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Probus Estates PLC (PBE)

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Monday 20 December, 2004

Probus Estates PLC

Interim Results

Probus Estates PLC
20 December 2004

                               PROBUS ESTATES PLC

                      ('Probus Estates' or 'the Company')

              Interim results for six months ended 30th June 2004

                          Chairman's Interim Statement



Results

Turnover for the six months to 30th June 2004 was €5.6 million (2003: €8.2
million) including €3.4 million from discontinued operations, relating to the
Casino which was sold in April 2004.  The Group produced an operating profit of
€1.1 million (2003: loss of €3.9 million).  The overall Group loss after
taxation for the period was €10.6 million (2003: €7.8 million), largely due to
the loss on sale of the Casino.



Review of major events

The Dutch properties owned by the Group continued to be revenue producing,
although approximately 18% of the space is currently void.  Additional
repayments of principal have been made to Munchener Hypotekenbank in order to
maintain the required loan to value ratio, and therefore the properties are not
able to provide any surplus cash flow to the rest of the Group.



Sales of units at Santa Ponsa have continued, but more slowly than originally
predicted.  We have now sold 72 percent of the total development.



Final accounting for the sale of the Casino, which occurred during the period,
shows a larger loss than was reflected in the accounts at 31st December 2003.



Financial position

There has been little change in the position of the Group since my report to
shareholders on 24th September 2004.  The Group remains in default on its debt
to Uni-Invest.  Based on its periodic meetings with Uni-Invest the Board is
satisfied that it is appropriate to continue to prepare the Group's financial
statements on a going concern basis.  If this ceased to be the case it is likely
that the carrying value of some of the Group's assets would need to be reduced.
Uni-Invest has provided a limited facility to help the Group to meet liabilities
to other creditors if the Group cash flow is insufficient.



Discussions between Uni-Invest and a third party for the sale of Uni-Invest's
position of debt and equity in the Company, referred to in my statement of 24th
September 2004, were not successful.  However, the Directors are aware of
another third party who has expressed an interest in a similar acquisition.



Although the position of the Group remains difficult, the Directors consider
that it is in the interests of shareholders for the suspension of the shares on
AIM (imposed on 24th June 2004) to be lifted.



Hans R Junge Chairman and Chief Executive Officer

20th December 2004




PROBUS ESTATES PLC



Consolidated profit and loss account

for the six months ended 30th June 2004




                                                                    Unaudited      Unaudited        Audited
                                                                     6 months       6 months      12 months
                                                                  to 30.06.04    to 30.06.03    to 31.12.03
                                                                       € '000         € '000         € '000
                                                         Notes

Turnover
Continuing operations                                   1               2,243          1,857          6,205
Discontinued operations                                                 3,368          6,303         13,710
                                                                        5,611          8,160         19,915

Cost of sales                                                         (4,054)        (6,854)       (51,185)

Gross profit                                                            1,557          1,306       (31,270)

Administrative expenses                                                 (462)        (5,243)       (10,872)
Operating profit/(loss)                                 1
Continuing operations                                                   1,227        (3,405)       (42,804)

Discontinued operations                                                 (132)          (532)            662

                                                                        1,095        (3,937)       (42,142)

Provision for loss on disposal of discontinued                              -              -        (2,600)
operations
Loss on disposal of discontinued operations                           (8,323)              -              -

Loss before interest and taxation                                     (7,228)        (3,937)       (44,742)

Interest receivable                                                         1             39             31
Interest payable                                                      (3,162)        (3,919)        (7,799)

Loss before taxation                                                 (10,389)        (7,817)       (52,510)

Taxation                                                                (246)            (7)        (2,120)



Loss after taxation                                                  (10,635)        (7,824)       (54,630)

Loss per share                                           4          € (0.018)       €(0.014)       €(0.097)






PROBUS ESTATES PLC



Consolidated Balance Sheet

As at 30th June 2004


                                                               Unaudited         Unaudited           Audited
                                                                6 months          6 months         12 months
                                                             to 30.06.04       to 30.06.03       to 31.12.03
                                                                  € '000            € '000            € '000
Fixed assets
Intangible fixed assets
     Goodwill                                                          -             9,504             8,029
Tangible fixed assets
     Investment properties                                        30,445            34,762            30,445
     Other land and buildings                                          -            24,526            23,022
     Other tangible fixed assets                                       2             4,329             4,098

                                                                  30,447            73,121            65,594
Current assets
Stock                                                                  -               111                87
Development property                                               4,412             7,163             4,989
Work in progress                                                  16,501            51,718            16,501
Debtors                                                              865             2,268             2,151
Cash at bank and in hand                                           2,913             1,123               831
                                                                  24,691            62,383            24,559

Creditors   Amounts falling due within 1 year                   (53,282)          (71,695)          (73,943)

Total assets less current liabilities                              1,856            63,809            16,210

Creditors   Amounts falling due after 1 year
            Convertible loan notes                              (11,850)          (11,850)          (11,850)
            Other Creditors                                     (23,049)          (27,795)          (26,623)
                                                                (34,899)          (39,645)          (38,473)

Net assets                                                      (33,043)            24,164          (22,263)

Capital and reserves
Share capital                                                     65,502            64,889            65,502
Share premium                                                     34,118            34,098            34,118
Revaluation reserves                                                   -               314                 -
Profit and loss account                                        (132,663)          (75,137)         (121,883)

Equity shareholders' funds/(deficit)                            (33,043)            24,164          (22,263)

Net (liabilities)/assets per share                             €(0.0555)           €0.0438         €(0.0395)




PROBUS ESTATES PLC


Group Cash Flow Statement

For the six months ended 30th June 2004




                                                                   Unaudited      Unaudited        Audited
                                                                    6 months       6 months      12 months
                                                                 to 30.06.04    to 30.06.03    to 31.12.03
                                                                      € '000         € '000         € '000

Net cash inflow from operating activities                              1,796          3,842          8,548

Return on investment and servicing of finance
Interest received                                                          1             39             31
Interest paid                                                        (3,162)        (3,747)        (7,799)
Net cash outflow from returns on investments and servicing of
finance                                                              (3,161)        (3,708)        (7,768)

Taxation
Corporation tax paid                                                   (166)            (7)           (20)

Capital expenditure
Proceeds from sale of other tangible fixed assets                          -              2            108
Purchase of other tangible fixed assets                                    -           (26)          (168)
Net cash outflow from capital expenditure                                  -           (24)           (60)

Acquisitions and disposals
Sale of Casino (including overdraft disposed of)                      13,309              -              -

Cash inflow before financing                                          11,778            103            700

Financing
Issue of ordinary share capital                                            -            210            843
Loans repaid                                                         (7,552)          (987)        (2,314)
Net cash outflow from financing                                      (7,552)          (777)        (1,471)

Increase/(decrease) in cash                                            4,226          (674)          (771)




PROBUS ESTATES PLC

Notes to the financial statements





1.            Segmental Information




                                                             Unaudited          Unaudited           Audited
                                                              6 months           6 months         12 months
                                                           to 30.06.04        to 30.06.03       to 31.12.03
                                                                € '000         € '000              € '000
Turnover
Property (continuing)                                            2,243              1,857             6,205
Leisure (discontinued)                                           3,368              6,303            13,710
                                                                 5,611              8,160            19,915
Operating profit /(loss)
Property (continuing)                                            1,490              1,291          (36,872)
Leisure (discontinued)                                           (132)              (532)               662
Group (continuing)                                               (263)            (4,696)           (5,932)
                                                                 1,095            (3,937)          (42,142)




2.              Reconciliation of net cash flow to movement in net debt


                                                              Unaudited         Unaudited           Audited
                                                               6 months          6 months         12 months
                                                            to 30.06.04       to 30.06.03       to 31.12.03
                                                                 € '000         € '000             € '000

Increase/(decrease) in cash in the period                         4,226             (675)             (771)
Cash outflow from decrease in debt                                7,552               987             2,314
Sale of Casino                                                    2,258                 -                 -
Movement in net debt in the period                               14,036               312             1,543
Net debt at start of period                                    (87,658)          (89,201)          (89,201)
Net debt at end of period                                      (73,622)          (88,889)          (87,658)






PROBUS ESTATES PLC

Notes to the financial statements  (continued)





3.             Analysis of debt


                                                   At                                                    At
                                     1st January 2004           Cash  Flow    Disposal of    30th June 2004
                                               € '000                €'000         Casino             €'000
                                                                                    €'000
Cash at bank and in hand                          831                2,082              -             2,913
Bank overdraft                                (2,144)                2,144              -                 -
                                              (1,313)                4,226              -             2,913
Debt due within one year                     (48,374)                6,706             32          (41,636)
Debt due after one year                      (37,971)                  846          2,226          (34,899)
                                             (87,658)               11,778          2,258          (73,622)



4.                  Loss per share has been calculated on the basis of a
weighted average number of ordinary in issue during the period of 595,523,083.
The share options outstanding have no dilutive effect on loss per share.



5.                  The financial information for the year ended 31st December
2003 is abridged.  The full accounts have been filed with the Registrar of
Companies.  The report of the auditors on the accounts was unqualified, but it
did contain an explanatory paragraph with respect to the fundamental uncertainty
over the ability of the Company to continue in existence depending on the
continued availability of existing financing and further financing becoming
available, either from the existing major creditor, which is also a shareholder
of the Company, or the purchase of its debt and equity interests in the Company,
the possible sale of which is currently under discussion.



The figures for the six months ended 30th June 2004 and the six months ended
30th June 2003 have not been audited.






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