Interim Results
Pathfinder Properties PLC
28 September 2007
FOR IMMEDIATE RELEASE - 28 September 2007
Pathfinder Properties PLC
Unaudited Interim Results
for the six months ended 30 June 2007
The Board of Pathfinder announces the results of the Company for the six months
ended 30 June 2007, which are set out below. The un-audited interim financial
statements for the six months ended 30 June 2007 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 2007
Dear Shareholder,
I am pleased to confirm that at the Annual General Meeting held on 11th
September 2007 all of the resolutions were approved.
The interim accounts show a loss for the period of £497,000. A settlement
payment of £250,000 made to the Anglo Irish Bank is included in this figure.
This sum was paid to enable the company to extricate itself from its liability
with the Bank in relation to the Loch Lomond site.
The redevelopment of the landmark Brewery Building in Newark is progressing well
and we intend to market the apartments early next year when the essential
structural repairs to the building are completed.
With regards to the site in Ilford, we have submitted a planning application to
increase the number of apartments and for additional commercial space which will
increase the value of the site and the development. We expect to have a decision
from the planners within the next few weeks. It is hoped that this will increase
the value of the assets within the company and in turn the profitability of the
company.
As always I would like to thank the Board and staff for their continued hard
work and professionalism throughout the period.
Edward Azouz
Chairman
26 September 2007
CONSOLIDATED INCOME STATEMENT
for the six months ended 30 June 2007 Restated Restated
Unaudited Unaudited Audited
Notes 6 months 6 months Year
to to ended
30 June 30 June 31 Dec
2007 2006 2006
£'000 £'000 £'000
REVENUE
Group and share of joint ventures 52 - 17,000
less share of joint ventures (17) - -
Group revenue 35 - 17,000
Cost of sales (7) - (12,550)
Gross profit 28 - 4,450
Administrative expenses (313) (229) (560)
(285) (229) 3,890
Other operating income/ 85 (350) (347)
(loss)
OPERATING (LOSS)/PROFIT BEFORE SHARE (200) (579) 3,543
OF JOINT VENTURES
Share of operating profits in joint 15 - -
ventures
OPERATING (LOSS)/PROFIT 3 (185) (579) 3,543
Finance income 36 5 94
Finance costs (337) (439) (816)
(LOSS)/PROFIT BEFORE TAXATION (486) (1,103) 2,821
Tax - - (535)
(LOSS)/PROFIT AFTER TAXATION (486) (1,013) 2,286
Equity minority interests (11) 12 (81)
(LOSS)/PROFIT ATTRIBUTABLE TO MEMBERS (497) (1,001) 2,205
(Loss)/profit for the period 6 (497) (1,001) 2,205
(Loss)/profit per share (basic and 10 (0.62p) (1.25p) 2.76p
diluted)
The operating loss arises from the Group's continuing operations.
A statement of total recognized gains and losses for the period is given in note
8.
CONSOLIDATED BALANCE SHEET
As at 30 June Restated Restated
2007
Unaudited Unaudited Audited
Notes 30 June 30 June 31 Dec
2007 2006 2006
£'000 £'000 £'000
ASSETS
NON CURRENT ASSETS
Intangible assets 154 154 154
Plant and 20 9 20
equipment
Investment in joint ventures
Share of gross assets 115 210 211
Share of gross (27) (137) (138)
liabilities
88 73 73
Investments 152 152 152
TOTAL NON CURRENT ASSETS 414 388 399
CURRENT ASSETS
Inventories 13,163 17,255 12,255
Trade and other receivables 4 916 1,093 1,012
Deferred tax 229 544 229
Cash and cash equivalents 288 700 1,518
TOTAL CURRENT ASSETS 14,596 19,592 15,014
TOTAL ASSETS 15,010 19,980 15,413
LIABILITIES
Current liabilities
Trade and other payables 398 1,526 533
Tax payable 217 - 220
Bank and other loans 3,505 4,246 3,284
4,120 5,772 4,037
LIABILITIES: Non current liabilities
Bank and other loans - 6,037 -
TOTAL LIABILITIES 5 4,120 11,809 4,037
10,890 8,171 11,376
Minority Interests (354) (344) (343)
TOTAL NET ASSETS 10,536 7,827 11,033
EQUITY: CAPITAL & RESERVES
Share capital - issued and fully paid 7,997 7,997 7,997
Share premium 1,970 1,970 1,970
Other reserves 2,647 2,647 2,647
Retained earnings 6 (2,078) (4,787) (1,581)
TOTAL EQUITY 7 10,536 7,827 11,033
Net assets per share attributable to ordinary 13.17p 9.79p 13.79p
shareholders
CONSOLIDATED CASH FLOW STATEMENT Restated Restated
for the six months ended 30 June 2007 Unaudited Unaudited Audited
Notes 6 months 6 months Year
to to ended
30 June 30 June 31 Dec
2007 2006 2006
£'000 £'000 £'000
Cash flows from operating activities 9 (1,234) (641) 7,574
Interest paid (337) (439) (816)
Tax paid - - -
Net cash flows from operating (1,571) (1,080) 6,758
activities
Cash flows from investing activities
Proceeds from sale of investment - 2 2
properties
Proceeds from sale of investments - 258 258
Interest 36 5 94
received
Purchase of plant and equipment (1) - (16)
Dividends received 85 - -
Net cash flows from investing 120 265 338
activities
Cash flows from financing activities
Proceeds from borrowings 221 921 -
Repayments of borrowings - - (6,078)
Minority dividends paid - - (94)
Net cash flows from financing activities 221 921 (6,172)
Net (decrease)/increase in cash and cash (1,230) 106 924
equivalents
Opening cash and cash equivalents 1,518 594 594
Closing cash and cash equivalents 288 700 1,518
NOTES
For the six months ended 30 June 2007
1 BASIS OF PREPARATION
Pathfinder Properties PLC has previously prepared group financial statements in
accordance with UK Generally Accepted Accounting Practice ('UK GAAP'). From 1
January 2007 the Group is required to prepare it consolidated financial
statements under International Accounting Standards and International Financial
Reporting Standards (collectively 'IFRS') as adopted by the European Union
('EU'). The Group's date of transition to IFRS is 1 January 2006 being the start
of the previous period that has been presented as comparative information.
