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Sanford Limited six months results

Sanford Limited six months results released to the New Zealand Stock Exchange this afternoon:


APPENDIX I (Rule 10.4)
PRELIMINARY *HALF YEAR/FULL YEAR REPORT ANNOUNCEMENT

SANFORD LIMITED

For Half Year/Full Year Ended 31 MARCH 2005
(referred to in this report as the "current half year/full year")

Preliminary *Half year/full year report on consolidated results (including the results for the previous corresponding *half year/full year) in accordance with Listing Rule 10.4.2.

This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true and fair view of the matters to which the report relates [see Note (X) attached] and is based on *audited/unaudited financial statements. If the report is based on audited financial statements, any qualification made by the auditor is to be attached.

The Listed Issuer *has/does not have a formally constituted Audit Committee of the Board of Directors.

[PLEASE REFER TO ATTACHED NOTES WHEN COMPLETING THIS FORM]*CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE

1.CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
SIX MONTHS TO 31 MARCH 2005 $NZ'000
*Up/(Down)%
SIX MONTHS TO 31 MARCH 2004 $NZ'000

1.1OPERATING REVENUE

(a)Trading revenue
176,938
3.6%
170,825

(b)Other revenue
635
(71.4)%
2,222

(c)Total operating revenue
177,573
2.6%
173,047

1.2OPERATING *SURPLUS (DEFICIT) BEFORE TAXATION
22,717
(34.7)%
34,808

(a)Less taxation on operating result
7,422
(34.9)%
11,396

1.3OPERATING *SURPLUS (DEFICIT) AFTER TAX
15,295
(34.7)%
23,412
(a)Extraordinary Items after tax [detail in Item 3]

-

-
(b)Unrealised net change in value of investment properties

-


-
1.4NET *SURPLUS (DEFICIT) FOR THE PERIOD
15,295

(34.7)%
23,412
(a)Net Surplus (Deficit) attributable to minority interests

(59)

(330)
NET SURPLUS (DEFICIT) ATTRIBUTABLE TO MEMBERS OF
THE LISTED ISSUER
15,354

(35.3)%
23,742
*Delete as required
*CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
2.DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/EXPENSES FOR *HALF YEAR/FULL YEARSIX MONTHS TO
31 MARCH 2005
$NZ'000
SIX MONTHS TO
31 MARCH 2004
$NZ'000

2.1INCLUDED IN CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE


(a)Interest revenue included in Item 1.1(b)

151
546
(b)# Unusual items for separate disclosure (detail – Item 3)
-
1,335

(c)Equity earnings [detail – Item 16]
103
98

(d)Interest expense included in Item 1.2 (include all forms of interest, etc)
5,753
487

(e)Leasing and renting expenses
1,014
1,000

(f)Depreciation
9,426
7,371

(g)Diminution in the value of assets (other than depreciation)
-
-

(h)Amortisation of goodwill
-

-

(i)Amortisation of other intangible assets
500

-

(j)Impairment of goodwill
-

-
(k)Impairment of other intangible assets
-

-
2.2SUPPLEMENTARY ITEMS


(a)# Interest costs excluded from Item 2.1(d) and capitalised
-
-
(b)# Outlays (other than those arising from the acquisition of an existing business) capitalised in intangibles
-
-
(c)Unrecognised gains(losses) between the carrying value and market value of publicly traded investments
(1,519)
1,868
# Items marked in this way need be shown only where their inclusion as revenue or
exclusion from expenses has had a material effect on reported *surplus (deficit)

GROUP – CURRENT *HALF YEAR/FULL YEAR3.DISCONTINUED, UNUSUAL (INCLUDING NON RECURRING), AND EXTRAORDINARY ITEMS OF THE GROUP

DETAILS AND COMMENTS
Operating Revenue
$NZ'000
Operating Surplus
$NZ'000
Discontinued Activities:

-
-
(Disclose Operating Revenue and Operating Surplus)

-

-

-

-
-

-
-

-
TOTAL DISCONTINUED ACTIVITIES
-

-
Material Unusual (including Non Recurring) Items (included in 1.2)-

-
Description:
PROFIT ON DISPOSAL OF FIXED AND LONG TERM ASSETS

-

1,335
TOTAL MATERIAL NON RECURRING ITEMS-1,335

GROUP – CURRENT *HALF YEAR/FULL YEAR

DETAILS AND COMMENTS
Operating Revenue
$NZ'000

Operating Surplus
$NZ'000
Extraordinary Items (Ref. Item 1..3(a))

-
-
Description:
-

-


TOTAL EXTRAORDINARY ITEMS
-

-
* Delete as required

STATEMENT OF MOVEMENTS IN EQUITY

4.STATEMENT OF MOVEMENTS IN EQUITY
SIX MONTHS TO
31 MARCH 2005
$NZ'000
SIX MONTHS TO
31 MARCH 2004
$NZ'000
4.1*NET SURPLUS (DEFICIT) ATTRIBUTABLE TO MEMBERS OF LISTED ISSUER

15,354
23,742
(a)*Net Surplus (Deficit) attributable to minority interest

(59)
(330)
4.2OTHER RECOGNISED REVENUE AND EXPENSES


* Increases (decreases) in revaluation reserves

-

-
(b)Currency Translation Differences
139
(1,254)

(c)Minority interest in other recognized revenue and expenses
-
-

4.3TOTAL RECOGNISED REVENUES AND EXPENSES

15,434
22,158

4.4OTHER MOVEMENTS

(a)Contributions by Owners

-
-
(b)Distributions to Owners
(12,436)
(30,612)

(c)Contributions from Minority Interests
-
700

4.5EQUITY AT BEGINNING OF HALF YEAR/FULL YEAR*

493,212
446,771
4.6EQUITY AT END OF HALF YEAR/FULL YEAR

496,210
439,017
EARNINGS PER SECURITY
5.EARNINGS PER SECURITY
Calculation of basic and fully diluted, EPS in accordance with IAS33: Earnings Per ShareSIX MONTHS TO 31 MARCH 2005
$NZ'000SIX MONTHS TO 31 MARCH 2004
$NZ'000
(a)Basic EPS

16.1
24.8
(b)Diluted EPS (if materially different from (a))

-
-

MATERIAL ACQUISITIONS OF SUBSIDIARIES [see Note (VII) attached]:

(a)Name of subsidiary or group of subsidiaries

(b)Percentage of ownership acquired

(c)Contribution to consolidated net *Surplus (Deficit) (item 1.4)
$ NIL

$ NIL

(d)Date from which such contribution has been calculated


$ NIL

$ NIL


MATERIAL DISPOSALS OF SUBSIDIARIES [see Note (VII) attached]:

(a)Name of subsidiary or group of subsidiaries

(b)Contribution of subsidiaries to consolidated net *Surplus (Deficit) (item 1.4)
$ NIL

$ NIL

(c)Date to which such contribution has been calculated


(d)Contribution to consolidated net *Surplus (Deficit) (item 1.4) for the previous corresponding half year/full year
$ NIL

$ NIL
(e)Contribution to consolidated net *Surplus (Deficit) (item 1.4) from sale of subsidiary
$ NIL

$ NIL


REPORTS FOR INDUSTRY AND GEOGRAPHICAL SEGMENTS

The Sanford Group of Companies operates predominantly in the one segment of catching, processing and exporting seafood products.

It is considered that the provision of more detailed segment information would not provide any greater insight into the operation of the Group.

[Note (VIII) attached has particular relevance for the preparation of this statement]CONSOLIDATED STATEMENT OF FINANCIAL POSITION
9.CURRENT ASSETS


At end of current
*half year/full year
$NZ'000
As shown in last
Annual Report
$NZ'000If half yearly
as shown in last
Half Yearly Report
$NZ'000
(a)Cash
11,608
16,873
3,451
(b)Trade receivables
29,661
30,888
33,283
(c)Investments
-
-
-
(d) Inventories
45,523
37,398
36,537
(e) Other assets, current
17,291
12,143
10,110
TOTAL CURRENT ASSETS

104,083
97,302
83,381
9.1NON-CURRENT ASSETS

(a) Trade receivables

-

-

-
(b)Investments
27,192
27,340
24,526
(c)Inventories
-
-
-
(d)Property, plant and equipment
536,362
394,759
367,368
(e)Goodwill
-
-
-
(f)Deferred Taxation Assets
-
-
-
(g)Other Intangible Assets
2,500
-
-
(h)Other assets, non current
-
-
-
9.2TOTAL NON- CURRENT ASSETS
566,054
422,099
391,894
9.3TOTAL ASSETS
670,137
519,401
475,275
9.4CURRENT LIABILITIES

(a)Trade Creditors10,154
8,786
11,356
(b)Income in advance, current
-
-
-
(c)Secured loans
20,809
442
9,104
(d)Unsecured loans
-
-
-
(e)Provisions, current
-
-
-
(f)Other liabilities, current
15,261
13,296
11,246
TOTAL CURRENT LIABILITIES

46,224
22,524
31,706
NON- CURRENT LIABILITIES


(a)Accounts payable, non-current
-
-
-
(b)Secured loans
125,000
-
-
(c)Unsecured loans
-
-
-
(d)Provisions, non-current
-
-
-
(e)Deferred Taxation Liability, non-current
2,703
3,665
4,552
(f)Other liabilities, non-current
-
-
-9.6TOTAL NON-CURRENT LIABILITIES
127,703
3,665
4,5529.7TOTAL LIABILITIES
173,927
26,189
36,2589.8NET ASSETS
496,210
493,212
439,0179.9SHAREHOLDERS’ EQUITY
At end of current
*half year/full year
$NZ'000
As shown in last
Annual Report
$NZ'000If half yearly
as shown in last
Half Yearly Report
$NZ'000
(a)Paid In Share capital (optional)
97,392
97,392
97,392
(b)Reserves (optional)(i)Revaluation reserve
161,947
161,947
128,949
(ii)Other reserves
(3,240)
(3,352)
(3,223)
(c)Retained Surplus (accumulated Deficit) (optional)
240,644
237,726
216,208
9.10 SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO MEMBERS OF THE LISTED ISSUER

496,743
493,713
439,326
(a)Minority equity interests in subsidiaries
(533)
(501)
(309)
TOTAL SHAREHOLDERS’ EQUITY

496,210
493,212
439,017
(a)Returns on Assets (%) (EBIT divided by Total Assets)
4.2%
15.5%
7.3%
(b)Return on Equity (%) (Net Income divided by Shareholders’ Equity)
3.1%
10.9%
5.4%
(c)Debt to Equity Ratio (%) (Total Liabilities divided by Shareholders’) Equity)
35.1%
5.3%
8.3%

[See Note (IX) attached]CONSOLIDATED STATEMENT OF CASH FLOWS FOR *HALF YEAR/FULL YEAR
10.CASH FLOWS RELATING TO OPERATING ACTIVITIES
SIX MONTHS TO
31 MARCH 2005
$NZ'000SIX MONTHS TO
31 MARCH 2004
$NZ'000
(a)Receipts from customers
192,038
193,621
(b)Interest received
151
546
(c)Dividends received
382
135
(d)Payment to suppliers and employees
(164,035)
(155,803)
(e)Interest paid
(5,753)
(488)
(f)Income taxes paid
(7,001)
(12,551)
(g)Other cash flows relating to operating activities
-
-
NET OPERATING FLOWS

15,782
25,460


[See Note (IX) attached]
11. CASH FLOWS RELATED TO INVESTING ACTIVITIES

SIX MONTHS TO
31 MARCH 2005
$NZ'000SIX MONTHS TO
31 MARCH 2004
$NZ'000
(a)Cash proceeds from sale of property, plant and equipment
695
2,602
(b)Cash proceeds from sale of equity investments
43
139
(c)Loans repaid by other entities
-
-
(d)Cash paid for purchases of property, plant and equipment
(131,779)
(16,595)
(e)Interest paid - capitalised
-
-
(f)Cash paid for purchases of equity investments
(19,800)
-
(g)Loans to other entitles
-
-
(h)Other cash flows relating to investing activities
(3,000)
-
NET INVESTING CASH FLOWS

(153,841)
(13,854)


[See Note (IX) attached]
12. CASH FLOWS RELATED TO FINANCING ACTIVITIES

SIX MONTHS TO
31 MARCH 2005
$NZ'000SIX MONTHS TO
31 MARCH 2004
$NZ'000
(a)Cash proceeds from issue of shares, options, etc
-
-
(b)Borrowings
125,000
-
(c)Repayment of borrowings
-
(21,110)
(d)Dividend paid
(12,436)
(30,612)
(e)Other cash flows relating to financing activities
-
-
NET FINANCING CASH FLOWS

112,564

(51,722)

[See Note (IX) attached]
13. NET INCREASE (DECREASE IN CASH HELD)

SIX MONTHS TO
31 MARCH 2005
$NZ'000SIX MONTHS TO
31 MARCH 2004
$NZ'000
(a)Cash at beginning of *half year/full year
16,431
34,679
(b)Exchange rate adjustments to Item 13(a) above
(137)
(216)
(C)CASH AT END OF *HALF YEAR/FULL YEAR
(9,201)
(5,653)


14. NON-CASH FINANCING AND INVESTING ACTIVITIES
Provide details of financing and investing transactions which have had a material effect on group assets and liabilities but did not involve cash flows.

* Delete as required

15.RECONCILIATION OF CASH


For the purposes of the above statement of cash flows, cash includes CASH AT BANK, DEPOSITS AND BORROWINGS AT CALL


Cash at the end of the *half year/full year as shown in the statement of cash flows is reconciled to the related items in the financial statements as follows:
SIX MONTHS TO
31 MARCH 2005
$NZ'000SIX MONTHS TO
31 MARCH 2004
$NZ'000
Cash on hand and at bank
11,608
3,451
Deposits at call
-
-
Bank overdraft
(1,039)
(424)
Borrowings at call

(19,770)
(8,680)
TOTAL = CASH AT END OF *HALF YEAR/FULL YEAR [Item 13(c)]

(9,201)
(5,653)


EQUITY ACCOUNTED EARNIGS FROM ASSOCIATES16.EQUITY ACCOUNTED INVESTMENTS IN ASSOCIATES

Information attributable to the reporting group’s share of investments in associates and other material interests to be disclosed by way of separate note below (refer FRS-38 Accounting for Investments in Associates).

SIX MONTHS TO
31 MARCH 2005
$NZ'000SIX MONTHS TO
31 MARCH 2004
$NZ'000
16.1GROUP SHARE OF RESULTS OF ASSOCIATES

(a)OPERATING *SURPLUS (DEFICIT) BEFORE TAX
144
150
(b)Less Tax
41
52
(c)OPERATING *SURPLUS (DEFICIT) AFTER TAX
103
98
(i)Extraordinary items
-
-
(d)NET *SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS AFTER TAX
103
98
16.2MATERIAL INTERESTS IN CORPORATIONS NOT BEING SUBSIDIARIES

(a)THE GROUP HAS A MATERIAL (FROM GROUP'S VIEWPOINT) INTEREST IN THE FOLLOWING CORPORATIONS:

Name
Percentage of ordinary
shares held at end of
*half year/full year
Contribution to net
*surplus (deficit) (item 1.5)
EQUITY ACCOUNTED
ASSOCIATES

Current
*half year/
full yearPrevious
corresponding
*half year/
full year
Current
*half year/full year
$NZ'000Previous
corresponding
*half year/full year
$NZ'000


Equity Accounted in Current Year

OTHER MATERIAL INTERESTS


Not Equity Accounted in Current Year

*Delete as required


EQUITY ACCOUNTED INVESTMENT IN ASSOCIATESSIX MONTHS TO
31 MARCH 2005
$NZ'000SIX MONTHS TO
31 MARCH 2004
$NZ'000
(b)INVESTMENT IN ASSOCIATES


Carrying value of investments in associates at beginning of half year/
full year
5,426

2,478

Share of changes in associates’ post acquisition surpluses/and reserves:
-

-

-Retained surplus
103

98

-Reserves
(60)

-

Net goodwill amortisation and impairment adjustments in the period
-

-

Less Dividends received in the period

149
-
Equity carrying value of investments at the end of half year/full year
5,320

2,576

Amount of goodwill included in the carrying value at end of that half year/full year

-

-


17.ISSUED AND QUOTED SECURITIES AT END OF CURRENT *HALF YEAR/FULL YEAR

Category of SecuritiesIssuedNumberQuotedNumberCentsPaid-Up Value
(if not fully paid)

PREFERENCE SHARES:
# (Description)Issued during current *half year/full year

ORDINARY SHARES
# (Description)95,663,71795,663,717Issued during current *half year/full year

CONVERTIBLE NOTES
# (Description)Issued during current *half year/full year


OPTIONS:
Exercise PriceExpiry DateIssued during current *half year/full yearDEBENTURES – Total only:$UNSECURED NOTES – Totals only:$OTHER SECURITIES$$# Description includes rate of dividend or interest and any redemption or conversion rights together with the prices and dates thereof.

18.COMMENTS BY DIRECTORS If no report in any section, state NIL. If insufficient space below, provide details in the pages attached to this report.

(a)Material factors affecting the revenues and expenses of the group for the current *half year/full year REFER ATTACHED


(b)Significant trends or events since end of current *half year/full year REFER ATTACHED


(c)Changes in accounting policies since last Annual Report and/ or last Half Yearly Report to be disclosed NIL.

Critical Accounting Policies – Management believes the following to be critical accounting policies. That is they are both important to the portrayal of the Issuer’s financial condition and results, as they require management to make judgments and estimates about matters that they are inherently uncertain. NIL


Management's discussion and analysis of financial condition, result, and/or operations (optional) – this section should contain forward looking statements that should outline where these involved risk and uncertainty. REFER ATTACHED


(f)Other Comments REFER ATTACHED


19.DIVIDEND


Dividend Yield as at balance date (%) (Annual dividend per share divided by price per share: N/A

Tax Adjusted Dividend Yield as at balance date (%) (Annual net dividend per share divided by price per share) N/A


20.ANNUAL MEETING (If full year report)


(a) To be held at N/A

(b)DateTime

(c)Approximate date of availability of Annual Report

If this *half year/full year report was approved by resolution of the Board of Directors, please indicate date of meeting: 25 MAY 2005

Gillian McNamara 25 MAY 2005
(Signed by) Authorised Officer of Listed Issuer


*Delete as required
SUPPORTING INFORMATION FROM SANFORD LIMITED IN RESPECT TO THE ACCOUNTS FOR THE SIX MONTHS ENDED 31 MARCH 2005.


The Company wishes to provide the following additional information in respect of the six months results ended 31 March 2005.


Overall tax paid profit for the six months was $15.4m this year compared with $23.7m last year. Earnings before interest, tax and depreciation increased from $12.7m last year to $18.6m but overall earnings declined because of lower foreign exchange earnings (down from $28.1m to $19.1m) and increased interest costs (up from nil last year to $5.6m this year).


Sales revenue for the six months increased from $170.8m last year to $176.9m this year.


The continuing high New Zealand dollar impacted net returns for most species although in some markets prices for some of our species such as greenshell mussels increased. While earnings have increased from the integration of the Simunovich asset purchases in early October 2004 there will be increased benefits in the second half as scampi becomes an established part of our supply chain. Catches and market prices of scampi have been in line with expectations and earnings from scampi will be enhanced by the lease in of additional quota for the current fishing year.


Inshore fishing results have benefited from the acquisition of the Simunovich quota and the ability to attract increased patronage at the Auckland Fish Market. The Auckland Fish Market development is meeting targets for the wholesale auction and seafood school activity. Patronage at the wholesale and retail markets is steadily increasing and the recent addition of a free bus circulating through the city and downtown area is increasing customer traffic. Increasing the awareness of the market’s benefits amongst the Auckland public (with the availability of free customer parking and closeness to the viaduct basin) is a continuing challenge.


Inshore catches of the major target species are on track and most products are selling well. More emphasis is being placed on airfreight and local markets for species such as snapper. Orange roughy and smooth dory markets have been stable at satisfactory price levels.


The reduction in hoki quota has been partially offset by good squid catches of our own deepwater vessels and our charter fleet and we have also acquired squid products from other catchers. The squid market has been strong with low catches in other areas of the world and sales since the end of March will also enhance earnings in the second half. Toothfish catches improved over previous years and stronger market prices resulted in improved returns from these operations of which only a small proportion has flowed through in the first half.


Aquaculture returns in the first half of the year have improved from increased volumes, higher market prices and tight cost control. Similar results are forecast for the second six months.


Results from international fishing and investments have been mixed. Catches of tuna in the Pacific improved in the second three months. Results from these operations were below expectations and behind last year. The addition of a third vessel (Ocean Breeze) has increased our involvement and investment in this fishing and does provide for fleet efficiencies in catching and operations.


Catches from the Ocean Fresh Fisheries operation in Australia (acquired from Simunovich) have been lower than forecast and coupled with some major vessel repair costs have produced disappointing results. Results from the Racovolis sales and distribution business in Victoria continue to be positive and stable.


In Argentina catch rates have improved resulting in increased returns from this operation.


Results from our investment in China are encouraging with the business trading profitably and paying a maiden dividend during the period. Canadian based Fishery Products International reported reduced contributions from both the primary fishing division and the United States based marketing and added value group (now trading as Ocean Cuisine International) resulting in C$0.22 per share loss in the first three months of 2005. A proposal to float the Ocean Cuisine International business as an Income Trust has been delayed by lengthy and at times frustrating negotiations with the Government of Newfoundland and Labrador.

High fuel prices continue to negatively impact vessel operations particularly the larger deepwater and international fleet although there has been some reduction from peak prices in recent times and a more encouraging longer term outlook.


FOREIGN EXCHANGE

Foreign exchange gains were $19.1m for this period but down on the $28.1m of last year because of a lower level of cover. If the exchange rate remains at similar levels we would expect foreign exchange gains of a similar level for the second half but little cover is held beyond that time.


OUTLOOK FOR SIX MONTHS TO 30 SEPTEMBER 2005

Increased earnings will result from higher volume sales of squid, scampi and toothfish in the second six months. Inshore and aquaculture operations will provide steady returns while international results will depend largely on catches of tuna in the Pacific although results from Australia will improve. More emphasis on hoki catches will occur in the second six months by the deepwater division and final results will depend on the extent to which these products are able to be shipped to markets.


INTERIM DIVIDEND

Directors have resolved to maintain the interim dividend at 9 cents per share (fully imputed) which will be paid to Sanford shareholders on 22 June 2005.

E F Barratt, Managing Director
For and on behalf of
DIRECTORS OF SANFORD LIMITED 25 May 2005
(also available on www.sanford.co.nz)

ENDS

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