Final Results

Yoomedia PLC 04 April 2005 Embargoed until 07:00 4 April 2005 YooMedia Plc Preliminary Results for the year ended 31 December 2004 YooMedia plc, the UK's biggest independent interactive media company, today announces preliminary results for the year ended 31 December 2004. The group specialises in gaming, dating and the public sector, delivering its content and services across all digital platforms. It is the market leader in real-time interactivity - and through its mobile arm, it can deliver interactivity to every TV home in the country. Key points â€¢DITG acquisition successfully integrated â€¢Acquisition of ViaVision â€¢On target for operating break-even by 31 March 2005 â€¢Turnover of Â£21.3m (2003: Â£0.7m) â€¢Operating loss of Â£24.0m (2003: loss Â£5.4m) after operating exceptionals of Â£5.9m, and depreciation, amortisation and impairment charges of Â£11.0m â€¢Current monthly revenues of c.Â£8.0m Commenting on the results, Michael Sinclair, chairman, said: '2004 was the year in which YooMedia made the greatest strides yet in creating the UK's biggest independent interactive media company. Each of our business units has performed well during the year and all of them are strongly poised for growth. The leap forward we made by merging with DITG has taken YooMedia to a new level, building on the progress we had already made over the past couple of years. The merger has lived up to our expectations and the two businesses are already integrated, resulting in benefits in terms of scale and synergy. We look forward with relish to the opportunities ahead. Since the year-end, the company has entered into an agreement to acquire the balance of the shares in ViaVision Limited, having already acquired 15% with the acquisition of DITG. As a result of this acquisition, YooMedia will operate Pokerzone TV, the new name for the existing Game-In TV channel. YooMedia will provide interactive services for this channel through the red button on Sky and via mobile devices.' For further information please contact: YooMedia David Docherty, chief executive 020 7462 0870 Powerscourt PR John Murray 020 7236 5630 Kirsty Black 020 7236 5631 Chairman's Statement 2004 was the year in which YooMedia made the greatest strides yet in creating the UK's biggest independent interactive media company. Your company now has a critical mass of proprietary interactive TV and mobile technology and creative content skills, enabling it to grow rapidly on all digital platforms, particularly in its core areas of gaming and dating. It also now provides interactive solutions for blue-chip broadcasters (including the BBC and ITV), brands (Nestle and William Hill) and public sector institutions (the NHS and the Northern Ireland Office). It has become a market leader in real-time interactivity, not least through its mobile phone time-stamping technology, which gives it the capacity to make television interactive in every home in the UK. During the course of last year, YooMedia underwent the transformation from a small pay-per-play games and chat business on the Telewest cable platform, with an annual turnover of approximately Â£750,000, to becoming the only interactive company providing services on all four UK digital platforms - Sky, ntl, Telewest and Freeview - with 250 employees and monthly revenues in excess of Â£8m. The Group also extended the reach of its services onto PCs and mobile phones, allowing our consumers access to our content and services wherever they are and whenever they wish. YooMedia now runs three gaming TV channels, including Avago, the world's first interactive gambling channel, as well as a major gaming portal on the satellite platform that supports ten TV channels and offers games such as roulette and poker (play for fun). YooMedia has leveraged its TV strengths by launching Fancy a Flutter as a fixed-odds betting website, and Avago fixed odds gaming on the mobile network 3. The Group intends to launch Avago-branded casino and poker services online in the summer of 2005. YooMedia has entered into a long-term agreement with William Hill, the UK's leading bookmaker, to operate Channel 425, a sports and fixed odds gaming television channel. The channel has recently expanded its programming schedule to include poker content, which is supported by an interactive play for fun poker game provided by YooMedia. The company also runs YooPlay, a games channel that uniquely operates across all digital television platforms. In the period since 30 September 2004 our gaming division has seen 50% growth in monthly revenues on a like-for-like basis and a substantially improved gross margin. The Group owns and operates the UK's biggest dating company, which includes Dateline - Britain's best-known and oldest computer-dating brand. Our dating brands have been successfully relaunched online and will be developed as mobile services in the summer of 2005. In the next twelve months, the Group intends to launch dating TV services, both in the UK and in the US. The dating division has shown good growth in both revenues and margin since 30 September 2004 on a monthly basis. In addition, on the internet, Dateline has increased revenues by 50% between the fourth quarter 2004 and the first quarter 2005. The Group is by far the biggest independent interactive solutions provider for digital television. It currently provides technology and software services for thirty-three TV channels, some of the UK's biggest television shows ('Who Wants to Be a Millionaire', 'Come and Have a Go If You Think You're Smart Enough'), interactive advertisers, such as Honda, and interactive public services television with NHS Direct Interactive and the Learning and Skills Council. Within the Digital Solutions Division revenues have doubled since September 2004 whilst margin has grown by some 400%. YooMedia's transformation was the result of organic growth and successful strategic acquisitions, the most important of which were the purchases of the Digital Interactive Television Group and The Gaming Channel (together - DITG). At the time of the acquisitions, YooMedia also raised further funds to advance the group and we were pleased to welcome as shareholders a number of new large institutional investors. Prior to the acquisition, the combined group would have reported pro-forma losses of more than Â£700,000 for November (as measured by earnings before interest, tax, depreciation and amortisation - EBITDA) and at the time of writing, we believe we have met our target of EBITDA break-even by 31 March, and that we will continue to grow organically throughout the rest of 2005. This turnaround has been achieved by a mixture of cost savings - the combined group has already implemented annualised cost synergies of Â£3.6 million for 2005 - and margin growth. Since the year-end, the company has entered into an agreement to acquire the balance of the shares of ViaVision Limited, having already acquired 15% with the acquisition of DITG. ViaVision is an interactive broadcasting company operating Game-In TV and Exchange and Mart TV. As a result of this acquisition, YooMedia will operate PokerzoneTV, the new name for the existing Game-In TV channel. YooMedia will provide interactive services for this channel through the red button on Sky and via mobile devices. The group also strengthened its Mobile division in July, through the acquisition of Whoosh Group Ltd, an award-winning mobile phone marketing and technology company, with patent-protected and proprietary solutions. Whoosh has brought a strong and growing reputation in the innovative use of the mobile phone as a return path for television. As well as the BBC and ITV, YooMedia mobile has recently won contracts from Sky One and Sky Travel, and soon will enable viewers watching Sky Sports in more than 30,000 licensed premises to interact with the programming. We are also expanding our mobile portfolio with video and text dating via mobile phones, and by increasing our SMS and next generation mobile gaming presence. Each of our business units has performed well during the year and all of them are strongly poised for growth. YooMedia is now well positioned to exploit developments in broadband TV technology, which allows for a much richer interactive experience on digital television platforms, not least through our joint venture with ICTV, which is trialling broadband television on ntl's cable network. Our board was strengthened by the arrival of John Swingewood, the guiding light of DITG, as deputy chairman, and his colleague Jeremy Fenn, as a non-executive director. On the management front, we gained the expertise of Neil MacDonald, who has become deputy chief executive of the enlarged group. As a result of the merger with DITG, a number of your directors stepped down from the board and I would like to thank Bernard Fairman, Lord Evans, Andrew Fearon, Eddie Abrams and Paul Stacey (as secretary) for the great contribution they have each made to the growth and development of YooMedia. Eddie Abrams, of course, remains a key figure in the senior management of the group. I would also like to note, with immense regret, the tragic, untimely death of Martin Graham-Scott in a car accident during the summer of 2004. He came to the group upon the acquisition of Fancy a Flutter and I'm pleased to report that the business which he created is now prospering within our gambling division. In summary, the leap forward we made by merging with DITG has taken YooMedia to a new level, building on the progress we had already made over the past couple of years. The merger has lived up to our expectations and the two businesses are already integrated, resulting in benefits in terms of scale and synergy. We look forward with relish to the opportunities ahead. Michael Sinclair Chairman 4 April 2005 Operating and Financial Review Operating Results As stated in the Directors' Report, the Company acquired a number of businesses during the year to 31 December 2004, completing its transformation from a pay-per-play games and chat service company on the Telewest platform to a Group with strong dating, gaming, mobile business and digital solutions units on all four digital TV platforms in the UK. Revenue for the Group grew from Â£0.7 million in 2003 to Â£21.3 million in 2004. The operating loss amounted to Â£24.0 million including amortisation of intangible assets and depreciation of Â£2.3 million. Operating exceptional items amounted to Â£5.9 million and comprised redundancy costs, professional fees, exceptional bonus payments, write-down of assets relating to onerous contracts, provision for losses on onerous contracts, write-off of deferred development costs and a UITF 17 charge. Additionally, a goodwill impairment charge of Â£8.7 million was recognised in the year. Consequently, operating loss before goodwill impairment, amortisation, depreciation and exceptional items amounted to Â£7.1 million. Management had originally identified Â£2.0 million of annualised synergies resulting from the acquisition of DITG. This estimate has now been revised to Â£4.2 million. Of this amount, annualised cost savings of Â£3.6 million had been realised by the end of the first quarter of 2005. The headcount increased from 45 to 253 full-time equivalent as a result of the acquisitions made during the year, giving the Group significant scale. Goodwill Goodwill is amortised over its useful economic life (generally 20 years) and reviewed for impairment when required under the provisions of FRS 11. This treatment has resulted in a goodwill impairment charge of Â£8.7 million. Balance Sheet Shareholders' funds totalled Â£43.2 million at the year end. The Group reported net current liabilities of Â£0.6 million at the end of the year which is covered by the Group's banking facilities of Â£4.0 million. Liquidity The Group had net cash and cash equivalent balances of Â£6.4 million at the year end. Taxation During the year, the Company made a trading loss, resulting in cumulative tax losses in excess of Â£25 million for the enlarged Group by the year end. Treasury Policy The Group's policy with regard to cash balances is to monitor short and medium-term interest rates and to place cash on deposit for periods that optimise interest earned whilst maintaining access to sufficient funds to meet day-to-day cash requirements. Jonathan Apps Chief Financial Officer 4 April 2005 Group Profit and Loss Account for the year ended 31 December 2004 Ongoing Acquisitions Total 2003 2004 2004 Note Â£ Â£ Â£ Â£ ----------------- ----- --------- --------- --------- --------- Turnover 3 865,049 20,402,429 21,267,478 743,150 Cost of sales (1,199,399) (20,320,398) (21,519,797) (1,393,701) ----------------- ----- --------- --------- --------- --------- Gross (loss)/ profit (334,350) 82,031 (252,319) (650,551) --------- --------- --------- --------- Administrative expenses before exceptional items and impairment of goodwill (5,688,086) (3,559,535) (9,247,621) (4,708,327) Exceptional items 4 (2,347,532) (3,512,899) (5,860,431) - Impairment of goodwill 4 (450,045) (8,234,303) (8,684,348) - --------- --------- --------- --------- Administrative expenses (8,485,663) (15,306,737) (23,792,400) (4,708,327) ----------------- --------- --------- --------- --------- Operating loss (8,820,013) (15,224,706) (24,044,719) (5,358,878) ----------------- --------- --------- --------- --------- Interest receivable and similar income 108,665 40,709 Interest payable and similar charges (81,232) (59,923) ----------------- --------- --------- --------- --------- Loss on ordinary activities before taxation (24,017,286) (5,378,092) ----------------- --------- --------- --------- --------- Tax recoverable on ordinary activities 5 27,264 528,785 ----------------- --------- --------- --------- --------- Loss on ordinary activities after taxation (23,990,022) (4,849,307) ----------------- --------- --------- --------- --------- Equity minority interests 198,957 227,445 ----------------- --------- --------- --------- --------- Loss for the financial year (23,791,065) (4,621,862) ----------------- --------- --------- --------- --------- Loss per share - basic and diluted 6 (15.14p) (5.56p) The above results are derived entirely from continuing operations. There is no difference between the loss on ordinary activities before taxation and the loss for the financial years stated above and their historical cost equivalents. Group Statement of Total Recognised Gains and Losses for the year ended 31 December 2004 2004 2003 Â£ Â£ ---------- ----------- Loss for the year (23,791,065) (4,621,862) Gain on deemed disposal of share in subsidiary 507,268 - undertaking ----------------------- ---------- ----------- Total losses recognised (23,283,797) (4,621,862) ----------------------- ---------- ----------- Group Balance Sheet as at 31 December 2004 2004 2003 Â£ Â£ ---------- ----------- Fixed assets Intangible assets 46,036,348 246,056 Tangible assets 3,044,029 336,136 ---------------------- ---------- ----------- 49,080,377 582,192 Current assets Debtors 6,015,898 700,905 Cash and cash equivalents 7,770,287 1,720,349 ---------------------- ---------- ----------- 13,786,185 2,421,254 Creditors - amounts falling due within one year (14,421,579) (1,010,616) ---------------------- ---------- ----------- Net current (liabilities)/ assets (635,394) 1,410,638 ---------------------- ---------- ----------- Total assets less current liabilities 48,444,983 1,992,830 ---------------------- ---------- ----------- Creditors - amounts falling due greater than one year (1,421,126) - Provisions for liabilities and charges (2,025,123) (154,546) Deferred income (1,407,029) - Equity minority interest (379,976) 76,301 ---------------------- ---------- ----------- Net assets 43,211,729 1,914,585 ---------------------- ---------- ----------- Capital and reserves Called up share capital 11,418,970 8,035,007 Share premium account 69,011,512 11,440,701 Shares to be issued 3,047,000 - Capital redemption reserve 455,331 455,331 Profit and loss account (40,721,084) (18,016,454) ---------------------- ---------- ----------- Equity shareholders' funds 43,211,729 1,914,585 ---------------------- ---------- ----------- Group Cash Flow Statement for the year ended 31 December 2004 2004 2003 Note Â£ Â£ -------- ---------- ----------- Net cash outflow from operating activities 8 (10,902,176) (5,608,981) ------------------------ -------- ---------- ----------- Returns on investments and servicing of finance Interest received 108,665 35,697 Interest paid (63,542) (59,923) Interest element of finance lease rental payments (17,689) - ------------------------ -------- ---------- ----------- Net cash inflow/(outflow) from returns on investments and servicing of finance 27,434 (24,226) ------------------------ -------- ---------- ----------- Taxation - 528,785 ------------------------ -------- ---------- ----------- Capital expenditure and financial investment Payments to acquire intangible assets (791,901) - Payments to acquire tangible fixed assets (383,764) (133,576) ------------------------ -------- ---------- ----------- Net cash outflow from capital expenditure and financial investment (1,175,665) (133,576) ------------------------ -------- ---------- ----------- Acquisitions and disposals (6,656,431) (44,180) Purchase of subsidiary undertakings Purchase of trade and assets of a business (627,118) - Net cash received with subsidiary 641,124 6,109 undertakings ------------------------ -------- ---------- ----------- 5555 Net cash outflow from acquisitions and (6,642,425) (38,071) disposals -------- ---------- ----------- Net cash outflow before management of liquid resources and financing (18,692,832) (5,276,069) ------------------------ -------- ---------- ----------- Management of liquid resources (Increase) in short-term deposits with banks 9 (4,896,404) (1,521,018) ------------------------ -------- ---------- ----------- Financing ------------------------ -------- ---------- ----------- Issue of ordinary share capital 32,027,461 2,766,730 Costs associated with issue of share capital (1,682,564) - Issue of convertible loan notes - 2,000,000 Repayment of loans (6,920,766) - Repayment of capital element of finance leases and hire purchase contracts (59,663) - ------------------------ -------- ---------- ----------- Net cash inflow from financing 23,364,468 4,766,730 ------------------------ -------- ---------- ----------- (Decrease) in cash in the year 9 (224,768) (2,030,357) ------------------------ -------- ---------- ----------- Notes to the Financial Statements for the year ended 31 December 2004 1 Basis of Preparation The financial information presented within this preliminary announcement for the years ended 31 December 2004 and 31 December 2003 does not constitute statutory accounts. The 2004 statutory accounts have yet to be delivered to the Registrar, but include the auditors' report which was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The auditors' report was modified to include an explanatory paragraph relating to the fundamental uncertainty over the Group's ability to realise future profitability and positive cash flows, and the going concern basis of preparation. The 2003 statutory accounts have been delivered to the Registrar and include the auditors' report which was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The financial statements have been prepared under the historical cost convention, in accordance with applicable Accounting Standards in the United Kingdom. The financial statements have been prepared on a basis consistent with prior years, except for the capitalisation of certain development costs in accordance with SSAP 13, due to a greater certainty of revenues being generated from the assets. Previously, the Group wrote off all such expenditure as incurred. There is no impact on opening reserves. This preliminary announcement was approved by the Board of Directors on 4 April 2005. 2 Going Concern During the year ended 31 December 2004, the Group recorded a loss of Â£23.8 million and at 31 December 2004, the Group had net current liabilities of Â£0.6 million. Net cash outflow from operating activities in 2004 was Â£10.9 million. The Directors consider that the acquisition of DITG and TGC in December 2004 was a significant milestone for the Group. The acquisition has enabled management to realise significant synergies and cost savings in the combined Group and, as a result, based on the Group's working capital projections, the Directors consider that the Group will become profitable and cash flow positive during 2005. The Group's working capital projections assume revenue growth from its existing services. In the light of existing facilities available to the Group, the Directors consider there will be sufficient resources available to enable the Group to achieve the profitability and positive cash flow necessary for the Group to continue as a going concern. Consequently, the directors consider that it is appropriate to prepare the accounts on the going concern basis. However, in common with similar businesses at this stage of their development, the Directors recognise that there will remain a fundamental uncertainty over the Group's ability to realise future profitability and positive cash flows until the Group has established a track record of profitable trading, cash generation and meeting its working capital projections. The financial statements do not reflect any adjustments that would be required if the Group were unable to achieve profitability and positive cash flow with its current resources, or if further available sources of finance were insufficient to fund the Group through to profitability and positive cash flow, such that the going concern basis of preparation ceased to be appropriate. 3 Accounting policies These financial statements have been prepared under the historical cost convention and are in accordance with applicable accounting standards. Basis of consolidation The Group financial statements consolidate the financial statements of YooMedia plc and its subsidiary undertakings drawn up to 31 December each year. No profit and loss account is presented for YooMedia plc as permitted by section 230 of the Companies Act 1985. The subsidiaries have been included within the Group financial statements using the acquisition method of accounting. Accordingly the Group profit and loss account and Group cash flow statement includes the results and cash flows of the subsidiaries from the dates of acquisition up to 31 December 2004. The Directors consider that effective control was gained over the Digital Interactive Television Group and The Gaming Channel Group on 26 November 2004 and therefore the Group profit and loss account and Group cash flow statement include the results and cash flows from this point rather than the legal date of acquisition of 20 December 2004. Goodwill Goodwill arises on the excess of the consideration over the fair value of the identifiable assets acquired. Goodwill is amortised through the profit and loss account over its useful economic life. Positive goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life up to a presumed maximum of 20 years. It is reviewed at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. Turnover Turnover, which excludes value added tax, comprises revenue from interactive media services and dating services and is recognised as these services are provided. Gaming revenues, where the Company holds a gaming licence, are recognised on a gross basis and winnings are recognised as a cost of sale. All turnover is generated in the United Kingdom. 4 Exceptional items Exceptional items, within administrative expenses, relate mainly to the significant strategic redirection that the Group undertook during the year evidenced by the number of acquisitions. These items are detailed below: Year ended 31 Year ended 31 December 2004 December 2003 Â£ Â£ ------------------------ ----------- --------- Recognised in arriving at operating loss: Redundancy costs 1 1,242,798 - Provision for losses on onerous contracts 1,638,373 - Write-down of assets related to onerous contracts 713,000 - Exceptional bonus payments 2 1,096,873 - Exceptional professional fees 253,935 - UITF 17 charge 3 579,167 - Write-off of deferred development costs 336,285 ------------------------ ----------- --------- 5,860,431 - ----------- --------- 1 Including all relevant taxes and other related costs of redundancy. 2 Including all relevant taxes. 3 As described in note 2, under Urgent Issue Task Force abstract 17 (UITF 17), the Company is required to recognise as a charge in the profit and loss account, the amount by which the fair market value of any share options issued to employees exceeds their respective exercise prices at the date of grant. The charge is notional in that there is no underlying cash flow or other financial liability associated with the charge, nor does it give rise to a reduction in net assets or shareholders' funds. In addition there is no impact on distributable profits. A goodwill impairment provision of Â£8,684,348 was also charged in the year. This is in accordance with Financial Reporting Standard 11: Impairment of fixed assets and goodwill. The impairment has been made following the historical losses and loss during the period of a number of the subsidiary undertakings. 5 Tax on loss on ordinary activities There was a tax credit of Â£27,264 (2003 - Â£528,785 credit) in the year. The 2004 and 2003 tax recoverable related to research and development tax credits. The tax assessed on the loss on ordinary activities for the year differs from the standard rate of tax of 30% (2003 - 19%). The differences are reconciled below: Year ended 31 Year ended 31 December 2004 December 2003 Â£ Â£ Loss on ordinary activities before taxation (24,017,286) (5,378,092) ------------------------------ ---------- ---------- Loss on ordinary activities multiplied by 30% (2003 - 19%) (7,205,186) (1,021,837) Effect of expenses not deductible for tax purposes 3,210,322 43,650 Depreciation in excess of capital allowances 129,205 66,008 Other timing differences 173,750 1,988 Adjustments in respect of previous periods (27,264) (528,785) Losses not recognised 3,691,909 910,191 ------------------------------ ---------- ---------- Current year tax credit (27,264) (528,785) ------------------------------ ---------- ---------- Deferred taxation Deferred taxation provided in the financial statements is Â£nil (2003 - Â£nil) and the amounts not recognised are as follows: Group and Company Year ended 31 Year ended 31 December 2003 December 2004 Â£ Â£ ------------------------------ ---------- ----------- Accelerated capital allowances (1,272,266) (125,213) Other timing differences (221,635) (963) Losses (13,179,011) (2,452,959) ---------- ----------- (14,672,912) (2,579,135) ---------- ----------- Deferred taxation The deferred tax asset has not been recognised on the grounds that there is insufficient evidence at the balance sheet date that it will be recoverable. The asset would start to become potentially recoverable if, and to the extent that, the Group were to become profitable. 6 Loss per share The basic loss per share has been calculated by dividing the net loss of Â£23,791,065 for the year (2003 - Â£4,621,862) by the weighted average number of 157,173,278 shares in issue during the year (2003 - 83,119,331). The Company has potentially dilutive ordinary shares being share options issued to staff and shares contracted to be issued. The diluted loss per share has been calculated in accordance with Financial Reporting Standard 14: Earnings per share, using 170,947,901 shares in issue during the year (2003 - 83,119,331). As per Financial Reporting Standard 14: Earnings per share, the diluted loss per share calculation is without reference to adjustments in respect of certain share options that are considered to be anti-dilutive. The deferred shares are not included in the earnings per share or diluted earnings per share. These shares have no voting rights and are non-convertible and therefore do not form part of the ordinary share capital used for the loss per share calculation in accordance with Financial Reporting Standard 14: Earnings per share. 7 Reconciliation of movements in shareholders' funds Year ended 31 Year ended 31 December 2004 December 2003 Â£ Â£ ---------- ----------- Loss for the year (23,791,065) (4,621,862) New shares issued 60,954,774 4,766,730 Shares to be issued 3,047,000 - Gain on deemed disposal of share in subsidiary undertaking 507,268 - UITF 17 credit 579,617 3,000 ---------- ----------- Net addition to shareholders' funds 41,297,144 147,868 Opening shareholders' funds 1,914,585 1,766,717 ---------- ----------- Closing shareholders' funds 43,211,729 1,914,585 ---------- ----------- 8 Net cash outflow from operating activities Reconciliation of operating loss to net cash outflow from operating activities: Year ended 31 Year ended 31 December 2004 December 2003 Continuing operations Â£ Â£ ------------------------------ ---------- ----------- Operating loss (24,044,719) (5,358,878) Depreciation charge 567,918 350,874 Amortisation and impairment of goodwill 9,920,922 4,620 Amortisation and impairment of deferred development costs 496,247 - UITF 25 provision for National Insurance on share options (62,461) 154,546 UITF 17 charge on grant of share options 579,167 - Movement in restructuring provision 1,755,538 - Movement in dilapidations provision 65,000 - Loss on disposal of fixed assets 1,290 3,465 Increase in debtors (1,492,536) (121,483) Increase/ (decrease) in creditors 1,311,458 (642,125) ------------------------------ ---------- ----------- Net cash outflow from continuing operations (10,902,176) (5,608,981) ------------------------------ ---------- ----------- Net cash outflow from operating activities include cash outflows from operating exceptional items such as Â£1,199,013 for redundancy costs, Â£590,299 for onerous contracts, Â£483,241 for exceptional bonus payments and Â£179,535 for exceptional professional fees. 9 Reconciliation of net cash flow to movement in net funds Year ended 31 Year ended 31 December 2004 December 2003 Â£ Â£ ---------- ---------- Decrease in cash in the year (224,768) (2,030,357) Increase in short term deposits with banks 4,896,404 1,521,018 Loans and finance leases acquired with subsidiary undertakings (8,327,582) - Repayment of capital element on finance leases 59,663 - Repayment of loans 6,920,766 - -------------------- ---------- ---------- Movement in net funds in the year 3,324,483 (509,339) Net funds at beginning of the year 1,720,349 2,229,688 -------------------- ---------- ---------- Net funds at end of the year 5,044,832 1,720,349 -------------------- ---------- ---------- This information is provided by RNS The company news service from the London Stock Exchange

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