Interim Results

Pathfinder Properties PLC 30 September 2005 FOR IMMEDIATE RELEASE Pathfinder Properties PLC CHAIRMAN'S STATEMENT for the six months ended 30 June 2005 I now have pleasure in reporting to you on the accounts for the 6 months ending 30th June 2005. You will note that although we have further reduced administration charges, there is a continuing loss. Unfortunately, these losses will continue until profits flow through from developments. In this regard I am pleased to report we are very far advanced in doing all the necessary preliminary work on Phase 1 of River Quay and hope to start building work by the end of the year. We have decided to put in a revised planning application for our site in Newark whilst we are appealing against the refusal of our original application and we await the outcome. Edward Azouz Chairman 30 September 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 30 June 2005 Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000 TURNOVER Group and share of joint ventures 3 - 9 - less share of joint ventures - - - Group turnover - 9 - Cost of sales - (9) (44) Gross profit - - (44) Administrative expenses (253) (491) (793) (253) (491) (837) Other operating income 47 44 660 OPERATING LOSS BEFORE SHARE OF JOINT VENTURES (206) (447) (177) Share of operating profits in joint - - (9) ventures OPERATING LOSS 3 (206) (447) (186) Profit on sale of investments and investment - 6 636 properties (206) (441) 450 Interest 5 62 45 receivable Interest payable (397) (350) (671) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (598) (729) (176) Taxation Group - (11) 8 LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (598) (740) (168) Equity minority interests 2 12 10 LOSS ON ORDINARY ACTIVITIES ATTRIBUTABLE TO MEMBERS (596) (728) (158) Ordinary - - - dividends Loss for the period transferred to 6 (596) (728) (158) reserves Loss per share 10 (0.74p) (0.91p) (0.20p) The operating loss arises from the Group's continuing operations. A statement of total recognised gains and losses for the period is given in note 8. CONSOLIDATED BALANCE SHEET 30 June 2005 Notes 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000 FIXED ASSETS Intangible fixed assets 154 154 154 Tangible assets 6 6 6 Investment in joint ventures Share of gross assets 201 234 201 Share of gross (135) (165) (135) liabilities 66 69 66 Other investments 152 152 152 378 381 378 CURRENT ASSETS Work-in-progress 16,431 20,346 16,307 Debtors 4 720 723 713 Cash at bank 476 1,249 797 17,627 22,318 17,817 CREDITORS: amounts falling due within 5 (3,423) (12,311) (2,979) one year NET CURRENT ASSETS 14,204 10,007 14,838 TOTAL ASSETS LESS CURRENT LIABILITIES 14,582 10,388 15,216 CREDITORS: amounts falling due after more than one year Bank and other (6,020) (1,800) (6,056) loans 8,562 8,588 9,160 MINORITY INTERESTS (271) (271) (273) NET ASSETS 8,291 8,317 8,887 CAPITAL AND RESERVES Called up share capital 7,997 7,997 7,997 Share premium account 1,970 1,970 1,970 Revaluation (1,255) (1,255) (1,255) reserve Capital reserve 153 153 153 Merger Reserve 2,494 2,494 2,494 Profit and loss account 6 (3,068) (3,042) (2,472) EQUITY SHAREHOLDERS' FUNDS 7 8,291 8,317 8,887 Net assets per share attributable to ordinary 10.37p 10.40p 11.11p shareholders CASH FLOW STATEMENT for the six months ended 30 June 2005 Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000 NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES 9 160 (1,788) (1,547) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest 5 62 43 received Interest paid (385) (77) (374) Net cash outflow from returns on investments (380) (15) (331) and servicing of finance TAXATION Corporation tax - 23 18 paid CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Receipts from sales of investment - 6 - properties Receipts from joint ventures (11) - (7) Acquisition of other tangible fixed - (10) (10) assets Net cash outflow from capital expenditure and financial investment (11) (4) (17) ACQUISITIONS AND DISPOSALS Net loans acquired with Subsidiary - - (2,879) undertaking Net loans disposed of with Subsidiary - - 4,742 undertaking Net cash disposed with Subsidiary undertaking - - (24) Net cash inflow from acquisitions and disposals - - 1,839 EQUITY DIVIDENDS PAID Minority dividends paid - - (36) MANAGEMENT OF LIQUID RESOURCES Decrease in treasury deposits 86 540 440 FINANCING Debt due within a year: Loans drawn down - 2,100 8,579 Loans repaid (51) (2,879) (9,720) Debt due in more than one year: Loans drawn down - 1,800 - Loans repaid (37) - - (88) 1,021 (1,141) DECREASE IN CASH (233) (223) (775) NOTES For the six months ended 30 June 2005 1 BASIS The figures shown for the six months ended 30 June 2005 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 2004 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 PERIOD The Group's turnover and results for the period arise principally from property development activities. 4 DEBTORS 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000 Due within 363 396 356 one year Due after one year: deferred tax 357 327 357 720 723 713 5 CREDITORS DUE WITHIN ONE YEAR 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000 Bank loans and 1,800 8,604 1,851 overdrafts Other development loans 178 2,267 178 Other creditors and 1,445 1,440 950 accruals 3,423 12,311 2,979 6 PROFIT AND LOSS ACCOUNT 6 months 6 months to Year ended to 30 June 30 June 2004 31 Dec 2004 2005 £'000 £'000 £'000 Brought (2,472) (2,314) (2,314) forward Retained loss for the (596) (728) (158) period Carried forward at end of period (3,068) (3,042) (2,472) NOTES - continued For the six months ended 30 June 2005 7 SHAREHOLDERS' FUNDS 6 months 6 months to Year ended to 30 June 30 June 2004 31 Dec 2004 2005 £'000 £'000 £'000 Loss for the period (596) (728) (158) Reduction of investments in own - 413 413 shares (596) (315) 255 Brought 8,887 8,632 8,632 forward Carried forward at end 8,291 8,317 8,887 of period 8 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 6 months 6 months to Year ended to 30 June 30 June 2004 31 Dec 2004 2005 £'000 £'000 £'000 Loss for the period attributable to (596) (728) (158) members Reduction of investment in own - 413 413 shares Total recognised gains and losses (596) (315) 255 relating to the period 9 RECONCILATION OF OPERATING LOSS TO OPERATING CASH FLOWS 6 months 6 months to Year ended to 30 June 30 June 2004 31 Dec 2004 2005 £'000 £'000 £'000 Operating loss (206) (447) (186) Depreciation and amortisation of - 5 5 goodwill Share of operating profits in joint - - 9 ventures Increase in work-in-progress (124) (435) (474) (Increase) / decrease (5) 265 (2,037) in debtors Increase / (decrease) in creditors 495 (1,176) 1,136 160 (1,788) (1,547) 10 LOSS PER SHARE The loss per ordinary share is based on the loss after taxation and minority interests of £596,000 (31 December 2004: £158,000) and on 79,971,393 (31 December 2004: 79,971,393) ordinary shares being the weighted average number of ordinary shares in issue during the period. There is no difference between earnings and fully diluted earnings per share. NOTES - continued For the six months ended 30 June 2005 DIRECTORS AND COMPANY INFORMATION Directors Company number Gerry Lee 2578942 (England and Wales) Edward Azouz Jeffrey Azouz Registered office John Guy Davies 61 Chandos Place London WC2N 4HG Secretary B A Gemal A copy of this statement is being sent to all shareholders and further copies may be obtained from the company by writing to Pathfinder Properties PLC, 1001 Finchley Road, London, NW11 7HB, or from the Company's website at www.pathfinderplc.com. For further information, contact: Edward Azouz, Chairman Gerry Lee, Director Telephone (020) 8731 0110 This information is provided by RNS The company news service from the London Stock Exchange
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