PROBUS ESTATES PLC
 
 
 
Consolidated profit and loss account
 
for the six months ended 30th June 2004
 
 
 
 
                                                                    Unaudited      Unaudited        Audited
                                                                     6 months       6 months      12 months
                                                                  to 30.06.04    to 30.06.03    to 31.12.03
                                                                       € '000         € '000         € '000
                                                         Notes
 
Turnover
Continuing operations                                   1               2,243          1,857          6,205
Discontinued operations                                                 3,368          6,303         13,710
                                                                        5,611          8,160         19,915
 
Cost of sales                                                         (4,054)        (6,854)       (51,185)
 
Gross profit                                                            1,557          1,306       (31,270)
 
Administrative expenses                                                 (462)        (5,243)       (10,872)
Operating profit/(loss)                                 1
Continuing operations                                                   1,227        (3,405)       (42,804)
 
Discontinued operations                                                 (132)          (532)            662
 
                                                                        1,095        (3,937)       (42,142)
 
Provision for loss on disposal of discontinued                              -              -        (2,600)
operations
Loss on disposal of discontinued operations                           (8,323)              -              -
 
Loss before interest and taxation                                     (7,228)        (3,937)       (44,742)
 
Interest receivable                                                         1             39             31
Interest payable                                                      (3,162)        (3,919)        (7,799)
 
Loss before taxation                                                 (10,389)        (7,817)       (52,510)
 
Taxation                                                                (246)            (7)        (2,120)
 
 
 
Loss after taxation                                                  (10,635)        (7,824)       (54,630)
 
Loss per share                                           4          € (0.018)       €(0.014)       €(0.097)
 
 
 
 
 
 
PROBUS ESTATES PLC
 
 
 
Consolidated Balance Sheet
 
As at 30th June 2004
 
 
                                                               Unaudited         Unaudited           Audited
                                                                6 months          6 months         12 months
                                                             to 30.06.04       to 30.06.03       to 31.12.03
                                                                  € '000            € '000            € '000
Fixed assets
Intangible fixed assets
     Goodwill                                                          -             9,504             8,029
Tangible fixed assets
     Investment properties                                        30,445            34,762            30,445
     Other land and buildings                                          -            24,526            23,022
     Other tangible fixed assets                                       2             4,329             4,098
 
                                                                  30,447            73,121            65,594
Current assets
Stock                                                                  -               111                87
Development property                                               4,412             7,163             4,989
Work in progress                                                  16,501            51,718            16,501
Debtors                                                              865             2,268             2,151
Cash at bank and in hand                                           2,913             1,123               831
                                                                  24,691            62,383            24,559
 
Creditors   Amounts falling due within 1 year                   (53,282)          (71,695)          (73,943)
 
Total assets less current liabilities                              1,856            63,809            16,210
 
Creditors   Amounts falling due after 1 year
            Convertible loan notes                              (11,850)          (11,850)          (11,850)
            Other Creditors                                     (23,049)          (27,795)          (26,623)
                                                                (34,899)          (39,645)          (38,473)
 
Net assets                                                      (33,043)            24,164          (22,263)
 
Capital and reserves
Share capital                                                     65,502            64,889            65,502
Share premium                                                     34,118            34,098            34,118
Revaluation reserves                                                   -               314                 -
Profit and loss account                                        (132,663)          (75,137)         (121,883)
 
Equity shareholders' funds/(deficit)                            (33,043)            24,164          (22,263)
 
Net (liabilities)/assets per share                             €(0.0555)           €0.0438         €(0.0395)
 
 
 
 
PROBUS ESTATES PLC
 
 
Group Cash Flow Statement
 
For the six months ended 30th June 2004
 
 
 
 
                                                                   Unaudited      Unaudited        Audited
                                                                    6 months       6 months      12 months
                                                                 to 30.06.04    to 30.06.03    to 31.12.03
                                                                      € '000         € '000         € '000
 
Net cash inflow from operating activities                              1,796          3,842          8,548
 
Return on investment and servicing of finance
Interest received                                                          1             39             31
Interest paid                                                        (3,162)        (3,747)        (7,799)
Net cash outflow from returns on investments and servicing of
finance                                                              (3,161)        (3,708)        (7,768)
 
Taxation
Corporation tax paid                                                   (166)            (7)           (20)
 
Capital expenditure
Proceeds from sale of other tangible fixed assets                          -              2            108
Purchase of other tangible fixed assets                                    -           (26)          (168)
Net cash outflow from capital expenditure                                  -           (24)           (60)
 
Acquisitions and disposals
Sale of Casino (including overdraft disposed of)                      13,309              -              -
 
Cash inflow before financing                                          11,778            103            700
 
Financing
Issue of ordinary share capital                                            -            210            843
Loans repaid                                                         (7,552)          (987)        (2,314)
Net cash outflow from financing                                      (7,552)          (777)        (1,471)
 
Increase/(decrease) in cash                                            4,226          (674)          (771)
 
 
 
 
PROBUS ESTATES PLC
 
Notes to the financial statements
 
 
 
 
 
1.            Segmental Information
 
 
 
 
                                                             Unaudited          Unaudited           Audited
                                                              6 months           6 months         12 months
                                                           to 30.06.04        to 30.06.03       to 31.12.03
                                                                € '000         € '000              € '000
Turnover
Property (continuing)                                            2,243              1,857             6,205
Leisure (discontinued)                                           3,368              6,303            13,710
                                                                 5,611              8,160            19,915
Operating profit /(loss)
Property (continuing)                                            1,490              1,291          (36,872)
Leisure (discontinued)                                           (132)              (532)               662
Group (continuing)                                               (263)            (4,696)           (5,932)
                                                                 1,095            (3,937)          (42,142)
 
 
 
 
2.              Reconciliation of net cash flow to movement in net debt
 
 
                                                              Unaudited         Unaudited           Audited
                                                               6 months          6 months         12 months
                                                            to 30.06.04       to 30.06.03       to 31.12.03
                                                                 € '000         € '000             € '000
 
Increase/(decrease) in cash in the period                         4,226             (675)             (771)
Cash outflow from decrease in debt                                7,552               987             2,314
Sale of Casino                                                    2,258                 -                 -
Movement in net debt in the period                               14,036               312             1,543
Net debt at start of period                                    (87,658)          (89,201)          (89,201)
Net debt at end of period                                      (73,622)          (88,889)          (87,658)
 
 
 
 
 
 
PROBUS ESTATES PLC
 
Notes to the financial statements  (continued)
 
 
 
 
 
3.             Analysis of debt
 
 
                                                   At                                                    At
                                     1st January 2004           Cash  Flow    Disposal of    30th June 2004
                                               € '000                €'000         Casino             €'000
                                                                                    €'000
Cash at bank and in hand                          831                2,082              -             2,913
Bank overdraft                                (2,144)                2,144              -                 -
                                              (1,313)                4,226              -             2,913
Debt due within one year                     (48,374)                6,706             32          (41,636)
Debt due after one year                      (37,971)                  846          2,226          (34,899)
                                             (87,658)               11,778          2,258          (73,622)
 
 
 
4.                  Loss per share has been calculated on the basis of a
weighted average number of ordinary in issue during the period of 595,523,083.
The share options outstanding have no dilutive effect on loss per share.
 
 
 
5.                  The financial information for the year ended 31st December
2003 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 explanatory paragraph with respect to the fundamental uncertainty
over the ability of the Company to continue in existence depending on the
continued availability of existing financing and further financing becoming
available, either from the existing major creditor, which is also a shareholder
of the Company, or the purchase of its debt and equity interests in the Company,
the possible sale of which is currently under discussion.
 
 
 
The figures for the six months ended 30th June 2004 and the six months ended

30th June 2003 have not been audited.