OLDFIELDS HOLDINGS LIMITED — Interim / Quarterly Report 2009

Mar 1, 2009

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Oldfields Holdings Limited and Controlled Entities

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ABN: 92 000 307 988

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Appendix 4D Financial Report to the Australian Stock Exchange For The Half Year Ended 31 December 2008

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APPENDIX 4D

Half Year Ending 31 December 2008

Oldfields Holdings Limited ABN 92 000 307 988

Results for Announcement to the Market

Comparative Period : Half Year Ending 31 December 2008

				$A,000
Revenues from ordinary activities	up	15.35%	to	26,981
Profit from ordinary activites after tax	down	30.06%	to	691
Net profit for the period attributable to
members	down	33.51%	to	625
Underlying Profit from ordinary Activities excluding Non-Recurring Items				1,091
Final Dividend 30% Franked ordinary securities paid 15th December,		2008	4.5 cents per security
Interim dividend unfranked ordinary securities paid 16th June, 2008			3.0 cents per security
Franked amount ordinary securities			0.0 cents per security
Final dividend preference securities			0.0 cents per security
Franked amount preference securities			0.0 cents per security
There are no Preference Securities
Record date for determining entitlements to the Interim
dividend			15th May, 2009
Date the interim dividend is payable			16th June, 2009
Net tangible assets per security			$0.85
Net tangible assets per ordinary security
previous corresponding period			$1.01

These Financial Statements have been reviewed by the Company's Auditors.

Gary Guild Company Secretary 27th February, 2009.

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OLDFIELDS HOLDINGS LIMITED AND CONTROLLED ENTITIES

ABN 92 000 307 988

HALF YEARLY FINANCIAL REPORT

DIRECTORS’ REPORT

Your directors submit the financial report of the economic entity for the half-year ended 31 December 2008.

Directors

The names of directors who held office during or since the end of the half-year: John R Westwood (Non Executive Chairman) Anthony Mankarios (Chief Executive Officer) Christopher C Hext (Non Executive Director and Chair Audit Committee) Thomas D J Love (Non Executive Director and Member Audit Committee)

Review Of Operations

Director’s Report

Summary

The Company reported an increase in revenue of 15.36% to $26,981,640 in December 2008 compared to $23,389,925 in the previous year.

The Company reported a profit of $691,073 for the six months ending 31 December 2008. This compares to a net profit after tax (NPAT) of $988,458 in the prior year 2007, down 30.1 %

EBITDA is $2.9M for the 6 months to December 2008 compared to $3.54M for 31 December 2007.

Earnings before Interest and tax ( EBIT) for this reporting period to 31 December 08 is $1.9M down 12.7%.

The Net Asset backing per share is $1.16

The current trade receivables includes a debt for $213,106 from Australian Discount Retail (Trading Pty Limited). An administrator was appointed on 22 January 2009 and we are in discussions with them on future proceedings. The Administrator is continuing to trade with reviewed pricing. Investigations are under way in regards to retention of title, and in addition to this a provision of $42,621 has been taken up to December 08.

Dividends

An interim fully franked dividend of 1 cent per ordinary share has been declared for this half of the financial year. This compared to 3 cents partially franked for the same period last year. The record day will be the 15[th] May 2009 and the payment date will be the 16[th] June 2009.

The operations are reviewed by the Divisions as follows:

Paint Application Products

With most local customers experiencing weaker demand, this Division also experienced a softening of demand for this period.

PT Ace Indonesia

This Division suffered reductions in profit as a result of currency fluctuations and increased raw material costs. The division is reporting strengthening local sales. The weaker US economy has affected its USA export market.

We anticipate a steady trading with no major changes forecast for six months.

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OLDFIELDS HOLDINGS LIMITED AND CONTROLLED ENTITIES

ABN 92 000 307 988

HALF YEARLY FINANCIAL REPORT

DIRECTORS’ REPORT

Tangshan Painting Accessories China

The company ceased operations in this associate company. This occurred in late November 2008.

The Company owns assets which it will sell and consolidate in South East Asia.

The real estate assets were recently valued in China as a result of a change in treatment resulting from AFRIS accounting standards associated with investment properties. A gain in the Oldfields books of $0.5M resulted. It is now aligned with AFRIS accounting standards treatment of investment Property as it is no longer used in operations.

Access/ Aluminium Scaffold Division

This business unit’s total revenue has increased over last year for the same period. The Group acquired the business of Advance Scaffolds through its Advance Scaffold Solutions Pty Ltd 100% subsidiary in July 2007. This is a profitable business which is increasing its market share. The Group now also manufactures in China through its Foshan Advcorp Scaffolds Co Ltd China.

The general building industry, particularly in NSW, remains weak and is expected to soften.

The business has become a market leader in Aluminium Scaffold in Australia.

H&O Products

The Company purchased the assets of H&O Pharmaceuticals Pty Ltd on the 1st August 2008 through a 75% owed subsidiary H&O Products Pty Ltd. This business was integrated into the Group during this period. Significant nonrecurring costs associated with the integration were taken up during this period.

The business contributed positively to the group EBIT.

Treco Garden Sheds

The Garden Sheds Division experienced a reduction in export activity, particularly in Europe, as a direct result of the World Financial Crisis.

The Division is a contributor to the Group's EBIT and will endeavor to reduce costs through a cost reduction plan.

Future Overview

The year end result is too difficult to predict.

The ongoing severity and length of the World Financial Crisis is also unknown.

After Balance Date Events

There are no significant changes since December 2008.

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OLDFIELDS HOLDINGS LIMITED AND CONTROLLED ENTITIES ABN 92 000 307 988

HALF YEARLY FINANCIAL REPORT

CONSOLIDATED INCOME STATEMENT AS AT 31 DECEMBER 2008

ECONOMIC ENTITY

Revenue from Ordinary Activities Cost of Sales Gross Profit Distribution Expenses Marketing Expenses Occupancy Expenses Administrative Expenses Finance Costs Share of net profit of associates and joint ventures Profit before Income Tax Income tax expense Profit for the period Profit attributable to minority equity interest Profit attributable to members of the parent entity Overall Operations Basic earnings per share (cents per share) Diluted earnings per share (cents per share)

31-Dec-08 31-Dec-07 26,981,640 23,389,925 -14,891,007 -12,235,128 12,090,633 11,154,797 -7,761,831 -6,164,619 -728,298 -607,062 -604,490 -395,895 -1,364,098 -1,584,517 -1,237,527 -840,794 361,922 -117,630 756,311 1,444,280 -65,238 -455,822 691,073 988,458 -66,218 -48,846 624,855 939,612 4.40 7.62 4.40 7.62

The accompanying notes form part of these financial statements.

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OLDFIELDS HOLDINGS LIMITED AND CONTROLLED ENTITIES ABN 92 000 307 988

HALF YEARLY FINANCIAL REPORT

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008

CURRENT ASSETS Cash and Cash Equivalents Trade and Other Receivables Inventories Other TOTAL CURRENT ASSETS NON-CURRENT ASSETS Trade and Other Receivables Investment accounted for using Equity Method Other Financial Assets Property,Plant and Equipment Investment Property Deferred Tax Assets Intangible Assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS CURRENT LIABILITIES Trade and Other Payables Interest-bearing Liabilities Current Tax Liabilities Short Term Provisions TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Payables Financial Liabilities Deferred Tax Liabilities Other Long Term Provisions

ECONOMIC ENTITY 31-Dec-08 30-Jun-08 424,693 295,567 6,016,374 5,402,495 11,343,157 8,306,548 3,797,421 1,613,231 21,581,645 15,617,841 0 0 2,542,513 1,885,803 108,163 83,115 18,533,787 17,213,887 2,678,744 2,694,336 679,910 501,531 4,505,422 5,025,254 29,048,539 27,403,926 50,630,184 43,021,767 -7,467,579 -8,847,013 -9,270,212 -4,244,136 -266,648 -474,037 -2,000,242 -2,014,758 -19,004,681 -15,579,944 0 0 -14,161,923 -11,697,385 -666,866 -524,163 -157,597 -154,866

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OLDFIELDS HOLDINGS LIMITED AND CONTROLLED ENTITIES ABN 92 000 307 988

HALF YEARLY FINANCIAL REPORT

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008

TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Reserves Retained Profits (Surplus) Parent Interest Outside Equity Interest TOTAL EQUITY Contributed Equitity	-14,986,386 -12,376,414 -33,991,067 -27,956,358 16,639,117 15,065,409 12,135,631 10,921,391 -519,014 -917,090 4,962,554 4,979,880
	16,579,171 14,984,181 59,946 81,228 16,639,117 15,065,409

The accompanying notes form part of these financial statements.

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			Total	$	13,758,695	961,237	939,612	48,646	-138,657	15,569,533	-548,589	15,020,944	15,065,409	1,214,240	624,855	66,218	398,076	17,368,798	-729,681	16,639,117
	Minor	Equity	Interests	$	90,023			48,646		138,669	-53,549	85,120	81,228			66,218		147,446	-87,500	59,946
Foreign	Currency	Translation	Reserve	$	-507,269				-170,413	-677,682		-677,682	-976,670				69,496	-907,174		-907,174
Asset	Revaluation		Reserve	$	106,490					106,490		106,490	0				299,528	299,528		299,528
	Option		Reserve	$	1,319				31,756	33,075		33,075	59,580				29,052	88,632		88,632
	Retained		Earnings	$	4,140,402		939,612			5,080,014	-495,040	4,584,974	4,979,880		624,855		0	5,604,735	-642,181	4,962,554
Ordinary	Share		Capital	$	9,927,730	961,237				10,888,967		10,888,967	10,921,391	1,214,240				12,135,631		12,135,631
					Open 1 July 2007	Shares Issued during the period	Profit attributable to Members of Parent Entity	Profit attributable to Minorities	Revaluation shareholders increment/decrement	Sub Total	Dividends paid	Close 31 December 2007	Open 1 July 2008	Shares Issued during the period	Profit attributable to Members of Parent Equity	Profit attributable to Minorities	Revaluation shareholders increment/decrement	Sub Total	Dividends paid	Close 31 December 2008

