OLDFIELDS HOLDINGS LIMITED — Interim / Quarterly Report 2011

Feb 28, 2011

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Appendix 4D & Financial Report for the Half Year Ended 31 December 2010 s Limited & Controlled Entities g Oldfields Holdin ABN 92 000 307 988

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES APPENDIX 4D HALF-YEAR ENDING 31 DECEMBER 2010

Results for Announcement to the Market

Comparative period: Half-year ending 31 December 2009

			31-Dec-09	31-Dec-10
		%	$A '000	$A '000
Revenue from Ordinary Activities	Down	-2.08%	18,043	17,667
Earnings before interest, taxes,	Up	81.33%	753	1,365
depreciation and amortisation
(excluding discontinued operations)
Loss from ordinary activities
after tax attributable to members	Down	-43.43%	(1,803)	(1,020)
Loss for the period attributable to
members of the parent entity	Down	-31.58%	(1,703)	(1,165)

Dividends

No dividends have been paid or proposed during the year. A dividend reinvestment plan is currently in operation.

Net Tangible Assets

		%		30-Jun-10	31-Dec-10
				$A '000	$A '000
Net Assets	Up	52.53%	from	3,164	4,825
Net Assets (cents per share)				0.113	0.086
Net Tangible Assets	Up	86.56%	from	1,961	3,658
Net Tangible Assets (cents per share)				0.07	0.065
Joint Ventures and Associates
Entity name		Percentage		Contribution to Result
		Held
				31-Dec-09	31-Dec-10
				$A '000	$A '000
Tangshan Hengfeng Painting Accessories		0.0%		(22.3)	(726.4)
(disposed as at 31 October 2010)
PT Ace Oldfields		49.0%		11.8	61.2
Enduring Enterprises		49.0%		(40.7)	9.2
Honeytree & Partners		49.0%		(11.2)	5.4
Brisbane Garden Sheds Pty Limited		50.0%		(5.6)	0.4
				126.9	(656.1)

Audit status

This half-year financial report has been reviewed by the Group's auditors, PKF.

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Robert Coleman Company Secretary

28th February 2011

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES

DIRECTORS' REPORT

Your directors present their report, together with the financial statements of the Group, being the Company and its controlled entities for the half-year ended 31 December 2010.

Directors

The names of the directors in office at any time during or since the end of the half-year are: Christopher Charles Hext Appointed 29 June 2001 William Lewis Timms Appointed 18 December 2009 Raymond John Titman Appointed 23 July 2010 Christopher Michael Giles Appointed 24 September 2010 Anthony Mankarios Resigned 23 July 2010

Principal Activities and Significant Changes in Nature of Activities

The principal activities of the consolidated group during the financial year were:

• manufacturing and marketing of paint brushes, paint rollers, painters tools and spray guns;

• manufacturing, marketing and exporting of Treco garden sheds, outdoor storage systems, aviaries and pet homes;

• manufacturing and marketing of scaffolding and related equipment; and

• hiring of scaffolding and related products to the building and construction industry.

Manufacturing and marketing of cleaning and personal care products ceased during the period as a result of the orderly wind-down of H&O Products Pty Ltd at 31 October 2010.

Operating Results and Review of Operations for the year

Operating Results

The consolidated group revenue on continuing operations for the six months to 31st December 2010 is $17,667,244 down 2% from $18,042,937 in same period in 2009. The consolidated net loss after tax attributable to members for the six months to 31st December 2010 was a loss of $1,165,495 compared to a loss of $1,703,485 for the corresponding period to 31st December 2009.

The consolidated earnings before interest, taxes, depreciation and amortisation on continuing operations increased by 81% to $1,365,000 for the half-year ended 31 December 2010 compared to $753,000 for half-year ended 31 December 2009. This reflects improved performance from the Scaffold Division

Review of Operations

(i) Paint Applications Division

The Paint Applications division made a small loss for the half-year but is expected to return to profitability in the second half of the financial year. This will be driven by an expansion of the existing customer base, with initial orders from new entrants to the market expected prior to the end of the financial year and an increase in orders next year.

(ii) Treco Garden Sheds Division

The Treco Garden Sheds division made a loss during the half-year and measures are currently being taken to improve the performance of this division with the progressive closure of loss-generating retail alliances and expansion of the division's distribution network. International sales for the division have been adversely affected by the strong performance of the Australian dollar. However, the international market has remained consistent during the period and is expected to remain so in the future.

(iii) Scaffold Division

The division is performing profitability and slightly above expectations. The business has undergone significant management changes over the last eighteen months with a renewed focus on quality and customer service. Further improvements have been forecast in terms of growing the division's revenue and profitability. The focus over the next 12 months is to bring the division's customer service levels to industry best practice, further develop our international markets, develop new products to compliment our existing range and provide our customers with products that meet their scaffolding requirements.

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES

DIRECTORS' REPORT

(iv) Pt Ace Oldfields Indonesia

Export sales to existing customers are increasing. Domestic sales in Indonesia grew this period with further growth expected in the second half of the financial year. Discussions are currently being held to increase the domestic market within the Indonesian distribution network.

(v) Property

The properties held at St Marys, New South Wales and Archerfield, Queensland have been listed for sale. The consideration on sale of these properties will be used to reduce the overall debt of the

The Group's interest in the Tangshan Hengfeng joint venture was sold during the period and settled on the 25th of February 2011.

(vi) H & O Consumer Products Division

This discontinued division delivered a negative result for the period. The wind down of this division was completed in October 2010. All finished goods and assets were sold and all outstanding commitments honoured.

Financial Position

The net assets of the consolidated group have increased by $1,661,753 from 30 June 2010. This increase is largely due to the following factors:

• improved working capital management;

• closure of non-performing business units, being H&O Products Pty Ltd and a number of retail alliances within the Treco Garden Sheds division; and

• capital raising as a result of the recent rights issues.

The directors believe the Group is in a stable financial position to expand and grow its current operations.

Significant Changes in State of Affairs

No significant changes in the consolidated group's state of affairs occurred during the year.

Dividends Paid or Recommended

Since the start of the financial year, no dividends have been paid or declared.

After Balance Date Events

The sale of the Group's investment in the Tangshan Hengfeng joint venture was settled on the 25th of February 2011.

Future Developments, Prospects and Business Strategies

The new management both at a group level and divisional levels intend to focus on the core business of the group in the coming year to drive marketing and sales.

Auditor's Independence Declaration

The auditor's independence declaration is included on page 4 of the half-year report.

This Report of the Directors’ is signed in accordance with a resolution of the Board of Directors.

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Raymond Titman

28th February 2011

Director

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES

DIRECTORS' DECLARATION

The director's declare that:

• (a) in the directors' opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable; and

• (b) in the director's opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001 , including compliance with accounting standards and giving a true and fair view of the financial position and performance of the consolidated entity.

Signed in accordance with a resolution of the directors made pursuant to s.303(5) of the Corporations Act 2001 .

On behalf of the Directors.

