Interim Results

RNS Number : 6065E
Pathfinder Properties PLC
30 September 2008
 





FOR IMMEDIATE RELEASE    30 September 2008     


    

    PATHFINDER PROPERTIES PLC

    

    

Unaudited Interim Results

 for the six months ended 30 June 2008



The Board of Pathfinder announces the results of the Company for the six months ended 30 June 2008, which are set out below. The unaudited interim financial statements for the six months ended 30 June 2008 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 and are available on the Company's website, www.pathfinderplc.com



CHAIRMAN'S STATEMENT

For the six months ended 30 June 2008



Dear Shareholder,


Please find enclosed our half yearly accounts to 30 June 2008.


From my recent correspondence, shareholders are aware that the company has been badly affected by the credit crunch, which has had a dramatic effect on the value of our assets.


I was pleased that the resolution at the recent Extraordinary General Meeting was passed in respect of our assets held at Ilford and Newark. The company is now in the process of carrying out these transfers and although this will lead to a write down, hopefully this will allow the company to ride out the present storm.


Once again I would like to thank everybody involved for all their time and effort to help the company through these difficult times.





Edward Azouz

Chairman


30 September 2008

CONSOLIDATED INCOME STATEMENT







for the six months ended 30 June 2008












Unaudited


Unaudited


Audited





Notes

6 months to


6 months to


Year ended






30 June 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000

REVENUE










Group and share of joint ventures


2


52


32 


less share of joint ventures


-


(17)


(5)

Group revenue





35


27 











Cost of sales




(8,066)


(7)


(7)

 Gross profit




(8,064) 


28


20 

 Administrative expenses



(296)


(313)


(741)






(8,360)


(285)


(721)











Other operating income




85


88 

OPERATING (LOSS)/PROFIT BEFORE SHARE 

  OF JOINT VENTURES



(8,360) 



(200)



(633)











Share of operating profits in joint ventures



15


OPERATING (LOSS)/PROFIT


3

(8,360) 


(185)


(633)









Profit on sale of investment properties





-


-


3

Profit on sale of non current investments





-


-


53






(8,360)


(185)


(577)











Finance income




24 


36


50 

Finance costs




(156)


(337)


(521)

(LOSS)/PROFIT BEFORE TAXATION




(8,492)



(486)



(1,048)











Taxation





-


104

(LOSS)/PROFIT AFTER TAXATION


(8,492)


(486)


(944)

Equity minority interests




(11)


(7) 











(LOSS)/PROFIT ATTRIBUTABLE TO MEMBERS


(8,492)


(497)


(951)










(Loss)/profit for the period 

6

(8,492)


(497)


(951)











(Loss)/profit per share (basic and diluted)

10

(10.62p)


(0.62p)


(1.19p)


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 2008














Unaudited


Unaudited


Audited





Notes

30 June 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000

ASSETS










NON CURRENT ASSETS









Goodwill


154 


154


154 


Property, plant and equipment



14 


20


15 


Investment in joint ventures









Share of gross assets


24 


115


23 



Share of gross liabilities


(23)


(27)


(22)







88



Investments




152


TOTAL NON CURRENT ASSETS


169 


414


170 











CURRENT ASSETS










Inventories



7,067 


13,163


14,135 


Trade and other receivables

4

932 


916


972 


Deferred tax


333


229


333


Cash and cash equivalents


33 


288


926 

TOTAL CURRENT ASSETS


8,365 


14,596


16,366 








TOTAL ASSETS


8,534


15,010


16,536

LIABILITIES







Current liabilities 







Trade and other payables


195


398


434

Tax payable


-


217


-

Interest bearing loans and borrowings


4,182


3,505


3,529



 4,377


4,120


3,936

LIABILITIES: Non current liabilities






Interest bearing loans and borrowings



2,213


-


2,141

TOTAL LIABILITIES


5

6,590 


4,120


6,104 


1,944 


10,890


10,432 

Equity minority interests


(354)


(354)


(350)

TOTAL NET ASSETS



1,590 


10,536


10,082 











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

(11,024) 


(2,078)


(2,532) 

