RNS Number:9426P
Probus Estates PLC
18 September 2003
PROBUS ESTATES PLC
("Probus Estates" or "the company")
Interim results for six months ended 30th June 2003
Chairman's Interim Statement
Interim Results
For the six-month period to 30th June 2003, the Group's turnover was Euro8,160,000
(2002: Euro10,205,000). The Group incurred a loss after taxation of Euro7,824,000
(2002: Euro1,357,000), after accounting for goodwill amortisation of Euro275,000
(Euro276,000). The increase in the loss after taxation is mainly due to interest
being expensed, which was capitalized in the June 2002 financial accounts, and
to a fee of Euro3,975,000 being charged by Uni-Invest N.V. in relation to the
Standstill Agreement signed in January 2003.
Review of events
The profitability of the Casino's gaming activities has improved in the six
months ended 30th June 2003 due to the restructuring within the Casino itself.
Operating profit for the Casino's gaming activities was Euro133,000 (2002: loss
Euro14,000).
There is still not much progress on the Can Vinyes project in Barcelona due to a
moratorium that has been issued with respect to building applications, which we
are still in the process of contesting.
During the six months ended 30th June 2003 one apartment in the Santa Ponsa
shopping complex was sold with options on another apartment and six offices, the
sale of which have since been completed.
The Dutch portfolio of investment property continues to perform well and makes a
significant contribution to the Group results. Although the Group intends to
invest in additional commercial property, due to its reinvestment obligation, no
further acquisitions were made during the period. Should the Group not acquire
any further commercial property before 31st December 2003 a tax liability of
Euro1.8 million will become payable.
Outlook
The Company is still suffering from liquidity problems. However with the
standstill agreement, which has been extended to 30 June 2004, in place and the
support of the largest creditor, we remain positive about the future outcome.
Hans R. Junge Chairman & Chief Executive Officer
September 2003
PROBUS ESTATES PLC
Consolidated profit and loss account
for the six months ended 30th June 2003
Unaudited Unaudited Unaudited
6 months 6 months 12 months
to 30.06.03 to 30.06.02 to 31.12.02
Euro '000 Euro '000 Euro '000
Notes
Turnover
Continuing operations 1 8,160 10,205 24,500
Discontinued operations 0 0 3,567
-------- -------- --------
8,160 10,205 28,067
Cost of sales (6,854) (9,397) (24,453)
-------- -------- --------
Gross profit 1,306 808 3,614
Administrative expenses (1,269) (1,424) (4,808)
Operating profit/(loss) 1
Continuing operations 37 (616) 879
Discontinued operations 0 0 (2,073)
-------- -------- --------
37 (616) (1,194)
Result on disposal fixed 1 0 (144)
assets
Cost of termination of
discontinued operation 0 0 (807)
Fee in relation to (3,975) 0 0
Standstill Agreement
-------- -------- --------
Loss before interest and (3,937) (616) (2,145)
taxation
Interest receivable 39 18 29
Interest payable (3,919) (734) (7,753)
-------- -------- --------
Loss before taxation (7,817) (1,332) (9,869)
Taxation (7) (25) (200)
-------- -------- --------
Loss after taxation (7,824) (1,357) (10,069)
-------- -------- --------
Loss per share Euro(0.014) Euro(0.0029) Euro(0.021)
PROBUS ESTATES PLC
Consolidated Balance Sheet
As at 30th June 2003
Unaudited Unaudited Unaudited
6 months 6 months 12 months
to 30.06.03 to 30.06.02 to 31.12.02
Euro '000 Euro '000 Euro '000
Fixed assets
Intangible fixed assets
Goodwill 9,504 10,054 9,779
Tangible fixed assets
Investment properties 34,762 34,762 34,762
Other land and buildings 24,526 24,724 24,630
Other tangible fixed assets 4,329 4,226 4,574
--------- --------- ---------
73,121 73,766 73.745
Current assets
Stock 111 166 141
Development property 7,163 0 7,454
Work in progress 51,718 66,638 51,689
Debtors 2,268 3,738 2,527
Cash at bank and in hand 1,123 1,430 912
--------- --------- ---------
62,383 71,972 62,723
Creditors Amounts falling due (71,695) (55,119) (63,614)
within 1 year
--------- --------- ---------
Total assets less current 63,809 90,619 72,854
liabilities
Creditors Amounts falling due after
1 year
Convertible loan notes (11,850) (11,850) (11,850)
Other Creditors (27,795) (40,062) (29,398)
--------- --------- ---------
