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Oakfields Thoroughbreds And Leisure Industries Limited - Unaudited
Preliminary Results For The Year Ended 31 July 2002
Oakfields Thoroughbreds And
Leisure Industries Limited
(Registration number 1983/013789/06)
Share code: OKF ISIN: ZAE000005138
("Oakfields" or "the company")
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JULY 2002
All figures in R000`s
Group Income Statement
Year ended Year ended
31 July 31 July
2002 2001
Revenue 1,023 2,241
Operating loss 411 1,208
Depreciation 1,315 1,575
Net interest paid 847 954
Attributable loss 2,573 3,737
Weighted average
number
of shares in issue 110,000 110,000
(000`s)
Headline loss per 2.54 2.72
share (cents)
Loss per share (cents) 2.34 3.40
Reconciliation Between Attributable Lossand Headline Loss
Attributable loss 2,573 3,737
Profit/(loss) on
disposal of property,
plant and equipment 217 (740)
Profit on disposal of 3 -
investments
Headline loss 2,793 2,997
Group Balance Sheet
31 July 31 July
2002 2001
Assets
Non-current assets 13,663 15,137
Property, plant and 13,661 15,127
equipment
Investments 2 10
Current assets 1,738 1,077
Operating assets 1,683 1,040
Cash and cash 55 37
equivalents
Total assets 15,401 16,214
Equity and Liabilities
Capital and reserves 1,032 3,605
Share capital and 25,955 25,955
premium
Non-distributable 10,083 10,083
reserves
Accumulated loss (35,006) (32,433)
Non-current 13,604 11,707
liabilities
Interest-bearing 5,212 5,422
borrowings
Non-interest-bearing 8,392 6,285
borrowings
Current liabilities 765 902
Operating liabilities 464 574
Interest-bearing 301 328
liabilities
Total Equity and 15,401 16,214
Liabilities
Net asset value per 0.94 3.28
share (cents)
Statement of Changes in Equity
Year ended Year ended
31 July 31 July
2002 2001
Balance at beginning 3,605 7,342
of year
Net loss for the year (2,573) (3,737)
Balance at end of year 1,032 3,605
Group Cash Flow Statement
Year ended Year ended
31 July 31 July
2002 2001
Cash (1,383) 772
(utilised)/generated
by operations
Finance costs (848) (956)
Cash flow from (2,231) (184)
operating activities
Cash flow from 379 200
investing activities
Property, plant and (6) (1,915)
equipment acquired
Proceeds from disposal 11 -
of investments
Proceeds from disposal
of property,
plant and equipment 374 2,115
Cash flow from 1,874 (4)
financing activities
Loans raised/(repaid)
Net increase in cash
and
cash equivalents 22 12
Cash and cash
equivalents
at beginning of year (62) (74)
Cash and cash
equivalents
at end of year (40) (62)
Results
Turnover decreased during the current financial year by R1,2 million in
comparison to the prior year due to a decline in stake earnings by R270 000
and the sale of progeny by R730 000, however, a tight control over
expenditure, and the fact that the group did not lose any stallions during
the year, ensured that the loss for the year of R2,57 million was R1,16
million less than the prior year`s loss of R3,73 million.
Commentary
No new inroads were made in the local thoroughbred market during the year,
and the group continued to race predominantly in the Eastern Cape. The export
market did not open up during the year as expected as the export trade
council continued to set up structures for the export market before approving
any exports. As a result, management continued to explore alternative
business opportunities, and the results of their efforts are stated below
under the heading `Prospects`.
Subsequent to the year end, the group has let the quarantine facility in
Milnerton, Western Cape, to a bloodstock agent as the export market begins to
open up, and the letting of this facility should boost the group`s turnover
in the forthcoming year, while also allowing the group to begin exporting
horses to Asia.
Prospects
Subsequent to the year end, on 12 August 2002, the company announced that,
subject to certain suspensive conditions, it had acquired the entire issued
share capital of Diamond Land Mining (Pty) Ltd, the holding company of
Goodhope Diamonds and Estates (Pty) Ltd and Don Diamonds (Pty) Ltd which own
and operate the "Frank Smith" and "Loxton" diamond mines respectively. These
diamond mines are based on Kimberlite pipes in the Kimberley region of South
Africa.
Sky Channel Development Limited, the holding company of Oakfields, is also
the ultimate holding company of Diamond Land Mining (Pty) Ltd, and, with the
issue by Oakfields of 500 000 000 ordinary shares at 20 cents each to settle
the acquisition price of R100 million, there will be no change of control of
Oakfields.
In the past, the directors of Oakfields have identified the need to broaden
its asset and income base, as shareholder aspirations have not been fulfilled
by the breeding and racing of thoroughbred horses, and, hence, consider it
appropriate to acquire the abovementioned diamond mines. In time, it is the
intention of the directors to reduce the scale of the bloodstock operations.
Once the acquisition has been approved by the shareholders in general
meeting, application will be made to transfer the company`s listing to the
"Mineral Resources - Diamonds" sector of the JSE Securities Exchange South
Africa.
Dividend
No dividend has been declared nor is one recommended in respect of the
financial year under review.
Auditors` Review
The financial information set out above has been reviewed, but not audited,
by the group`s auditors, RA Hellmann & Co. Their review opinion is available
for inspection at the company`s registered office.
The financial statements have been prepared in accordance with statements of
South African Generally Accepted Accounting Practice, and the accounting
policies are consistent with those applied in the previous year.
For and on behalf of the Board
G Schauder
Secretary
31 October 2002
Directors
E Cambouris (Chairman/CEO), G Schauder CA(SA)
(Financial), SH Pugh*(Australian), BL Rawson*(British)
* Non-executive
Registered office
74 Third Road, Hyde Park
Sandton 2196
Transfer secretaries
Computershare Investor Services Limited
9th Floor, 70 Marshall Street
Johannesburg 2001
Date: 31/10/2002 08:00:00 AM Produced by the JSE SENS Department
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