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OCEANA GROUP LIMITED - Unaudited Interim Results for the Six Months ended 31 March 2019

Release Date: 09/05/2019 16:45
Code(s): OCE     PDF:  
 
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Unaudited Interim Results for the Six Months ended 31 March 2019

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: ZAE 000025284
("Oceana" or "the company" or "the group")
 
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH 2019

Condensed consolidated statement of comprehensive income
for the period ended 31 March 2019

                                                                                                  Restated*                    Restated*   
                                                                                 Unaudited        Unaudited                      Audited   
                                                                                six months       six months                         year   
                                                                                     ended            ended                        ended   
                                                                               31 Mar 2019      31 Mar 2018      Change      30 Sep 2018   
                                                                      Note           R'000            R'000           %            R'000   
Revenue                                                                  3       3 557 416        3 452 824           3        7 657 311   
Cost of sales                                                                    2 238 209        2 176 284           3        4 823 816   
Gross profit                                                                     1 319 207        1 276 540           3        2 833 495   
Sales and distribution expenditure                                                 224 886          213 743           5          500 298   
Marketing expenditure                                                               20 820           23 143        (10)           55 184   
Overhead expenditure                                                               487 330          494 411         (1)        1 102 907   
Net foreign exchange (profit)/loss                                                 (4 846)           21 414         123         (19 248)   
Operating profit before associate and joint venture                                                                                        
loss                                                                               591 017          523 829          13        1 194 354   
Associate and joint venture loss                                                  (36 726)         (29 132)          26          (5 447)   
Operating profit before other operating items                                      554 291          494 697          12        1 188 907   
Other operating (expense)/income items                                   5           (770)         (15 922)        (95)         (14 091)   
Operating profit                                                                   553 521          478 775          16        1 174 816   
Investment income                                                                   16 246           22 063        (26)           40 767   
Interest expense                                                                 (146 371)        (169 887)        (14)        (332 532)   
Profit before taxation                                                             423 396          330 951          28          883 051   
Taxation expense/(income)                                                6         121 979         (46 731)       (361)              810   
Profit after taxation                                                              301 417          377 682        (20)          882 241   
Other comprehensive income                                                                                                                 
Items that may be reclassified subsequently to profit or loss:
Movement on foreign currency translation reserve                                                                                           
including hyperinflation effect                                                    106 717        (488 743)                      212 903   
Movement on foreign currency translation reserve from                                                                                      
associate and joint ventures including hyperinflation effect                         4 174         (31 299)                        8 214   
Movement on cash flow hedging reserve                                             (11 831)            8 469                       24 845   
Income tax related to profit/(loss) recognised in equity                             2 918                                       (5 813)   
Other comprehensive income, net of taxation                                        101 978        (511 573)         120          240 149   
Total comprehensive income for the period                                          403 395        (133 891)         401        1 122 390   
Profit after taxation attributable to:                                                                                                     
Shareholders of Oceana Group Limited                                               288 667          364 873        (21)          857 831   
Non-controlling interests                                                           12 750           12 809           -           24 410   
                                                                                   301 417          377 682        (20)          882 241   
Total comprehensive income for the period                                                                                                  
attributable to:                                                                                                                           
Shareholders of Oceana Group Limited                                               390 645        (146 700)         366        1 097 980   
Non-controlling interests                                                           12 750           12 809           -           24 410   
                                                                                   403 395        (133 891)         401        1 122 390   
Earnings per share (cents)                                                                                                                 
Basic                                                                                247.0            312.5        (21)            734.6   
Diluted                                                                              227.1            286.6        (21)            674.6   

* The prior period and September 2018 revenue, sales and distribution expenditure and overhead expenditure line items have been restated, 
as a result of the adoption of the new accounting standards. The impact of the restatement is a reclassification between these line items 
only with all other line items unchanged. Refer to note 2 for further information.

Condensed consolidated statement of financial position
at 31 March 2019
                                                                                                Unaudited       Unaudited        Audited   
                                                                                                   31 Mar          31 Mar         30 Sep   
                                                                                                     2019            2018           2018   
                                                                                   Notes            R'000           R'000          R'000   
ASSETS                                                                                                                                     
Non-current assets                                                                              6 771 542       5 732 916      6 685 126   
Property, plant and equipment                                                                   1 638 926       1 444 943      1 586 626   
Intangible assets                                                                               4 691 433       3 901 285      4 617 278   
Derivative assets                                                                      7            3 524          11 594         17 398   
Deferred taxation                                                                                  45 072          27 178         29 338   
Investments and loans                                                                             392 587         347 916        434 486   
Current assets                                                                                  3 274 871       3 321 484      4 014 355   
Inventories                                                                                     1 668 137       1 035 551      1 467 239   
Accounts receivable                                                                             1 381 485       1 366 554      1 502 331   
Taxation                                                                                           31 489          62 642         29 725   
Cash and cash equivalents                                                             10          193 760         856 737      1 015 060   
Total assets                                                                                   10 046 413       9 054 400     10 699 481   

EQUITY AND LIABILITIES                                                                                                                     
Capital and reserves                                                                            4 734 634       3 596 402      4 721 969   
Stated capital                                                                                  1 192 138       1 187 724      1 189 482   
Foreign currency translation reserve                                                              597 920       (254 130)        487 029   
Cash flow hedging reserve                                                                         (2 029)         (3 679)          6 884   
Share-based payment reserve                                                                        85 134          86 617         90 535   
Retained income                                                                                 2 765 398       2 499 021      2 851 418   
Interest of own shareholders                                                                    4 638 561       3 515 553      4 625 348   
Non-controlling interests                                                                          96 073          80 849         96 621   
Non-current liabilities                                                                         3 649 986       3 414 375      3 818 656   
Liability for share-based payments                                                                  9 609          11 134         10 145   
Long-term loans                                                                        9        3 162 214       2 918 015      3 339 750   
Deferred taxation                                                                                 478 163         485 226        468 761   
Current liabilities                                                                             1 661 793       2 043 623      2 158 856   
Accounts payable and provisions                                                                 1 224 765       1 175 841      1 711 483   
Current portion - long-term loan                                                       9          427 037         844 062        427 351   
Taxation                                                                                            9 991          23 720         20 022   
Total equity and liabilities                                                                   10 046 413       9 054 400     10 699 481   

