| Tue 30 Apr 2002, 0:00 | | Oakfields - Interim Results For The Six Months End |
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OAKFIELDS THOROUGHBREDS AND EISURE INDUSTRIES LIMITED
(Registration number 1983/013789/06)
Share code: OKF ISIN: ZAE000005138
("Oakfields")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2002
All figures in R000's
Group Income Statement
Period ended Period ended Year ended
31 Jan. 2002 31 Jan. 2001 31 July 2001
(unaudited) (unaudited) (audited)
Revenue 477 1,148 2,241
Operating (profit)/loss (310) (43) 1,207
Depreciation 1,275 806 1,574
Net interest paid 421 457 956
Attributable loss 1,386 1,220 3,737
Number of shares in issue 110,000 110,000 110,000
Headline loss per share 1.26 1.20 2.72
(cents)
Loss per share (cents) 1.26 1.11 3.40
Group Balance Sheet
31 Jan. 2002 31 Jan. 2001 31 July 2001
(unaudited) (unaudited) (audited)
Assets
Non-current assets 52,754 16,687 15,136
Property, plant and 52,744 16,677 15,126
equipment
Investments 10 10 10
Current assets 1,883 2,504 1,078
Operating assets 1,791 2,492 1,041
Cash and cash equivalents 92 12 37
Total Assets 54,637 19,191 16,214
Equity and Liabilities
Capital and reserves 41,115 6,122 3,605
Share capital and premium 25,955 25,955 25,955
Non-distributable reserves 48,979 10,083 10,083
Accumulated loss (33,819) (29,916) (32,433)
Non-current liabilities 12,956 12,102 11,707
Interest bearing borrowings 5,540 5,554 5,422
Non-interest bearing 7,416 6,548 6,285
borrowings
Current liabilities 566 967 902
Operating liabilities 466 676 574
Interest bearing 100 291 328
liabilities
Total Equity and 54,637 19,191 16,214
Liabilities
Net asset value per share 37.38 5.57 3.28
(cents)
Statement of Changes in Equity
Period ended Period ended Year ended
31 Jan. 2002 31 Jan. 2001 31 July 2001
(unaudited) (unaudited) (audited)
Balance at
beginning of period 3,605 7,342 7,342
Net loss for the period (1,386) (1,220) (3,737)
Non-distributable reserve
on
revaluation of property,
plant and equipment 38,896 - -
Balance at end of period 41,115 6,122 3,605
Group Cash Flow Statement
Period ended Period ended Year ended
31 Jan. 2002 31 Jan. 2001 31 July 2001
(unaudited) (unaudited) (audited)
Cash flow from
operating activities (549) (261) 772
Finance costs (421) (457) (956)
(970) (718) (184)
Cash flow from
investing activities 4 263 200
Cash flow from
financing activities 1,020 445 (4)
Net increase in cash
and cash equivalents 54 (10) 12
Cash and cash
equivalents
at beginning of (62) (74) (74)
period
Cash and cash equivalents
at end of period (8) (84) (62)
Comments
The group's management continues to be involved in the work of the export trade
council, established to market South African thoroughbreds overseas.
In lieu of the progress made by the council, the group revalued its
thoroughbred horses at the beginning of the financial year to take cognisance
of the value of thoroughbreds on international markets.
The group has curtailed its sale of thoroughbreds on the local market,
resulting in the decline of revenue, however, has maintained a tight
control over expenditure, limiting the loss for the period. Due to the
revaluation of thoroughbreds, the amount for depreciation has increased,
and this figure accounts for the major portion of the group's loss for
the period.
Oakfields' management has continued to investigate other business
opportunities in order to return the group to profitability.
On 10 April 2002, the company withdrew a cautionary announcement as
acquisition negotiations of a new business ceased. Management remains
hopeful that its investigations into other business opportunities will
come to fruition in the near future.
Dividend
No dividend has been declared nor is one recommended in respect of the
financial period under review.
Independent review
The financial information set out above has been reviewed, but not
audited, by the group's auditors, Ashton Chartered Accountants
Incorporated.
For and on behalf of the Board
G Schauder
Secretary
30 April 2002
Directors
E Cambouris (Chairman/CEO), G Schauder CA(SA) (Financial), SH Pugh
(Australian), BL Rawson (British)
Registered office Transfer secretaries
74 Third Road Mercantile Registrars Limited
Hyde Park 11 Diagonal Street
Sandton 2196 Johannesburg 2001