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OLDFIELDS HOLDINGS LIMITED AND CONTROLLED ENTITIES ABN 92 000 307 988

HALF YEARLY FINANCIAL REPORT

CONSOLIDATED STATEMENTS OF CASH FLOW FOR HALF YEAR ENDING 31 DECEMBER 2008

	Economic	Entity
	31 Dec 2008	31 Dec 2007
CASH FLOW FROM OPERATING ACTIVITIES
Receipts from customers	33,433,652	25,337,156
Payment to suppliers and employees	-33,489,154	-23,549,619
Interest received	504	1,347
Interest and other costs of finance paid	-989,585	-842,395
Interest on Director's Loan
Income tax paid	-83,684	-124,305
Net cash provided by (used in) operating activities	-1,128,267	822,184
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of Non Current Assets	-3,433,773	-3,176,949
Proceeds from sale of PP&E	46,029	51,670
Purchases of shares in associate and equity investment	0	0
Net cash provided by ( used in ) investing activities	-3,387,744	-3,125,279
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from borrowings	3,005,000	2,476,856
Repayments from borrowings	-340,855	-479,622
Dividends paid	-614,165	-449,749
Net cash provided by ( used in ) financing activities	2,049,980	1,547,485
Net Increase / (Decrease) in cash held	-2,466,031	-755,610
Cash at the beginning of period 1 July 2008	-2,581,449	-998,076
Cash at end of period 31 December 2008	-5,047,480	-1,753,686

The accompanying notes form part of these financial statements.

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OLDFIELDS HOLDINGS LIMITED AND CONTROLLED ENTITIES

ABN 92 000 307 988

HALF YEARLY FINANCIAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

NOTE 1: BASIS OF PREPARATION

The half-year consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standard AASB 134: Interim Financial Reporting Australian Accounting, Interpretations and other authoritative pronouncements of the Australian Accounting Standard board.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2008 and any public announcements made by Oldfields Holdings Limited and its controlled entities during the half-year in accordance with the continuous disclosure requirements arising under the Corporations Act 2001.

The accounting policies have been consistently applied by the entities in the consolidated group and are consistent with those in the June 2008 financial report.

The half-year report does not include full disclosures of the type normally included in an annual financial report.

Reporting Basis and Conventions

The half-year report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.

NOTE 2: PROFIT FOR THE PERIOD

All significant revenue and expense items for the period are disclosed on the face of the Income Statement.

NOTE 3: DIVIDENDS

CONSOLIDATED GROUP

31.12.2008 31.12.2007 Distributions paid Final 30% franked ordinary dividend paid on 15th December, 2008 of 4.5 642,181 495,040 cents per share (2007: 50% franked 4.0 cents per share)

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OLDFIELDS HOLDINGS LIMITED AND CONTROLLED ENTITIES

ABN 92 000 307 988

HALF YEARLY FINANCIAL REPORT

Note 4: Trade and other receivables

CURRENT Trade receivables Provision for impairment of receivables Amounts receivable from wholly owned subsidiaries associated companies	Consolidated Group 31/12/08 30/06/08 $ $ 5,841,986 5,266,688 (95,819) (70,997)
	5,746,167 5,195,691
	- - 270,207 206,804
	6,016,374 5,402,495

Included in the above of trade receivables, there is an amount of $213,106 less a provision of $42,621 outstanding from Australian Discount Retail. An Administrator was appointed on 22 January 2009. The Directors believe that this amount will be recoverable on the basis that Oldfields is continuing to trade with Australian Discount Retail and investigations are under way in regards to retention of title.

Note 5: Acquisition of Subsidiaries and Restructuring

On 1 August 2008, H & O Products Pty Limited acquired the business from H & O Pharmaceuticals Pty limited for a consideration of $2,429,936.

Note 6: Contingent Liabilities

There has been no change in contingent liabilities since the last annual reporting date.

Note 7: Events Subsequent to Reporting Date

There has been no other subsequent events that would have a material impact on the financial report for the period ended 31 December 2008.

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				Economic Entity	2008 2007	$ $		26,376,127 23,215,045	605,513 174,880	26,981,640 23,389,925	0 0	26,981,640 23,389,925	392,211 1,561,910			364,100 (117,630)	756,311 1,444,280	65,238 455,822
ABN 92 000 307 988	HALF YEARLY FINANCIAL REPORT	NOTE 8: Segment Information		Wholesale Scaffolding	2008 2007 2008 2007	$ $ $ $	REVENUE	External Sales 13,865,212 10,873,701 12,510,915 12,341,344	Other segments 594,593 103,667 10,920 71,213	Total segment revenue 14,459,805 10,977,368 12,521,835 12,412,557	Unallocated Revenue	Revenue from ordinary activities	Segment Result (28,576) 729,508 420,787 832,402		Share of net profit of equity accounted	associates and joint venture entities	Profit before income tax income tax expenses	Income Tax Expense

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