H. B. PROPERTIES PLC
LSE : HBPO

January 31, 2014 10:53 ET

Interim accounts to 31 August 2013

H. B. PROPERTIES PLC (the "Company")

INTERIM ACCOUNTS FOR THE SIX MONTHS ENDED 31 AUGUST 2013


Chairman's Statement

OVERVIEW

The Company continues to maintain its balance sheet strength and diversify its 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 2013 show a profit of GBP200,000  earnings
per share are 0.21p 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.

L.E.V. Knifton
Chairman

31 January 2014


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 2013

                                                           Unaudited                             Unaudited
                                                            6 Months              Audited         6 Months
                                                               ended           year ended            ended
                                                           31 August          28 February        31 August
                                                                2013                 2013             2012
                                            Note             GBP'000              GBP'000          GBP'000
                                                                                            
 Services rendered                                                12                    -                -
 Investment Income                                               271                1,260            1,260
                                                                ----                -----            -----
                                                                 283                1,260            1,260
                                                                                            
 Operating expenses                                             (128)                (121)             (16)
 Provision against investment                                     (3)                (808)            (807)
                                                                                            
 Interest received                                                98                   93               12
 Interest paid                                                   (50)                 (51)              (1)
 Funding facility fee                                              -                 (100)               -
                                                                ----                 ----             ----
 Profit/(Loss)  on ordinary  activities                                                     
 before taxation                                                 200                  273              448
                                                                                            
 Taxation                                                          -                    -                -
                                                                ----                 ----             ----
 Profit/(Loss) on ordinary activities                                                       
 after taxation - retained                                    GBP200               GBP273           GBP448
                                                                ====                 ====             ====
                                                                                            
 Profit/(Loss) per share:  basic                        2      0.21p                0.29p           (0.48p)
                        :  Diluted                             0.03p                0.05p           (0.48p)
  

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




Consolidated Balance Sheet as at 31 August 2013

                                                                                                  
                                                               Unaudited        Audited          Unaudited
                                                                   As at          As at              As at
                                                               31 August    28 February          31 August
                                                                    2013           2013               2012
                                                                 GBP'000        GBP'000            GBP'000
 FIXED ASSETS                                                                              
 Investments                                                       1,111          1,114              1,101
                                                                   -----          -----              -----
                                                                   1,111          1,114              1,101
                                                                   -----          -----              -----
 CURRENT ASSETS                                                                            
 Debtors                                                           3,333          3,086              2,982
 Cash at bank and in hand                                             22             17                232
                                                                   -----          -----              -----
                                                                   3,355          3,103              3,214
 Creditors: amounts falling due                                                            
  within one year                                                    (65)           (66)              (125)
                                                                   -----          -----              -----
 NET CURRENT ASSETS                                                3,290          3,037              3,089
                                                                   -----          -----              -----

 TOTAL ASSETS LESS CURRENT LIABILITIES                             4,401          4,151              4,190
                                                                                           
 Creditors:  amounts falling due                                                           
  after more than one year                                                                  
                                                                                           
 Convertible and other loans                                     (1,446)         (1,396)            (2,000)
                                                                  -----           -----              -----
 NET ASSETS                                                    GBP2,955        GBP2,755           GBP2,190
                                                                  =====           =====              =====
                                                                                           
 CAPITAL AND RESERVES                                                                      
                                                                                           
 Called up share capital                                             65              65                 65
 Share premium                                                    1,917           1,917              1,917
 Loan note equity reserve                                           740             740                  -
 Profit and loss account                                            233              33                208
                                                                  -----           -----              -----
 Equity shareholders' funds                                    GBP2,955        GBP2,755           GBP2,190
                                                                  =====           =====              =====
                                                                                           




Consolidated Cash Flow Statement
for the six months ended 31 August 2013


                                                              Unaudited                         Unaudited
                                                              6 Months          Audited          6 months
                                                                 ended       year ended             ended
                                                             31 August      28 February         31 August
                                                                  2013             2013              2012
                                                 Note          GBP'000          GBP'000           GBP'000
                                                                                           
 Cash inflow/(outflow) from operating                                                      
 activities                                        3               (43)          (1,923)              222
                                                                 -----            -----             -----
                                                                                           
 Returns on investment and servicing                                                       
 on finance
 Interest received                                                  98               93                 -
 Interest paid                                                     (50)             (51)                -
 Funding facility fee                                                -             (100)                -
                                                                 -----            -----             -----
                                                                    48              (58)                -
                                                                 -----            -----             -----
 Capital expenditure and financial                                                         
 investment                                                          -              (13)           (2,000)
                                                                 -----            -----             -----
 Financing:                                                                                
                                                                                           
 Long term loan received                                             -            2,000             2,000
                                                                 -----            -----             -----
 Cash increase/(decrease) in the period                           GBP5             GBP6            GBP222
                                                                 =====            =====             =====


Reconciliation of Net Cash Flow to Movement in Net Debt


                                                             Unaudited                          Unaudited
                                                              6 Months          Audited          6 months
                                                                 ended       year ended             ended
                                                             31 August      28 February         31 August
                                                                  2013             2013              2012
                                                               GBP'000          GBP'000           GBP'000
                                                                                           
 Increase/(decrease) in cash in the period                           5                6               222
                                                                                           
 Long term loans received                                            -           (2,000)           (2,000)
                                                                 -----            -----             -----
                                                                     5           (1,994)           (1,778)
                                                                                           
 Net debt at start of period                                    (2,069)             (75)              (75)
                                                                 -----            -----             -----
 Net debt at end of period                                   GBP(2,064)       GBP(2,069)        GBP(1,853)
                                                                 =====            =====             =====
                                                                                           



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 year ended 28 February 2013.

      The interim report for the six months to 31 August 2013 was approved by the Board on 31 January 2014.

2.    Profit/(loss) per Share

                                                                                                6 months
                                                               6 Months       Year ended           ended
                                                                  ended      28 February       31 August
                                                         31 August 2013             2013            2012
      
                                                                  Pence            Pence            Pence
                                                                                           
      Earnings/(loss) per share: basic                            0.21p            0.29p            0.48p
                               : diluted                          0.03p            0.05p            0.48p
      
                                                                                           

      Profit/(loss)  per  ordinary  share is based on the Company's profit  for  the  financial  period  of
      GBP200,000 (28 February 2013 - profit GBP273,000; 31 August 2012 - profit GBP448,000).

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

                                                                 Number           Number           Number
                                                                                           
      Weighted average number of shares                                                    
       - Basic                                              93,368,046        93,368,046       93,368,046
       - diluted                                           749,118,046       548,570,101       93,368,046
                                                                                           

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

                                                              Unaudited                         Unaudited
                                                               6 Months          Audited         6 months
                                                                  ended       year ended            ended
                                                              31 August      28 February        31 August
                                                                   2013             2013             2012
                                                                GBP'000          GBP'000          GBP'000
                                                                                           
      Operating Profit/(loss)                                      155             1,138            1,244
                                                                                           
      Net increase/(decrease) in working capital                  (198)           (3,061)          (1,022)
                                                                 -----             -----            -----
      Net inflow/(outflow) from operating activities            GBP(43)        GBP(1,923)          GBP222
                                                                 =====             =====            =====

4.   The  information for the year ended 28 February 2013 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  2013  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