PFP.L Regulatory News (PFP)

30 Jun 2006 12:12

Pathfinder Properties PLC30 June 2006 FOR IMMEDIATE RELEASE 30 June 2006 Pathfinder Properties PLC Results for the year ended 31 December 2005 The Board of Pathfinder announces the results of the Company for the year ended31 December 2005, which are set out below. The audited financial statements forthe year ended 31 December 2005 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 The year under review Dear Shareholder Since my last statement, a number of positive developments have occurredespecially after the year end. It was the board's intention to develop our site at River Quay, Manchester. Infact, the company had formally instructed all the professional advisors.However, in March 2006, a development company offered to purchase the site.After long negotiations, a sale price of £17,000,000 was agreed. At this figure,the board felt, the site should be sold, as it is a significant profit on cost. Our other main asset in Newark has also moved forward. I am pleased to announcethat we received planning consent for the remainder of the site to erect a newblock of 99 flats, together with outline for another 80 houses. There is aSection 106 agreement, which requires us to renovate the Brewery. During the last financial year we have continued to control the administrativeexpenses. However, as we have not capitalized the interest payments to ourvarious sites, the company is showing losses. Another drain on our resources isthe interest payments, under our guarantee, on the Loch Lomond site. Fortunatelythe receivers have now sold the site, so we are hopeful the matter can beresolved. Once we have completed the sale of River Quay, it is the boards'intention to reinvest the proceeds in order to bring the company into profit. Once again I would like to thank board members and all staff for all their hardwork. Yours faithfully Edward AzouzChairman30 June 2006 CONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2005 Year ended Year ended 31 December 2005 31 December 2004 Notes £000 £000TurnoverGroup and share of joint ventures 753 -- less: share of joint ventures (8) -Group turnover 3 745 -Cost of sales- Continuing operations (553) (44)Gross profit/(loss) 192 (44)Administration expenses- Continuing operations (515) (785)- Discontinued operations - (8) (515) (793) (323) (837)Other operating income- Continuing operations 90 660 Operating loss before share ofjoint ventures- Continuing operations (233) (169)- Discontinued operations - (8) (233) (177) Share of operating profit / (loss) in joint ventures 8 (9)Operating loss 3 (225) (186) Continuing operations:Profit on sale of investment properties 8 -(Loss)/profit on sale of fixed (357) 5asset investments Discontinued operations:Profit on sale of operations - 631(Loss)/profit on ordinary activities before investmentincome, interest and taxation (574) 450 Interest receivable 9 45Interest payable (856) (671)Loss on ordinary activities before taxation (1,421) (176)Taxation 190 8Loss on ordinary activities after taxation (1,231) (168)Equity minority interests (83) 10Loss for the year attributable to members of the parent company (1,314) (158)Ordinary dividend 4 - - Loss for the year transferred 7 to reserves (1,314) (158) CONSOLIDATED PROFIT AND LOSS ACCOUNT (CONTINUED)FOR THE YEAR ENDED 31 DECEMBER 2005 Year ended Year ended 31 December 2005 31 December 2004 Pence Pence Loss per share 11 (1.64) (0.20)Fully diluted loss per share 11 (1.64) (0.20) A statement of total recognised gains and losses for the year is given in note9. CONSOLIDATED BALANCE SHEETAT 31 DECEMBER 2005 Notes 31 December 2005 31 December 2004 £000 £000 £000 £000 Fixed assetsIntangible fixed assets - Goodwill 154 154Tangible assets 11 6Investment in jointventures- Share of gross assets 210 201- Share of gross liabilities (137) (135)- Goodwill - - 73 66 Other investments 152 152 390 378 Current assetsWork in progress 16,257 16,307Debtors 1,912 713Cash at bank 5 594 797 18,763 17,817 Creditors: Amounts falling due within one year 6 (4,610) (2,979) Net current assets 14,153 14,838 Total assets less current liabilities 14,543 15,216Creditors: Amountsfalling dueafter