Interim Results

FOR IMMEDIATE RELEASE 28 July 2006 ADESTE INVESTMENTS PLC INTERIM REPORT FOR THE PERIOD TO 3OTH APRIL 2006 CHAIRMAN'S STATEMENT The Board present their interim statement for the six months ended 30 April 2006. RESULTS The interim results to 30th April 2006 give a pre-tax loss of £189,271 which amount to loss per share of 0.26p. The board do not recommend the payment of a dividend. BUSINESS ACTIVITY In January 2006 the company obtained judgement against Mr Jafari-fini for a sum in excess of £1,000,000 for the non payment for some of his shares in Phoenix Acquisitions Limited. The enforcement of this judgement has been stayed. Although the assets of the company are either held at cost or have been written down in the opinion of the directors they expect a return above there current valuation. The share holding in UV Modular Limited is currently held at cost of £33,789. The directors are expecting to receive from the disposal of the companies holding a sum of £350,000. The directors also expect to recover a sum from Mr Christopher Burr's post bankruptcy in relation to his guarantying the loan to Uvine.com and are concentrating on the existing other loans in an effort to maximise the return for its shareholders. CONTINUING OPERATIONS The board is currently looking at a number of proposals and will seek if required shareholder approval. ADESTE INVESTMENTS PLC PROFIT AND LOSS ACCOUNT Notes Six months Six months Year Ended Ended to 30th April 30th April 31st 2006 2005 October (unaudited) 2005 (unaudited) (audited) £ £ £ TURNOVER 6,716 25,121 101,550 Direct costs (975) (464,224) (139,586) Other operating expenses - other (152,039) (79,649) (7,901,368) Other operating expenses - - 22,658 (29,163) exceptional OPERATING PROFIT/(LOSS) (146,298) (496,094) (7,968,567) Interest receivable 667 1,950 1,973 Interest payable (43,640) - (4,829) PROFIT/(LOSS) ON ORDINARY (189,271) (494,144) (7,971,423) ACTIVITIES BEFORE TAXATION Taxation - - - PROFIT/(LOSS) ON ORDINARY (189,271) (494,144) (7,971,423) ACTIVITIES AFTER TAXATION Dividends - - - RETAINED PROFIT/(LOSS) FOR THE (189,271) (494,144) (7,071,423) PERIOD Earnings/(loss) per share Basic 4 (0.26p) (0.69p) (11.07p) Diluted 4 (0.26p) (0.69p) (11.07p) The operating profit/(loss) for the period arises from the group's continuing operations. ADESTE INVESMENTS PLC BALANCE SHEET Notes Six months Six months Year Ended Ended to 30th April 30th April 31st October 2006 2005 2005 (unaudited) (unaudited) (audited) £ £ £ FIXED ASSETS Investments 33,789 33,789 33,789 33,789 33,789 33,789 CURRENT ASSETS Debtors - - 209,578 Loans due within on year - 299,785 58,998 Cash at bank and in hand 215,686 100,398 36,439 215,686 400,183 305,015 CREDITORS Amounts falling due within one (873,661) (7,946,650) (805,951) year NET CURRENT(LIABILITIES)/ASSETS (657,975) (7,546,467) (500,936) TOTAL ASSETS LESS CURRENT (624,186) (7,512,678) (467,147) LIABILITIES CREDITORS Amounts falling due after more (7,286,782) - (7,254.550) than one year NET (LIABILITIES)/ASSETS (7,910,968) (7,512,678) (7,721,697) CAPITAL AND RESERVES Called up share capital 1,440,519 1,440,519 1,440,519 Share premium account 2,890,013 2,890,013 2,890,013 Revaluation reserve - - - Profit and loss accounts (12,241,500) (11,843,210) (12,052,229) EQUITY SHAREHOLDERS' FUNDS (7,910,968) (7,512,678) (7,721,697) ADESTE INVESTMENTS PLC CASH FLOW STATEMENT Notes Six months Six months Year Ended Ended to 30th April 30th April 31st 2006 2005 October (unaudited) 2005 (unaudited) (audited) £ £ £ Net cash inflow/(outflow) from 5 (286,036) 57,937 (109,223) operating activities Returns on investments and 6 667 1,950 1,973 servicing of finance CASH INFLOW/(OUTFLOW) BEFORE (285,369) 59,887 (107,250) FINANCING Financing 7 464,616 (91,658) 110,000 INCREASE/(DECREASE) IN CASH IN THE 179,247 (31,771) 2,750 PERIOD RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET (DEBT)/ FUNDS Notes Six months Six months Year Ended Ended to 30th April 30th April 31st 2006 2005 October (unaudited) 2005 (unaudited) (audited) £ £ £ (Decrease)/increase in cash in the 179,247 (31,771) 2,750 year Cash (inflow)/outflow from increase (464,616) 91,658 (110,000) in debt CHANGE IN NET (DEBT)/FUNDS (285,369) 59,887 (107,250) RESULTING FROM CASH FLOWS Accrued loan interest and amortised (43,640) (442,194) (7,204,829) loan finance costs MOVEMENT IN NET (DEBT)/FUNDS IN THE (329,009) (382,307) (7,312,079) PERIOD NET FUNDS AT 1 NOVEMBER 2005 (7,278,390) (6,667,605) 33,689 NET FUNDS AT 30 APRIL 2006 (7,607,399) (7,049,912) (7,278,390) ADESTE INVESTMENTS PLC RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS Notes Six months Six months Year Ended Ended to 30th April 30th April 31st 2006 2005 October (unaudited) 2005 (unaudited) (audited) £ £ £ Profit/(loss) for the period (189,271) (494,144) (7,971,423) Net addition to equity (189,271) (494,144) (7,971,423) shareholders' funds Opening equity shareholders' funds (7,721,697) (7,018,534) 249,726 Closing equity shareholders' funds (7,910,968) (7,512,678) (7,721,697) ADESTE INVESTMENTS PLC NOTES TO THE INTERIM REPORT 1 The financial information contained in this interim report does not constitute statutory accounts. The interim accounts, which have not been audited, have been prepared using accounting policies consistent with those used in the preparation of the accounts for the period ended 31 October 2005. Those accounts have been filed with the Registrar of Companies. The interim accounts were approved by the directors on 26th July 2006. 2 Taxation for the six months to 30 April 2006 is based on the effective rate of taxation which is estimated to apply for the year ended 31 October 2006. 3 The directors do not recommend the payment of a dividend. 4 The basic and diluted earnings per share are based on the profit/(loss) on ordinary activities after taxation of the company attributable to ordinary shareholders and on 72,025,963 being the weighted average number of ordinary shares in issue during the period. The diluted earnings per share have been calculated in accordance with FRS14 "Earnings per share" 5 Reconciliation of operating profit/(loss) to net cash flow from operating activities Notes Six months Six months Year Ended Ended to 30th April 30th April 31st 2006 2005 October (unaudited) 2005 (unaudited) (audited) £ £ £ Operating profit/(loss) (146,298) (496,094) (7,968,567) Non-cash changes to long term debt - 442,194 7,200,000 Decrease/(Increase) in debtors 209,578 (375,290) (187,407) Decrease/(Increase) in loans 58,998 464,956 706,743 Increase/(Decrease) in creditors (408,314) 22,171 140,008 Net cash flow from operating (286,036) 57,937 (109,223) activities 6 Returns on investments and servicing of finance Interest received 667 1,950 1,973 Interest paid - - - Net cash inflow from returns on 667 1,950 1,973 investments and servicing of finance 7 Financing Notes Six months Six months Year Ended Ended to 30th April 30th April 31st 2006 2005 October (unaudited) 2005 (unaudited) (audited) £ £ £ Issue of ordinary shares - - - Expenses paid in connection with - - - share issue Increase/(Decrease) in loans 464,616 (91,658) 110,000 Net cash inflow from financing 464,616 (91,658) 110,000 8 Analysis of net funds At other At 1st Nov non cash 30th April 2005 Cashflow changes 2006 £ £ £ £ Cash at bank and in hand 36,439 179,247 - 215,686 36,439 179,247 - 215,686 Loans due within one year (60,279) 464,616 (11,408) (536,303) Loans due after one year (7,254,550) - (32,232) (7,286,782) (7,278,390) (285,369) (46,640) (7,607,399) Other non-cash changes comprise accrued loan interest. 9 This interim report will be sent to all shareholders and is also available from the company's registered office at 43 North Audley Street, London, WIK 6WH.

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