Condensed consolidated statement of changes in equity
for the period ended 31 March 2019
                                                                                                Unaudited       Unaudited        Audited   
                                                                                               six months      six months           year   
                                                                                                    ended           ended          ended   
                                                                                              31 Mar 2019     31 Mar 2018    30 Sep 2018   
                                                                                                    R'000           R'000          R'000   
Balance at the beginning of the period                                                          4 721 969       3 756 629      3 756 629   
Total comprehensive income for the period                                                         403 395       (133 891)      1 122 390   
Profit after taxation                                                                             301 417         377 682        882 241   
Movement on foreign currency translation reserve including hyperinflation                                                                  
effect                                                                                            106 717       (488 743)        212 903   
Movement on foreign currency translation reserve of associate and joint                                                                    
ventures  including hyperinflation effect                                                           4 174        (31 299)          8 214   
Movement on cash flow hedging reserve                                                            (11 831)           8 469         24 845   
Income tax related to profit/(loss) recognised in equity                                            2 918                        (5 813)   
Decrease in treasury shares held by share trusts                                                                                   1 853   
Share-based payment expense                                                                         3 473           8 041         12 456   
Share-based payment exercised                                                                     (6 218)        (10 480)       (11 017)   
Profit on sale of treasury shares                                                                                                  1 671   
Oceana Empowerment Trust dividend distribution                                                   (19 317)                        (7 304)   
Dividends paid                                                                                  (368 668)        (23 897)      (154 709)   
Balance at the end of the period                                                                4 734 634       3 596 402      4 721 969   
Comprising:                                                                                                                                
Stated capital*                                                                                 1 192 138       1 187 724      1 189 482   
Foreign currency translation reserve                                                              597 920       (254 130)        487 029   
Cash flow hedging reserve                                                                         (2 029)         (3 679)          6 884   
Share-based payment reserve*                                                                       85 134          86 617         90 535   
Distributable reserves                                                                          2 765 398       2 499 021      2 851 418   
Non-controlling interests                                                                          96 073          80 849         96 621   
Balance at the end of the period                                                                4 734 634       3 596 402      4 721 969   

* R2.7 million (March 2018: R3.5 million) was transferred between stated capital and share-based payment reserve during the period.

Condensed consolidated statement of cash flows
for the period ended 31 March 2019

                                                                                                                Restated*                  
                                                                                                Unaudited       Unaudited        Audited   
                                                                                               six months      six months           year   
                                                                                                    ended           ended          ended   
                                                                                              31 Mar 2019     31 Mar 2018    30 Sep 2018   
                                                                                   Notes            R'000           R'000          R'000   
Cash flow from operating activities                                                                                                        
Operating profit before associate and joint venture loss                                          591 017         523 829      1 194 354   
Adjustment for non-cash and other items                                                           124 069         132 774        297 905   
Cash operating profit before working capital changes                                              715 086         656 603      1 492 259   
Working capital changes                                                                         (521 164)       (245 797)      (189 366)   
Cash generated from operations                                                                    193 922         410 806      1 302 893   
Investment income received                                                                         16 246          33 390         41 607   
Interest paid                                                                                   (137 314)       (155 717)      (296 845)   
Taxation paid                                                                                   (148 375)       (108 649)      (217 036)   
Dividends paid                                                                                  (387 985)        (23 897)      (162 013)   
Cash (outflow)/inflow from operating activities                                                 (463 506)         155 933        668 606   
Cash outflow from investing activities                                                          (128 736)        (67 777)      (180 928)   
Capital expenditure                                                                             (138 831)        (68 602)      (163 742)   
Replacement of intangible assets                                                                  (6 905)        (14 615)       (20 469)   
Proceeds on disposal of property, plant and equipment                                               1 719           9 952         10 031   
Proceeds on disposal of business                                                       8           17 500                          8 000   
Movement on loans and advances                                                                    (2 219)           5 492       (14 748)   
Acquisition of subsidiary                                                                                             (2)                  
Acquisition of a joint venture                                                                                        (2)                  
Cash outflow from financing activities                                                          (229 658)       (393 418)      (720 152)   
Proceeds from issue of share capital                                                                                               3 523   
Short-term borrowings repaid                                                                    (223 440)       (200 353)      (507 589)   
Equity-settled share-based payment                                                                (6 218)         (7 833)       (11 017)   
Costs associated with debt financing                                                   9                                         (2 170)   
Settlement of put option                                                                                        (185 232)      (202 899)   
Net decrease in cash and cash equivalents                                                       (821 900)       (305 262)      (232 474)   
Cash and cash equivalents at the beginning of the period                                        1 015 060       1 222 040      1 222 040   
Effect of exchange rate changes                                                                       600        (60 041)         25 494   
Cash and cash equivalents at the end of the period                                    10          193 760         856 737      1 015 060   

* The prior period numbers have been restated, refer to note 2 for further information.

Notes to the condensed consolidated financial statements
for the period ended 31 March 2019

1.    BASIS OF PREPARATION

      The condensed consolidated interim financial information has been prepared in accordance with and containing the
      information required by IAS 34: Interim Financial Reporting as well as the SAICA Financial Reporting Guides as issued by the
      Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards
      Council, the JSE Listings Requirements and Companies Act of South Africa. The condensed consolidated interim financial
      statements have been prepared using accounting policies that comply with IFRS which are consistent with those applied in the
      financial statements for the year ended 30 September 2018, except for the adoption of new standards that became effective
      during the current period, as detailed in note 2. The condensed consolidated interim financial information was prepared
      under the supervision of the interim chief financial officer, T Giles CA(SA).

      The results have not been audited or reviewed by the group's auditors, Deloitte & Touche.

2.    ADOPTION OF NEW ACCOUNTING STANDARDS AND PRIOR PERIOD RESTATEMENTS

2.1.1 Effect of adopting IFRS 15: Revenue from Contracts and Customers

      The group has adopted IFRS 15 and applied it retrospectively to each prior reporting period presented. This resulted in the 
      restatement of comparative periods in the statement of comprehensive income.
      
      The standard establishes a five-step model that will apply to revenue arising from contracts with customers. Revenue
      is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for
      transferring goods or services to a customer. The principles in IFRS 15 provide a more structured approach to measuring and
      recognising revenue.

      The group recognises revenue from the sale of goods and services relating to storage, handling and transport of goods.
      The majority of the groups revenue is recognised when the groups significant risk and rewards have transferred or when
      services are rendered consistent with the applications of IFRS 15.
      
      Bulk and distribution allowances: IFRS 15 requires the group to estimate the value of the allowances and recognise the amount
      against revenue, this was disclosed under selling and distribution under IAS 18.
      
      In terms of IFRS 15, incidental income from customers has been restated in the prior period from overheads to revenue.
      
      The impact of the restatement on the statement of comprehensive income is a reclassification between revenue, sales and distribution 
      expenditure and overhead expenditure with all other line items unchanged. The effect of the restatement is disclosed below:

                                                   Unaudited                                                                               
                                                          as                                                                               
                                                  previously                       Restated                     Unaudited          
                                                    reported       Unaudited      Unaudited        Audited        IFRS 15       Restated   
                                                  six months         IFRS 15     six months           year    restatement           year   
                                                       ended     restatement          ended          ended                         ended   
                                                 31 Mar 2018     31 Mar 2018    31 Mar 2018    30 Sep 2018    30 Sep 2018    30 Sep 2018   
                                                       R'000           R'000          R'000          R'000          R'000          R'000   
      Revenue                                      3 489 151        (36 327)      3 452 824      7 732 692       (75 381)      7 657 311   
      Cost of sales                                2 176 284                      2 176 284      4 823 816                     4 823 816   
      Gross profit                                 1 312 867        (36 327)      1 276 540      2 908 876       (75 381)      2 833 495   
      Sales and distribution expenditure             268 550        (54 807)        213 743        610 553      (110 255)        500 298   
      Marketing expenditure                           23 143                         23 143         55 184                        55 184   
      Overhead expenditure                           475 931          18 480        494 411      1 068 033         34 874      1 102 907   
      Net foreign exchange loss/(profit)              21 414                         21 414       (19 248)                      (19 248)   
      Operating profit before associate                                                                                                    
      and joint venture profit/(loss)                523 829                        523 829      1 194 354                     1 194 354   

2.1.2 Effect of adopting IFRS 9: Financial Instruments

      This standard introduces new requirements for classification and measurement, impairment, and hedge accounting.
      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. The new model introduces a single impairment model being applied to all
      financial instruments, as well as an "expected credit loss" model for the measurement of financial assets. IFRS 9 contains a new
      model for hedge accounting that aligns the accounting treatment with the risk management activities of an entity.
      
      Based on an assessment the applications of IFRS 9 has no material impact on the prior year financial results or financial
      position. Trade receivables do not have a significant financing component as the average credit terms are 30 - 45 days,
      this will therefore fall within the simplified model. IFRS 9 requires an allowance to be raised for the full lifetime expected 
      credit loss, on initial recognition, based on history of default and claims. Expected credit losses are reassessed at each reporting date.
      Whilst IFRS 9 requires that expected credit losses be discounted, the impact on Oceana is considered to be immaterial.
      An assessment has been conducted on provisions carried under IAS 39 as at September 2018 and concluded that there are no
      material differences to expected credit losses to be recognised under IFRS 9. Accordingly, no restatement to retained earnings
      is considered necessary.
      
      Excluding the abovemention adjustments, there are no other material impact from application of IFRS 15 and IFRS 9.

2.1.3 Restatement of Cash flow from investing activities

      The settlement of the put option has been reclassified from investing activities to financing activities in the prior year
      comparative cash flow statement in order to align with disclosure in the 2018 audited annual financial statement.
      
      The put option was settled in the prior year, following the remaining shareholders of Westbank Fishing Limited Liability
      Company exercising the put option in terms of the Westbank operating agreement.

                                                                                                                                Restated   
                                                                                       Unaudited                               Unaudited   
                                                                                      six months              Unaudited       six months   
                                                                                           ended       reclassification            ended   
                                                                                     31 Mar 2018            31 Mar 2018      31 Mar 2018   
                                                                                           R'000                  R'000            R'000   
      Cash outflow from investing activities                                           (253 009)                185 232         (67 777)   
      Cash outflow from financing activities                                           (208 186)              (185 232)        (393 418)   

                                                                                                               Restated         Restated
                                                                                       Unaudited              Unaudited          Audited   
                                                                                      six months             six months             year   
                                                                                           ended                  ended            ended   
                                                                                     31 Mar 2019            31 Mar 2018      30 Sep 2018   
                                                                                           R'000                  R'000            R'000   
3.    REVENUE                                                                                                                           
      The main categories of revenue are set out below:                                                                                    
      Sale of goods                                                                                                                        
      Canned fish and fishmeal (Africa)                                                1 962 027              1 838 704        3 944 346   
      Fishmeal and fish oil (USA)                                                        654 487                614 361        1 789 118   
      Horse mackerel and hake                                                            636 032                672 053        1 287 067   
      Lobster and squid                                                                   87 858                102 357          180 510   
      Rendering of services                                                                                                                
      Commercial cold storage and logistics                                              206 832                206 869          421 396   
      Other non-trade revenue(1)                                                                                                         
      Canned fish and fishmeal (Africa)                                                    3 672                  9 388           15 761   
      Horse mackerel and hake                                                              5 473                  3 632            7 290   
      Commercial cold storage and logistics                                                1 035                  5 460           11 823   
                                                                                       3 557 416              3 452 824        7 657 311   
      Note:
      (1)  Other non-trade revenue includes commission, quota fees received and rental income.


