PFP.L Regulatory News (PFP)

29 Jun 2007 07:03

Pathfinder Properties PLC29 June 2007 FOR IMMEDIATE RELEASE 29 June 2007 Pathfinder Properties PLC Results for the year ended 31 December 2006 The Board of Pathfinder announces the results of the Company for the year ended31 December 2006, which are set out below. The audited financial statements forthe year ended 31 December 2006 are being sent to all shareholders. Copies maybe obtained from the Company by writing to Pathfinder Properties PLC, 1001Finchley Road, London NW11 7HB. CHAIRMAN'S STATEMENT Dear Shareholder I am pleased to present the accounts for the year ended 31st December 2006. The sale of our site at River Quarter, Manchester was completed andconsequently, the group has returned to profit. The net asset value of the grouphas increased by over 30%. The Loch Lomond site was sold by the administrators in the year under review. Iam pleased to state that we have managed to resolve the position of thecontinuing liabilities by agreeing a one off payment. The group is now free tomove forward without this problem site hanging over it. We have started our development at Newark, with the conversion of the 49 flatswithin the brewery. We hope to start the 99 River Edge flats within the next 6months. The remainder of the site has outline planning, and we are in theprocess of firming it up into a full planning consent. During the year, the group purchased a site in Ilford with planning consent for83 flats. The site in the centre of Ilford town is not far from the new Olympicvillage. After lengthy negotiations with the planners, we have managed toincrease the consent from 83 to 102 residential units, together withapproximately 3,000 square feet of commercial space. It is hoped to start thisdevelopment before the end of this year. After many years of the group being in the doldrums, the board believes thedevelopment sites in Newark and Ilford are going to help the group grow andreturn substantial profits to the group. Even though the group has embarked on large developments, we have managed tokeep administrative expenses at nearly the same level as last year. At this time, the board has decided not to pay any dividend, as it is in thebest interest of the group to reinvest all monies and concentrate on increasingthe net asset value of the group. Once the group maintains a steadyprofitability, it is the board's intention to resume the payment of dividends. Once again, I would like to thank everyone for all their hard work and effort inmanaging to turn this group around. Yours faithfully Edward AzouzChairman29 June 2007 CONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2006 Year ended Year ended 31 December 2006 31 December 2005 Notes £000 £000TurnoverGroup and share of joint ventures 17,000 753- less: share of joint ventures (-) (8)Group turnover 3 17,000 745Cost of sales (12,550) (553)Continuing operationsGross profit 4,450 192 -------- --------Administration expenses (560) (515)Continuing operations (-) (-)- Discontinued operations (560) (515) -------- -------- 3,890 (323) -------- --------Other operating income 74 90Continuing operations -------- --------Operating profit / (loss) beforeshare of joint ventures 3,964 (233)Continuing operations - (-)- Discontinued operations 3,964 (233) -------- --------Share of operating profit in jointventures - 8Operating profit / (loss) 3 3,964 (225)Continuing operations: - 8Profit on sale of investmentproperties (421) (357)(Loss) on sale of fixed assetinvestmentsProfit / (loss) on ordinaryactivities before investmentincome, 3,543 (574)interest and taxation Interest receivable 94 9Interest payable (816) (856)Profit / (loss) on ordinaryactivities before taxation 2,821 (1,421)Taxation (535) 190Profit / (loss) on ordinaryactivities after taxation 2,286 (1,231)Equity minority interests (81) (83)Profit / (loss) for the yearattributable to members of theparent 2,205 (1,314)companyProfit / (loss) for the yeartransferred to reserves 7 2,205 (1,314) Year ended Year ended 31 December 2006 31 December 2005 Pence PenceProfit / (loss) per share 11 2.76 (1.64)Fully diluted profit / (loss) pershare 11 2.76 (1.64) A statement of total recognised gains and losses for the year is given in note 9. CONSOLIDATED BALANCE SHEETAS AT 31 DECEMBER 2006 Notes 31 December 2006 31 December 2005 £000 £000 £000 £000 Fixed assetsIntangible fixed assets -Goodwill 154 154Tangible assets 20 11Investment in joint ventures- Share of gross assets 211 210- Share of gross liabilities (138) (137)- Goodwill - - 73 73 Other investments 152 152 399 390 Current assetsWork in progress 12,255 16,257Debtors 1,241 1,912Cash at bank 5 1,518 594 15,014 18,763 Creditors: Amounts fallingdue within one year 6 (4,037) (4,610)Net current assets 10,977 14,153 Total assets less currentliabilities 11,376 14,543Creditors: Amounts falling due (-) (6,037)after more than one year 11,376 8,506Equity minority interests (343) (356)Net assets 11,033 8,150 Capital and reservesCalled up share capital 7,997 7,997Share premium account 1,970 1,970Merger reserve 2,494 2,494Capital reserve 153 153Own share capital reacquired - (678)Profit and loss account 7 (1,581) (3,786)Equity shareholders' funds 8 11,033 8,150 Pence PenceNet assets per shareattributable to ordinaryshareholders 13.79 10.20 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 Notes Year ended Year ended 31 December 2006 31 December 2005 £000 £000 £000 £000 Net cash inflow /(outflow) from 10 7,574 (791)operating activities Returns on investmentsandservicing of financeInterest received 94 9Interest paid (816) (854) Net cash outflow from returns on (722) (845)investments and servicing of finance TaxationTaxation paid (-) (64) Capital expenditure and financialinvestmentReceipts from sale ofinvestment properties 2 9Payments from joint ventures - (1)Payments to acquire tangiblefixed assets (16) (6) Net cash (outflow) / inflowfrom capital expenditure andfinancial investment (14) 2 Acquisitions and disposalsDisposal of shares in parentundertaking 258 218 Net cash inflow fromacquisitions and disposals 258 218 Equity dividendsMinority dividends paid (94) - FinancingLoans:- Long term loans repaid (6,037) -- Short term loans drawn down - 1,501- Short term loans repaid (41) (224)Net cash (outflow) / inflowfrom financing (6,078) 1.277 Increase / (decrease) in cash 924 (203) NOTES 1 BASIS The figures shown for the year ended 31 December 2006 are audited but do notconstitute statutory financial statements within the meaning of the CompaniesAct 1985. The financial statements for the year ended 31 December 2005 have beenreported on by the Company's auditors and delivered to the Registrar ofCompanies. The report of the auditors was unqualified and did not contain astatement 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 YEARThe Group's turnover and results for the year arise principally fromproperty development activitiesand from activities carried out in UK. 4 DIVIDENDS Year ended Year ended 31 Dec 2006 31 Dec 2005 £000 £000Equity dividends:Final dividend Nil p (2005 - Nil p) per share - - ---------- ----------- 5 ANALYSIS OF CASH AND CASH EQUIVALENTS 31 Dec 2006 31 Dec 2005 £'000 £'000 Short term bank deposits 1,294 29Other cash at bank 224 565 ---------- -------- 1,518 594 ---------- -------- 6 CREDITORS DUE WITHIN ONE YEAR 31 Dec 2006 31 Dec 2005 £'000 £'000 Bank loans and overdrafts 3,284 2,765Other loans - 560Trade creditors 2 85Corporation tax 220 -Other creditors and accruals 531 1,200 ---------- -------- 4,037 4,610 ---------- -------- 7 PROFIT AND LOSS ACCOUNT 31 Dec 2006 31 Dec 2005 £'000 £'000 At 1 January (3,786) (2,472)Profit / (loss) for the year 2,205 (1,314)Dividends - - ---------- ---------At 31 December (1,581) (3,786) ---------- --------- 8 SHAREHOLDERS' FUNDS 31 Dec 2006 31 Dec 2005 £'000 £'000 Retained profit / (loss) for the year 2,205 (1,314)Dividends paid - -Own shares disposed 678 577 ---------- --------- 2,883 (737)At 1 January 8,150 8,887 ---------- ---------At 31 December 11,033 8,150 ---------- --------- 9 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Year ended Year ended 31 Dec 2006 31 Dec 2005 £'000 £'000 Profit / (loss) for thefinancial year attributable to members 2,205 (1,314)Reduction of investment in own shares 678 577 ---------- ---------Total recognised gains andlosses since last financial statements 2,883 (737) ---------- --------- 10 RECONCILIATION OF OPERATING PROFIT/(LOSS) TO OPERATING CASH FLOWS Year ended Year ended 31 Dec 2006 31 Dec 2005 £'000 £'000 Operating profit / (loss) 3,964 (225)Depreciation on fixed assets 5 3Share of profit/loss in joint ventures (-) (7)Decrease/(increase) in work-in-progress 4,002 50Decrease/(increase) in debtors 355 (1,015)(Decrease)/Increase in creditors (752) 403 ---------- --------- 7,574 (791) ---------- --------- 11 PROFIT PER SHARE The calculation of profit per share is based on a profit of £2,205,000 (2005 -loss of 1,314,000) and on 79,971,393 (2005 - 79,971,393) ordinary shares, beingthe weighted average number of ordinary shares in issue during the year. Thereis no difference between earnings and fully diluted earnings per share For further information, contact: Pathfinder Properties PlcGerry Lee or Edward Azouz, Directors Tel: (020) 8731 0110 Beaumont Cornish LimitedRoland Cornish Tel: (020) 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange