Results to 31 December 2003

ASOS PLC 20 February 2004 FOR RELEASE: 20 FEBRUARY 2004 ASOS PLC ('ASOS' or 'the Group') UNAUDITED RESULTS FOR 12 MONTHS TO 31st DECEMBER 2003 Main Points: •Group Turnover increased by 71% to £7m •The Group reports its first pre tax profit - £0.35m (excludes amortisation of goodwill) •The Group generated £1.4m of positive cashflow in 2003 and had £1.2m cash at the end of the year •The Group's net current assets have increased to £0.5m • 283,000 registered users as at 16th February 2004 Nick Robertson, Chief Executive, commented: ASOS turned the corner in 2003 and we are delighted to present a strong set of results for the year including, as forecast, the Group's first pre tax profit. We continue to get stronger, both financially and operationally. With over 30,000 fashion hungry customers visiting the store each day, we have embarked on a course of accelerated range expansion. The Group generated £1.4 million positive cashflow, after capex of £116,000 in 2003. I remain confident about the results for the 12 months ending 31st March 2004 and expect them to be in line with market expectations. We expect to release Audited results for the 15 months to 31st March 2004 (to cover the revised year end) on 30th June 2004. GROUP FINANCIAL HIGHLIGHTS Unaudited Audited Results 12 months to For the year ended 31 December 31 December 2003 2002 £'000 £'000 Turnover 7,016 4,104 Group EBITDA, before exceptional items 414 (48) Total Group operating profit / (loss) before goodwill amortisation and exceptional items 352 (105) Profit / (loss) on ordinary activities before taxation, goodwill amortisation and exceptional items 348 (101) Goodwill amortisation (228) (228) Impairment of goodwill - (1,372) Profit / (Loss) on ordinary activities before taxation 120 (1,701) Diluted EPS on ordinary activities before taxation, goodwill amortisation and exceptional items 0.53p (0.16)p ASOS plc - contacts www.asos.com/InvestorRelations.asp ASOS PLC Nick Robertson, Chief Executive Tel: 020 7240 7070 John Morgan, Finance Director Tel: 020 7240 7070 Beattie Financial Brian Coleman-Smith / John Moriarty Tel: 020 7398 3300 Note to Editors ASOS plc is an Internet Retail and Marketing Services Group, established in June 2000 and admitted to AIM in October 2001. Its principle business is ASOS.com, a leading online Fashion and Lifestyle Retailer. A top five company in the UK clothing and apparel category (source Hitwise) ASOS.com has over 280,000 registered users and ships 1000 - 1500 orders per day. Its primary customers are Internet savvy 18-30 year olds. It also owns Entertainment Marketing, a business providing product placement and sponsorship services to a large number of blue chip advertisers. Unaudited Consolidated Profit and Loss Account for The twelve months ended 31st December 2003 Unaudited Audited Results 12 Months to for the year ended 31st December 31st December 2003 2002 £'000 £'000 Turnover 7016 4104 Cost of Sales (3514) (1941) ----------- ------------ Gross Profit 3502 2163 ----------- ------------ Administration expenses - Other (3150) (2268) Administration expenses - Amortisation of goodwill (228) (228) Administration expenses - Impairment of goodwill - (1372) ----------- ------------ Administration expenses (3378) (3868) ----------- ------------ Operating Profit / (Loss) 124 (1705) Net Interest (payable) / receivable (4) 4 ----------- ------------ Profit / (Loss) before taxation 120 (1701) ----------- ------------ Taxation ----------- ------------ Profit / (Loss) after taxation 120 (1701) ----------- ------------ Basic earnings/(loss) per share 0.19p (2.76p) Diluted earnings/(loss) per share 0.18p (2.76p) All recognised gains and losses are included in the profit and loss account for the current and preceeding periods and represents the only movement in shareholders funds. Unaudited Consolidated Balance Sheet at 31st December 2003 Unaudited 12 Audited Results Months to 31st at 31st December December 2003 2002 £'000 £'000 Fixed Assets Intangible Assets 1534 1762 Tangible Assets 126 71 -------------- ------------ 1660 1833 -------------- ------------ Current Assets Stock 414 622 Debtors 303 713 Cash at bank and in hand 1228 - -------------- ------------ 1945 1335 Creditors: amounts falling due within one year (1432) (1331) -------------- ------------ Net current assets 513 4 -------------- ------------ Total assets less current liabilities 2173 1837 -------------- ------------ Capital and Reserves Called up share capital 2379 2157 Share premium account 2975 2982 Profit and loss account (3181) (3302) -------------- ------------ Shareholders funds 2173 1837 -------------- ------------ Unaudited Consolidated Summarised Cash Flow Statement For The Twelve Months Ended 31st December 2003 Unaudited Audited Results for the year ended 12 Months to 31st December 2002 31st December 2003 £'000 £'000 Net cash (outflow) / inflow from operating activities (note (a)) 1307 (215) Net cash (outflow) / inflow from returns on investments and servicing of finance (4) 4 Net cash outflow from investing activities (116) (28) Net cash outflow from Financing 215 (49) -------------- ------------ Increase / (Decrease) in cash 1402 (288) -------------- ------------ Note (a) Reconciliation of operating profit to net cash inflow from operating activities Operating profit / (loss) 124 (1705) Amortisation charge 228 1600 Depreciation charge 62 57 (Increase) / Decrease in stock 208 (456) (Increase) / Decrease in debtors 410 (468) Increase / (Decrease) in creditors 275 757 -------------- ------------ 1307 (215) -------------- ------------ As at Cash flow As at 1 January 2003 £'000 31 December 2003 £'000 (unaudited) £'000 Note (b) Analysis of net fund/(debt) Cash at bank and in hand - 1228 1228 Bank overdraft (173) 173 - ----------- -------- ------------ (173) 1401 1228 Due in less than one year (1) 1 - ----------- -------- ------------ Net fund/(debt) (174) 1402 1228 ----------- -------- ------------ Notes 1) The results for the twelve months ended 31st December 2003 have been prepared on the basis of the accounting policies set out in the audited accounts of the Company for the year ended 31st December 2002. 2) The interim accounts for the twelve months ended 31st December 2003 are unaudited and do not constitute statutory accounts in accordance with section 240 of the Companies Act 1985. The financial information for the year ended 31st December 2002 is extracted from the audited financial statements for that year on which the auditors gave an unqualified report and which do not contain a statement under Sections 237 (2) or 237 (3) of the Companies Act 1985. A copy of those financial statements has been filed with the Registrar of Companies. 3) Basic earnings per share for the period has been calculated on the Group's earnings for the period attributable to shareholders and on the weighted number of ordinary shares in issue. For the diluted earnings per share for the period, the weighted average number of ordinary shares is adjusted to assume conversion of all dilutive potential ordinary shares. In the year to 31 December 2002, whilst unexercised share options would increase the weighted average number of ordinary shares in issue, due to the losses incurred by the Group, they are not considered dilutive. 4) The Directors are not declaring a dividend for the twelve months ended 31st December 2003. This information is provided by RNS The company news service from the London Stock Exchange FR QKLFFZLBZBBF

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