Second Interim Results 2000

Internet Music & Media PLC 31 October 2000 Contact: Nicholas Cowan, Chairman (020) 7352 6688 Jon Cunningham, Chief Executive 001 206 861 7601 Alex Hillinger 001 206 861 7611 Internet Music & Media PLC David Bick (020) 7929 5599 Holborn Public Relations david.bick@holbornpr.co.uk INTERNET MUSIC & MEDIA PLC ('IMM') Second interim results for the ten months to 30 June 2000 Second Interim Results Since the acquisition of Groovetech was completed in April 2000, the results for the period show the figures for Groovetech for only May and June. Groovetech is a leading internet broadcaster of live electronic dance music. Total Groovetech revenues for the first six months of 2000 at £170,500 are approximately seven times greater than the same period last year and approximately double the revenues for the whole of 1999. Revenues are continuing to grow. The Company has maintained a gross profit margin of about 30 percent. Groovetech operates in a part of the music market which is not subject to the intense price-cutting that has affected other sectors of the online music industry. Announcements regarding forthcoming projects currently in development at Groovetech are expected to be made in the near future. Jon Cunningham, Chief Executive of IMM, commented: 'Our Groovetech website and related commercial activities continue to make good progress. We are seeing steady growth in our music sales and the internet broadcasting space in general.' Notes to Editors: Recognized as a pioneer of streaming broadcasts on the Web, Groovetech formed in 1996 to serve the global, electronic dance music community. With offices in Seattle and London, and broadcast partners in San Francisco, Los Angeles, Detroit and Rio de Janeiro, Groovetech is the finest source for electronic dance music on the Web. More information is available at www.groovetech.com. Internet Music & Media PLC Unaudited Interim Results Profit and Loss Account for the period ended 30 June 2000 £000 Turnover 69 Cost of sales (49) ----- Operating profit 20 Administrative expenses (513) Amortisation of goodwill (545) ----- Operating loss for the period (1,038) Net interest receivable 32 ----- Loss on ordinary activities before taxation (1,006) Tax on loss on ordinary activities - ----- Retained loss for the period (1,006) ----- ----- Loss per share Basic 14.1p Fully diluted 13.6p The above profit and loss account reflects the results for the period from the company's incorporation on 1 September 1999 to 30 June 2000. The company's acquisition of its subsidiaries took place on 4 May 2000; thus the profit and loss account represents the company's results since incorporation together with the results of the group for the period from the date of acquisition up to 30 June 2000. No dividend is being declared. Internet Music & Media PLC Balance Sheet at 30 June 2000 £000 Fixed Assets Intangible fixed assets 15,830 Tangible fixed assets 351 ------ 16,181 ------ ------ Current assets Stock 191 Debtors 254 Cash at bank and in hand 2,128 ------ 2,573 Creditors: amounts falling due within one year (279) ------ Net current assets 2,294 ------ Total assets less current liabilities 18,475 ------ ------ Capital and reserves Share capital 4,263 Share premium 15,211 Profit and loss account (1,006) Unrealised gain on foreign currency translation 7 ------ Equity shareholders' funds 18,475 ------ ------ Internet Music & Media PLC Reconciliation of movement in shareholders' funds for the period ended 30 June 2000 £000 Proceeds from shares issued in the period 20,023 Placing costs offset against share premium (549) Unrealised gain on foreign currency translation 7 Loss for the period (1,006) ------ Shareholders' Funds 18,475 ------ ------ Cash Flow Statement for the period ended 30 June 2000 £000 Net cash outflow from operating activities (2,180) Returns on investment and servicing of finance Interest received 32 Capital expenditure and financial investment Purchase of tangible fixed assets (148) Acquisitions and disposals Net overdraft acquired with subsidiary undertakings (37) Financing Issue of shares 4,381 ----- Increase in cash in the period 2,048 ----- ----- Internet Music & Media PLC Notes to the interim accounts for the period ended 30 June 2000 Accounting Policies 1. Basis of preparation The information in this Interim Report is unaudited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act (1985). 2. Goodwill Under current accounting standards, acquisition goodwill must be capitalised and either written off over a suitable period, or be subject to annual impairment reviews. The Board has elected to write off goodwill arising on the acquisition Groovetech LLC over a period of five years. 3. Goodwill Movement £000 Goodwill on acquisition 16,375 Goodwill amortisation (545) ------ 15,830 ------ ------ 4. Reconciliation of operating loss to net cash flow from operating activities £000 Operating loss (1,038) Amortisation of goodwill 545 Depreciation charges 21 Placing costs offset against share premium (549) Unrealised gain on foreign currency translation 7 Increase in stock (191) Increase in debtors 391 Decrease in creditors (1,366) ------ Net cash outflow from operating activities (2,180) ------ ------ 5. Reconciliation of net cashflow to movement in net debt £000 Increase in cash in the period 2,048 ------ Net funds as at 30 June 2000 2,048 ------ ------ 6. Analysis of changes in net debt At Cash flows 30.06.2000 £000 £000 Cash in hand and at bank 2,128 2,128 Bank overdrafts (80) (80) ----------------------- 2,048 2,048 ----------------------- ----------------------- 7. Purchase of subsidiary undertakings Net assets acquired £000 £000 Tangible fixed assets 223 Debtors 646 Creditors (1,565) Bank overdraft (37) ------ (733) Goodwill 16,375 ------ 15,642 ------ ------ Satisfied by: Shares 15,642 ------ ------ 8. Loss per share Fully Basic Diluted £000 £000 Loss for the period (1,006) (1,006) ---------------------- Weighted average number ---------------------- of ordinary shares outstanding 7,089,382 7,399,382 ---------------------- ---------------------- Loss per share 14.1p 13.6p ---------------------- ---------------------- INDEPENDENT REVIEW REPORT TO INTERNET MUSIC & MEDIA PLC Introduction We have been instructed by the Company to review the financial information set out on pages 3 to 7 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatement or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The AIM Rules of the London Stock Exchange require that the accounting policies and presentation applied to the interim figures should be consistent with group policies, except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as test of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the ten months ended 30 June 2000. Gerald Edelman Chartered Accountants 25 Harley Street London W1G 9BR 30 October 2000

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