Final Results

On-Line PLC 12 December 2003 ON-LINE PLC PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2003 Chairman's statement Results Group turnover is substantially lower this year due to the non-inclusion of Advfn as it is now an associate rather than a subsidiary. Net retained loss for the year has been reduced by almost 50% to £1.36M from £2.66M last year despite heavy provisions against investments. Our EBITDA loss has similarly been reduced by around 50% to £274,000 from £549,000 last year and our cash-burn has been reduced by 72% to only £129,000 from £461,000 last year. EBITDA EBITDA - Earnings before interest, tax, depreciation, amortisation and exceptional 2003 2002 items £'000 £'000 Loss before tax - per financial statements (1,509) (2,370) Amortisation - 450 Exceptional item - Impairment 325 3,609 Exceptional item - Part disposal of subsidiary (267) (2,974) Amount written off investments 504 - Share of associate's Ebitda adjustments 578 - Depreciation 55 685 Net interest 40 51 EBITDA (274) (549) Operating Review I am pleased to say that ADVFN PLC, where we hold a 28% stake, has continued to maintain its No 1 position as the UK's leading financial website. It achieved an EBITDA profit of £404,000 on turnover of £2.3 million (an increase of 38%) for the period. Its share price has risen during the year from a low of 0.7p to 3.4p as I write this giving it a market cap. of between £13-14 million pounds. In a brokers note released in October 2003, Canaccord Capital (Europe) Limited forecast a twelve month target share price of 9.2p for ADVFN which , if achieved, would value our stake at over £11 million. In respect of Akaei PLC, where we hold an 82% stake, we are continuing to search for new opportunities. This process is ongoing and an announcement will be made as soon as I have further news. Prospects With ADVFN a market leader, and discussions ongoing in respect of Akaei, I believe On-line is now set in such a way to allow us to be able to work with our investments to maximise their potential. Your board looks to the future with confidence. Michael Hodges Chairman 12 December 2003 Consolidated Profit and Loss Account for the year ended 30 June 2003 Total Total Notes Continuing Discontinued 2003 2002 £'000 £'000 £'000 £'000 Turnover 40 165 205 2,320 Cost of sales - (237) (237) (691) Gross profit/(loss) 40 (72) (32) 1,629 Administrative expenses Exceptional item - impairment loss - (325) (325) (3,609) Other administrative expenses (226) (265) (491) (3,290) Total administrative expenses (226) (590) (816) (6,899) Other operating income - 50 50 - Operating loss (186) (612) (798) (5,270) Share of operating losses of associate (434) (23) Amount written off investments (504) - Exceptional item: profit on part disposal of group companies 267 2,974 Net interest (40) (51) Loss on ordinary activities before taxation (1,509) (2,370) Tax on loss on ordinary activities 163 - Loss on ordinary activities after taxation (1,346) (2,370) Minority interest (16) (294) Loss retained for the year (1,362) (2,664) Loss per ordinary share 3 Basic (19.4p) (42.5p) Balance Sheets at 30 June 2003 Group Group Company Company 2003 2002 2003 2002 Notes £'000 £'000 £'000 £'000 Fixed Assets Intangible assets - - - - Tangible assets - 61 - 46 Investments 819 1,302 1,151 1,500 819 1,363 1,151 1,546 Current Assets Stocks - 25 - - Debtors 95 143 30 90 Investments 71 - 71 - Cash at bank and in hand 112 270 109 222 278 438 210 312 Creditors: amounts falling due within one year (873) (812) (624) (427) Net current liabilities (595) (374) (414) (115) Total assets less current liabilities 224 989 737 1,431 Creditors: amounts falling due after more than one year - (76) - (76) Minority interests 29 370 - - Net assets 253 1,283 737 1,355 Capital and Reserves Called up share capital 3,211 3,199 3,211 3,199 Share premium account 2,134 2,095 2,134 2,095 Profit and loss account (5,092) (4,011) (4,608) (3,939) Shareholders funds 4 253 1,283 737 1,355 The financial statements were approved by the Board of Directors on 12 December 2003. Consolidated Cash Flow Statement for the year ended 30 June 2003 2003 2002 Notes £'000 £'000 Net cash outflow from operating activities 5 (89) (385) Returns on investment and servicing of finance Interest paid (40) (51) Capital expenditure Payments to acquire intangible fixed assets - (1,783) Payments to acquire tangible fixed assets - (1,378) - (3,161) Acquisitions and disposals Net cash from part disposal of subsidiary - (261) Part disposal of subsidiary - 3,397 - 3,136 Net cash outflow before financing (129) (461) Financing Issue of ordinary share capital - 473 Share issue costs - (11) Loan advances - 400 Loan repayments (69) (229) Capital element of finance leases and hire purchase contracts repaid (109) (70) Net cash (outflow)/inflow from financing (178) 563 (Decrease)/increase in cash 6 (307) 102 