bases, except where otherwise indicated.
2.ACCOUNTING POLICIES
The accounting policies applied in the preparation of the condensed consolidated interim financial statements, which are based on
reasonable judgement and estimates, are in accordance with International Financial Reporting Standards (“IFRS”)and are consistent with
those applied in the audited annual financial statements for the year ended 31 August 2018, except for the adoption of accounting
policies described below.
3.ADOPTION OF NEW ACCOUNTING STANDARDS
During the reporting period the Group adopted the newly effective accounting standards, namely:
IFRS 9: Financial Instruments.
- IFRS 9 Financial Instruments (replacing IAS 39 Financial Instruments: Recognition and Measurement) is applicable to the Group
for the 2019 annual reporting period, with the first application in the interim Group financial statements.
- The completed standard comprises guidance on the classification and measurement of financial assets and liabilities, and the
introduction of the expected credit loss model (ECL) with respect to the measurement of impairment allowances for financial
assets.
Effect of transition
- The Group has transitioned to IFRS 9 retrospectively, with any cumulative material impact being recognised in opening retained
income as a result of the initial application of IFRS 9. Comparative information has therefore not been restated.
Classification
- IFRS 9 introduces a new approach to the classification of financial assets, which is driven by the business model in which the
asset is held and their cash flow characteristics.
- There was no material impact on classification of financial assets nor financial liabilities.
Impairment
- The new standard introduces a single “expected credit loss” impairment model for the measurement of financial assets.
- The Group has assessed the impact of IFRS 9 including the application of the expected credit loss (ECL) model for the measurement
of the impairment allowance of our trade and other receivables (through the application of the simplified approach)as well as
loans to Group Companies.
Trade Receivables
- In terms of IAS 39, trade and other receivables were impaired when there was objective evidence of default.
IFRS 9 dictates that the impairment is based on the lifetime expected credit losses on trade and other receivables.
- The Group has established a provision matrix that is based on historical credit loss experience, adjusted for forward looking
factors specific to trade and other receivables including the economic environment.
Loan receivables
- The Group has adopted the general approach, which takes into account the three-stage approach, with respect to the recognition
of credit losses being:
Stage 1 Stage 2 Stage 3
Description Credit risk has not Credit risk has Credit-impaired
increased significantly not increased significantly
since initial recognition since initial recognition
Recognition
of ECLs 12-month ECL Lifetime ECL Lifetime ECL
Recognition
of interest Effective interest Effective interest on Effective interest on
on gross carrying amount gross carrying amount net carrying amount
- At each reporting date, the Group assess whether financial assets classified as amortised cost are credit impaired. Loans
receivables are credit impaired when one or more events identified has a detrimental impact on the estimated future cash flows.
- The Group’s definition of credit impaired is aligned to its internal credit risk definition of default, namely a failure to make
payment when due.
- As at the reporting date, credit risk has not increased significantly since initial recognition (“Stage 1), and therefore a 12
month ECLs has been determined, which is not material.
Based on our assessment, the application of IFRS 9 had no material impact on the reported earnings or financial position for the interim
period under review.
IFRS 15: Revenue from contracts with customers.
- IFRS 15 replaces all existing revenue requirements in IFRS and applies to all revenue arising from contracts with customers, unless
the contracts are in the scope of the standards on leases, insurance contracts and financial instruments.
- The core principle of the standard is that revenue recognised reflects the consideration to which the Company expects to be entitled
in exchange for the transfer of promised goods or services to the customer. The standard incorporates a five-step analysis to
determine the amount and timing of revenue recognition.
Effect of transition
- The Group has transitioned to IFRS 15 by applying the standard retrospectively with the cumulative effect of initial application
recognised as an adjustment to the opening balance of retained income in accordance with Para C7 of IFRS 15. Comparatives have
therefore not been restated.
- However, given the nature of revenue streams and contracts with customers, the adoption of the standard did not materially affect the
manner of revenue recognition, and therefore no adjustment is required to opening retained income at the date of initial application.
- IFRS 15 uses the terms ‘contract liability’ to describe what might more commonly be known as ‘accrued revenue’ and ‘deferred revenue’.
The Group has adopted the terminology used in IFRS 15 to describe such balances.
- No financial statement line item has been significantly affected in the current reporting period by the application of IFRS 15, as
compared to IAS 18.
4. RESPONSIBILITY FOR THE UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
The condensed consolidated interim financial statements have been prepared by Brent Robertson CA(SA), Head of Finance under the supervision
of Imraan Moosa CA(SA), the Financial Director and were not reviewed nor audited by the Group's external auditors, BDO Cape Inc.
