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Oakfields - UNAUDITED PRELIMINARY RESULTS FOR THE ELEVEN MONTHS ENDED 30 JUNE
2003
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 ELEVEN MONTHS ENDED 30 JUNE 2003
All figures in R000"s
Group Income Statement
Period ended Year ended
30 June 31 July
2003 2002
(reviewed) (audited)
Revenue 3,145 1,023
Operating (profit)/loss (1,149) 411
Depreciation 1,267 1,315
Net interest paid 888 847
Attributable loss 1,006 2,573
Weighted average number
of shares in issue 110,000 110,000
(000"s)
Headline loss per share 1.51 2.54
(cents)
Loss per share (cents) 0.91 2.34
Reconciliation Between
Attributable Loss
and Headline Loss
Attributable loss 1,006 2,573
Profit on disposal of
property,
plant and equipment 651 217
Profit on disposal of - 3
investments
Headline loss 1,657 2,793
Group Balance Sheet
30 June 31 July
2003 2002
(reviewed) (audited)
Assets
Non-current assets 12,615 13,663
Property, plant and 12,613 13,661
equipment
Investments 2 2
Current assets 2,511 1,738
Operating assets 1,767 1,683
Loan receivable 696 -
Cash and cash 48 55
equivalents
Total assets 15,126 15,401
Equity and Liabilities
Capital and reserves 26 1,032
Share capital and 25,955 25,955
premium
Non-distributable 10,083 10,083
reserves
Accumulated loss (36,012) (35,006)
Non-current liabilities 13,771 13,604
Interest-bearing 5,122 5,212
borrowings
Non-interest-bearing 8,649 8,392
borrowings
Current liabilities 1,329 765
Operating liabilities 1,084 464
Interest-bearing 245 301
liabilities
Total Equity and 15,126 15,401
Liabilities
Net asset value per 0.02 0.94
share (cents)
Statement of Changes in Equity
Period ended Year ended
30 June 31 July
2003 2002
(reviewed) (audited)
Balance at beginning of 1,032 3,605
year
Net loss for the year (1,006) (2,573)
Balance at end of year 26 1,032
Group Cash Flow
Statement
Period ended Year ended
30 June 31 July
2003 2002
(reviewed) (audited)
Cash 1,035 (1,384)
generated/(utilised) by
operations
Finance costs (889) (848)
Cash flow from operating 146 (2,232)
activities
Cash flow from investing (264) 380
activities
Property, plant and (360) (6)
equipment acquired
Loans advanced (696) -
Proceeds from disposal - 12
of investments
Proceeds from disposal
of property,
plant and equipment 792 374
Cash flow from financing 198 1,874
activities
Loans raised
Net increase in cash and
cash equivalents 80 22
Cash and cash
equivalents
at beginning of year (40) (62)
Cash and cash
equivalents
at end of year 40 (40)
Commentary
As announced on 12 August 2002, the company, subject to certain suspensive
conditions, will acquire the entire shareholding in and claims against Diamond
Land Mining (Pty) Ltd ("DLM"), the holding company of Don Diamonds (Pty) Ltd
and Good Hope Diamonds and Estates (Pty) Ltd which own the "Loxton" and "Frank
Smith" diamond mines respectively, situated in the Kimberley area.
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 subject to approval by the JSE and by shareholders in general meeting
It is expected that the company"s name will be changed to Good Hope Diamonds
(Kimberley) Limited.
As previously stated, it is the intention of the company to scale down its
bloodstock operations in order to focus on the diamond mining industry, and this
is reflected in the current results.
Turnover, mainly through the sale of progeny and the letting of the quarantine
facility in the Western Cape, has increased by R2,1 million in comparison with
the prior year, and this has had the effect of reducing the attributable loss
from R2,573 million in the prior year to R1 006 000 in the current period.
Total expenditure has increased in the current period by approximately 25% over
the prior year which is attributable mainly to expenditure already incurred
related to the acquisition of the diamond mines.
Prospects
The directors of Oakfields have realized that shareholder aspirations have not
been fulfilled by the breeding and racing of thoroughbred horses, hence the
decision to acquire the diamond mines. Both mines are on Kimberlite pipes and
also possess large dump reserves. The underground operations at both mines have
been mined to less than the 200m level, and management believe that the two
mines have vast potential.
Board of Directors
On 4 July 2003, Mr SH Pugh and Mr BL Rawson resigned as directors of the
company, and Professor Jopie Coetzee, a highly regarded mining engineer, and Mr
Francois Pieterse, an attorney, were appointed as non-executive directors in
their stead. The new directors are expected to contribute significantly to the
new strategic direction of the company.
Dividend
No dividend has been declared nor is one recommended in respect of the financial
period 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 report is available for
inspection at the company"s registered office.
Basis of Accounting
The preliminary 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.
For and on behalf of the Board
G Schauder
Company Secretary
26 September 2003
Directors
E Cambouris (Chairman & CEO), G Schauder CA(SA)
(Financial), JJ Coetzee* Bsc Geol, BSc Eng. Mining, MBA,
Pr Eng (Mining), FA Pieterse* B.Proc * Non-executive
Registered Office
74 Third Road
Hyde Park 2196
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
Transfer Secretaries
Computershare Limited
70 Marshall Street, Johannesburg, 2001
Date: 26/09/2003 04:32:06 PM Produced by the JSE SENS Department
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