                                       Canned    Fishmeal                              Commercial                                          
                                     fish and         and        Horse     Lobster           cold                                          
                                     fishmeal    fish oil     mackerel         and    storage and    Deferred                              
      March 2019                     (Africa)       (USA)     and hake       squid      logistics    taxation   Financing(3)       Total   
      Segment                           R'000       R'000        R'000       R'000          R'000       R'000          R'000       R'000   
4.    SEGMENTAL RESULTS                                                                                                                 
      Revenue                       1 965 699     654 487      641 505      87 858        207 867                              3 557 416   
      Operating profit                                                                                                                     
      before other                                                                                                                         
      operating items                 221 753     118 172      158 328      21 701         34 337                                554 291   
      Other operating                                                                                                                      
      items                                                                                 (770)                                  (770)   
      Operating profit                221 753     118 172      158 328      21 701         33 567                                553 521   
      Investment income                 6 634       5 633        3 678                        301                                 16 246   
      Interest expense              (102 620)    (40 713)      (2 958)                       (80)                              (146 371)   
      Profit before                                                                                                                        
      taxation                        125 767      83 092      159 048      21 701         33 788                                423 396   
      Taxation expense                 36 076      19 467       47 923       5 999         12 514                                121 979   
      Profit after tax for                                                                                                                 
      the period                       89 691      63 625      111 125      15 702         21 274                                301 417   
      The above profit for                                                                                                                 
      the period include                                                                                                                   
      the following:                                                                                                                       
      Depreciation and                                                                                                                     
      amortisation                     32 130      51 080       37 359       1 329         10 436                                132 334   
      Statement of                                                                                                                         
      financial position                                                                                                                   
      Total assets                  2 469 714   6 328 427      594 955      32 740        257 468      45 072        318 037  10 046 413   
      Total liabilities               795 552      28 267      268 286      29 766        102 788     478 163      3 608 957   5 311 779   
      The above amounts                                                                                                                    
      of assets and                                                                                                                        
      liabilities includes                                                                                                                 
      the following:                                                                                                                       
      Interest in associate                                                                                                                
      and joint ventures               71 284     196 588                        1                                               267 873   

                                                    South                                                                                  
                                               Africa and        Other       North                                                         
      March 2019                                  Namibia       Africa     America         Europe    Far East          Other       Total   
      Region                                        R'000        R'000       R'000          R'000       R'000          R'000       R'000   
      Revenue(1)                                2 164 454      350 330     564 152        372 877      95 456         10 147   3 557 416   
      Non-current assets(2)                       831 368                5 498 991                                             6 330 359   
       
                                                            
                                       Canned    Fishmeal                              Commercial                                          
                                     fish and         and        Horse     Lobster           cold                                          
                                     fishmeal    fish oil     mackerel         and    storage and    Deferred                              
      March 2018                     (Africa)       (USA)     and hake       squid      logistics    taxation   Financing(3)       Total   
      Segment                           R'000       R'000        R'000       R'000          R'000       R'000          R'000       R'000
      Restated Revenue              1 848 092     614 361      675 685     102 357        212 329                              3 452 824   
      Operating profit before                                                                                                              
      other operating items           178 541      72 618      175 769      27 003         40 766                                494 697   
      Other operating items           (7 526)    (11 893)        3 497                                                          (15 922)   
      Operating profit                171 015      60 725      179 266      27 003         40 766                                478 775   
      Investment income                19 036                    3 067                       (40)                                 22 063   
      Interest expense              (120 997)    (45 814)      (2 893)        (78)          (105)                              (169 887)   
      Profit before taxation           69 054      14 911      179 440      26 925         40 621                                330 951   
      Taxation expense/                                                                                                                    
      (income)                         25 645   (152 181)       56 344       7 520         15 941                               (46 731)   
      Profit after tax for the                                                                                                             
      period                           43 409     167 092      123 096      19 405         24 680                                377 682   
      The above profit for                                                                                                                 
      the period include the                                                                                                               
      following:                                                                                                                           
      Depreciation and                                                                                                                     
      amortisation                     31 241      45 548       44 316       1 386         10 804                                133 295   
      Statement of financial                                                                                                               
      position                                                                                                                             
      Total assets                  2 058 917   5 138 513      553 727      57 492        252 330      27 178        966 243   9 054 400   
      Total liabilities               770 359      67 511      231 037      38 895         80 642     485 226      3 784 328   5 457 998   
      The above amounts of                                                                                                                 
      assets and liabilities                                                                                                               
      includes the following:                                                                                                              
      Interest in associate and                                                                                                            
      joint ventures                  132 738     105 670                        1                                               238 409   
      
                                                    South                                                                                  
                                               Africa and        Other       North                                                         
      March 2018                                  Namibia       Africa     America         Europe    Far East          Other       Total   
      Region                                        R'000        R'000       R'000          R'000       R'000          R'000       R'000   
      Restated Revenue(1)                       1 980 704      341 770     530 611        311 101     216 060         72 579   3 452 825   
      Non-current assets(2)                       853 428                4 492 800                                             5 346 228   

                                       Canned    Fishmeal                              Commercial                                          
                                     fish and         and        Horse     Lobster           cold                                          
                                     fishmeal    fish oil     mackerel         and    storage and    Deferred                              
      September 2018                 (Africa)       (USA)     and hake       squid      logistics    taxation   Financing(3)       Total   
      Segment                           R'000       R'000        R'000       R'000          R'000       R'000          R'000       R'000
      Restated Revenue              3 960 107   1 789 118    1 294 357     180 510        433 219                              7 657 311   
      Operating profit before                                                                                                              
      other operating items           436 710     392 638      255 615      32 212         71 732                              1 188 907   
      Other operating items                      (25 588)        3 497                      8 000                               (14 091)   
      Operating profit                436 710     367 050      259 112      32 212         79 732                              1 174 816   
      Investment income                32 275       1 544        6 870          72              6                                 40 767   
      Interest expense              (226 241)    (99 814)      (5 789)       (153)          (535)                              (332 532)   
      Profit before taxation          242 744     268 780      260 193      32 131         79 203                                883 051   
      Taxation expense/                                                                                                                    
      (income)                         68 937   (194 012)       86 158       9 180         30 547                                    810   
      Profit after tax for the                                                                                                             
      year                            173 807     462 792      174 035      22 951         48 656                                882 241   
      The above profit for                                                                                                                 
      the year include the                                                                                                                 
      following:                                                                                                                           
      Depreciation and                                                                                                                     
      amortisation                     62 465      95 828       85 746       2 704         21 963                                268 706   
      Statement of financial                                                                                                               
      position                                                                                                                             
      Total assets                  2 214 412   6 476 246      533 082      28 312        280 950      29 334      1 137 145  10 699 481   
      Total liabilities               946 144     376 923      284 807      27 725         93 583     468 761      3 779 569   5 977 512   
      The above amounts of                                                                                                                 
      assets and liabilities                                                                                                               
      includes the following:                                                                                                              
      Interest in associate and                                                                                                            
      joint ventures                   89 257     222 733                        1                                               311 991   

                                                    South                                                                                  
                                               Africa and        Other       North                                                         
      September 2018                              Namibia       Africa     America         Europe    Far East          Other       Total   
      Region                                        R'000        R'000       R'000          R'000       R'000          R'000       R'000   
      Restated Revenue(1)                       3 866 735      778 539   1 199 893      1 161 660     432 238        218 246   7 657 311   
      Non-current assets(2)                       849 191                5 354 713                                             6 203 904   

      The segments have been identified based on both the geographic region of primary group operations and the different
      products sold and services rendered by the group.

      Revenue excludes inter-segmental revenues in South Africa and Namibia which are eliminated on consolidation.

      Canned fish and fishmeal R562.6 million (2018: R503.9 million), horse mackerel and hake R18.2 million (2018: R18.0 million) and
      commercial cold storage and logistics R41.5 million (2018: R28.2 million).
      
      Notes:
      (1) Revenue per region discloses the region in which product is sold and services rendered.
      (2) Non-current assets per region discloses where the subsidiary is located, includes property, plant and equipment, and intangible assets.
      (3) Financing includes cash and cash equivalents and loans receivable and payable.

                                                                                                   Unaudited     Unaudited       Audited   
                                                                                                  six months    six months          year   
                                                                                                       ended         ended         ended   
                                                                                                 31 Mar 2019   31 Mar 2018   30 Sep 2018   
                                                                                                       R'000         R'000         R'000   
5.    OTHER OPERATING (EXPENSE)/INCOME ITEMS
      Transaction costs(2)            
                                                                                                                  (19 419)      (25 588)   
      Profit on disposal of fishing vessel                                                                           3 497         3 497   
      (Loss)/profit on disposal of business(1)                                                         (770)                       8 000   
                                                                                                       (770)      (15 922)      (14 091)   

      Note:
      (1) The R0.8 million relates to the loss on sale of the CCS V&A cold store assets. The R8.0 million in the prior period relates to profit 
          on sale of the CCS Linebooker transport business.
      (2) Transaction costs in the prior period relates to the extension of the Westbank Fishing Limited Liability Company ("Westbank") operating
          agreement and subsequent change in Westbank shareholding.
      
      Transactions outside the ordinary course of business that are substantially capital or non-recurring in nature and are
      identified by management as warranting separate disclosure are disclosed under other operating items in the statement
      of comprehensive income. These comprise profits or losses on disposal and scrapping of property, plant and equipment,
      intangibles assets and non-current assets held for sale, impairments or reversal of impairments, profits or losses on disposal of
      investments, operations or subsidiaries and business combination related costs or gains.

                                                                                                   Unaudited     Unaudited       Audited   
                                                                                                  six months    six months          year   
                                                                                                       ended         ended         ended   
                                                                                                 31 Mar 2019   31 Mar 2018   30 Sep 2018   
                                                                                                       R'000         R'000         R'000   
6.    TAXATION EXPENSE/(INCOME)                                                                                                         
      Current taxation                                                                               135 973       103 230       240 950   
      Current year                                                                                   127 131        86 014       254 820   
      Capital gains tax                                                                                                            1 794   
      Withholding tax                                                                                  8 842         5 323         9 943   
      Adjustments in respect of previous years                                                                      11 893      (25 607)   
      Deferred taxation                                                                             (13 994)     (149 961)     (240 140)   
      Current year                                                                                  (13 994)        10 629       (1 271)   
      Adjustments in respect of previous years                                                                                   (1 049)   
      Adjustments in respect of change in tax rate(1)                                                            (160 590)     (237 820)   
                                                                                                     121 979      (46 731)           810   

      Note:
      (1) This adjustment in the prior period relates to a USD13 million (September 2018: USD18.6 million) release in Daybrook Fisheries Incorporated
          following the reduction in the federal corporate tax rate in the United States of America from 35% to 21%.

                                                                                                   Unaudited     Unaudited       Audited   
                                                                                                  six months    six months          year   
                                                                                                       ended         ended         ended   
                                                                                                 31 Mar 2019   31 Mar 2018   30 Sep 2018   
                                                                                                       R'000         R'000         R'000   
7.    DERIVATIVE ASSETS
      Non-current                                                
      Interest rate caps and swaps held as hedging instruments                                                                             
      Opening balance                                                                                 17 398         1 837         1 837   
      Fair value adjustments recognised in profit or loss (ineffective portion)                        (264)       (1 712)       (5 331)   
      Fair value adjustments recognised in other comprehensive income                                                                      
      (effective portion)                                                                           (13 820)        11 644        20 139   
      Reclassified from derivative liability                                                                           207           207   
      Foreign currency translation adjustment                                                            210         (382)           546   
      Closing balance                                                                                  3 524        11 594        17 398   
      Interest rate caps                                                                                  74           928           586   
      Interest rate swaps                                                                              3 450        10 666        16 812   
                                                                                                       3 524        11 594        17 398   
         
      Interest rate caps and swaps recorded in the cash flow hedging reserve and derivative assets are regarded as level 2 financial
      instruments. Level 2 fair value measurements are those derived from inputs that are observable for the asset or liability, either
      directly (i.e. as prices) or indirectly (i.e. derived from prices).
      
      The fair value of interest rate caps and swaps is calculated as the present value of the estimated future cash flows based on
      observable yield curves.
      
      Interest rate caps were executed in the 2016 financial year, with a maturity date of 20 July 2018 and 20 July 2020. Interest
      rate caps were designated as cash flow hedges and executed to hedge the interest that is payable under various debt
      facilities with principal values of R1 810 million. The amount of the principal value designated as a hedged item is R390 million
      (2018: R980 million). Gains or losses on interest rate caps held as hedging instruments in designated and effective hedging
      relationships are recognised in other comprehensive income and are reclassified to profit or loss in the same period that the
      hedge cash flows affect profit or loss. During the period a fair value loss of R0.2 million (March 2018: gain R2.3 million) was
      recognised in other comprehensive income.
      
      The notional principal amount of the interest rate swaps at 31 March 2019 amounts to R1 581 million (March 2018: R832 million).
      This comprises hedges on the term debt of R1 581 million (March 2018: R1 388 million). The swap is to hedge the interest
      that is payable under the debt facility. During the period a fair value loss of R13.6 million (March 2018: gain R9.3 million) was
      recognised in other comprehensive income. The interest rate swap was reclassified to derivate assets in the prior period.

