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
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