PFP.L Regulatory News (PFP)

30 Sep 2005 16:40

Pathfinder Properties PLC30 September 2005 FOR IMMEDIATE RELEASE Pathfinder Properties PLC CHAIRMAN'S STATEMENT for the six months ended 30 June 2005 I now have pleasure in reporting to you on the accounts for the 6 months ending30th June 2005. You will note that although we have further reduced administration charges,there is a continuing loss. Unfortunately, these losses will continue until profits flow through fromdevelopments. In this regard I am pleased to report we are very far advanced indoing all the necessary preliminary work on Phase 1 of River Quay and hope tostart building work by the end of the year. We have decided to put in a revised planning application for our site in Newarkwhilst we are appealing against the refusal of our original application and weawait the outcome. Edward Azouz Chairman 30 September 2005 CONSOLIDATED PROFIT AND LOSS ACCOUNTfor the six months ended 30 June 2005 Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000TURNOVER Group and share of joint ventures 3 - 9 - less share of joint ventures - - -Group turnover - 9 - Cost of sales - (9) (44)Gross profit - - (44)Administrative expenses (253) (491) (793) (253) (491) (837) Other operating income 47 44 660OPERATING LOSS BEFORE SHAREOF JOINT VENTURES (206) (447) (177) Share of operating profits in joint - - (9)venturesOPERATING LOSS 3 (206) (447) (186) Profit on sale of investments and investment - 6 636properties (206) (441) 450Interest 5 62 45receivableInterest payable (397) (350) (671)LOSS ON ORDINARY ACTIVITIESBEFORE TAXATION (598) (729) (176) Taxation Group - (11) 8LOSS ON ORDINARY ACTIVITIESAFTER TAXATION (598) (740) (168)Equity minority interests 2 12 10 LOSS ON ORDINARY ACTIVITIESATTRIBUTABLE TO MEMBERS (596) (728) (158)Ordinary - - -dividendsLoss for the period transferred to 6 (596) (728) (158)reserves Loss per share 10 (0.74p) (0.91p) (0.20p) The operating loss arises from the Group's continuing operations. A statement of total recognised gains and losses for the period is given in note8. CONSOLIDATED BALANCE SHEET30 June 2005 Notes 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000 FIXED ASSETS Intangible fixed assets 154 154 154 Tangible assets 6 6 6 Investment in joint ventures Share of gross assets 201 234 201 Share of gross (135) (165) (135) liabilities 66 69 66 Other investments 152 152 152 378 381 378 CURRENT ASSETS Work-in-progress 16,431 20,346 16,307 Debtors 4 720 723 713 Cash at bank 476 1,249 797 17,627 22,318 17,817CREDITORS: amounts falling due within 5 (3,423) (12,311) (2,979)one yearNET CURRENT ASSETS 14,204 10,007 14,838TOTAL ASSETS LESS CURRENT LIABILITIES 14,582 10,388 15,216CREDITORS: amounts falling due after more thanone year Bank and other (6,020) (1,800) (6,056) loans 8,562 8,588 9,160MINORITY INTERESTS (271) (271) (273)NET ASSETS 8,291 8,317 8,887 CAPITAL AND RESERVESCalled up share capital 7,997 7,997 7,997Share premium account 1,970 1,970 1,970Revaluation (1,255) (1,255) (1,255)reserveCapital reserve 153 153 153Merger Reserve 2,494 2,494 2,494Profit and loss account 6 (3,068) (3,042) (2,472)EQUITY SHAREHOLDERS' FUNDS 7 8,291 8,317 8,887 Net assets per share attributable to ordinary 10.37p 10.40p 11.11pshareholders CASH FLOW STATEMENTfor the six months ended 30 June 2005 Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES 9 160 (1,788) (1,547) RETURNS ON INVESTMENTS ANDSERVICING OF FINANCEInterest 5 62 43receivedInterest paid (385) (77) (374)Net cash outflow from returns oninvestments (380) (15) (331)and servicing of finance TAXATIONCorporation tax - 23 18paid CAPITAL EXPENDITURE AND FINANCIALINVESTMENTReceipts from sales of investment - 6 -propertiesReceipts from joint ventures (11) - (7)Acquisition of other tangible fixed - (10) (10)assetsNet cash outflow from capital expenditure andfinancial investment (11) (4) (17) ACQUISITIONS AND DISPOSALSNet loans acquired with Subsidiary - - (2,879)undertakingNet loans disposed of with Subsidiary - - 4,742undertakingNet cash disposed with Subsidiary undertaking - - (24)Net cash inflow from acquisitions and disposals - - 1,839 EQUITY DIVIDENDS PAIDMinority dividends paid - - (36) MANAGEMENT OF LIQUID RESOURCESDecrease in treasury deposits 86 540 440 FINANCINGDebt due within a year: Loans drawn down - 2,100 8,579 Loans repaid (51) (2,879) (9,720)Debt due in more than one year: Loans drawn down - 1,800 - Loans repaid (37) - - (88) 1,021 (1,141)DECREASE IN CASH (233) (223) (775) NOTESFor the six months ended 30 June 2005 1 BASIS The figures shown for the six months ended 30 June 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 PERIOD The Group's turnover and results for the period arise principally fromproperty development activities. 4 DEBTORS 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000 Due within 363 396 356one yearDue after one year: deferred tax 357 327 357 720 723 713 5 CREDITORS DUE WITHIN ONE YEAR 30 June 30 June 31 Dec 2005 2004 2004 £'000 £'000 £'000 Bank loans and 1,800 8,604 1,851overdraftsOther development loans 178 2,267 178Other creditors and 1,445 1,440 950accruals 3,423 12,311 2,979 6 PROFIT AND LOSS ACCOUNT 6 months 6 months to Year ended to 30 June 30 June 2004 31 Dec 2004 2005 £'000 £'000 £'000 Brought (2,472) (2,314) (2,314)forwardRetained loss for the (596) (728) (158)periodCarried forward at end of period (3,068) (3,042) (2,472) NOTES - continuedFor the six months ended 30 June2005 7 SHAREHOLDERS' FUNDS 6 months 6 months to Year ended to 30 June 30 June 2004 31 Dec 2004 2005 £'000 £'000 £'000 Loss for the period (596) (728) (158)Reduction of investments in own - 413 413shares (596) (315) 255Brought 8,887 8,632 8,632forwardCarried forward at end 8,291 8,317 8,887of period 8 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 6 months 6 months to Year ended to 30 June 30 June 2004 31 Dec 2004 2005 £'000 £'000 £'000 Loss for the period attributable to (596) (728) (158)membersReduction of investment in own - 413 413sharesTotal recognised gains and losses (596) (315) 255relating to the period 9 RECONCILATION OF OPERATING LOSS TO OPERATING CASH FLOWS 6 months 6 months to Year ended to 30 June 30 June 2004 31 Dec 2004 2005 £'000 £'000 £'000 Operating loss (206) (447) (186)Depreciation and amortisation of - 5 5goodwillShare of operating profits in joint - - 9venturesIncrease in work-in-progress (124) (435) (474) (Increase) / decrease (5) 265 (2,037) in debtorsIncrease / (decrease) in creditors 495 (1,176) 1,136 160 (1,788) (1,547) 10 LOSS PER SHARE The loss per ordinary share is based on the loss after taxation and minorityinterests of £596,000 (31 December 2004: £158,000) and on 79,971,393 (31December 2004: 79,971,393) ordinary shares being the weighted average number ofordinary shares in issue during the period. There is no difference betweenearnings and fully diluted earnings per share. NOTES - continuedFor the six months ended 30 June 2005 DIRECTORS AND COMPANY INFORMATION Directors Company numberGerry Lee 2578942 (England and Wales)Edward AzouzJeffrey Azouz Registered officeJohn Guy Davies 61 Chandos Place London WC2N 4HGSecretaryB A Gemal A copy of this statement is being sent to all shareholders and further copiesmay be obtained from the company by writing to Pathfinder Properties PLC, 1001Finchley Road, London, NW11 7HB, or from the Company's website atwww.pathfinderplc.com. For further information, contact:Edward Azouz, ChairmanGerry Lee, Director Telephone (020) 8731 0110 This information is provided by RNS The company news service from the London Stock Exchange