2025/12/17 – 13:03:00 – 1087498974690017552
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https://senspdf.jse.co.za/documents/2025/nsx/isse/sbfnm/sbfaug2025.pdf
Unaudited interim results for the six months ended 31 August 2025
SAVANNA BEEF PROCESSORS LIMITED
(Incorporated in the Republic of Namibia)
Registration Number 2022/0137
NSX Share Code: SBF
ISIN: NA000A40Y7S7
(“the Company” or “Savanna”)
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2025
Statement of Comprehensive Income – GROUP Unaudited Audited
Six months Year end
ended 28 February
31 August 2025 2025
N$ N$
Operating loss (9,754,614) (13,205,218)
Profit / (Loss) before taxation (7,673,335) (1,223,688)
Taxation Nil Nil
Loss for the period (7,673,335) (1,223,688)
Total comprehensive loss for the period (7,673,335) (1,223,688)
Number of shares at period-end 250,004,000 250,004,000
NAV attributable to ordinary shares 99 cents 102 cents
Basic earnings per share (3,07) (0,50)
Headline earnings per share (3,07) 1,48
Directors’ commentary
Company financial performance and operations update
The construction phase of the abattoir of the subsidiary company, Savanna Beef Operations (Pty) Ltd
(the “Subsidiary”) was concluded on 27 October 2025, when the taking over certificate was issued. On
27 August 2025 the Subsidiary commenced slaughtering for three days only during commissioning of
the abattoir. Once a total of 61 large stock units (“LSU”) were slaughtered the construction continued
for another month. Beginning of October, the Subsidiary continued to slaughter an average of 40 LSU
per week, and a total of 706 LSU were slaughtered by 30 November 2025. The Subsidiary will gradually
ramp up to 100 LSU per day until full capacity of 250 LSU per day is expected to be slaughtered when
EU export certification is awarded. On 31 August 2025 the subsidiary employed 84 employees, which
will increase to 220 employees. During November 2025 the Subsidiary hosted the Department of
Veterinary Services to conduct the regional SADC slaughter audit inspection of the abattoir. Once EU
export certification is obtained during 2026, the Subsidiary will export to Europe as per the terms and
conditions of the marketing agreement.
Finance costs in respect of the Industrial Development Corporation of South Africa (N$8,2 million) and
Energy Utilities Assets (Pty) Ltd (N$1,6 million) loans were accrued during six months until 31 August
2025, of which N$9,8 million were capitalised.
On 30 November 2025 all milestones under the EPC contract amounting to N$149 million were certified
by the employer representative and the Industrial Development Corporation of South Africa Limited
(“IDC”). The final payout under the construction loan from the IDC will be received during January 2026
and paid to the contractor. On 1 November 2025 Energy Utilities Assets (Pty) Ltd took delivery of the
refrigeration system as per the refrigeration outsourcing agreement at a value of N$ 107 million of which
the Subsidiary received an advance amounting to N$ 55 million. The equity contribution of N$ 40 million
from BPF Windsor Holdings Limited, linked to the completion of a milestone, will be paid during
December 2025.
Once all capital projects are completed during December 2025, it is expected that the total capital
expenditure of the project does not exceed the total contract value amounting to N$418 million.
Currently the contractor and the Subsidiary are finalising the commitments made towards variation
orders and determine the final amount of the delay damages due to the delay in completing the
construction approximately eight weeks after 21 August 2025 as contractually agreed.
Due to the construction delay and the subsequent delay of the regional SADC slaughter audit
inspection, the Board of Directors has decided to move the declaration of slaughter rights to the board
meeting scheduled for mid-February 2026. A separate announcement is issued in this respect.
Short form announcement
This short form announcement is the responsibility of the directors, and the results reflected herein were
approved at a meeting of the Board held on 27 November 2025. It is only a summary of the information
contained in the full announcement and does not contain full or complete details.
Any investment decision should be based on the full announcement accessible as of 17 December
2025, via the NSX link:
https://senspdf.jse.co.za/documents/2025/nsx/isse/sbfnm/sbfaug2025.pdf
Copies of the full announcement are available for inspection at the Company’s registered office at no
charge, weekdays during office hours.
Directors
S. Schneider (Chairperson)
D. Metzger (Vice-Chairperson)
E.W. Fischer
F.W. Voigts
H.W. Marggraff
J. Muinjo
S.J. Oosthuizen
B. Vente
S.C. Collard (Chief Executive Officer)
H.R. Horsthemke (Chief Operations Officer)
K. Redecker (Chief Finance Officer)
Postal address
P.O. Box 90757, Klein-Windhoek
Windhoek
Namibia
By order of the Board
17 December 2025
Sponsor
Cirrus Securities (Pty) Ltd
Registration Number: 98/463
Member of the Namibia Securities Exchange
Date: 17-12-2025 01:03:00
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Namibia Securities Exchange – NAM News