more than oneyear (6,037) (6,056) 8,506 9,160Equity minority interests (356) (273)Net assets 8,150 8,887 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) (1,255)Profit and loss account 7 (3,786) (2,472)Equity shareholders' funds 8 8,150 8,887 Pence PenceNet assets per shareattributable toordinary shareholders 10.20 11.11 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2005 Notes Year ended Year ended 31 December 2005 31 December 2004 £000 £000 £000 £000 Net cash outflow from 10 (791) (1,547)operating activities Returns on investmentsand servicing of financeInterest received 9 43Interest paid (854) (374) Net cash outflow from returns on investments and servicing of finance (845) (331) TaxationTaxation (paid)/received (64) 18 Capital expenditure and financialinvestmentReceipts from sale of investment properties 9 -Payments from joint ventures (1) (7)Payments to acquire investments - (10)Payments to acquire tangible fixed assets (6) - Net cash outflow from capital expenditureand financial investment 2 (17) Acquisitions and disposalsDisposal of shares in parent undertaking 218 -Net loans acquired with subsidiary undertaking - (2,879)Net loans disposed of with subsidiary undertaking - 4,742Net cash disposed with subsidiary undertaking - (24) Net cash outflow fromacquisitions and disposals 218 1,839Equity dividendsDividends and minority dividends paid - (36) Management of liquid resourcesDecrease in treasury deposit accounts 71 440 FinancingDebt due within one year:- Short term loans drawn down 1,501 8,579- Short terms loans repaid (224) (9,720)Net cash inflow/(outflow) from financing 1,277 (1,141)Decrease in cash (132) (775) NOTES 1 BASIS The figures shown for the year ended 31 December 2005 are unaudited and do notconstitute statutory financial statements within the meaning of the CompaniesAct 1985. The financial statements for the year ended 31 December 2004 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 activities and from activities carried out in UK. 4 DIVIDENDS Year ended Year ended 31 Dec 2005 31 Dec 2004 £000 £000 Equity dividends:Final dividend Nil p (2004 - Nil p) per share - - 5 ANALYSIS OF CASH AND CASH EQUIVALENTS 31 Dec 31 Dec 2005 2004 £'000 £'000 Short term bank deposits 29 100Other cash at bank 565 697 594 797 6 CREDITORS DUE WITHIN ONE YEAR 31 Dec 31 Dec 2005 2004 £'000 £'000 Bank loans and overdrafts 2,765 1,851Other loans 560 178Trade creditors 85 14Other creditors and accruals 1,200 936 4,610 2,979 Other loans include loans from minority shareholders in certain subsidiaryundertakings to fund their proportionate share of developments. These loans arerepayable on or after the sale or refinancing of the relevant developments. 7 PROFIT AND LOSS ACCOUNT 31 Dec 2005 31 Dec 2004 £'000 £'000 At 1 January (2,472) (2,314)Loss for the year (1,314) (158) At 31 December (3,786) (2,472) 8 SHAREHOLDERS' FUNDS 31 Dec 2005 31 Dec 2004 £'000 £'000 Retained loss for the year (1,314) (158)Own shares disposed 577 413 (737) 255At 1 January 8,887 8,632At 31 December 8,150 8,887 9 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Year ended Year ended 31 Dec 2005 31 Dec 2004 £'000 £'000Loss for the financial year attributable to members (1,314) (158)Reduction of investment in own shares 577 413Total recognised gains and lossessince last financial statements (737) 255 10 RECONCILATION OF OPERATING LOSS TO OPERATING CASHFLOWS Year ended Year ended 31 Dec 2005 31 Dec 2004 £'000 £'000 Operating loss (225) (186)Depreciation on fixed assets 3 5Share of profit/loss in joint ventures (7) 9Decrease/(increase) in work-in-progress 50 (474)Increase in debtors (1,015) (2,037)Increase in creditors 403 1,136 (791) (1,547) 11 LOSS PER SHARE The calculation of loss per share is based on a loss of £1,314,000 (2004 -£158,000) and on 79,971,393 (2004 - 79,971,393) ordinary shares, being theweighted average number of ordinary shares in issue during the year. There is nodifference between earnings and fully diluted earnings per share For further information, contact: Gerry Lee or Edward Azouz, Directors Tel: (020) 8731 0110 This information is provided by RNS The company news service from the London Stock Exchange