                                                                                                   Unaudited     Unaudited       Audited   
                                                                                                  six months    six months          year   
                                                                                                       ended         ended         ended   
                                                                                                 31 Mar 2019   31 Mar 2018   30 Sep 2018   
                                                                                                       R'000         R'000         R'000   
8.    DISPOSAL OF BUSINESSES                                                                                                            
8.1   V&A Cold Store (CCS)                                                                                                             
      The group disposed of the V&A cold store assets within the                                                                           
      commercial cold storage and logistics segment on the 11 January 2019                                                                 
      and 28 February 2019.                                                                                                                
      Assets disposed:                                                                                                                     
      Property, plant and equipment                                                                    8 270                               
      Goodwill                                                                                        10 000                               
                                                                                                      18 270                               
      Consideration received                                                                          17 500                               
      Net loss on disposal                                                                             (770)                               
   
8.2   Linebooker transport business (CCS)                                                                                              
      The group disposed of the commercial cold storage Linebooker                                                                         
      transport business in the prior period.                                                                                              
      Consideration received                                                                                                       8 000   
      Net profit on disposal                                                                                                       8 000   
   
9.    DEBT REFINANCE                                                                                                                    
      During the prior year a R1 420.0 million facility was refinanced in                                                                  
      terms of which R500.0 million was restructured as an amortisation                                                                    
      payment facility maturing in 5 years, R738.0 million was restructured                                                                
      as a bullet payment facility maturing in 4 years and R182.0 million as                                                               
      a bullet payment facility maturing in 3 years. Debt refinancing cost of                                                              
      R2.2 million was incurred.                                                                                                           
   
10.   NET CASH AND CASH EQUIVALENTS                                                                                                    
      Cash and cash equivalents                                                                      193 760       856 737     1 015 060   

      Daybrook Fisheries Incorporated ("Daybrook") received $17.3 million (net of legal costs) in the prior year following a Federal
      Court settlement in relation to Daybrook's 2006 Deepwater Horizen oil spill law suit. In terms of the 2015 stock purchase
      agreement entered into with the selling Daybrook stockholders, all risks and rewards relating to the Deepwater Horizen oil
      spill law suit were excluded from the transaction and the purchase consideration. The settlement proceeds received, net of
      any taxation and legal costs, were accordingly due and payable to the Stockholder Representative on behalf of the selling
      shareholders. At the end of the prior period, these restricted funds (R246.4 million) were held in cash and cash equivalents
      with a corresponding liability in accounts payable as the funds had not yet been remitted to the Stockholder Representative.
      The funds were settled in full to the shareholder representative on 4 February 2019.

                                                                                                   Unaudited     Unaudited       Audited   
                                                                                                  six months    six months          year   
                                                                                                       ended         ended         ended   
                                                                                                 31 Mar 2019   31 Mar 2018   30 Sep 2018   
                                                                                                       R'000         R'000         R'000   
11.   DETERMINATION OF HEADLINE EARNINGS
      Profit after taxation attributable to shareholders of                                      
      Oceana Group Limited                                                                           288 667       364 873       857 831   
      Adjusted for:                                                                                                                        
      Headline earnings adjustments - joint ventures                                                                                (72)   
      Net profit on disposal of property, plant and equipment and                                                                          
      intangible assets                                                                                (397)       (3 472)       (3 491)   
      Loss/(profit) on disposal of business                                                              770                     (8 000)   
      Total non-controlling interest in above                                                            115                         (3)   
      Total tax effect of adjustments                                                                  2 654           972         2 793   
      Headline earnings for the period                                                               291 809       362 373       849 058   
      Headline earnings per share (cents)                                                                                                  
      - Basic                                                                                          249.7         310.4         727.1   
      - Diluted                                                                                        229.5         284.6         667.7   
   
12.   DIVIDENDS
      Dividend declared after reporting date                                                         143 785       130 763       355 300   
      Dividends per share (cents)                                                                      123.0         112.0         416.0   
      Number of shares in issue net of treasury shares                                               116 898       116 753       116 875   

13.   SUPPLEMENTARY INFORMATION
      Amortisation                                                                                    31 103        27 649        59 315   
      Depreciation                                                                                   101 231       105 646       209 391   
      Operating lease charges                                                                         42 542        45 304       110 400   
      Share-based expenses                                                                             4 807         6 569         9 958   
      Cash-settled compensation                                                                        1 334       (1 472)       (2 498)   
      Equity-settled compensation                                                                      3 473         8 041        12 456   
      Capital expenditure                                                                            138 831        68 602       163 742   
      Replacement                                                                                    138 831        68 602       163 742   
      Budgeted capital commitments                                                                   169 581       136 649       318 086   
      Contracted                                                                                      51 014        43 489        23 218   
      Not contracted                                                                                 118 567        93 160       294 868 
        
                                                                                                   Number of     Number of     Number of   
                                                                                                      shares        shares        shares   
                                                                                                        '000          '000          '000   
14.   ELIMINATION OF TREASURY SHARES                                                                                                   
      Weighted average number of shares in issue                                                     135 526       135 526       135 526   
      Less: Weighted average treasury shares held by share trusts                                   (13 546)      (13 679)      (13 654)   
      Less: Weighted average treasury shares held by subsidiary company                              (5 094)       (5 094)       (5 094)   
      Weighted average number of shares on which basic earnings per share                                                                  
      and basic headline earnings per share are based                                                116 886       116 753       116 778   
      Weighted average number of shares on which diluted earnings per                                                                      
      share and diluted headline earnings per share are based                                        127 131       127 313       127 164   

15.   CONTINGENT LIABILITIES AND GUARANTEES 

      The group has given cross suretyships in support of bank overdraft facilities of certain subsidiaries and the company.

      During the prior year a customer of Commercial Cold Storage Proprietary Limited (CCS) sent a letter of demand for alleged
      damages suffered to their products. The amount claimed in the letter of demand was R24.4 million. Legal proceedings
      have subsequently been instituted by the customer in terms of which the damages are being claimed from CCS in the sum
      of R27.7 million for the value of the product lost and R3.4 million for alleged ancillary expenses incurred as a result of the loss
      suffered. In terms of legal advice obtained, the customer's legal action is being contested. No provision has been made in the
      March 2019 financial statements as management do not consider there to be any likelihood of probable loss.
      
