Interim Results

TV Commerce Holdings PLC 29 January 2008 Tuesday 29 January 2008 TV Commerce Holdings PLC TV Commerce Holdings PLC ('TV Commerce' or the 'Group'), the AIM-listed media and entertainment company, today reports its Interim Results for the six months ended 30 June 2007. Highlights / recent activity • Closure of TV Commerce Limited on 28 February 2007, results in disclosure of results as discontinued business. • Net assets of the Group at 30 June 2007 were £456,970. • Sanction of the High Court received on 23 January 2008, enabling the company to effect the capital reorganisation approved by shareholders at the AGM held on 10 August 2007. Commenting on the results TV Commerce Chief Executive Vince Stanzione said: 'The approval of the High Court to the capital reorganisation passed at the AGM will enable the Board to return the surplus funds to shareholders and effect an orderly wind down of the Company's affairs.' For further information, please contact: TV Commerce Vince Stanzione Tel: +44 (0) 1908 330 747 Seymour Pierce John Depasquale Tel: +44 (0) 207 107 8000 Chairman's statement For the six months ended 30 June 2007 The approval of the High Court on 23 January 2008, to the capital reorganisation approved by Shareholders, has enabled the Board to release the interim financial information for the period to 30 June 2007; itself representing only two months trading, following the closure of the TV Commerce Limited operations in February 2007. This approval will enable the Board to effect a reduction in the capital of the Company, with surplus funds being returned to Shareholders in due course. This represents the conclusion of what has been a difficult period for the Group. At the time the Company's shares were first admitted to trading on AIM in February 2005, the prospects for the Group's business model depended upon the continuation of the regulatory regime covering the telecommunications and broadcasting market then in force. It was disappointing, therefore, that changes to that regime rendered this model unsustainable, at the time when the Group had become profitable. I have no doubt that Shareholder's interests have been preserved by the prompt action of the Board to shut down the operations of TV Commerce Limited and the steps taken to ensure that the remaining funds are returned as soon as possible. I would like to thank my fellow directors for their support during this period. Andy Mintern Chairman Consolidated Income Statement For the six months ended 30 June 2007 Notes Six months Six months Year ended 31 Dec to 30 June to 30 June 2006 2007 2006 £ £ £ Unaudited Restated Restated Revenue - - - Cost of sales - - - ---------- ---------- ----------- Gross profit - - - Administration expenses (117,616) (35,442) (183,634) ---------- ---------- ----------- Group loss from operations (117,616) (35,442) (183,634) Finance revenue 2,702 - - ---------- ---------- ----------- Loss before tax (114,914) (35,442) (183,634) Taxes - - - ---------- ---------- ----------- Loss for the period from continuing operations (114,914) (35,442) (183,634) Profit for the period from discontinued operations 79,370 98,858 329,834 ---------- ---------- ----------- Attributable to equity holders of the Group (35,544) 63,416 146,200 ========== ========== =========== Earnings per share 2 Continuing and discontinued operations (0.06)p 0.10p 0.23p Basic profit/(loss) per share (0.18)p (0.06)p (0.29)p Consolidated Balance Sheet As at 30 June 2007 Notes As at As at As at 30 June 30 June 31 Dec 2007 2006 2006 £ £ £ Unaudited Restated Restated Non-current assets Property, plant and equipment - 14,801 - Current assets Trade and other receivables 38,744 392,624 437,094 Cash and cash equivalents 484,866 81,706 261,310 ---------- ---------- --------- 523,610 474,330 698,404 Current liabilities Trade and other payables 66,640 79,401 205,890 ---------- ---------- --------- Net current assets 456,970 394,929 492,514 ---------- ---------- --------- Total assets less current 456,970 409,730 492,514 liabilities Non-current liabilities Long term borrowings - - - ---------- ---------- --------- Net assets 456,970 409,730 492,514 ========== ========== ========= Equity Share capital and premium 1,265,862 1,265,862 1,265,862 Other reserves 66,351 66,351 66,351 Retained earnings (875,243) (922,483) (839,699) ---------- ---------- --------- Total equity 456,970 409,730 492,514 ========== ========== ========= Consolidated Statement of Changes in Equity For the six months ended 30 June 2007 Share Share Merger Retained Total Capital Premium Reserve Earnings Equity £ £ £ £ £ Balance at 1 January 2006 641,796 624,066 66,351 (985,899) 346,314 Profit for the period attributable to equity holders - - - 63,416 63,416 -------- -------- ------- -------- -------- Balance at 30 June 2006 641,796 624,066 66,351 (922,483) 409,730 -------- -------- ------- -------- -------- Balance at 1 January 2007 641,796 624,066 66,351 (839,699) 492,514 Loss for the period attributable to equity holders - - - (35,544) (35,544) -------- -------- ------- -------- -------- Balance at 30 June 2007 641,796 624,066 66,351 (875,243) 456,970 -------- -------- ------- -------- -------- Consolidated Cash Flow Statement For the six months ended 30 June 2007 Notes Six Six Year ended months months to 30 to 30 31 Dec June June 2007 2006 2006 £ £ £ Unaudited Restated Restated Cash flows from operating activities Cash generated / (outflow) from operations 170,517 (95,234) 89,791 Interest paid - (2,867) - Tax paid - - - ---------- ---------- ------------ Net cash generated / (outflow) from operating activities 170,517 (98,101) 89,791 Cash flows from investing activities Purchase of property, plant and equipment - - (10,734) Disposal of property, plant and equipment 48,936 - - Interest received 4,103 - 2,446 ---------- ---------- ------------ 53,039 - (8,288) Cash flows from financing activities Net cash (used in) / from financing - - - activities ---------- ---------- ------------ Net increase / (decrease) in cash and cash equivalents 223,556 (98,101) 81,503 Cash and cash equivalents at beginning of year 261,310 179,807 179,807 ---------- ---------- ------------ (Decrease )/ increase in net cash in the period 4 484,866 81,706 261,310 ---------- ---------- ------------ Notes to Interim Report For the six months ended 30 June 2007 1. Basis of preparation The unaudited financial information comprises the consolidated interim balance sheets as at 30 June 2007 and 30 June 2006 and the related consolidated interim statements of income, changes in equity and cash flows and related notes for the six months then ended (the 'financial information'). The financial information, including the comparative figures for the year ended 31 December 2006, do not constitute statutory financial statements for the purposes of Section 240 of the Companies Act 1985. A copy of the statutory financial statements for the year ended 31 December 2006, prepared under UK Generally Accepted Accounting Principles ('UK GAAP'), has been delivered to the Registrar of Companies and contained an unqualified auditor's report in accordance with Section 235 of the Companies Act 1985. TV Commerce Holdings Plc has adopted International Financial Reporting Standards ('IFRS') with effect from the 1 January 2007, in accordance with European Union Regulations and AIM Rules. The first Annual Report prepared under IFRS will be for the year ended 31 December 2007. IN compliance with IFRS1 'First Time Adoption of International Financial Reporting Standards', the date of transition to IFRS is 1 January 2006. The interim financial information has been prepared in accordance with the recognition and measurement of IFRS as endorsed by the European Union. The Directors do not consider that there are any significant changes to the Group's accounting policies (as set out in the 2006 Annual Report) other than those resulting from the adoption of IFRS. The transition to IFRS has not altered the profit, equity or cash flow position of the Group, as previously reported under UK GAAP. 2. Earnings per share The calculation of the basic and diluted earnings per shares is based on the following data: Earnings 30 June 07 30 June 06 31 Dec 06 £ £ £ Continuing and discontinued activities (35,544) 63,416 146,200 Continuing activities (114,914) (35,442) (183,634) --------- --------- -------- Number of shares 30 June 07 30 June 06 31 Dec 06 Weighted average number of shares 64,179,632 64,179,632 64,179,632 --------- --------- -------- 3. Copies of the Interim Statement Pursuant to Rule 20 of the AIM rules, copies of the Interim Statement will be available to Shareholders on the Company's web site at www.thefinancialtrader.net/tvcommerce/ and on request from the Company Secretary at the Companies registered office. This information is provided by RNS The company news service from the London Stock Exchange

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