Final Results

Internet Music & Media PLC 30 June 2004 For immediate release 30th June, 2004 Internet Music & Media PLC ('IMM' or 'the Company') Results for the year ended 31st December, 2003 Chairman's Statement I am reporting the results for Internet Music & Media Plc for the year ended 31st December 2003. The results for the year under review show a loss before and after taxation for the Company of Â£3.2million. On 28th March 2003 the Company announced that it had entered into an agreement with certain investors to provide interim financing. Following this, the investors provided loans totalling Â£482,000 during the period March to September 2003. Notwithstanding this additional finance, the Company was unable to stem the losses incurred by its subsidiaries Groovetech LLC, in the USA and Groovetech Limited, in the UK and in September 2003 these subsidiaries ceased operations. Administrative Receivers were subsequently appointed to Groovetech Limited. As a result the Company's investment in its subsidiary undertakings has been written down to Â£nil and consolidated financial statements have not been prepared. As a consequence of these developments, the Company asked the Stock Exchange to suspend trading in its ordinary shares on AIM, pending clarification of its financial position. The directors are pleased to note that, on 19th March 2004 trading in the company's ordinary shares was restored on AIM. As disclosed in the Chairman's statement contained in the interim results, the investors referred to above agreed to provide a further line of credit for a period of six months. The directors are currently in discussions with the investors for an extension of these facilities and are confident of securing the required funding. Resignation of Directors During March 2003 Z J Jenkins, B W Pember and D S Rogers resigned as directors to the company. During October 2003 J W Cunningham resigned as director to the company. No further appointments have been made since the above resignations. Nicholas Cowan Chairman 30 June 2004 Consolidated profit and loss account for the year ended 31st December, 2003 2003 2002 Â£ Â£ Turnover - - Administrative expenses 135,887 114,009 ---------- ---------- Operating loss (135,887) (114,009) Amounts written off investments (3,054,538) - Interest payable 31,066 42,875 ---------- ---------- Loss on ordinary activities before taxation (3,221,491) (156,884)) Tax on loss on ordinary activities - - ---------- ---------- Loss for the financial year (3,221,491) (156,884) ========== ========== All of the activities of the group are classed as continuing. Group statement of total recognised gains and losses for the year ended 31st December, 2003 There are no recognised gains or losses other than the loss of Â£3,221,491 attributable to the shareholders for the year ended 31 December 2003 (2002 - loss of Â£156,884) Consolidated balance sheet at 31st December, 2003 2003 2002 Â£ Â£ Fixed assets Investments - 2,679,723 --------- ---------- Current assets Debtors 9,917 9,917 Cash at bank 212 - --------- ---------- 10,129 9,917 Creditors: amounts falling due within one year 2,209,083 1,667,103 --------- ---------- Net current liabilities (2,198,954) (1,657,186) --------- ---------- Total assets less current liabilities (2,198,954) 1,022,537 ========= ========== Capital and reserves Called-up share capital 3,560,767 3,560,767 Share premium account 13,638,124 13,638,124 Profit and loss account (19,397,845) (16,176,354) --------- ---------- (2,198,954) 1,022,537 ========== ========== Shareholders' funds Equity (5,405,073) (2,183,582) Non-equity 3,206,119 3,206,119 ---------- ---------- (2,198,954) 1,022,537 ========== ========== Consolidated cash flow statement for the year ended 31st December, 2003 2003 2002 Â£ Â£ Net cash inflow from operating activities 1,226,569 708,770 ---------- ---------- Returns on investments and servicing of finance Interest paid (31,066) (42,875) ---------- ---------- Net cash outflow from returns on investments and servicing of finance (31,066) (42,875) ---------- ---------- Capital expenditure Capital contributions to Subsidiaries (484,815) (679,723) ---------- ---------- Net cash outflow from capital expenditure and financial investment (484,815) (679,723) ---------- ---------- Cash inflow/(outflow) before financing 710,688 (13,828) Financing (Repayment) of bank loans (700,000) - ---------- ---------- Net cash outflow from financing (700,000) - ---------- ---------- Increase/(decrease) in cash 10,688 (13,828) ========== ========== Notes to the Consolidated Cash Flow Statement A. Reconciliation of operating loss to net cash inflow from operating activities 2003 2002 Â£ Â£ Operating loss (135,887) (114,009) Increase in creditors 1,362,456 822,779 ---------- --------- Net cash inflow from operating activities 1,226,569 708,770 ========== ========= B. Reconciliation of net cash flow to movement in net debt 2003 2002 Â£ Â£ Increase/(decrease) in cash in the period 10,688 (13,828) Net Cash outflow from bank loans 700,000 - -------- -------- 710,688 (13,828) -------- -------- Change in net funds 710,688 (13,828) -------- -------- Net debt at 1 January 2003 (710,476) (696,648) -------- -------- Net debt at 31 December 2003 212 (710,476) ======== ======== C. Analysis of changes in net debt At 1st Cash flow At 31st January, Â£ December, 2003 2003 Â£ Â£ Net cash: Cash in hand and at bank - 212 212 Overdrafts (10,476) 10,476 - --------- --------- --------- (10,476) 10,688 212 --------- --------- --------- Debt: Debt due within 1 year (700,000) 700,000 - --------- --------- --------- Net debt (710,476) 710,688 212 ========= ========= ========= Notes 1. ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared under the historical cost convention, and in accordance with applicable accounting standards. Going concern The accounts have been prepared on a going concern basis as the directors are of the opinion that the necessary level of banking and other finance facilities will continue to be made available to the company to enable it to continue trading into the foreseeable future. No adjustments have been included in the financial statements, which may be necessary should these facilities not be made available. Consolidation The accounts do not consolidate the financial statements of its subsidiary undertakings as their accounting records were transferred to and are held by the Administrative Receivers. 2. Loss per share The loss per share has not been calculated due to the events which have occurred in respect of the company's subsidiary undertakings ceasing to trade during the year and the information which would be produced would not be comparable in nature. 3. Dividends The Directors are not proposing the payment of a dividend in respect of the year ended 31st December, 2003. 4. Tax on loss on Ordinary Activities There is no charge to corporation tax due to the net losses incurred during the year subject to agreement with the Inland Revenue. Accumulated tax losses have not been recognised as a deferred tax asset. 5. Publication of non-statutory accounts The financial information set out in this announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the year ended 31st December, 2003, is extracted from the Group's financial statements to that date which received a qualified auditor's report, which included the following; 'As fully explained in note 1 no adjustments have been made in respect of the company no longer being considered as a going concern. In our opinion, provision for these adjustments should be made. In addition, as the company is the parent of a plc group, it is required under s229(1) Companies Act 1985 to prepare consolidated group accounts as at the year end. Due to a lack of accounting records in respect of the company's subsidiary undertakings, which have gone into Administrative Receivership during September 2003, group accounts have not been prepared as required by s229(1) Companies Act 1985. In view of the effect of the above points in our opinion the financial statements do not give a true and fair view of the state of the company and the group's affairs as at 31 December 2003 and of the loss of the company and the group for the year then ended, and have not been prepared in accordance with the Companies Act 1985'. The Group's financial statements will be filed with the Registrar of Companies in due course. The financial information for the year ended 31st December, 2002, is extracted from the Group's full statutory accounts to that date, which received an unqualified auditors' report and have been filed with the Registrar of Companies. 6. Copies of the Report and Accounts will be sent to shareholders on 30th June, 2004 and will be available from the company's registered office from that date. Further enquiries Internet Music & Media PLC Nicholas Cowan - Chairman Tel: 07747 695083 This information is provided by RNS The company news service from the London Stock Exchange

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