Interim Results

Pathfinder Properties PLC 30 September 2004 FOR IMMEDIATE RELEASE Pathfinder Properties PLC Results for the six months ended 30 June 2004 The Board of Pathfinder announces the results of the Company for the six months ended 30 June 2004, which are set out below. The unaudited interim financial statements for the six months ended 30 June 2004 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 For the six months ended 30 June 2004 Since the year end, the company has started to move forward under the new management, and I am pleased to report that due to our cost cutting measures, administrative expenses have dropped by nearly 50% for the first 6 months. It is hoped that the administrative expenses will drop even further during the remainder of the year. In my previous chairman's statement, I told shareholders that the company hoped to sell two of its assets namely Back Turner Street and Wetherby. I am pleased to confirm that Wetherby has been sold in September of this year at a substantial profit. It is hoped that Back Turner Street will also be sold before the year end. The company will then have two main assets, River Quay, Manchester and The Brewery, Newark. At the last AGM, Resolution 6 was deferred until a professional valuation was obtained by the company on River Quay, Manchester. Once the company has received the valuation, this Resolution will be put to shareholders again at an EGM. If the Resolution is passed, it will enable the company to develop Phase 1 River Quay. With regard to the Newark Development, it is hoped to obtain planning permission by mid-November. Once planning permission is obtained, the company will have sufficient financial resources to develop the site, subject to the debt on River Quay being repaid. This is of course the proposition being put to shareholders at the EGM. Once again, I would like to thank my co-directors for all their hard work in bringing this company back on track. Edward Azouz Chairman 30 September 2004 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 June 2004 Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2004 2003 2003 £'000 £'000 £'000 TURNOVER Group and share of 9 - 6 joint ventures less share of joint - - (6) ventures -------- ------- ------- Group turnover 3 9 - - Cost of sales (9) 35 (2,115) -------- ------- ------- Gross (loss)/profit - 35 (2,115) Administrative expenses (491) (744) (1,818) -------- ------- ------- (491) (709) (3,933) Other operating income/(expense) 44 (73) (120) -------- ------- ------- OPERATING LOSS BEFORE SHARE OF JOINT VENTURES (447) (782) (4,053) Share of operating profits in joint ventures - 5 - -------- ------- ------- OPERATING LOSS 3 (447) (777) (4,053) Profit/(loss) on sale of investment properties 6 (4) (8) -------- ------- ------- (441) (781) (4,061) Interest receivable 62 114 177 Interest payable (350) (373) (736) -------- ------- ------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION 3 (729) (1,040) (4,620) Taxation (11) 248 72 -------- ------- ------- LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (740) (792) (4,548) Equity minority interests 12 5 122 -------- ------- ------- LOSS ON ORDINARY ACTIVITIES ATTRIBUTABLE TO MEMBERS (728) (787) (4,426) Ordinary - - - dividends -------- ------- ------- Loss for the period transferred to reserves 7 (728) (787) (4,426) -------- ------- ------- Loss per share 10 (0.91p) (0.99p) (5.54p) The operating loss arises from the Group's continuing operations. A statement of total recognised gains and losses for the year is given in note 8. CONSOLIDATED BALANCE SHEET 30 June 2004 Notes 30 June 30 June 31 Dec 2004 2003 2003 £'000 £'000 £'000 FIXED ASSETS Intangible fixed assets - 154 18 - Goodwill Tangible assets 6 8 11 Investment in joint ventures -------- ------- ------- Share of gross assets 234 3,326 3,517 Share of gross (165) (1,980) (2,259) liabilities Goodwill - 51 51 -------- ------- ------- 69 1,397 1,309 Other investments 152 152 152 -------- ------- ------- 381 1,591 1,472 -------- ------- ------- CURRENT ASSETS Work-in-progress 20,346 17,418 15,886 Debtors 723 937 814 Cash at bank 6 1,249 3,938 2,012 -------- ------- ------- 22,318 22,293 18,712 CREDITORS: amounts falling due within one year 7 (12,311) (7,205) (11,269) -------- ------- ------- NET CURRENT ASSETS 10,007 15,088 7,443 -------- ------- ------- TOTAL ASSETS LESS CURRENT LIABILITIES 10,388 16,679 8,915 CREDITORS: amounts falling due after more than one year Bank and other (1,800) (3,999) - loans PROVISIONS FOR LIABILITIES AND CHARGES - - - -------- ------- ------- 8,588 12,680 8,915 EQUITY MINORITY INTERESTS (271) (459) (283) -------- ------- ------- NET ASSETS 8,317 12,221 8,632 -------- ------- ------- CAPITAL AND RESERVES Called up share capital 7,997 7,990 7,997 Share premium account 1,970 1,962 1,970 Merger reserve 2,494 2,494 2,494 Capital reserve 153 118 153 Own share capital reacquired (1,255) (1,668) (1,668) Profit and loss account 8 (3,042) 1,325 (2,314) -------- ------- ------- EQUITY SHAREHOLDERS' FUNDS 8,317 12,221 8,632 -------- ------- ------- Net assets per share attributable to ordinary shareholders 10.40p 15.29p 10.79p CASH FLOW STATEMENT for the six months ended 30 June 2004 Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2004 2003 2003 £'000 £'000 £'000 NET CASH OUTFLOW FROM OPERATING