      Oceana Group Limited (the "Guarantor") has issued a guarantee in favour of Standard Bank de Angola, S.A (the 'Beneficiary').
      The Guarantee was issued pursuant to the facility agreement dated 22 December 2017 between the Beneficiary and Oceana Boa Pesca, 
      LDA (the 'Borrower'), in which the Beneficiary agreed to provide certain banking facilities to the Borrower on condition of a 
      Guarantee issued by the Guarantor in favour of the Beneficiary for an amount not exceeding AOA 300 million (R13.6 million). The
      overdraft balance at reporting date was AOA 294 million (R13.4 million).

16.   EVENTS AFTER THE REPORTING DATE

      No events occurred after the reporting date that may have an impact on the group's reported financial position at 
      31 March 2019 or require separate disclosure in these financial statements.

Comments

FINANCIAL RESULTS

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 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.

Group revenue increased by 3% to R3 557 million (March 2018: R3 453 million) with good volume growth in the local canned fish
segment partially offset by lower export volumes in the horse mackerel and hake segments due to planned vessel maintenance.
In the United States of America (USA), Daybrook's revenue increased by 7% in Rand terms mainly due to firmer fishmeal and oil pricing 
and the weaker Rand.

Group operating profit before other operating items increased by 12% to R554 million (March 2018: R495 million).

Net interest expense related to finance costs on facilities and long-term borrowings has reduced by 12% for the period to
R130 million (March 2018: R148 million). The average interest rate for all debt is currently 7.0% (March 2018: 6.8%).

Group profit before taxation increased by 28% to R423 million (March 2018: R331 million). The prior period group profit before
taxation included non-recurring operating expenses of R16 million and fair value losses of R36 million.

TAXATION

Taxation expense of R122 million for the period is materially higher than the prior period (March 2018: taxation income R47 million)
due to a once-off release of deferred taxation amounting to R161 million in the prior year following the reduction in the federal
corporate tax rate in the USA from 35% to 21%.

HEADLINE EARNINGS AND DIVIDEND

Accordingly headline earnings for the period decreased by 19% compared to the prior period. Excluding the effect of the once-off
deferred tax adjustment, fair value adjustments and other operating items, headline earnings increased by 17%.

An interim dividend of 123 cents per share (March 2018: 112 cents per share) has been declared.

FINANCIAL POSITION AND CASH FLOW

Cash generated from operations for the period decreased to R194 million (March 2018: R411 million) due mainly to increased frozen
fish stock holdings due to additional global sourcing to supplement the reduction in the 2019 South Africa pilchard Total Allowable
Catch (TAC). As a result, cash balances reduced to R194 million (March 2018: R 857 million).

At 30 March 2019 group long term debt is R3 589 million (March 2018: R3 762 million) of which R1 581 million 
(March 2018: R1 388 million) is denominated in US dollars.

REVIEW OF OPERATIONS

CANNED FISH AND FISHMEAL (AFRICA)

The canned fish business delivered a strong performance for the half aided by volume growth of 11% to 4.9 million cartons 
(March 2018: 4.4 million cartons). Affordable pricing, increased promotional activity and a marketing strategy focused on 
increasing the number of meal occasions drove consumer demand in a sluggish South African consumer market.

A further reduction this year in the TAC for pilchards has resulted in increased international procurement of frozen fish to
supplement local fish supply for Lucky Star's canned pilchard product. Consequently, local canneries have benefited from the
consistent supply of frozen product for processing resulting in both improved cannery efficiencies and labour productivity.

Operating profit in the canned fish business increased materially as a result.

The South African Anchovy TAC increased in 2019 by 10% and early season landings have been promising. In addition, extra fishing
capacity due to the reduction in the pilchard TAC has increased fishing efforts for industrial fish landings.

Fishing and processing operations have been suspended in Angola in view of growing concerns over the long-term sustainability
of the sardinella resource. The status of the resource will continue to be monitored. Despite this challenge overall profitability 
in the Africa fishmeal business has improved with higher sales volumes and realised prices in South Africa and lower losses in Angola 
following suspension of operations.

FISHMEAL AND FISH OIL (USA)

Adverse weather conditions in October 2018 resulted in landings below historical averages which contributed to lower fishmeal and
fish oil volumes in Daybrook toward the end of the calendar year. As a result, in USD terms, Daybrook's revenue reduced by 4% to
USD 45.9 million (March 2018: USD 47.6 million) due mainly to lower sales volumes of 29,317 tons (March 2018: 31,489 tons).

As expected, due to continued demand, pricing of fishmeal in USD terms improved by 1% with fish oil prices showing strong
recovery of 10% on prior period prices.

Daybrook's operating profit benefited from the weaker Rand on translation when consolidating into the Group's results, increasing
by 10% in Rand terms on the prior period.

The 2019 fishing season commenced on 15 April 2019 and will run until the end October 2019. During the off-season Daybrook
invested approximately USD 5 million in plant improvements and efficiency projects to stimulate throughput and production quality.

HORSE MACKEREL AND HAKE

The overall performance in this sector has been characterised by good catch rates and strong demand in both local and foreign
markets for horse mackerel and hake but negatively impacted by a reduction in fishing days across our fleet due to maintenance
and scheduled dry-docks. The financial performance for this sector was negatively impacted by a decline in weighted average fishing 
days of 21% compared to the prior period.

In Namibia, the 2019 horse mackerel TAC increased by 3% to 349,000 tons. The Ministry of Fisheries and Marine Resources made an
initial allocation of 179,000 tons (March 2018: 236,000 tons) for the 2019 fishing season. Our allocation has remained proportionally
consistent with the prior period.

The performance of our Namibian vessels has been positive with higher catch rates during the period offset by lower volumes
landed due to reduced fishing days resulting from vessel maintenance. Firm sales prices and a weaker Rand offset the effect of lower
sales volumes resulting in the Namibian horse mackerel business contributing an operating profit in line with the prior period.

