Apple Fields joins DFC in venture
Apple Fields, Ltd, of Christchurch, announced yesterday that it had joined DFC Financial Services, Ltd, in a joint venture to • develop apple orchards.
The company said that the joint venture would be involved in “the development of a substantial area” into orchards.
Apple Fields also announced that it had bought two orchard development blocks on the outskirts of Christchurch. Harewood Orchards was a 38ha site on Russley Road between Christchurch International Air, port and the city. Pacific Orchards was a 30.6 ha site on Springs Road, between Halswell. and Hornby. Apple trees would be planted on the two blocks during the winter, the company said. The chairman, Mr Don Clark, said in the annual report that the company had been negotiating a joint venture development
programme for the property between the airport and the city. The company was moving to extend its orchard interest and also to include related business interests which would increase the company’s earnings during its early years, he said. As reported, the company incurred a net loss of $24,861 from July 25, when the company was incorporated, to September 30. This compares favourably with the predicted loss for the period of $324,008, which was made in the company’s prospectus. During the period to September 30, the company was listed on the Stock Exchange and, along with the Apple Fields partnerships, was involved in developing orhards in three areas near Christhurch.
The development programme of these properties was proceeding as planned, Mr Clark
said. Gross Income totalled $414,000, arising from sub-lease fees from the 36 orchard partnerships for using the company’s assets, plus administration charges from land-owning companies for handling their affairs during the period. Expenses of $438,861 arose from lease rentals paid to the land-owning companies, the cost of raising finance for further activities, and depreciation.
Establishment and share issue costs of $258,347 would be carried forward and charged against revenue over a period of expected benefit from October 1, Mr Clark said.
No dividend was recommended for the period to September 30.
Shareholders’ funds stood at $1,213,629, including share capital of $1,036,800. The company had a net deficit in working capital of $77,797.
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Press, 12 June 1987, Page 22
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364Apple Fields joins DFC in venture Press, 12 June 1987, Page 22
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