DIRECTORS REPORT
The Apple Fields Group made a profit for the half year to 31 March 2008,
before minority interests, of $636,000 compared with $235,000 for the prior
half year. Shareholders'' funds at 31 March 2008 stand at $4,608,000,
compared to $1,647,000 at 31 March 2007 and $3,972,000 at 30 September 2007.
During the half year the Group adopted NZIFRS accounting policies which
required that $401,000 previously recognised as debt be recognised as equity
because the lender cannot presently require
repayment. All comparative figures have been restated to reflect this change.
The Group has had two significant events occur during the half year that have
contributed to the reported performance:
- Titles for the subdivision being undertaken by Takamatua West Limited on
Banks Peninsula were issued in late March 2008. Four of the eight pre-sales
settled early in April, three of the remainder will settle forthwith and the
Group''s lawyers advise there is no reason for settlement of the last sale not
to take place immediately. These accounts recognise the first four
settlements and value the other four at sales value less estimated settlement
costs.
- A contract for the sale of 70% of the land at Noble Gardens in Yaldhurst,
Christchurch was entered into and announced in December 2007. The first part
of this sale now satisfies the
accounting standards for revenue recognition, so has been included in these
accounts along with the appropriate costs.
The development financier for the Takamatua development has required that
their loan be repaid and negotiations are under way with a number of parties
to replace this facility. The Group is considering various options to add
further value to the site, given that the 12 unsold sections are extremely
well placed
and in a cluster that lends itself towards homogenous development.
[ Mark Schroeder ]
Director
30 May 2008
*Consolidated Statement
Financial Performance
Previous
1 CONSOLIDATED STATEMENT OF FINANCIAL Current *Up/Down corresponding
PERFORMANCE half year % half year
$NZ''000 $NZ''000
1.1 OPERATING REVENUE
(a)Trading Revenue 4,334 240.0% 1,275
Other Revenue 20 -57.0% 46
Total Operating Revenue 4,354 230.0% 1,321
1.2 OPERATING *SURPLUS (DEFICIT) BEFORE TAXATION 636 171.0% 235
(a)Less taxation on operating result - -
1.3 OPERATING *SURPLUS (DEFICIT) AFTER TAX 636 171.0% 235
(a)Extraordinary Items after Tax [detail in Item 3] - -
Unrealised net change in value of investment properties- -
1.4 NET *SURPLUS (DEFICIT) FOR THE PERIOD 636 171.0% 235
(a)Net *Surplus (Deficit) attributable to minority interests
- -
1.5 NET SURPLUS (DEFICIT) ATTRIBUTABLE TO MEMBERS 636 171.0% 235
OF THE LISTED ISSUER
Consolidated Statement of Financial Position
(Note (VIII) attached has particular relevance for the preparationAt end of
As shown inIf half yearly
current last as shown in last
9 CURRENT ASSETS: half yearAnnual Report
half yearly report
$NZ''000 $NZ''000 $NZ''000
9 CURRENT ASSETS: Restated Restated
(a) Cash - 50 34
Trade receivables 1,096 507 118
Investments -
Inventories 5,161 7,448 6,493
Other assets, current
TOTAL CURRENT ASSETS 6,257 8,005 6,645
9.1 NON-CURRENT ASSETS
(a) Trade receivables - - -
Investments 6,597 4,689 3,319
Inventories - - -
Property, plant and equipment 1 - -
Goodwill - -
Deferred Taxation Assets - - -
Other Intangible Assets - - -
Other assets, non current - - -
9.2 TOTAL NON-CURRENT ASSETS 6,598 4,689 3,319
9.3 TOTAL ASSETS 12,855 12,694 9,964
9.4 CURRENT LIABILITIES
(a)Trade Creditors 1,643 2,864 3,324
Income in advance, current - -
Secured loans 6,604 5,627 4,993
Unsecured loans - - -
Provisions, current - -
Other liabilities, current - -
TOTAL CURRENT LIABILITIES 8,247 8,491 8,317
9.5 NON-CURRENT LIABILITIES
(a)Accounts payable, non-current -
Secured loans - 231 -
Unsecured loans - - -
Provisions, non-current -
Deferred Taxation Liability, non-current -
Other liabilities, non-current -
9.6 TOTAL NON-CURRENT LIABILITIES - 231 -
9.7 TOTAL LIABILITIES 8,247 8,722 8,317
9.8 NET ASSETS 4,608 3,972 1,647
9.9 SHAREHOLDERS'' EQUITY
(a) Share capital (optional) 39,516 39,515 38,419
- - -
(ii) Other reserves
401 401 401
Retained Surplus (accumulated Deficit) (optional)
(35,309) (35,944) (37,173)
9.1OSHAREHOLDERS'' EQUITY ATTRIBUTABLE TO MEMBERS
OF THE LISTED ISSUER 4,608 3,972 1,647
(a)Minority equity interests in subsidiaries - -
9.11TOTAL SHAREHOLDERS'' EQUITY 4,608 3,972 1,647
(a) 9.21% 12.52% 5.54%
Return on Equity (%) (Net Income divided by Shareholders''
Equity) 13.80% 36.86% 14.27%
Debt to Equity Ratio (%) (Total Liabilities divided by
Shareholders'' Equity) 178.97% 219.59% 504.98%
Reserves (optional)
Revaluation reserve
Returns on Assets (%) (EBIT divided by Total Assets)
End CA:00165478 For:APF Type:HALFYR Time:2008-05-30:17:00:15