The financial information presented in this document has been prepared on the
basis of the IFRS in issue that are either endorsed by the EU and effective at
31 December 2007 or are expected to be endorsed before the financial statements
are approved and authorized for issue. Based on these adopted and unadopted
IFRS, the directors have made assumptions about the accounting policies expected
to be applied when the first annual IFRS statements are prepared for the year
ending 31 December 2007. In addition, the adopted IFRS that will be effective in
the annual financial statements for the year ending 31 December 2007 are still
subject to change and to additional interpretations and therefore can not be
determined with certainty. Accordingly, the accounting policies for that annual
period will be determined finally only when the annual financial statements for
the Group are prepared for the year ending 31 December 2007.
The Interim Statements does not constitute statutory financial statements as
defined in section 240 of the Companies Act 1985 and have not been audited by
the company's auditors, Sedley Richard Laurence Voulters. The financial
statements for the year ended 31 December 2006 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
In implementing the transition to IFRS, the group has followed requirements of
IFRS 1 'First Time Adoption of International Financial Reporting Standards'
which in general requires IFRS accounting policies to be applied fully
retrospectively.
3. RESULTS FOR THE PERIOD
The Group's turnover arises principally from property development activities.
4 TRADE AND OTHER RECEIVABLES
30 June 2007 30 June 31 Dec
2006 2006
£'000 £'000 £'000
Trade - - -
Other receivables 916 1,093 1,012
916 1,093 1,012
5 LIABILITIES
30 June 30 June 31 Dec
2007 2006 2006
£'000 £'000 £'000
Bank loans and 3,505 10,283 3,284
overdrafts
Tax payable 217 - 220
Trade and other payables 398 1,526 533
4,120 11,809 4,037
NOTES - continued
For the six months ended 30 June 2007
6 RETAINED EARNINGS
6 months to 6 months to Year ended
30 June 30 June 2006 31 Dec 2006
2007
£'000 £'000 £'000
Brought (1,581) (3,786) (3,786)
forward
Retained earnings for (497) (1,001) 2,205
the period
Carried forward at end of period (2,078) (4,787) (1,581)
7. EQUITY
6 months to 6 months to Year ended
30 June 30 June 2006 31 Dec 2006
2007
£'000 £'000 £'000
(Loss)/profit for the (497) (1,001) 2,205
period
Reduction of investments in own - 678 678
shares
Net (decrease)/increase to (497) (323) 2,883
shareholders equity
Brought 11,033 8,150 8,150
forward
Carried forward at end 10,536 7,827 11,033
of period
8 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
6 months to 6 months to Year ended
30 June 30 June 2006 31 Dec 2006
2007
£'000 £'000 £'000
(Loss)/profit for the period (497) (1,001) 2,205
attributable to members
Reduction of investment in own - 678 678
shares
Total recognised gains and losses relating (497) (323) 2,883
to the period
9 RECONCILATION OF OPERATING CASH FLOWS
6 months to 6 months to Year ended
30 June 30 June 2006 31 Dec 2006
2007
£'000 £'000 £'000
Operating loss (272) (579) 3,964
Depreciation 1 - 5
Loss on sale of investments - 420 -
Share of operating profits in joint (15) - -
ventures
(Increase)/decrease in inventories (909) (998) 4,002
Decrease in trade and other 96 275 355
receivables
Increase / (decrease) in trade and other (135) 241 (752)
payables
(1,234) (641) 7,574
NOTES - continued
For the six months ended 30 June 2007
10 (LOSS)/PROFIT PER SHARE
The basic loss per share has been calculated on the loss on ordinary activities after tax £497,000
(31 December 2006: profit of £2,205,000) and on 79,971,393 (31 December 2006: 79,971,393) shares
being the weighted average number of shares in issue during the period. There is no difference
between basic earnings and fully diluted earnings per share.
11. RECONCILIATION OF LOSS AND EQUITY FROM UK GAAP TO IFRS
There is no difference between the loss or equity reported under previous UK GAAP and IFRS as at
30 June 2006 and as at 31 December 2006.
DIRECTORS AND COMPANY INFORMATION
Directors Company number
Gerry Lee 2578942 (England
and Wales)
Edward Azouz
Jeffrey Azouz Registered office
John Guy Davies 1001 Finchley Road
Victor Lipien London NW11 7HB
Secretary
B A Gemal
For further information, contact:
Edward Azouz, Chairman
Gerry Lee, Director Telephone (020)
8731 0110
Roland Cornish, Beaumont Cornish Limited Telephone (020)
7628 3396
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