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.