ACTIVITIES 11 (1,788) (1,232) (3,853) -------- ------- ------- RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 62 44 173 Interest paid (77) (108) (291) -------- ------- ------- Net cash outflow from returns on investments and servicing of finance (15) (64) (118) TAXATION -------- ------- ------- Corporation tax paid 23 - (388) -------- ------- ------- CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Receipts from sales of investment properties 6 20 18 Receipts from joint ventures - - 37 Payments to acquire investments (10) - (1,045) Acquisition of other tangible fixed assets - (26) (26) -------- ------- ------- Net cash outflow from capital expenditure and financial investment (4) (6) (1,016) -------- ------- ------- ACQUISITIONS AND DISPOSALS Acquisition of minority interests in subsidiary - (1,079) - Net cash acquired with subsidiary - - undertaking -------- ------- ------- Net cash outflow from acquisitions and disposals - (1,079) - -------- ------- ------- -------- ------- ------- EQUITY DIVIDENDS PAID - (180) (353) -------- ------- ------- MANAGEMENT OF LIQUID RESOURCES -------- ------- ------- Decrease in treasury deposits 540 1,016 1,326 -------- ------- ------- FINANCING Debt due within one year: Loans drawn down 2,100 5 1,266 Loans repaid (2,879) - - Debt due in more than one year: Loans drawn down 1,800 20 - Loans repaid - - - -------- ------- ------- Net cash inflow from financing 1,021 25 1,266 -------- ------- ------- DECREASE IN CASH (223) (1,520) (3,136) -------- ------- ------- NOTES 1 BASIS The figures shown for the six months ended 30 June 2004 are unaudited and do not constitute statutory financial statements within the meaning of the Companies Act 1985. The financial statements for the year ended 31 December 2003 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 except with regard to the investment by a subsidiary in the shares of Pathfinder Properties PLC. This change has been made to comply with The Urgent Issues Task Force (UITF) abstract 37, the new guidance for the accounting treatment has been applied to the financial statements for the first time. The comparative figures for the six months ended 30 June 2003 have been restated as the adoption of UITF 37 gives rise to a net adjustment of £431,000 to the investment in own shares for that period. 3 RESULTS FOR THE PERIOD The Group's turnover and results for the year arise principally from property development activities. 4 DEBTORS 30 June 2004 30 June 2003 31 Dec 2003 £'000 £'000 £'000 Due within one year 396 571 612 Due after one year: deferred tax 327 366 202 --------- ------- ------- 723 937 814 --------- ------- ------ 5 CREDITORS DUE WITHIN ONE YEAR 30 June 2004 30 June 2003 31 Dec 2003 £'000 £'000 £'000 Bank loans and overdrafts 8,604 2,942 8,565 Other loans 2,267 565 576 Trade creditors 22 - 183 Other creditors and accruals 1,418 3,698 1,945 ------- ------- ------- 12,311 7,205 11,269 -------- ------- ------ Other loans comprise loans from minority shareholders in certain subsidiary undertakings to fund their proportionate share of developments. These loans are repayable on or after the sale or refinancing of the relevant developments. 6 PROFIT AND LOSS ACCOUNT 6 months to 6 months Year to ended 30 June 2004 30 June 31 Dec 2003 2003 £'000 £'000 £'000 At 1 January (2,314) 2,112 2,112 Loss for the period (728) (787) (4,426) --------- -------- -------- At 30 June (3,042) 1,325 (2,314) --------- -------- -------- 7 SHAREHOLDERS' FUNDS 6 months to 6 months Year to ended 30 June 2004 30 June 31 Dec 2003 2003 £'000 £'000 £'000 Retained loss for the year (728) (787) (4,426) Other recognised gains relating to the year - 118 153 Own shares disposed 413 630 630 Shares issued in year - 31 46 --------- -------- -------- (315) (8) (3,597) At 1 January 8,632 12,229 12,229 --------- -------- -------- At 31 December 8,317 12,221 8,632 --------- -------- -------- 8 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 6 months to 6 months Year to ended 30 June 2004 30 June 31 Dec 2003 2003 £'000 £'000 £'000 Loss for the financial year attributable to members (728) (787) (4,426) Prior year adjustment - (2,729) (2,729) Reduction of investment in own shares 413 630 630 Capital reserve - 118 153 --------- -------- -------- Total recognised gains and losses since last financial statements (315) (2,768) (6,372) --------- -------- -------- 9 RECONCILATION OF OPERATING LOSS TO OPERATING CASH FLOWS 6 months to 6 months Year to ended 30 June 2004 30 June 31 Dec 2003 2003 £'000 £'000 £'000 Operating loss (447) (777) (4,053) Amortisation of goodwill - - 18 Depreciation on fixed assets 5 10 21 Share of profits in joint ventures - (5) - (Increase)/decre ase in work-in-progress (435) (1,682) (150) Decrease in debtors 265 46 188 (Decrease)/incre ase in creditors (1,176) 1,176 123 -------- -------- -------- (1,788) (1,232) (3,853) --------- -------- -------- 10 LOSS PER SHARE The calculation of the loss per share is based on a loss of £728,000 (31 December 2003 - £4,426,000) and on 79,971,393 (31 December 2003: 79,874,286) 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: Gerry Lee or Edward Azouz, Directors Tel: (020) 8731 0110 This information is provided by RNS The company news service from the London Stock Exchange

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