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Raymond Titman

Director

28th February 2011

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2010

Revenue Cost of sales Gross profit Other income Distribution expenses Marketing expenses Occupancy expenses Administrative expenses Impairment expense Finance costs Share of net profit(loss) of associates and joint ventures Loss before income tax Income tax expense Loss from continuing operations Discontinued operations (Loss)/profit for the year from discontinued operations after tax Loss for the year Other comprehensive income: Movement in revaluation reserve on disposal of investment Recognition of share option expense Effective portion of gain/(loss) on cash flow hedges Exchange differences on translating foreign controlled entities Other comprehensive income for the year, net of tax Total comprehensive income for the year Loss attributable to: Members of the parent entity Non-controlling interest Total comprehensive income attributable to: Members of the parent entity Non-controlling interest Overall Operations Basic earnings per share (cents per share) Diluted earnings per share (cents per share) Continuing Operations Basic earnings per share (cents per share) Diluted earnings per share (cents per share) Discontinued Operations Basic earnings per share (cents per share) Diluted earnings per share (cents per share)	Consolidated Half-year ended 31 Dec 10 31 Dec 09 $ $ 17,667,244 18,042,937 (8,898,512) (9,733,798)
	8,768,732 8,309,139 454,305 234,523 (5,698,993) (6,116,638) (389,340) (449,010) (811,158) (551,070) (1,617,364) (1,477,764) (99,831) - (748,455) (754,303) 76,072 (45,639)
	(66,032) (850,762) (204,384) (136,500)
	(270,416) (987,262) (749,796) (816,226)
	(1,020,212) (1,803,488)
	68,705 - - 29,449 48,651 60,812 278,142 16,225
	395,498 106,486
	(624,714) (1,697,002)
	(1,165,495) (1,703,485) 145,283 (100,003)
	(1,020,212) (1,803,488)
	(769,997) (1,596,999) 145,283 (100,003)
	(624,714) (1,697,002)
	(2.80) (9.98) (2.80) (9.98) (0.74) (5.47) (0.74) (5.47) (2.06) (4.51) (2.06) (4.51)

The accompanying notes form part of these financial statements.

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2010

ASSETS CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Derivatives Other assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Investments accounted for using the equity method Other financial assets Property, plant and equipment Investment property Deferred tax assets Intangible assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Borrowings Current tax liabilities Short-term provisions Derivatives TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Borrowings Deferred tax liabilities Other long-term provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Reserves Retained earnings Parent interest Non-controlling interest TOTAL EQUITY Trade and other payables	Consolidated Group 31 Dec 10 30 Jun 10 $ $ 3,550,674 316,776 4,439,300 6,437,921 5,316,828 6,272,925 - 9,241 998,612 480,631
	14,305,414 13,517,494
	1,212,179 2,712,355 11,741 - 12,221,905 13,006,389 2,202,245 2,205,320 59,000 61,031 1,167,335 1,202,811
	16,874,405 19,187,906
	31,179,819 32,705,400
	5,061,147 6,652,925 2,386,006 3,188,506 169,013 97,934 1,006,291 1,151,847 35,215 -
	8,657,672 11,091,212
	17,642,271 18,303,166 1,694 - 52,754 147,347
	17,696,719 18,450,513
	26,354,391 29,541,725
	4,825,428 3,163,675
	18,755,501 15,657,109 (1,537,597) (1,105,124) (11,206,344) (10,077,824)
	6,011,560 4,474,161 (1,186,132) (1,310,486)
	4,825,428 3,163,675

The accompanying notes form part of these financial statements.

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2010

Consolidated Group Balance at 1 July 2009 Loss attributable to members of parent entity Loss attributable to non-controlling interests Total other comprehensive income for the year Transactions with owners in their capacity as owners: Shares issued during the year Sub-total Dividends paid or provided for Balance at 31 December 2009 Balance at 1 July 2010 Loss attributable to members of parent entity Profit attributable to non-controlling interests Total other comprehensive income for the year Transfer between retained earnings and reserves Adjustments to opening non-controlling interests Transactions with owners in their capacity as owners: Shares issued during the year Sub-total Dividends paid or provided for Balance at 31 December 2010	Total Issued Capital Retained Earnings Cash Flow Hedge Reserve Asset Revaluation Reserve Foreign Currency Translation Reserve Option Reserve Non- controlling interests
	$ $ $ $ $ $ $ $ 12,141,959 (2,806,425) (60,812) 180,911 (1,191,829) 112,777 (189,084) 8,187,497 - (1,703,485) - - - - - (1,703,485) - - - - - - (100,003) (100,003) - - 60,812 - 16,225 29,449 - 106,486 2,831,327 - - - - - - 2,831,327
	14,973,286 (4,509,910) - 180,911 (1,175,604) 142,226 (289,087) 9,321,822 - - - - - - (52,500) (52,500)
	14,973,286 (4,509,910) - 180,911(1,175,604) 142,226 (341,587) 9,269,322
	15,657,109 (10,077,824) 9,241 68,705 (1,325,296) 142,226 (1,310,486) 3,163,675 - (1,165,495) - - - - - (1,165,495) - - - - - - 145,283 145,283 - (48,651) (68,705) (278,142) - (395,498) - 36,975 - - 105,251 (142,226) - - (20,929) (20,929) 3,098,392 - - - - - - 3,098,392
	18,755,501 (11,206,344) (39,410) - (1,498,187) - (1,186,132) 4,825,428 - - - - - - - -
	18,755,501 (11,206,344) (39,410) -(1,498,187) - (1,186,132) 4,825,428
	- - - - -

