| Mon 30 Apr 2001, 0:00 | | Oakfields - Preliminary Results For The Year Ended |
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OAKFIELDS THOROUGHBREDS AND LEISURE INDUSTRIES LIMITED
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JULY 2000
Group Income Statement
6 months 6 months Year
ended ended ended
31.01.01 31.01.00 31.07.00
R000's (unaudited) (unaudited) (audited)
Turnover 1 148 925 1 999
Operating (profit)/loss (43) (11) 1 359
Depreciation 806 504 1 331
Net interest paid 457 574 1 025
Net loss attributable to shareholders 1 220 1 067 3 715
Weighted average number of shares
in issue (000's) 110 000 110 000 110 000
Loss per share (cents) 1,11 0,97 3,38
Headline loss per share (cents) 1,20 0,96 3,31
Group Balance Sheet
31.01.01 31.01.00 31.07.00
R000's (unaudited) (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and equipment 16 677 16 996 17 642
Investments 10 10 10
Current assets
Inventories 2 373 5 856 2 223
Accounts receivable 119 193 267
Cash and equivalents 12 14 21
Total assets 19 191 23 069 21 261
EQUITY AND LIABILITIES
Capital and reserves
Shareholders' equity 6 122 10 000 7 342
Non-current liabilities
Interest bearing liabilities 5 554 6 256 5 563
Non-interest bearing liabilities 6 548 5 225 6 094
Current liabilities
Interest bearing 291 537 377
Other 676 1 051 787
Total equity and liabilities 19 191 23 069 20 163
Market value of listed investments 14 17 13
Net asset value per share (cents) 5,57 9,09 6,67
Statement of Changes in Equity
6 months 6 months Year
ended ended ended
31.01.01 31.01.00 31.07.00
R000's (unaudited) (unaudited) (audited)
Balance at beginning of period 7 342 11 067 11 067
Net loss for the period (1 220) (1 067) (3 715)
Share issue expenses written-off 0 0 10
Balance at end of period 6 122 10 000 7 342
Group Cash Flow Statement
6 months 6 months Year
ended ended ended
31.01.01 31.01.00 31.07.00
R000'S (unaudited) (unaudited) (audited)
Operating activities (718) (1 101) 432
Investing activities 263 (2) (1 550)
Financing activities 445 1 281 1 583
Net changes in cash and
cash equivalents (10) 178 465
Comments
The Oakfields Group is a significant player in the thoroughbred horseracing and
breeding industry in South Africa, and is at the forefront of forging ties with
its international counterparts in an effort to market South African
thoroughbreds overseas.
In May 1999, a two year ban on the export of South African thoroughbred horses
was imposed after an isolated outbreak of African horse sickness, however, this
ban is to be lifted by the end of May 2001. During December 2000, the
Government announced the formation of an export trade council for the
thoroughbred breeding industry aimed at marketing South African thoroughbred
horses overseas and obtaining a foothold in the R500 million annual export
market in Asia. The group continues to breed top quality thoroughbreds with
international pedigrees, and together with its quarantine facility in Cape
Town, is well placed to take advantage of the export ban is lifted.
The group continues to maintain its local racing presence, and stake earnings
in the first half of the year amounted to almost R400,00. In addition, the sale
of thoroughbreds during the period realised R700,000. The group continues to
receive funding for part of its working capital requirements from its
controlling shareholder.
Dividend
No dividend has been declared nor is recommended in respect of the financial
period under review.
For and on behalf of the Board
G Schauder
Secretary
30 April 2001
Directors
E Cambouris (Chairman/Managing), G Schauder CA(SA) (Financial), G Guan,
FF Jin, WZ Xing
Registered Office
74 Third Road
Hyde Park
Sandton, 2196
Transfer Secretaries
Mercantile Registrars Ltd
11 Diagonal Street
Johannesburg, 2001
