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Do you still hold OCE jaDEB?

Release Date: 08/05/2014 17:30:00 Code(s): OCE

INTERIM REPORT AND DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 31 MARCH 2014

Oceana Group Limited
Incorporated in the Republic of South Africa
(Registration Number 1939/001730/06)
("Oceana" or "the company" or "the group")


INTERIM REPORT AND DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 31 MARCH 2014
COMMENTS

Financial results

Group earnings for the six months ended 31 March 2014 have been solid under tough trading conditions, coming off a
strong base for the comparative six month period. Basic earnings per share and basic headline earnings per share
increased by 5.6% over the same period.

Revenue for the period decreased by 4% primarily due to the effect of lower horse mackerel catch rates but offset
by the positive growth in our three remaining divisions and bolstered by better than expected canned fish volumes
and the positive effect of a weaker exchange rate on exported products.

Inventory levels have improved significantly in the last six months in line with our canned fish procurement
strategy. As a result, the group has been cash generative to the extent of R109 million compared to a decrease in
cash of R292 million for the comparative period.

An interim dividend of 106 cents per share has been declared (2013: 100 cents per share).

Prospects

In light of improved industrial fish landings to date the group is positioned to take advantage of opportunities for
export revenue growth in the second half of this financial year. We are mindful that the pressure faced by domestic
consumers will continue to impact canned fish volume growth for the remainder of the year. The forecast information has
not been audited or reviewed by the group’s auditors.

No Idea jaDEB, now it is at R75, haven't been at this level since 2013. What do you think jaDEB?