H. B. PROPERTIES PLC

LSE : HBPO


November 30, 2012 11:44 ET

Interim Accounts to 31 August 2012

H. B. PROPERTIES PLC (the "Company")
                                                     
INTERIM ACCOUNTS FOR THE SIX MONTHS ENDED 31 AUGUST 2012
                                                     
                                                     
Chairman's Statement
                                                     
OVERVIEW

The Company continues to make progress in strengthening its balance sheet and diversifying its portfolio.

We  completed  a  successful GBP 2,000,000 Convertible Loan Note fund raising in November  which  has  been
utilised to diversify the Company's portfolio.

We are maintaining a tight control of the Company's resources which we consider adequate to support current
levels of activity.

FINANCIAL RESULTS

The  unaudited financial results for the six months to 31 August 2012 show a profit of GBP448,000; earnings
per share are 0.48p basic.

CASH FLOW AND FUNDING

Cash  resources remain adequate for the current level of routine transactions and we have funds in hand  to
make further investments.

OUTLOOK

The Board continues to seek additional acquisitions, to enhance shareholder value.

S Lakhany
Chairman


30 November 2012

The Directors of the Issuer accept responsibility for this announcement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Leo Knifton
H. B. Properties PLC
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel:  +44 (0) 20 7309 2223
Fax: +44 (0) 20 7566 0023

Nick Michaels
Alfred Henry Corporate Finance Limited
Tel:  +44 (0) 20 7251 3762
                                                     
                                                     
Consolidated Profit & Loss Account
for the six months ended 31 August 2012
                                                           Unaudited              Audited        Unaudited
                                                            6 Months            14 months         6 Months
                                                               ended                ended            ended
                                                           31 August          29 February          30 June
                                                                2012                 2012             2011
                                            Note             GBP'000              GBP'000          GBP'000
                                                                                             
 Investment Income                                             1,260                    -                -
                                                                                            
 Operating expenses                                              (16)                 (39)             (15)
 Provision against investment                                   (807)                  (9)              (9)
 Provision  against investment  written                                                     
 back                                                              -                  676                -
                                                                                            
 Interest received                                                12                    -                -
 Interest paid                                                    (1)                   -                -
                                                               -----                -----            -----
 Profit/(Loss)  on ordinary  activities                                                     
 before taxation                                                 448                  628              (24)
                                                                                            
 Taxation                                                          -                    -                -
                                                               -----                -----            -----
 Profit/(Loss) on ordinary activities                                                       
 after taxation - retained                                    GBP448               GBP628           GBP(24)
                                                               =====                =====            =====
                                                                                            
 Profit/(Loss) per share:  basic             2                 0.48p                 0.7p           (0.03p)
                                                                                            



There were no recognised gains or losses other than those recognised in the profit and loss account.

                                                     

Consolidated Balance Sheet as at 31 August 2012


                                                               Unaudited         Audited          Unaudited
                                                                   As at           As at              As at
                                                               31 August     29 February            30 June
                                                                    2012            2012               2011
 
                                                                 GBP'000        GBP'000             GBP'000
 FIXED ASSETS                                                                              
 Investments                                                       1,101          1,908               1,233
                                                                   -----          -----               -----
                                                                   1,101          1,908               1,233
                                                                   -----          -----               -----
 CURRENT ASSETS                                                                            
 Debtors                                                           2,982              7                   3
 Cash at bank and in hand                                            232             10                   -
                                                                   -----          -----               -----
                                                                   3,214             17                   3
                                                                                           
 Creditors: amounts falling due within                                                     
 one year                                                           (125)           (98)                (61)
                                                                   -----          -----               -----
 NET CURRENT ASSETS                                                3,089            (81)                (58)
                                                                   -----          -----               -----
                                                      
 TOTAL ASSETS LESS CURRENT LIABILITIES                             4,190          1,827               1,175
                                                                                           
 Creditors:  amounts falling due after                                                     
 more than one year                                                                        
                                                                                           
 Convertible and other loans                                      (2,000)           (85)                (85)
                                                                   -----          -----               -----
 NET ASSETS                                                     GBP2,190       GBP1,742            GBP1,090
                                                                   =====          =====               =====
                                                                                           
 CAPITAL AND RESERVES                                                                      
                                                                                           
 Called up share capital                                              65             65                  65
 Share premium                                                     1,917          1,917               1,917
 Profit and loss account                                             208           (240)               (892)
                                                                   -----          -----               -----
 Equity shareholders' funds                                     GBP2,190       GBP1,742            GBP1,090
                                                                   =====          =====               =====
                                                                                           
                                                     
Consolidated Cash Flow Statement
for the six months ended 31 August 2012
                                                               Unaudited          Audited        Unaudited
                                                                6 Months        14 months         6 months
                                                                   ended            ended            ended
                                                               31 August      29 February          30 June
                                                                    2012             2012             2011
                                                 Note            GBP'000          GBP'000          GBP'000
                                                                                           
 Cash inflow/(outflow) from operating              3                 222                -              (10)
 activities
                                                                                           
 Capital expenditure and financial investment                                              
                                                                  (2,000)               -                -
 Financing:                                                                                
                                                                                           
 Long term loan received                                           2,000                -                -
                                                                   -----            -----            -----
 Cash increase/(decrease) in the period                           GBP222                -           GBP(10)
                                                                   =====            =====            =====


Reconciliation of Net Cash Flow to Movement in Net Debt
                                                    
                                                              Unaudited          Audited          Unaudited
                                                               6 Months        14 months           6 months
                                                                  ended            ended              ended
                                                              31 August      29 February            30 June
                                                                   2012             2012               2011
                                                                GBP'000          GBP'000            GBP'000
                                                                                           
 Increase/(decrease) in cash in the period                          222               -                 (10)
                                                                                           
 Long term loans received                                        (2,000)              -                   -
                                                                  -----           -----               -----
                                                                 (1,778)              -                 (10)
                                                                                           
 Net debt at start of period                                        (75)             (75)               (75)
                                                                  -----            -----              -----
 Net debt at end of period                                    GBP(1,853)          GBP(75)            GBP(85)
                                                                  =====            =====              =====
                                                                                           
                                                     
NOTES TO THE INTERIM REPORT

1.  Accounting Policies

    The  interim report has been prepared using accounting policies consistent with those set  out  in  the
    Company's Annual Report and Accounts for the fourteen months ended 29 February 2012.

    The interim report for the six months to 31 August 2012 was approved by the Board on 30 November 2012.


2.  Profit/(loss) per Share

                                                                 Six        14 months                 Six
                                                              Months            Ended              Months
                                                               Ended      29 February               Ended
                                                      31 August 2012             2012        30 June 2011
 
                                                               Pence            Pence               Pence
                                                                                                         
 Earnings/(loss) per share: basic                              0.48p             0.7p              (0.03p)
                                                                                        

Profit/(loss)  per ordinary share is based on the Company's profit for the financial period of  GBP448,000.
(February 2012 - profit GBP628,000; June 2011 - loss GBP24,000).

The weighted average number of shares used in the calculation is:

                                                           Number              Number              Number
                                                                                        
Weighted average number of shares                      93,368,046          93,360,987           93,351,471
                                                                                        


3.  Reconciliation of operating profit/(loss) to net inflow/(outflow) from operating activities

                                                        Unaudited              Audited           Unaudited
                                                         6 Months            14 months            6 Months
                                                            ended                ended               ended
                                                        31 August          29 February             30 June
                                                             2012                 2012                2011
                                                          GBP'000              GBP'000             GBP'000
                                                                                        
                                                                                        
 Operating Profit/(loss)                                    1,244                  (39)                (15)
                                                                                        
 Net increase/(decrease) in working capital                (1,022)                  39                   5
                                                            -----                -----               -----
 Net inflow/(outflow) from operating activities            GBP222                 GBP-              GBP(10)
                                                            =====                =====               =====
                                                                                        

4.   The  information  for the fourteen months ended 29 February 2012 has been extracted from  the  audited
     accounts  for  that period, which have been delivered to the Registrar of Companies  and  received  an
     unqualified  audit  opinion.  The unaudited results for the six months period have  been  prepared  on
     basis  consistent  with the Accounting Policies disclosed in the Company's 2012 accounts  and  do  not
     constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.

5.   Copies  of the interim statement are available from the company at its Registered Office, at Finsgate,
     5-7 Cranwood Street, London, EC1V 9EE.

Contact Information

  • H. B. PROPERTIES PLC