Pathfinder Minerals Regulatory News (PFP)

28 Sep 2007 08:00

Pathfinder Properties PLC28 September 2007 FOR IMMEDIATE RELEASE - 28 September 2007 Pathfinder Properties PLC Unaudited Interim Results for the six months ended 30 June 2007 The Board of Pathfinder announces the results of the Company for the six monthsended 30 June 2007, which are set out below. The un-audited interim financialstatements for the six months ended 30 June 2007 are being sent to allshareholders. Copies may be obtained from the Company by writing to PathfinderProperties PLC, 1001 Finchley Road, London NW11 7HB. CHAIRMAN'S STATEMENT For the six months ended 30 June 2007 Dear Shareholder, I am pleased to confirm that at the Annual General Meeting held on 11thSeptember 2007 all of the resolutions were approved. The interim accounts show a loss for the period of £497,000. A settlementpayment of £250,000 made to the Anglo Irish Bank is included in this figure.This sum was paid to enable the company to extricate itself from its liabilitywith the Bank in relation to the Loch Lomond site. The redevelopment of the landmark Brewery Building in Newark is progressing welland we intend to market the apartments early next year when the essentialstructural repairs to the building are completed. With regards to the site in Ilford, we have submitted a planning application toincrease the number of apartments and for additional commercial space which willincrease the value of the site and the development. We expect to have a decisionfrom the planners within the next few weeks. It is hoped that this will increasethe value of the assets within the company and in turn the profitability of thecompany. As always I would like to thank the Board and staff for their continued hardwork and professionalism throughout the period. Edward Azouz Chairman 26 September 2007 CONSOLIDATED INCOME STATEMENTfor the six months ended 30 June 2007 Restated Restated Unaudited Unaudited Audited Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2007 2006 2006 £'000 £'000 £'000REVENUE Group and share of joint ventures 52 - 17,000 less share of joint ventures (17) - -Group revenue 35 - 17,000 Cost of sales (7) - (12,550) Gross profit 28 - 4,450Administrative expenses (313) (229) (560) (285) (229) 3,890 Other operating income/ 85 (350) (347)(loss)OPERATING (LOSS)/PROFIT BEFORE SHARE (200) (579) 3,543 OF JOINT VENTURES Share of operating profits in joint 15 - -venturesOPERATING (LOSS)/PROFIT 3 (185) (579) 3,543 Finance income 36 5 94Finance costs (337) (439) (816)(LOSS)/PROFIT BEFORE TAXATION (486) (1,103) 2,821 Tax - - (535)(LOSS)/PROFIT AFTER TAXATION (486) (1,013) 2,286Equity minority interests (11) 12 (81) (LOSS)/PROFIT ATTRIBUTABLE TO MEMBERS (497) (1,001) 2,205 (Loss)/profit for the period 6 (497) (1,001) 2,205 (Loss)/profit per share (basic and 10 (0.62p) (1.25p) 2.76pdiluted) The operating loss arises from the Group's continuing operations. A statement of total recognized gains and losses for the period is given in note8. CONSOLIDATED BALANCE SHEETAs at 30 June Restated Restated2007 Unaudited Unaudited Audited Notes 30 June 30 June 31 Dec 2007 2006 2006 £'000 £'000 £'000ASSETSNON CURRENT ASSETS Intangible assets 154 154 154 Plant and 20 9 20 equipment Investment in joint ventures Share of gross assets 115 210 211 Share of gross (27) (137) (138) liabilities 88 73 73 Investments 152 152 152TOTAL NON CURRENT ASSETS 414 388 399 CURRENT ASSETS Inventories 13,163 17,255 12,255 Trade and other receivables 4 916 1,093 1,012 Deferred tax 229 544 229 Cash and cash equivalents 288 700 1,518TOTAL CURRENT ASSETS 14,596 19,592 15,014 TOTAL ASSETS 15,010 19,980 15,413LIABILITIESCurrent liabilitiesTrade and other payables 398 1,526 533Tax payable 217 - 220Bank and other loans 3,505 4,246 3,284 4,120 5,772 4,037LIABILITIES: Non current liabilitiesBank and other loans - 6,037 -TOTAL LIABILITIES 5 4,120 11,809 4,037 10,890 8,171 11,376Minority Interests (354) (344) (343)TOTAL NET ASSETS 10,536 7,827 11,033 EQUITY: CAPITAL & RESERVESShare capital - issued and fully paid 7,997 7,997 7,997Share premium 1,970 1,970 1,970Other reserves 2,647 2,647 2,647Retained earnings 6 (2,078) (4,787) (1,581)TOTAL EQUITY 7 10,536 7,827 11,033 Net assets per share attributable to ordinary 13.17p 9.79p 13.79pshareholdersCONSOLIDATED CASH FLOW STATEMENT Restated Restatedfor the six months ended 30 June 2007 Unaudited Unaudited Audited Notes 6 months 6 months Year to to ended 30 June 30 June 31 Dec 2007 2006 2006 £'000 £'000 £'000 Cash flows from operating activities 9 (1,234) (641) 7,574 Interest paid (337) (439) (816)Tax paid - - -Net cash flows from operating (1,571) (1,080) 6,758activities Cash flows from investing activitiesProceeds from sale of investment - 2 2propertiesProceeds from sale of investments - 258 258Interest 36 5 94receivedPurchase of plant and equipment (1) - (16)Dividends received 85 - - Net cash flows from investing 120 265 338activities Cash flows from financing activitiesProceeds from borrowings 221 921 -Repayments of borrowings - - (6,078)Minority dividends paid - - (94) Net cash flows from financing activities 221 921 (6,172) Net (decrease)/increase in cash and cash (1,230) 106 924equivalents Opening cash and cash equivalents 1,518 594 594 Closing cash and cash equivalents 288 700 1,518 NOTES For the six months ended 30 June 2007 1 BASIS OF PREPARATION Pathfinder Properties PLC has previously prepared group financial statements inaccordance with UK Generally Accepted Accounting Practice ("UK GAAP"). From 1January 2007 the Group is required to prepare it consolidated financialstatements under International Accounting Standards and International FinancialReporting Standards (collectively "IFRS") as adopted by the European Union("EU"). The Group's date of transition to IFRS is 1 January 2006 being the startof the previous period that has been presented as comparative information. The financial information presented in this document has been prepared on thebasis of the IFRS in issue that are either endorsed by the EU and effective at31 December 2007 or are expected to be endorsed before the financial statementsare approved and authorized for issue. Based on these adopted and unadoptedIFRS, the directors have made assumptions about the accounting policies expectedto be applied when the first annual IFRS statements are prepared for the yearending 31 December 2007. In addition, the adopted IFRS that will be effective inthe annual financial statements for the year ending 31 December 2007 are stillsubject to change and to additional interpretations and therefore can not bedetermined with certainty. Accordingly, the accounting policies for that annualperiod will be determined finally only when the annual financial statements forthe Group are prepared for the year ending 31 December 2007. The Interim Statements does not constitute statutory financial statements asdefined in section 240 of the Companies Act 1985 and have not been audited bythe company's auditors, Sedley Richard Laurence Voulters. The financialstatements for the year ended 31 December 2006 have been reported on by theCompany's auditors and delivered to the Registrar of Companies. The report ofthe 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 ofIFRS 1 "First Time Adoption of International Financial Reporting Standards"which in general requires IFRS accounting policies to be applied fullyretrospectively. 3. RESULTS FOR THE PERIODThe Group's turnover arises principally from property development activities. 4 TRADE AND OTHER RECEIVABLES 30 June 2007 30 June 31 Dec 2006 2006 £'000 £'000 £'000Trade - - -Other receivables 916 1,093 1,012 916 1,093 1,0125 LIABILITIES 30 June 30 June 31 Dec 2007 2006 2006 £'000 £'000 £'000 Bank loans and 3,505 10,283 3,284overdraftsTax payable 217 - 220Trade and other payables 398 1,526 533 4,120 11,809 4,037NOTES - continued For the six months ended 30 June 2007 6 RETAINED EARNINGS 6 months to 6 months to Year ended 30 June 30 June 2006 31 Dec 2006 2007 £'000 £'000 £'000 Brought (1,581) (3,786) (3,786)forwardRetained earnings for (497) (1,001) 2,205the periodCarried forward at end of period (2,078) (4,787) (1,581) 7. EQUITY 6 months to 6 months to Year ended 30 June 30 June 2006 31 Dec 2006 2007 £'000 £'000 £'000 (Loss)/profit for the (497) (1,001) 2,205periodReduction of investments in own - 678 678sharesNet (decrease)/increase to (497) (323) 2,883shareholders equityBrought 11,033 8,150 8,150forwardCarried forward at end 10,536 7,827 11,033of period 8 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 6 months to 6 months to Year ended 30 June 30 June 2006 31 Dec 2006 2007 £'000 £'000 £'000 (Loss)/profit for the period (497) (1,001) 2,205attributable to membersReduction of investment in own - 678 678sharesTotal recognised gains and losses relating (497) (323) 2,883to the period 9 RECONCILATION OF OPERATING CASH FLOWS 6 months to 6 months to Year ended 30 June 30 June 2006 31 Dec 2006 2007 £'000 £'000 £'000 Operating loss (272) (579) 3,964Depreciation 1 - 5Loss on sale of investments - 420 -Share of operating profits in joint (15) - -ventures(Increase)/decrease in inventories (909) (998) 4,002Decrease in trade and other 96 275 355receivablesIncrease / (decrease) in trade and other (135) 241 (752)payables (1,234) (641) 7,574 NOTES - continuedFor the six months ended 30 June 2007 10 (LOSS)/PROFIT PER SHARE The basic loss per share has been calculated on the loss on ordinary activities after tax £497,000(31 December 2006: profit of £2,205,000) and on 79,971,393 (31 December 2006: 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 at30 June 2006 and as at 31 December 2006. DIRECTORS AND COMPANY INFORMATION Directors Company numberGerry Lee 2578942 (England and Wales)Edward AzouzJeffrey Azouz Registered officeJohn Guy Davies 1001 Finchley RoadVictor Lipien London NW11 7HB SecretaryB A Gemal For further information, contact:Edward Azouz, ChairmanGerry Lee, Director Telephone (020) 8731 0110Roland Cornish, Beaumont Cornish Limited Telephone (020) 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange