| Wed 30 Apr 2003, 9:13 | | OAKFIELDS THOROUGHBREDS AND |
|
(Registration number 1983/013789/06)
Share code: OKF ISIN: ZAE000005138
("Oakfields")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2003
All figures in R000"s
Group Income Statement
Period ended Period ended Year ended
31 Jan. 2003 31 Jan. 2002 31 July 2002
(reviewed) (reviewed) (audited)
Revenue 765 477 1,023
Operating (profit)/loss (290) (310) 411
Depreciation 665 669 1,315
Net interest paid 474 421 847
Attributable loss 849 780 2,573
Number of shares in issue 110,000 110,000 110,000
Headline loss per share (cents) 1.39 0.71 2.54
Loss per share (cents) 0.77 0.71 2.34
Reconciliation between loss
and headline loss
Attributable loss 849 780 2,573
Profit on disposals of property,
plant and equipment 678 - 221
Headline loss 1,527 780 2,794
Group Balance Sheet
31 Jan. 2003 31 Jan. 2002 31 July 2002
(reviewed) (reviewed) (audited)
Assets
Non-current assets 12,889 14,467 13,663
Property, plant and equipment 12,887 14,457 13,661
Investments 2 10 2
Current assets 2,424 1,883 1,769
Operating assets 2,387 1,791 1,714
Cash and cash equivalents 37 92 55
Total Assets 15,313 16,350 15,432
Equity and Liabilities
Capital and reserves 183 2,825 1,032
Share capital and premium 25,955 25,955 25,955
Non-distributable reserves 10,083 10,083 10,083
Accumulated loss (35,855) (33,213) (35,006)
Non-current liabilities 13,956 12,959 13,604
Interest bearing borrowings 5,215 5,540 5,212
Non-interest bearing borrowings 8,741 7,419 8,392
Current liabilities 1,174 566 796
Operating liabilities 915 466 495
Interest bearing liabilities 259 100 301
Total Equity and Liabilities 15,313 16,350 15,432
Net asset value per share 0.17 2.57 0.94
(cents)
Statement of Changes in Equity
Period ended Period ended Year ended
31 Jan. 2003 31 Jan. 2002 31 July 2002
(reviewed) (reviewed) (audited)
Balance at
beginning of period 1,032 3,605 3,605
Net loss for the period (849) (780) (2,573)
Balance at end of period 183 2,825 1,032
Group Cash Flow Statement
Period ended Period ended Year ended
31 Jan. 2003 31 Jan. 2002 31 July 2002
(reviewed) (reviewed) (audited)
Cash flow from
operating activities (640) (549) (1,384)
Finance costs (475) (421) (848)
(1,115) (970) (2,232)
Cash flow from
investing activities 787 4 380
Cash flow from
financing activities 358 1,020 1,874
Net increase in cash
and cash equivalents 30 54 22
Cash and cash equivalents
at beginning of period (40) (62) (62)
Cash and cash equivalents
at end of period (10) (8) (40)
Basis of accounting
The interim results have been prepared in accordance with South African
statements of Generally Accepted Accounting Practice, and the accounting
policies are consistent with those applied in the previous year.
Comments
During the current period, the export market for South African thoroughbred
horses reopened, and this boosted the turnover for the current period by
R257 000. The attributable loss for the period has increased by R69 000 in
comparison to 2002 as a result of the costs associated with the acquisition
referred to below.
The Group continues to race predominantly in the Eastern Cape, and have now
also extended this to Kimberley. A number of the young horses in training have
already shown impressive form, and these results should, once again, make
the Group contenders for Eastern Cape owner of the year for 2003.
As previously announced, subject to certain conditions precedent, Oakfields
has acquired the entire shareholding in Diamond Land Mining (Pty) Ltd ("DLM"),
the holding company of Good Hope Diamonds and Estates(Pty) Ltd and Don
Diamonds (Pty) Ltd which own the "Frank Smith" and "Loxton" diamond mines
respectively, in the Kimberley district.
Sky Channel Development Limited, the controlling shareholder of Oakfields,
is also the sole shareholder of DLM, and, hence, there will be no change in
the control of Oakfields when the acquisition price of R100 million is settled
by the issue by Oakfields of 100 million ordinary shares at 100 cents each
after the proposed 1 for 5 consolidation.
The acquisition and the transfer of the Company"s listing to the "Mineral
Resources - Diamonds" sector of the JSE Securities Exchange South Africa
("JSE") is currently with the JSE for approval, and once obtained, approval
from the Company"s shareholders will be obtained.
It is the intention of the Group to scale down its bloodstock operations, and
to focus on establishing the Group within the diamond mining industry.
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, RA Hellmann & Company. The review report is
available for inspection at the registered office of the Company.
For and on behalf of the Board
G Schauder
Secretary
30 April 2003
Registered office Transfer secretaries
74 Third Road Computershare Investor Services Limited
Hyde Park 9th Floor, 70 Marshall Street
Sandton 2196 Johannesburg 2001
Directors
E Cambouris (Chairman/CEO), G Schauder CA(SA) (Financial),
SH Pugh* (Australian), BL Rawson* (British) * Non-executive
