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)
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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
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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
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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)
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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)
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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.