5. SEGMENTAL ANALYSIS
Segment Revenue Segment Profit before tax
Unaudited Unaudited Audited Unaudited Unaudited Audited
28 February 28 February 31 August 28 February 28 February 31 August
2019 2018 2018 2019 2018 2018
6 months 6 months 12 months 6 months 6 months 12 months
R’000 R’000 R’000 R’000 R’000 R’000
Lobster 58 663 89 170 202 318 15 728 18 173 53 941
Pelagics 18 512 20 101 62 904 3 902 4 212 16 379
Hake 13 429 15 644 31 492 5 021 5 046 8 893
Squid 171 661 30 627 128 169 59 593 8 338 58 018
Abalone 16 199 15 337 31 291 4 748 4 615 12 175
Horse mackerel 231 569 879 231 569 879
Cold storage 5 623 5 378 10 453 448 387 359
Seagro 3 955 2 885 5 790 918 712 1 193
Processing and marketing 1 676 6 963 23 486 306 1 045 5 503
289 949 186 674 496 782 90 895 43 097 157 340
Less:
inter segmental sales (3 029) (2 094) (5 912)
Administration and support services - (35 083) (24 378) (78 937)
Fair value gains - 5 000 1 550 13 178
Interest income - 14 685 22 325 40 975
Finance costs - (2 013) (1 343) (3 543)
Total
286 920 184 580 490 870 73 484 41 251 129 013
The inter-segmental sales are in respect of cold storage charges to the lobster segment.
Segmental profit represents the profit before tax earned by each segment without the allocation of central administration costs, fair
value adjustments, interest income and finance costs. This is the measure that is reported to the chief operating decision-maker for the
purposes of assessing the segment performance and resource allocation. The accounting policies of the reportable segments are the same
as the Group’s accounting policies.
Segmental assets
Unaudited Unaudited Audited
28 February 28 February 31 August
2019 2018 2018
6 months 6 months 12 months
R’000 R’000 R’000
Lobster 69 119 85 245 77 566
Pelagics 90 887 100 478 103 806
Hake 6 290 5 214 11 457
Squid 220 066 26 140 220 602
Abalone 229 023 115 508 190 774
Cold storage 1 035 619 839
Seagro 1 915 2 954 3 193
Processing and marketing 24 080 35 648 19 522
Administration and support services 450 832 572 985 481 240
Total segment assets 1 093 247 944 791 1 108 999
Unallocated 86 12 86
Consolidated total assets 1 093 333 944 803 1 109 085
Segmental liabilities
Unaudited Unaudited Audited
28 February 28 February 31 August
2019 2018 2018
6 months 6 months 12 months
R’000 R’000 R’000
Lobster 18 317 15 340 15 877
Pelagics 5 297 8 852 11 600
Hake 4 698 3 698 5 347
Squid 43 249 8 635 25 665
Abalone 6 637 1 950 16 290
Processing and marketing 10 687 6 677 14 980
Administration and support services 63 130 60 105 46 736
Total segment liabilities 152 015 105 257 136 495
Unallocated 114 391 78 599 110 154
Consolidated total liabilities 266 406 183 856 246 649
For the purposes of monitoring segmental performances and resource allocations between segments all assets and liabilities are allocated to
reportable segments other than deferred tax assets and liabilities.
Included in the segmental results are:
Depreciation and Additions to property, plant
amortisation and equipment
Unaudited Unaudited Audited Unaudited Unaudited Audited
28 February 28 February 31 August 28 February 28 February 31 August
2019 2018 2018 2019 2018 2018
6 months 6 months 12 months 6 months 6 months 12 months
R’000 R’000 R’000 R’000 R’000 R’000
Lobster 2 733 2 684 4 994 7 271 12 772 12 470
Pelagics 2 953 3 739 5 648 11 339 12 414 14 234
Squid 6 684 390 5 237 504 389 1 292
Abalone 1 630 565 1 051 45 711 25 890 87 625
Cold storage 38 40 40 - - -
Seagro 146 108 135 - - -
Processing and marketing 1 - - - - 17
Administration and
support services 162 127 380 2 931 49 762
Total 14 347 7 653 17 485 67 756 51 514 116 400
Revenue per region
Unaudited Unaudited Audited
28 February 28 February 31 August
2019 2018 2018
6 months 6 months 12 months
R’000 R’000 R’000
United States of America 45 278 63 277 128 058
Far East 26 788 41 546 154 998
Europe 185 090 43 230 107 934
South Africa 29 764 36 527 99 880
Total 286 920 184 580 490 870
6. ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT
During the current interim reporting period, the carrying value of property, plant and equipment increased from R310 million to R368 million,
the majority of which is attributed to the abalone farm expansion.
7. RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
28 February 28 February 31 August
2019 2018 2018
6 months 6 months 12 months
R’000 R’000 R’000
Earnings attributable to ordinary
equity holders of parent entity 34 940 28 850 81 858
Adjusted for:
- Effect of (profit) loss on disposal
of property, plant and equipment 199 - 409
- Taxation effect (56) - (115)
Headline earnings 35 083 28 850 82 152
Weighted average number of shares
on which earnings and headline earnings
per share is based 260 000 000 260 000 000 260 000 000
Headline earnings per share (cents) 13.49 11.10 31.60
8. RELATED PARTY TRANSACTIONS
During the period under review, in the ordinary course of business, the Group entered into related party transactions, the substance of
which is disclosed in the Group's 2018 Annual Financial Statements.
9. SUBSEQUENT EVENTS
A maiden gross interim dividend of 12 cents per share has been declared after the reporting period but before the financial statements were
authorised for issue.
Furthermore, the directors are not aware of any other material facts or circumstances which occurred between the statement of financial
position date and the date of approval.
10. DIVIDENDS R’000
Dividend declared after reporting date* 31 200
Dividends per share (cents) 12
*These dividends were declared subsequent to the respective reporting period.
DECLARATION OF CASH DIVIDEND
Notice is hereby given that an interim gross dividend of 12 cents per share has been declared out of income reserves in respect of ordinary
shares of no par value for the six months ended 28 February 2019.
A dividend withholding tax of 20% or 2.4 cents per share will be applicable, resulting in a net dividend of 9.6 cents per share, unless the
shareholder is exempt from paying dividend withholding tax or is entitled to a reduced rate in terms of an applicable double-tax agreement.
The issued share capital at the declaration date is 260 000 000 ordinary shares.
The income tax number of the company is 924 603 6033.
Dates of importance:
- Last day to trade in order to participate in the dividend Monday, 29 April 2019
- Shares trade ex dividend Tuesday, 30 April 2019
- Record date Friday, 3 May 2019
- Payment date Monday, 6 May 2019
Share certificates may not be dematerialised or rematerialised between Tuesday, 30 April 2019, and Friday 3 May 2019, both days inclusive.
11. CHANGES TO THE BOARD OF DIRECTORS
As previously reported on the JSE Stock Exchange News Service, the following changes to the Board of Directors were effected:
- Reverend Dr Vukile Charles Mehana resigned as on independent non-executive director with effect from 14 March 2019. The Board expresses
its appreciation and wishes Dr Vukile Charles Mehana the very best for his future endeavours.
- Mr Isaiah Tatenda Bundo has taken up an executive role within an associate of the Group, and hence has stepped down as Chief Financial
Officer (“CFO”) with effect from 21 January 2019. The Board would like to thank Tatenda for his valuable contribution and wishes him
well in his new role.
- Mr Imraan Yousuf Moosa has subsequently been appointed as CFO with effect from 21 January 2019.
- Ms Cherie Felicity Hendricks did not make herself available for re-election to the Board of directors at the Company’s annual general meeting.
on 19 February 2019, and therefore resigned as a director of the Company with effect from 19 February 2019. The Board wishes Ms Hendricks all
of the very best and success going forward.
12. APPROVAL OF INTERIM FINANCIAL STATEMENTS
The Condensed Consolidated Interim results were authorised for issue by the Company’s Board of Directors.
13. AUDIT OPINION
The Condensed Consolidated Interim results have not been reviewed nor audited by the Group’s auditors, BDO Cape Inc.
REVIEW OF OPERATIONS
Lobster
The 2018/19 total allowable catch (“TAC”) for South Coast Rock Lobster (“SCRL”) is 316 tons which resulted in a slight reduction from the prior
year’s TAC of 331 tons. The quota which is available to Premier is 129 tons (2018: 135 tons). The South Coast rock lobster specie remains a
stable fishery and well managed resource.
Our South Coast Rock Lobster brand is a top leading brand in the US market due to its high quality standards and is therefore we are able to
attract premium prices. The favourable size mix resulted in the Group achieving an increase of 4% in US dollar pricing for SCRL as compared
to the prior period. The Group experienced increased landings due to good catch rates for the lobster division.
The West Coast Rock Lobster (“WCRL”) sector remains a challenge for the industry and Premier Fishing currently contributes positively as
an industry player to ensure that the resource remains sustainable for the foreseeable future. The WCRL’s contribution to revenue and profits
of the Group is less than 10%.
Small Pelagics
The Group’s quota allocation for pilchards were not issued for the reporting period.
Industrial fish catch rates were the same as those experienced in the prior year.
The Group had less fishing days for the current period as compared to the prior period which resulted in lower volumes landed and lower
revenues and profit for the division in the current period. However, the Group expects the landings at year end to improve, which will
contribute positively to the divisional performance by year end.
The pilchard quota for the 2019 fishing season commenced in March 2019, and its performance will be reported on during the second half
of the year.
Squid
The squid division delivered strong returns for the period, even though catch rates were down compared to the same period in the prior
period. The Squid division with the acquisition of Talhado contributes significantly towards the revenue contribution. In the prior
period the contribution from the squid division was less than 20%.
The market for South African squid remains strong, with a steady increase in the average Euro selling price.
The good catch rates, steady increase in the average Euro selling price and consolidation of Talhado, contributed to the increase in
operating profits for the division.
Hake
The Group’s hake quota is caught, processed and marketed through a joint operation with Blue Continents Products. The division continues
to deliver good performance with the division experiencing favourable size mixes as part of its catches. Market prices remained
relatively stable resulting in the division maintaining its margins.
Abalone
The Group remained focused with the expansion of the abalone farm with a target holding capacity between 300 to 350 tons upon completion.
The division increased its spat (“Baby Abalone”) production from an average of 100 000 spat per month to an average of 200 000 spat per
month, when compared to the previous period. The hatchery continues to produce good quality spat which provides a good platform for our
planned expansion in production output.
Sales volumes for the period remained similar to that of the prior period, as the farm continues to strategically grow out abalone to a
larger size, in order to meet market demand, and thereby maximising the value received for our abalone.
Horse Mackerel
The Group was awarded a horse mackerel quota of 800 tons during the Fishing Rights Application Process 2015/2016. The Group’s horse
mackerel quota is caught, processed and marketed by Dessert Diamond Fishing (Pty) Ltd.
Seagro
Seagro is an organic fertiliser produced from fish oil which is a by-product of the fishmeal making process. The division performed in
line with management’s expectation, with sales volumes slightly increasing when compared to the prior period, with profitability
remaining relatively stable when compared to the prior period.
Future Prospects
The future outlook of the Group is a positive one, as the Group is well positioned to create and maintain shareholder value through
organic and acquisitive growth, thereby ensuring delivery on our stakeholder commitments.
Our main strategic focus area is the FRAP 2020 process, with the Group continuing to be well positioned for the 2020 Fishing Rights
Application Process (FRAP).
The abalone farm expansion continues to progress well and upon completion, production capacity will increase from 120 tons to between 300
and 350 tons per annum.
The Group continues to pursue strategic acquisitions within the fishing industry, in line with its growth strategy.
Reporting entity
Premier is a Company domiciled in South Africa. These condensed unaudited consolidated interim financial statements (“interim financial
statements”) for the six months ended 28 February 2019, comprises of the Company, its subsidiaries and interests in
joint ventures operations.
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.
Salim Young Mr Mogamat Samir Saban
Independent Non-executive Deputy Chairman Chief Executive Officer
Cape Town
9 April 2019
DIRECTORATE AND STATUTORY INFORMATION
Directors
#*Salim Young (Independent Non-Executive Deputy Chairman); #*Khalid Abdulla; *Mogamat Samir Saban (Chief Executive Officer); *Imraan Yousuf
Moosa; *Rushaan Isaacs; #*Rosemary Phindile Mosia;#*Aziza Begum Amod; #*Clifford Leonard van der Venter; #* Advocate Ngoako Ramatlhodi,
#*Sebenzile Patrick Mngconkola
*Executive directors
#* Non-Executive directors
Company Secretary: Mohamed Wazeer Moosa
Registered address: No.3 South Arm Road, Victoria Basin, Victoria and Alfred Waterfront, Cape Town, Western Cape, 8002
Email: wazeerm@premfish.co.za
Transfer secretaries: Link Market Services South Africa (Pty) Ltd,
Rennie House, 13th Floor, 19 Ameshoff Street, Braamfontein, 2001
Auditors: BDO Cape Incorporated
6th Floor, 123 Hetzog Boulevard, Cape Town, 8001
(PO Box 2275, Cape Town, 8000)
Sponsor: Vunani Capital
Date: 09/04/2019 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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