(39,645) (51,912) (41,248)
--------- --------- ---------
Net assets 24,164 38,707 31,606
--------- --------- ---------
Capital and reserves
Share capital 64,889 63,885 64,692
Share premium 34,098 33,384 34,085
Revaluation reserves 314 315 315
Profit and loss account (75,137) (58,877) (67,486)
--------- --------- ---------
Equity shareholders' funds 24,164 38,707 31,606
--------- --------- ---------
Net assets per share Euro0.0438 Euro0.079 Euro0.0587
PROBUS ESTATES PLC
Group Cash Flow Statement
For the six months ended 30th June 2003
Unaudited Unaudited Unaudited
6 months 6 months 6 months
to 30.06.03 to 30.06.02 to 31.12.02
Euro '000 Euro '000 Euro '000
Net cash inflow (outflow) from 3,842 (3,698) 2,806
operating activities
Return on investment and servicing of
finance
Interest received 39 18 29
Interest paid (3,747) (759) (6,003)
-------- -------- --------
Net cash outflow from returns on
investments and servicing of finance
(3,708) (741) (5,974)
-------- -------- --------
Taxation
Corporation tax paid (7) (25) 0
Capital expenditure
Purchase of other land and buildings 0 0 (159)
Proceeds from sale of other tangible 2 0 0
fixed assets
Purchase of other tangible fixed (26) (512) (1,448)
assets -------- -------- --------
Net cash outflow from capital (24) (512) (1,607)
expenditure -------- -------- --------
Cash outflow before financing 103 (4,976) (4,775)
Financing 210 625 2,133
Issue of ordinary share capital (987) 4,216 535
-------- -------- --------
Loans advanced/(repaid) (777) 4,841 2,668
-------- -------- --------
-------- -------- --------
Decrease in cash in the year (674) (135) (2,107)
-------- -------- --------
PROBUS ESTATES PLC
Notes to the financial statements
1. Segmental Information
Unaudited Unaudited Unaudited
6 months 6 months 6 months
to 30.06.03 to 30.06.02 to 31.12.02
Euro '000 Euro '000 Euro '000
Turnover
Property 1,857 1,518 9,944
Leisure 6,303 8,687 18,123
---------- ---------- ---------
8,160 10,205 28,067
---------- ---------- ---------
Operating profit /(loss)
Property 1,291 1,220 1,980
Leisure (532) (1,357) (2,465)
Group (722) (479) (709)
---------- ---------- ---------
37 (616) (1,194)
---------- ---------- ---------
2. Reconciliation of net cash flow to movement in net debt
Unaudited Unaudited Unaudited
6 months 6 months 6 months
to 30.06.03 to 30.06.02 to 31.12.02
Euro '000 Euro '000 Euro '000
Decrease in cash in the period (675) (1,412) (2,107)
Cash (outflow)/inflow from increase in 987 (2,939) (535)
debt ---------- --------- ---------
Change in net debt arising from cash 312 (4,351) (2,642)
flows
Exchange differences 0 0 0
---------- --------- ---------
Movement in net debt in the period 312 (4,351) (2,642)
Net debt at start of period (89,201) (86,559) (86,559)
---------- --------- ---------
Net debt at end of period (88,889) (90,910) (89,201)
---------- --------- ---------
PROBUS ESTATES PLC
Notes to the financial statements (continued)
3. Analysis of debt
At At
1st January 2003 Cash Flow 30th June 2003
Euro '000 Euro'000 Euro'000
Cash at bank and in hand 912 211 1,123
Bank overdraft (1,454) (886) (2,340)
----------- ------------ ----------
(542) (675) (1,217)
Debt due within one year (47,848) (685) (48,533)
Debt due after one year (40,811) 1,672) (39,139)
----------- ------------ ----------
(89,743) 312 (88,889)
----------- ------------ ----------
4. Loss per share has been calculated on the basis of a weighted average
number of ordinary shares in issue during the period of 545,181,446. The
share options outstanding have no dilutive effect on earnings per share.
5. The financial information for the year ended 31st December 2002 is
abridged. The full accounts have been filed with the Registrar of
Companies. The report of the auditors on the accounts was unqualified, but
it did contain an emphasis of matter with respect to the fundamental
uncertainty over the ability of the Company to continue in existence
depending on meeting future cash flow forecasts or obtaining further
financing as required and over the recoverability of the cost of the
development land in Spain.
The figures for the six months ended 30th June 2003 have not been audited.
This information is provided by RNS
The company news service from the London Stock Exchange
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IR SFIFWASDSEEU
