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Availability of Annual Financial Statements
Sea Harvest Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2008/001066/06)
Share code: SHG ISIN: ZAE000240198
(“Sea Harvest” or “the Company”)
Availability of Annual Financial Statements and Change Statement
Shareholders are referred to the reviewed preliminary condensed consolidated results of Sea Harvest
for the year ended 31 December 2020, released on the Stock Exchange News Service on 1 March 2021
and are advised that the Company’s Annual Financial Statements, including the audit opinion by
Deloitte & Touche which sets out the key audit matters and the basis for the unqualified opinion, has
been made available at www.seaharvestgroup.co.za and is also available for inspection at the
Company’s registered office at The Boulevard Office Park, 1st Floor, Block C, Searle Street, Cape
Town, 7925.
The Annual Financial Statements contain the following modification to the results announced on SENS
on 1 March 2021:
• Change relating to the 2020 Cash Flow Statement - A reclassification of R25.7 million relating to
insurance proceeds which was included in operating cash flows, is now included in investing cash
flows. See updated Cash Flow Statement below.
Consolidated Statement of Cash Flows
for the year ended 31 December 2020
2020 2019
Notes R'000 R'000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated by operations A 923 569 839 219
Working capital changes B 71 038 (71 038)
Cash generated by operating activities 994 607 768 181
Interest received 13 163 10 617
Dividends received 8 000 4 000
Interest paid (96 645) (120 055)
Income tax paid (111 737) (119 509)
Proceeds from government grants 3 328 17 181
Net cash generated from operating activities 810 716 560 415
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (286 313) (264 629)
Insurance Proceeds 25 747 –
Proceeds from the disposal of property, plant and equipment 7 574 22 098
Acquisition of intangible assets (32 210) (30)
Acquisition of a subsidiary/business – (558 139)
Additions to biological assets (65 605) (69 007)
Loans advanced to supplier partners (8 425) –
Proceeds on loans advanced supplier partners 1 130 –
Loans advanced to related parties (56 270) –
Proceeds on loans advanced to related parties 10 891 –
Cash movement in other long term and short loans 343 8 299
Net cash utilised in investing activities (403 138) (861 408)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of equity instruments of the company – 300 000
Shares repurchased (15 322) (50 962)
Proceeds from borrowings 588 026 347 497
Repayment of borrowings and lease liabilities (769 836) (540 294)
Repayment of other financial liabilities (22 752) (21 401)
Loans advanced to supplier partners – (6 032)
Proceeds on loans advanced supplier partners – 5 686
Dividends paid (147 115) (117 154)
Further investment in subsidiary – (168 890)
Net cash generated from financing activities (366 999) (251 550)
Net increase in cash and cash equivalents 40 579 (552 543)
Cash and cash equivalents at the beginning of the year 229 293 781 679
Effects of exchange rate changes on the balance of cash held in
foreign currencies 569 157
Cash and cash equivalents at the end of the year 19 270 441 229 293
There have been no other changes to the Annual Financial Statements. Shareholders are referred to
the Annual Financial Statements for the full notes to the Cash Flow Statement.
A further announcement providing details of the issue of the Integrated Annual Report of the Company
and Notice of Annual General Meeting will be released in due course.
Cape Town
31 March 2021
Sponsor
The Standard Bank of South Africa Limited
Date: 31-03-2021 05:30:00
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