The accompanying notes form part of these financial statements.

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2010

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Rent received Interest received Payments to suppliers and employees Finance costs Income tax paid Interest paid to Director's Loan Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment Payment for businesses acquired Proceeds from disposal of shares in subsidiary Purchase of property, plant and equipment Net cash provided by/(used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Overdraft restructure to non-current borrowings Proceeds from borrowings Repayment of borrowings Proceeds from issue of additional shares Net cash used in financing activities Net increase(decrease) in cash held Cash and cash equivalents at beginning of financial year Cash and cash equivalents at end of financial year	Consolidated Group 31 Dec 10 31 Dec 09 $ $ 19,691,654 25,510,186 99,945 156,997 2 31 (19,550,854) (25,379,260) (772,204) (483,827) (151,742) (221,592) (3,333) (19,634)
	(686,532) (437,099)
	354,867 27,700 - (481,088) 1,079,137 174,100 (325,795) (164,295)
	1,108,209 (443,583)
	1,000,000 - 379,487 100,000 (557,720) (1,127,272) 2,863,592 1,671,641
	3,685,359 644,369
	4,107,036 (236,313) (2,160,665) (953,879)
	1,946,371 (1,190,192)

The accompanying notes form part of these financial statements.

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2010

Note 1 Significant Accounting Policies

Statement of compliance

The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting . Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 Interim Financial Reporting . The half-year report does not include notes to the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report.

Basis of preparation

The condensed consolidated financial statements have been prepared on the basis on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the company's 2010 annual financial report for the financial year ended 30 June 2010, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards.

The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for the current period.

• New and revised Standards and amendments thereof and Interpretations effective for the current reporting period that are relevant to the Group ● Amendments to AASB 5, 8, 101, 107, 117, 118, 136, and 139 as a consequence of AASB 2009-5 Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project.

AASB 2009-5 introduces amendments into Accounting Standards that are equivalent to those made by the IASB under its program of annual improvements to its standards. A number of the amendments are largely technical, clarifying particular terms, or eliminating unintended consequences. Other changes are more substantial, such as the current/non-current classification of convertible instruments, the classification of expenditures on unrecognised assets in the statement of cash flows and the classification of leases of land and buildings.

The adoption of these amendments has not resulted in any changes to the Group's accounting policies and have no affect on the amounts reported for the current or prior periods.

Note 2 Going Concern

The Group made a loss for the half-year ended 31 December 2010 of $1,020,212 and had a net cash outflow from operating activities of $686,532. These conditions give rise to material uncertainty which may cast significant doubt over the Group's ability to continue as a going

Notwithstanding, the directors' believe that the Group will continue to operate as a going concern for the following reasons:

• The recent rights issue has recapitalised the Group, enabling funding of future growth initiatives;

• The Paint Applications Division is expected to benefit from changes in the hardware market in Australia;

• Economic conditions have improved, particularly in the construction industry, the benefits of which have been experienced in the Scaffold

• ● DiRationalisation of the Treco Garden Sheds Division has commenced and is expected to be finalised in the next few months which will i i provide ongoing cost savings;

• The properties held at St Marys, New South Wales and Archerfield, Queensland have been listed for sale. The consideration on sale of these properties will be used to reduce the overall debt of the Group; and

• The Group's debts are being paid as and when they fall due.

