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								2		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)
								1		88		1
	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			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 [phone]

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396

 

END

 

 

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