Pathfinder Properties PLC
29 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 ended
31 December 2006, which are set out below. The audited financial statements for
the year ended 31 December 2006 are being sent to all shareholders. Copies may
be obtained from the Company by writing to Pathfinder Properties PLC, 1001
Finchley 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 and
consequently, the group has returned to profit. The net asset value of the group
has increased by over 30%.
The Loch Lomond site was sold by the administrators in the year under review. I
am pleased to state that we have managed to resolve the position of the
continuing liabilities by agreeing a one off payment. The group is now free to
move forward without this problem site hanging over it.
We have started our development at Newark, with the conversion of the 49 flats
within the brewery. We hope to start the 99 River Edge flats within the next 6
months. The remainder of the site has outline planning, and we are in the
process of firming it up into a full planning consent.
During the year, the group purchased a site in Ilford with planning consent for
83 flats. The site in the centre of Ilford town is not far from the new Olympic
village. After lengthy negotiations with the planners, we have managed to
increase the consent from 83 to 102 residential units, together with
approximately 3,000 square feet of commercial space. It is hoped to start this
development before the end of this year.
After many years of the group being in the doldrums, the board believes the
development sites in Newark and Ilford are going to help the group grow and
return substantial profits to the group.
Even though the group has embarked on large developments, we have managed to
keep 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 the
best interest of the group to reinvest all monies and concentrate on increasing
the net asset value of the group. Once the group maintains a steady
profitability, 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 in
managing to turn this group around.
Yours faithfully
Edward Azouz
Chairman
29 June 2007
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2006
Year ended Year ended
31 December 2006 31 December 2005
Notes £000 £000
Turnover
Group and share of joint ventures 17,000 753
- less: share of joint ventures (-) (8)
Group turnover 3 17,000 745
Cost of sales (12,550) (553)
Continuing operations
Gross profit 4,450 192
-------- --------
Administration expenses (560) (515)
Continuing operations (-) (-)
- Discontinued operations (560) (515)
-------- --------
3,890 (323)
-------- --------
Other operating income 74 90
Continuing operations
-------- --------
Operating profit / (loss) before
share of joint ventures 3,964 (233)
Continuing operations - (-)
- Discontinued operations 3,964 (233)
-------- --------
Share of operating profit in joint
ventures - 8
Operating profit / (loss) 3 3,964 (225)
Continuing operations: - 8
Profit on sale of investment
properties (421) (357)
(Loss) on sale of fixed asset
investments
Profit / (loss) on ordinary
activities before investment
income, 3,543 (574)
interest and taxation
Interest receivable 94 9
Interest payable (816) (856)
Profit / (loss) on ordinary
activities before taxation 2,821 (1,421)
Taxation (535) 190
Profit / (loss) on ordinary
activities after taxation 2,286 (1,231)
Equity minority interests (81) (83)
Profit / (loss) for the year
attributable to members of the
parent 2,205 (1,314)
company
Profit / (loss) for the year
transferred to reserves 7 2,205 (1,314)
Year ended Year ended
31 December 2006 31 December 2005
Pence Pence
Profit / (loss) per share 11 2.76 (1.64)
Fully diluted profit / (loss) per
share 11 2.76 (1.64)
A statement of total recognised gains and losses for the year is given in note 9.
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2006
Notes 31 December 2006 31 December 2005
£000 £000 £000 £000
Fixed assets
Intangible fixed assets -
Goodwill 154 154
Tangible assets 20 11
Investment 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 assets
Work in progress 12,255 16,257
Debtors 1,241 1,912
Cash at bank 5 1,518 594
15,014 18,763
Creditors: Amounts falling
due within one year 6 (4,037) (4,610)
Net current assets 10,977 14,153
Total assets less current
liabilities 11,376 14,543
Creditors: Amounts falling due (-) (6,037)
after more than one year
11,376 8,506
Equity minority interests (343) (356)
Net assets 11,033 8,150
Capital and reserves
Called up share capital 7,997 7,997
Share premium account 1,970 1,970
Merger reserve 2,494 2,494
Capital reserve 153 153
Own share capital reacquired - (678)
Profit and loss account 7 (1,581) (3,786)
Equity shareholders' funds 8 11,033 8,150
Pence Pence
Net assets per share
attributable to ordinary
shareholders 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 investments
and
servicing of finance
Interest received 94 9
Interest paid (816) (854)
Net cash outflow from returns on (722) (845)
investments and servicing of finance
Taxation
Taxation paid (-) (64)
Capital expenditure and financial
investment
Receipts from sale of
investment properties 2 9
Payments from joint ventures - (1)
Payments to acquire tangible
fixed assets (16) (6)
Net cash (outflow) / inflow
from capital expenditure and
financial investment (14) 2
Acquisitions and disposals
Disposal of shares in parent
undertaking 258 218
Net cash inflow from
acquisitions and disposals 258 218
Equity dividends
Minority dividends paid (94) -
Financing
Loans:
- Long term loans repaid (6,037) -
- Short term loans drawn down - 1,501
- Short term loans repaid (41) (224)
Net cash (outflow) / inflow
from 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 not
constitute statutory financial statements within the meaning of the Companies
Act 1985. The financial statements for the year ended 31 December 2005 have been
reported on by the Company's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain a
statement 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 YEAR
The Group's turnover and results for the year arise principally from
property development activities
and from activities carried out in UK.
4 DIVIDENDS
Year ended Year ended
31 Dec 2006 31 Dec 2005
£000 £000
Equity 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 29
Other 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 2,765
Other loans - 560
Trade creditors 2 85
Corporation 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 the
financial year attributable to members 2,205 (1,314)
Reduction of investment in own shares 678 577
---------- ---------
Total recognised gains and
losses 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 3
Share of profit/loss in joint ventures (-) (7)
Decrease/(increase) in work-in-progress 4,002 50
Decrease/(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, being
the weighted average number of ordinary shares in issue during the year. There
is no difference between earnings and fully diluted earnings per share
For further information, contact:
Pathfinder Properties Plc
Gerry Lee or Edward Azouz, Directors Tel: (020) 8731 0110
Beaumont Cornish Limited
Roland Cornish Tel: (020) 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange