Wrap Text
Short Form Announcement
Summarised Reviewed Condensed Consolidated Results For The Year Ended 31 August 2022
PREMIER FISHING AND BRANDS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1998/018598/06
Share code: PFB and ISIN: ZAE000247516
(“PFB” or “the Company” or “the Group” or "Premier”)
SHORT FORM ANNOUNCEMENT
SUMMARISED REVIEWED CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 AUGUST 2022
Shareholders are hereby advised that Premier Fishing and Brands Limited’s (“Premier”) summarised reviewed condensed
consolidated interim results for the year ended 31 August 2022 are available on Premier’s website and can be
viewed at https://senspdf.jse.co.za/documents/2022/jse/isse/pfbe/SENS LF.PDF
The salient features compared to the corresponding period in the prior year are as follows:
- Revenue decreased by 17% to R475 million from R575 million
- Gross profit decreased by 20% to R153 million from R192 million
- Profit before tax increased by 6% to R19 million from R18 million
- Earnings before interest, taxation, depreciation, and amortization (EBITDA) increased by 11% to R48 million
from R43 million.
- Basic and diluted earnings per share increased from (3.79) cents to 5.62 cents
- Basic and diluted headline earnings per share increased from (3.39) cents to 5.65
- Current asset ratio 5,27:1 as at 31 August 2022 (2021: 4,17:1)
From a revenue perspective, the Group had a tough year which saw overall revenue dropped by R100 million from R575
million to R475 million, mainly as a result of the squid division. The squid sector saw reduced catch rates, which
was industry wide. However, whilst the export market for squid remains very strong as the market saw high prices
per kilogram, the Group unfortunately could not capitalise on the price factor, due to the low volumes caught.
Gross profit margins from 2021 to 2022 remained relatively consistent. Profit before tax rose to R19 million
(2021: R18 million), primarily due to a grant received from The Department of Trade Industry and Competition
(“DTI”), paired with solid performances for the lobster sector as well as solid divisional performances in the
pelagic and the hake sector.
Catch rates for south coast rock lobster, hake and pelagic were solid and this is expected to continue
as the resource remains strong. The farmed abalone sector also showed good signs of improvement, especially in the
export market. However; local costs such as electricity, water, fuel, bait, feeding costs, employee costs have
placed massive strains on abalone’s margins and the Group’s operating margins as well.
The West Coast Rock Lobster sector remains a political and a resource challenge as we experienced a Total
Allowable Catch (“TAC”) decline and the catch rates during the year were low for both our own quota and outside
quota holders. However, with all the challenges, we remain optimistic and positive as the abalone export markets
have shown signs of recovery and we hope to experience better catch rates for West Coast Rock Lobster in the
future years.
DIVIDENDS
The impact of Covid-19 is still being felt in most of the markets that the Group operates in despite the Group being
deemed an essential business service. There is no certainty as to how long it will take for our markets to return
to normal levels. As a consequence of this uncertainty, and the challenging year it has been, the Board of Directors
believes that preservation of cash is paramount to ensure the sustainability of the Group in this current environment,
and has such, made the decision not to declare a dividend for the year ending 31 August 2022.
GOING CONCERN
Following the outbreak of COVID-19, certain financial pressures will be placed on certain divisions within
the Group. A number of interventions have been put in place to mitigate these financial pressures and as such, the
Board of Directors believe that the Group still has adequate financial resources to continue in operation for the
foreseeable future and accordingly these financial statements for the year ended 31 August 2022 have
been prepared on a going concern basis.
The Board of Directors have satisfied themselves that the Group is in a sound financial position and that it has
access to sufficient borrowing facilities to meet its foreseeable cash requirements. The directors are not aware of
any new material changes, except for the COVID-19 pandemic that may economically impact the Group.
FRAP (Fishing Rights Application Process)
The FRAP was officially concluded during March 2022. The Group’s applications were scored and rated based on the
quality of how we operated the fishing rights, the efficiency and usage of the assets and resources, investment into
the vessels and the management of the entire crew over the past 15 years. Other areas where ratings were given
include job creation, corporate social investment, transformation and other societal benefits.
The Group scored very well in all its major applications as we submitted very strong applications.
The Group is pleased to announce that the Department of Agriculture, Forestry and Fishing (“DAFF”) granted the Group
all its fishing rights for the next 15 years in March 2022, in all the sectors below:
- South Coast Rock Lobster
- Anchovies
- Pilchards
- Squid
- Hake Deep Sea
- Hake Longline
The Group looks forward to the next 15 years of fishing and will look to continue its good management of the entire
fleet and crew and continue its massive strides it has made into job creation, corporate social investment and
transformation.
Shareholders of the Company are advised and reminded of the cautionary that was released on the 9th November 2022.
The cautionary sent out is in relation to African Equity Empowerment Investments Limited (“AEEI”), who holds 56% of
the shares in the Company, has indicated that it is about to make a firm intention to make an offer to acquire all
of the ordinary shares in the Company not held by AEEI and shareholders acting in concert with AEEI. Shareholders
of the Company are urged to exercise caution in dealing in their shares in the Company until such time as further
announcements in this regard are made.
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION
This short-form announcement contains only a summary of the information in the full announcement and does not
contain the full and complete details and is the responsibility of the directors.
Please refer to the full announcement for additional information. The full announcement is also available for
viewing on Premier’s website at www.premierfishing.co.za. In addition, electronic copies of the full announcement
may be requested and obtained, at no charge during office hours, or from the sponsor at sponsor@vunanicapital.co.za.
Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement
which is available on Premier’s website.
APPRECIATION
We wish to thank our employees, Group executives, management, our Board of Directors, as well as our strategic
partners, stakeholders and business partners for their loyalty and dedication in contributing to the success of
the Group during this trying period.
Mrs Aziza Amod Mr Sooren Ramdenee
Independent non-executive Chairperson Chief executive Officer
Cape Town
15 November 2022
DIRECTORATE AND STATUTORY INFORMATION
Directors
#*Aziza Amod (Independent non-executive chairperson; * Sooren Ramdenee (Chief executive officer); *Rushaan Isaacs
(Marketing Director); *B Robertson (Chief Financial Officer) #*Rosemary Phindile Mosia; #*Clifford Leonard van der
Venter; #*Advocate Ngoako Ramatlhodi, #*Sebenzile Patrick Mngconkola; #*Valentine Dzvova
* Executive directors
#*Non-executive directors
Company Secretary: Cornell Kannemeyer
Business address: No.3 South Arm Road, Victoria Basin, Victoria and Alfred Waterfront, Cape Town, 8001
Email: cornellk@premfish.co.za
Transfer secretaries: Link Market Services South Africa (Pty) Ltd, Rennie House, 13th Floor, 19 Ameshoff Street,
Braamfontein, 2001
Auditors: THAWT Inc and Crowe JHB (3 Sandown Valley Crescent, Sandown 3196, PO Box 652550, Benmore
2010, South Africa, Docex 12, Nelson Mandela Square)
Sponsor: Vunani Sponsors
Date: 16-11-2022 05:35:00
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