In South Africa, the Precautionary Maximum Catch Limit (PMCL) for targeted catch of horse mackerel increased by 8.5% to
27,670 tons (March 2018: 25,500 tons). Quota available to Oceana through own and joint venture allocations remained in line with
2018. The 2017 Fishing Rights Application Process (FRAP) allocation remains under appeal.

Fishing days for the Desert Diamond were materially lower due to a scheduled dry-dock during the period which reduced landings
and sales volumes. Consistently improving catch rates, solid USD pricing and the weaker Rand contributed positively to overall
performance which was negatively impacted by lower sales volumes.

The 2019 hake offshore TAC increased by 10.0% to 122,423 tons (March 2018: 111,294 tons). Strong European demand and pricing and
a weaker Rand partially offset the effect of lower sales volumes brought about by reduced fishing days due to planned maintenance.

LOBSTER AND SQUID

The 2019 TAC for West Coast Rock Lobster (WCRL) reduced by 44% due to ongoing concerns about the health of the lobster
resource. Revenue and operating profit accordingly decreased but were mitigated by strong pricing due to Chinese demand for live
lobster, the weaker Rand and cost reduction initiatives.

Fishing rights allocated to the squid business remained unchanged over the period. Lower landings resulted in the squid business
reporting lower revenue and operating profit.

COMMERCIAL COLD STORAGE AND LOGISTICS (CCS)

Revenue for this segment improved due to increased occupancy levels, storage rates and pallets handled. Performance at our
coastal facilities benefitted from increased procurement of frozen fish for the canned fish business. Occupancy levels in Namibia
were lower in the first quarter due to lower volumes arising from the delayed announcement of the 2019 Namibian Horse mackerel
TAC and in the inland facilities, increased electricity and labour costs offset the higher revenue from improved occupancy levels.
Additionally, once off debt write offs of R7 million, has offset the positive operating performance for the period.

TIGER BRANDS LIMITED ("TIGER BRANDS") UNBUNDLING

Further to the Tiger Brands announcement on 5 April 2019, Tiger Brands unbundled its entire shareholding in Oceana to its shareholders 
effective 29 April 2019. 

Subsequent to the unbundling, Mr Lawrence Mac Dougall and Mr Noel Doyle resigned as directors to the Oceana board of directors ("Board"), 
effective 30 April 2019. The Board thanks Lawrence and Noel for their support and valued contributions during their respective Board tenures and 
wishes them both well with their future endeavours.

Following Tiger Brands decision to unbundle its Oceana shares, the Board formed a sub-committee and appointed independent advisors to 
consider the implications and opportunities of the unbundling. The Board has concluded that it does not expect the unbundling to impact Oceana’s
operations or its business plan and strategic outlook.

FURTHER DIRECTORATE AND COMPANY SECRETARY CHANGES

Mr Nisaar Ahmed Pangarker was appointed as a non-executive director to the Board with effect from 1 March 2019 and Ms Lesego Sennelo was appointed 
as an independent non-executive director to the Board effective 18 March 2019. The Board wishes both Nisaar and Lesego well in their new roles.

Jillian Marais will resign as Company Secretary with the appointment of Adela Fortune to the position, effective 1 June 2019 and will 
assume the role of Group Executive: Risk and Compliance.

PROSPECTS

Local demand for Lucky Star's canned fish remains strong but will be impacted by a tougher trading environment and the negative
impact of a weaker rand on imported frozen fish. Firmer global fishmeal and fish oil prices are expected due to projected lower
global production volumes for 2019. Early season landings in the USA and South Africa remain positive.

The second half performance will also be underpinned by improved vessel utilisation in the horse mackerel and hake segment and planned
efficiencies in the CCS business.

In Namibia, the fishing industry awaits the delayed announcement of the Namibian long term fishing rights. In South Africa,
engagement with the Department of Agriculture, Forestry and Fisheries will continue ahead of the 2020 Fishing Rights
Allocation Process.

Any forward-looking statements set out in this announcement have not been reviewed or reported on by the auditors.

On behalf of the Board

MA Brey                                                           I Soomra
Chairman (non-executive)                                          Chief executive officer

9 May 2019                                                         

CASH DIVIDEND DECLARATION

Notice is hereby given of dividend number 150. A gross interim dividend amounting to 123 cents per share, for the six months
ended 31 March 2019, was declared on Thursday, 9 May 2019, out of current earnings. Where applicable the deduction of dividends
withholding tax at a rate of 20% will result in a net dividend amounting to 98.4 cents per share.

The number of ordinary shares in issue at the date of this declaration is 135 526 154. The company's tax reference number is
9675/139/71/2. Relevant dates are as follows:

Last day to trade cum dividend          Tuesday, 25 June 2019
Commence trading ex dividend            Wednesday, 26 June 2019
Record date                             Friday, 28 June 2019
Dividend payable                        Monday, 1 July 2019

Share certificates may not be dematerialised or rematerialised between Wednesday, 26 June 2019 and Friday, 28 June 2019, both
dates inclusive.

By order of the Board

JC Marais
Company secretary

9 May 2019

Directorate and statutory information

Directors:                MA Brey (chairman), I Soomra* (chief executive officer), ZBM Bassa, PG de Beyer,
                          S Pather, NA Pangarker, L Sennelo, NV Simamane. (*Executive)
Change to Directors:      NA Pangarker has been appointed as a non-executive director to the Board, effective
                          1 March 2019. L Sennelo has been appointed as an independent non-
                          executive director to the board, effective 18 March 2019. L Mac Dougall and N Doyle have
                          resigned as directors to the Board, effective 30 April 2019.
Prescribed Officer:       T Giles (Interim chief financial officer).
Registered Office:        9th Floor, Oceana House, 25 Jan Smuts Street, Foreshore, Cape Town, 8001
Transfer Secretaries:     Computershare Investor Services Proprietary Limited
                          Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196
                          (PO Box 61051, Marshalltown, 2107)
Sponsor - South Africa:   The Standard Bank of South Africa Limited
Sponsor - Namibia:        Old Mutual Investment Services (Namibia) Proprietary Limited
Auditors:                 Deloitte & Touche
Company Secretary:        JC Marais will resign as Company Secretary with the appointment of A Fortune to the
                          position, effective 1 June 2019.
JSE share code:           OCE
NSX share code:           OCG
ISIN:                     ZAE000025284

www.oceana.co.za



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