Statement of Total Recognised Gains and Losses for the year ended 30 June 2003 2003 2002 £'000 £'000 Loss for the financial year (1,362) (2,664) Exchange differences - (2) Unrealised gain on current asset investments 21 - Total recognised gains and losses for the year (1,341) (2,666) Notes for the year ended 30 June 2003 1. General The financial information herein does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information has been extracted from the group's 2003 statutory financial statements upon which the auditors reported on 12 December 2003. Their opinion is unqualified and does not include any statement under section 237 of the Companies Act 1985, but refers to the uncertainties surrounding the ability of the group to continue as a going concern (as described in note 2). The accounts have been prepared in accordance with applicable accounting standards and under the historical cost convention. The principal accounting policies of the group have remained unchanged from the previous annual report. Copies of the annual report are being posted to shareholders and copies will be available from the company's registered office at 642a Lea Bridge Road, Leyton, London, E10 6AP. 2. Basis of preparation of the financial statements The company meets its day to day working capital requirements through a positive cash balance and has a bank overdraft facility of £150,000 of which the company had utilised £149,000 at 30 June 2003. It is repayable on demand and the facility is renewable in September 2004, when the directors have no reason to believe it will not be renewed. The nature of the company's business is such that there can be unpredictable variation in the timing of cash inflows. Bearing this in mind, the directors have prepared projected cash flow information for the period ending 31 December 2004 that includes a requirement to raise further funds early in 2004. The directors believe on the basis of the review of the cash flow projections that the existing facility of £150,000 together with the funds of approximately £200,000 raised by the proposed sale of an investment in equity shares during the six months ending 30 June 2004 will be sufficient to allow the company to continue to operate within the currently available facility including those from future fundraising. On this basis, the directors consider it is appropriate to prepare the financial statements on the going concern basis. However, the margin of facilities over requirements is not large and there can be no certainty that the sale of the investment in equity shares will be successful. Inherently there can be no certainty in relation to these matters. The financial statements do not include any adjustments that would result from the inability to raise the required funding. 3. Loss per ordinary share 2003 2002 Number of Loss Number of Loss Loss shares per share Loss shares per share £'000 '000 p £'000 '000 p Loss for the year (1,362) (2,664) Weighted average number of shares 7,028 6,271 Basic loss per share (19.4p) (42.5p) The options are anti-dilutive so there is no diluted loss per share. 4. Reconciliation of movements in shareholders' funds Group Group 2003 2002 £'000 £'000 Loss for the financial year (1,362) (2,664) Exchange differences - (2) Unrealised gain on investments 21 - Receipts from issue of shares 51 462 Goodwill previously written off to reserves 260 447 Net decrease in shareholders funds in the year (1,030) (1,757) Shareholders' funds at 1 July 1,283 3,040 Shareholders' funds at 30 June 253 1,283 5. Reconciliation of operating loss to net cash outflow from operating activities 2003 2002 £'000 £'000 Operating loss (798) (5,270) Other operating income - compensation received (50) - Amortisation - 450 Depreciation 55 685 Impairment loss 325 3,609 Loss on disposal of tangible fixed assets 6 10 Exchange differences - (2) Loss on sale of fixed asset investment - 7 Decrease/(increase) in stocks 25 (1) Decrease in debtors 103 39 Increase in creditors 245 88 Net cash outflow from operating activities (89) (385) 6. Reconciliation of net cash flow to movement in net debt 2003 2002 £'000 £'000 (Decrease)/increase in cash for the year (307) 102 Loan advances - (400) Loan repayments 69 229 Finance leases transferred on part disposal of subsidiary - 6 Cash outflow from capital repayments of hire purchase and finance lease agreements 109 70 Movement in net funds in the year (129) 7 Net debt at 1 July (10) (17) Net debt at 30 June (139) (10) 7. Analysis of movement in net debt At 1 July 2002 Cash flow At 30 June 2003 £'000 £'000 £'000 Cash in hand and at bank 270 (158) 112 Overdraft - (149) (149) 270 (307) (37) Debt (171) 69 (102) Finance leases (109) 109 - (10) (129) (139) END This information is provided by RNS The company news service from the London Stock Exchange FR IIFSDFFLFLIV

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