Final Results

Pathfinder Properties PLC 29 June 2007 FOR IMMEDIATE RELEASE 29 June 2007 Pathfinder Properties PLC Results for the year ended 31 December 2006 The Board of Pathfinder announces the results of the Company for the year ended 31 December 2006, which are set out below. The audited financial statements for the year ended 31 December 2006 are being sent to all shareholders. Copies may be obtained from the Company by writing to Pathfinder Properties PLC, 1001 Finchley Road, London NW11 7HB. CHAIRMAN'S STATEMENT Dear Shareholder I am pleased to present the accounts for the year ended 31st December 2006. The sale of our site at River Quarter, Manchester was completed and consequently, the group has returned to profit. The net asset value of the group has increased by over 30%. The Loch Lomond site was sold by the administrators in the year under review. I am pleased to state that we have managed to resolve the position of the continuing liabilities by agreeing a one off payment. The group is now free to move forward without this problem site hanging over it. We have started our development at Newark, with the conversion of the 49 flats within the brewery. We hope to start the 99 River Edge flats within the next 6 months. The remainder of the site has outline planning, and we are in the process of firming it up into a full planning consent. During the year, the group purchased a site in Ilford with planning consent for 83 flats. The site in the centre of Ilford town is not far from the new Olympic village. After lengthy negotiations with the planners, we have managed to increase the consent from 83 to 102 residential units, together with approximately 3,000 square feet of commercial space. It is hoped to start this development before the end of this year. After many years of the group being in the doldrums, the board believes the development sites in Newark and Ilford are going to help the group grow and return substantial profits to the group. Even though the group has embarked on large developments, we have managed to keep administrative expenses at nearly the same level as last year. At this time, the board has decided not to pay any dividend, as it is in the best interest of the group to reinvest all monies and concentrate on increasing the net asset value of the group. Once the group maintains a steady profitability, it is the board's intention to resume the payment of dividends. Once again, I would like to thank everyone for all their hard work and effort in managing to turn this group around. Yours faithfully Edward Azouz Chairman 29 June 2007 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2006 Year ended Year ended 31 December 2006 31 December 2005 Notes £000 £000 Turnover Group and share of joint ventures 17,000 753 - less: share of joint ventures (-) (8) Group turnover 3 17,000 745 Cost of sales (12,550) (553) Continuing operations Gross profit 4,450 192 -------- -------- Administration expenses (560) (515) Continuing operations (-) (-) - Discontinued operations (560) (515) -------- -------- 3,890 (323) -------- -------- Other operating income 74 90 Continuing operations -------- -------- Operating profit / (loss) before share of joint ventures 3,964 (233) Continuing operations - (-) - Discontinued operations 3,964 (233) -------- -------- Share of operating profit in joint ventures - 8 Operating profit / (loss) 3 3,964 (225) Continuing operations: - 8 Profit on sale of investment properties (421) (357) (Loss) on sale of fixed asset investments Profit / (loss) on ordinary activities before investment income, 3,543 (574) interest and taxation Interest receivable 94 9 Interest payable (816) (856) Profit / (loss) on ordinary activities before taxation 2,821 (1,421) Taxation (535) 190 Profit / (loss) on ordinary activities after taxation 2,286 (1,231) Equity minority interests (81) (83) Profit / (loss) for the year attributable to members of the parent 2,205 (1,314) company Profit / (loss) for the year transferred to reserves 7 2,205 (1,314) Year ended Year ended 31 December 2006 31 December 2005 Pence Pence Profit / (loss) per share 11 2.76 (1.64) Fully diluted profit / (loss) per share 11 2.76 (1.64) A statement of total recognised gains and losses for the year is given in note 9. CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 Notes 31 December 2006 31 December 2005 £000 £000 £000 £000 Fixed assets Intangible fixed assets - Goodwill 154 154 Tangible assets 20 11 Investment in joint ventures - Share of gross assets 211 210 - Share of gross liabilities (138) (137) - Goodwill - - 73 73 Other investments 152 152 399 390 Current assets Work in progress 12,255 16,257 Debtors 1,241 1,912 Cash at bank 5 1,518 594 15,014 18,763 Creditors: Amounts falling due within one year 6 (4,037) (4,610) Net current assets 10,977 14,153 Total assets less current liabilities 11,376 14,543 Creditors: Amounts falling due (-) (6,037) after more than one year 11,376 8,506 Equity minority interests (343) (356) Net assets 11,033 8,150 Capital and reserves Called up share capital 7,997 7,997 Share premium account 1,970 1,970 Merger reserve 2,494 2,494 Capital reserve 153 153 Own share capital reacquired - (678) Profit and loss account 7 (1,581) (3,786) Equity shareholders' funds 8 11,033 8,150 Pence Pence Net assets per share attributable to ordinary shareholders 13.79 10.20 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 Notes Year ended Year ended 31 December 2006 31 December 2005 £000 £000 £000 £000 Net cash inflow / (outflow) from 10 7,574 (791) operating activities Returns on investments and servicing of finance Interest received 94 9 Interest paid (816) (854) Net cash outflow from returns on (722) (845) investments and servicing of finance Taxation Taxation paid (-) (64) Capital expenditure and financial investment Receipts from sale of investment properties 2 9 Payments from joint ventures - (1) Payments to acquire tangible fixed assets (16) (6) Net cash (outflow) / inflow from capital expenditure and financial investment (14) 2 Acquisitions and disposals Disposal of shares in parent undertaking 258 218 Net cash inflow from acquisitions and disposals 258 218 Equity dividends Minority dividends paid (94) - Financing Loans: - Long term loans repaid (6,037) - - Short term loans drawn down - 1,501 - Short term loans repaid (41) (224) Net cash (outflow) / inflow from financing (6,078) 1.277 Increase / (decrease) in cash 924 (203) NOTES 1 BASIS The figures shown for the year ended 31 December 2006 are audited but do not constitute statutory financial statements within the meaning of the Companies Act 1985. The financial statements for the year ended 31 December 2005 have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under s.237(2) or (3) of the Companies Act 1985. 2 ACCOUNTING POLICIES The accounting policies are consistent with those used in the previous year. 3 RESULTS FOR THE YEAR The Group's turnover and results for the year arise principally from property development activities and from activities carried out in UK. 4 DIVIDENDS Year ended Year ended 31 Dec 2006 31 Dec 2005 £000 £000 Equity dividends: Final dividend Nil p (2005 - Nil p) per share - - ---------- ----------- 5 ANALYSIS OF CASH AND CASH EQUIVALENTS 31 Dec 2006 31 Dec 2005 £'000 £'000 Short term bank deposits 1,294 29 Other cash at bank 224 565 ---------- -------- 1,518 594 ---------- -------- 6 CREDITORS DUE WITHIN ONE YEAR 31 Dec 2006 31 Dec 2005 £'000 £'000 Bank loans and overdrafts 3,284 2,765 Other loans - 560 Trade creditors 2 85 Corporation tax 220 - Other creditors and accruals 531 1,200 ---------- -------- 4,037 4,610 ---------- -------- 7 PROFIT AND LOSS ACCOUNT 31 Dec 2006 31 Dec 2005 £'000 £'000 At 1 January (3,786) (2,472) Profit / (loss) for the year 2,205 (1,314) Dividends - - ---------- --------- At 31 December (1,581) (3,786) ---------- --------- 8 SHAREHOLDERS' FUNDS 31 Dec 2006 31 Dec 2005 £'000 £'000 Retained profit / (loss) for the year 2,205 (1,314) Dividends paid - - Own shares disposed 678 577 ---------- --------- 2,883 (737) At 1 January 8,150 8,887 ---------- --------- At 31 December 11,033 8,150 ---------- --------- 9 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Year ended Year ended 31 Dec 2006 31 Dec 2005 £'000 £'000 Profit / (loss) for the financial year attributable to members 2,205 (1,314) Reduction of investment in own shares 678 577 ---------- --------- Total recognised gains and losses since last financial statements 2,883 (737) ---------- --------- 10 RECONCILIATION OF OPERATING PROFIT/(LOSS) TO OPERATING CASH FLOWS Year ended Year ended 31 Dec 2006 31 Dec 2005 £'000 £'000 Operating profit / (loss) 3,964 (225) Depreciation on fixed assets 5 3 Share of profit/loss in joint ventures (-) (7) Decrease/(increase) in work-in-progress 4,002 50 Decrease/(increase) in debtors 355 (1,015) (Decrease)/Increase in creditors (752) 403 ---------- --------- 7,574 (791) ---------- --------- 11 PROFIT PER SHARE The calculation of profit per share is based on a profit of £2,205,000 (2005 - loss of 1,314,000) and on 79,971,393 (2005 - 79,971,393) ordinary shares, being the weighted average number of ordinary shares in issue during the year. There is no difference between earnings and fully diluted earnings per share For further information, contact: Pathfinder Properties Plc Gerry Lee or Edward Azouz, Directors Tel: (020) 8731 0110 Beaumont Cornish Limited Roland Cornish Tel: (020) 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange

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