TOTAL EQUITY

7

1,590 


10,536


10,082 











Net assets per share attributable to ordinary shareholders

1.99p 


13.17p


12.60p 

CONSOLIDATED CASH FLOW STATEMENT






for the six months ended 30 June 2008


Unaudited


Unaudited


Audited





Notes

6 months to


6 months to


Year ended






30 June 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000











Cash flows generated from operating activities  9

(1,490)


(1,234)


(2,499)









Interest paid




(156)


(337)


(521)

Tax paid


-


-


(220)

Net cash flows from operating activities


(1,646)


(1,571)


(3,240)








Cash flows from investing activities







Proceeds from sale of investment properties


-


-


14

Proceeds from sale of investments


-


-


205

Interest received




24 


36


50 

Purchase of plant and equipment


-


(1)


-

Dividends received 


-


85


-










Net cash flows from investing activities


24


120


269











Cash flows from financing activities






Proceeds from borrowings


729 


221


2,386

Repayments of borrowings


-


-


-

Minority dividends paid


-


-


(7)








Net cash flows from financing activities

729


221


2,379











Net (decrease)/increase in cash and cash equivalents

(893)


(1,230)


(592)







Cash and cash equivalents at beginning of period


926


1,518


1,518







Cash and cash equivalents at end of period


33 


288


926





 




NOTES

For the six months ended 30 June 2008


  • BASIS OF PREPARATION


Pathfinder Properties PLC adopted International Accounting Standards and International Financial Reporting Standards (collectively 'IFRS') with effect from 1 January 2006 as adopted by the European Union ('EU') and these interim statements have been prepared on this basis. 


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 2007 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 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000

Trade 



-


-


-

Other receivables


932 


916


972  






932 


916


972 

5 LIABILITIES








30 June 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000











Interest bearing loans and borrowings



6,395  


3,505


5,670 

Tax payable




217


Trade and other payables



195 


398


434 






6,590 


4,120


6,104 







6 RETAINED EARNINGS












6 months to


6 months to


Year ended






30 June 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000











Brought forward




(2,532) 


(1,581)


(1,581) 

Retained earnings for the period



(8,492)


(497)


(951)

Carried forward at end of period


(11,024) 


(2,078)


(2,532) 









































NOTES - continued

For the six months ended 30 June 2008

















7. EQUITY













6 months to


6 months to


Year ended






30 June 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000











(Loss)/profit for the period



(8,492)


(497)


(951)

Net (decrease)/increase to shareholders equity


(8,492) 


(497)


(951)  

Brought forward




10,082 


11,033


11,033 

Carried forward at end of period



1,590 


10,536


10,082 





















8 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES










6 months to


6 months to


Year ended






30 June 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000











(Loss)/profit for the period attributable to members


(8,492)


(497)


(951)

Total recognised gains and losses relating to the period

(8,492) 


(497)


(951)































9 RECONCILIATION OF OPERATING CASH FLOWS










6 months to


6 months to


Year ended






30 June 2008


30 June 2007


31 Dec 2007






£'000


£'000


£'000











Operating loss



(8,360) 


(272)


(633)

Depreciation



1


5

Loss on sale of investments 


-


-


-

Share of operating profits in joint ventures


-


(15)


-

Decrease/ (increase) in inventories


7,068 


(909)


(1,880)

Decrease in trade and other receivables


40 


96


108 

(Decrease) in trade and other payables

(239) 


(135)


(99)






(1,490) 


(1,234)


(2,499)








10 EARNINGS PER SHARE














The basic loss per share has been calculated on the loss on ordinary activities after tax £8,492,000 

(30 June 2007 - loss of £497,000 and 31 December 2007 - loss of £951,000) and on 79,971,393 shares

(30 June 2007 and 31 December 2007 - 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 2007 and as at 31 December 2007.


NOTES - continued

For the six months ended 30 June 2008







12. POST BALANCE SHEET EVENTS


On 15th September 2008, the company's shareholders approved the sale of two properties to an acquisition Vehicle of Gerard Lee, a director of the company and a shareholder of the company. The two development properties will be sold for £4million in total in accordance with independent valuations carried out. The difference between £4 million and the cost to the company of these development properties has been disclosed as a loss under cost of sales in the income statement.







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:


Edward Azouz, Chairman, Pathfinder Properties plc on 020 7603 7495

Gerry Lee, Director, on (020) 8731 0110

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396









 


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