Should the Group be unable to continue as a going concern it may be required to realise its assets and discharge it liabilities other than in the normal course of business and at amounts different to those stated in the financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount of liabilities that might result should the company be unable to continue as a going concern and meet its debts as and when they fall due.

Note 3 Reconciliation of cash

Note 3 Reconciliation of cash
Cash and cash equivalents Bank overdrafts Cash at the end of the half-year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows:	Consolidated Group 31 Dec 10 31 Dec 09 $ $ 3,550,674 1,857,582 (1,604,303) (3,047,774)
	1,946,371 (1,190,192)

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2010

Note 4 Segment Information

Identification of reportable segments

The Group has identified its operating segments based on the internal reports that are reviewed and used by the board of directors (chief operating decision makers) in assessing performance and in determining the allocation of resources.

The Group is managed primarily on the basis of product category and service offerings since the diversification of the Group's operations inherently have notably different risk profiles and performance assessment criteria. Operating segments are therefore determined on the same

Reportable segments disclosed are based on aggregating operating segments where the segments are considered to have similar economic characteristics and are also similar with respect to the following:

• the products sold and/or services provided by the segment;

• the manufacturing process;

• the type or class of customer for the products or service;

• the distribution method; and

• any external regulatory requirements.

The Group has identified the following reportable segments:

• Wholesale/Retail

• Scaffold Division

• Consumer Products

• Property Division

• Corporate Division

The following is an analysis of the Group's revenue and results by reportable operating segment for the periods under review:

(i) Segment performance 31 December 2010	Scaffolding Consumer Property Corporate $ $ $ $ $ Wholesale Retail	Total $
Continuing operations Revenue External sales Other revenue Inter-segment elimination Total segment revenue Segment net profit before tax Reconciliation of segment result to group net loss before Net profit before tax Inter-segment elimination Net loss before tax from continuing operations Discontinued operations Revenue External sales Other revenue Total segment revenue Segment net profit before tax Net loss before tax from discontinued operations 31 December 2009	7,425,966 10,271,899 - - - 53,921 274,887 - 202,114 2,417,839	17,697,865 2,948,761 (2,525,077)
	7,479,887 10,546,786 - 202,114 2,417,839	18,121,549
	tax (415,613) 556,988 (33,329) (58,726) 53,677 10,810 - 1,035,342 - - - - 809,067 - -	102,998 (169,030)
		(66,032)
		1,046,152 809,067
	10,810 - 1,844,409 - -	1,855,219
	(764,047) - 14,250 - - Scaffolding Consumer Property Corporate $ $ $ $ $ Wholesale Retail
		(749,797)
		Total $
REVENUE External sales Other revenue Inter-segment elimination Total segment revenue Segment net profit before tax Reconciliation of segment result to group net loss before Net loss before tax Inter-segment elimination Net loss before tax from continuing operations Discontinued operations Revenue External sales Other revenue Total segment revenue Segment net profit before tax Net loss before tax from discontinued operations	7,913,885 10,138,677 - - - 105,710 347,970 156,000 237,325 2,793,208	18,052,562 3,640,213 (3,415,315)
	8,019,595 10,486,647 156,000 237,325 2,793,208	18,277,460
	tax (213,540) (270,453) (107,437) 674 (33,021) (623,777) (226,985) (850,762) 123,418 - 3,177,178 - - 3,300,596 275 - 455 - - 730
		(850,762)
		3,300,596 730
	123,693 - 3,177,633 - -	3,301,326
	(60,034) - (756,192) - -
		(816,226)

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2010

Note 4 Segment Information (continued)

(ii) Revenue by geographical region

31 December 2010	Scaffolding Consumer Property Corporate Total $ $ $ $ $ $ Wholesale Retail
Australia South East Asia Segment elimination Inter-segment elimination Total revenue 31 December 2009	8,063,171 10,866,076 1,844,409 202,114 2,417,839 23,393,609 - 1,646,748 - - - 1,646,748 (572,474) (1,966,038) - - - (2,538,512) (2,525,077)
	7,490,697 10,546,786 1,844,409 202,114 2,417,839 19,976,768
	Scaffolding Consumer Property Corporate Total $ $ $ $ $ $ Wholesale Retail
Australia South East Asia Segment elimination Inter-segment elimination Total revenue	8,845,506 11,356,971 3,333,633 237,325 2,793,208 26,566,643 - 1,810,710 - - - 1,810,710 (702,218) (2,681,034) - - - (3,383,252) (3,415,315)
	8,143,288 10,486,647 3,333,633 237,325 2,793,208 21,578,786

Note 5 Discontinued operations

(i) Tangshan Hengfeng Paint Accessories Co.

On 31 October 2010, the Group disposed of its 47.5% interest in Tangshan Hengfeng Paint Accessories Co. The proceeds from the sale of this investment were $1,079,137 which were received upon settlement on 25 February 2011. The loss on disposal of this investment was $725,349 which has been included as part of the loss from discontinued operations for the half-year.

Share of net loss of associates and joint ventures Loss on disposal of investment in joint venture	31 Oct 10 31 Dec 09 $ $ (1,049) (22,341) (725,349) - 4 months ending 6 months ending
	(726,398) (22,341)

(ii) H&O Products Pty Ltd On 31 October 2010, H&O Products Pty Ltd, the Group's consumer products division, was wound down. The loss for the period from the discontinued operation is as follows:

Revenue Cost of sales Gross profit Other income Distribution expenses Marketing expenses Occupancy expenses Administrative expenses Impairment expense Finance costs Profit/(loss) before income tax	31 Oct 10 31 Dec 09 $ $ 1,025,342 3,177,178 (1,388,425) (3,258,991) 4 months ending 6 months ending
	(363,083) (81,813) 809,067 455 (125,894) (286,350) (51,420) (41,606) (173,773) (175,135) (43,657) (52,946) (2,923) - (36,489) (118,797)
	11,828 (756,192)

(iii) Adelaide Garden Sheds Pty Ltd On 31 August 2010, Adelaide Garden Sheds Pty Ltd, one of the Group's retail alliances, was wound down. The loss for the period from the discontinued operation is as follows:

Revenue Cost of sales Gross profit Other income Distribution expenses Marketing expenses Occupancy expenses Finance costs Loss before income tax	31 Aug 10 31 Dec 09 $ $ 10,810 123,418 (13,594) (59,008) 2 months ending 6 months ending
	(2,784) 64,410 - 275 (22,348) (73,168) (2,708) (15,346) (6,285) (11,970) (1,102) (1,894)
	(35,227) (37,693)

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OLDFIELDS HOLDINGS LIMITED ABN: 92 000 307 988 AND CONTROLLED ENTITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2010

Note 6 Capital Raising

On 21 July 2010, the company issued 5,067,308 ordinary shares at $0.17 per share on the basis of 1 for every 2 shares held, raising $861,442.

The recent capital raising by way of pro-rata, non-renounceable rights was completed on 30 November 2010. The company issued an additional 22,980,534 ordinary shares at $0.10 per share on the basis of 1 share for every 1 share held, raising $2,298,053.

Note 7 Commitments & Contingencies

There have been no significant movements in commitments or contingencies since the previous annual reporting period, being 30 June 2010.

Note 8 Events After the Reporting Period

The sale of the Group's investment in the Tangshan Hengfeng joint venture was settled on the 25th of February 2011.

There have been no other significant events which have occurred since 31 December 2010.

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