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Vema N.V. (VEMD)

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Monday 29 October, 2001

Vema N.V.

Interim Results

Vema N.V.
29 October 2001

                                  VEMA N.V.

          HALF-YEARLY REPORT FOR THE SIX MONTHS ENDED 30 APRIL 2001

Chairman's Statement

This is my first report since Vema N.V. was admitted to trading on AIM on 17
May 2001 and covers the unaudited six months of trading to 30 April 2001 which
primarily relates to Vema B.V. before the assets were transferred to Vema N.V.
on 4 April 2001. The results for the six months ended 31 October 2000, which
were included in the Vema N.V. prospectus, related to Vema B.V. Our first full
report for Vema N.V. will be for the period ended 30 April 2002.

The half-year to 30 April 2001 has shown an increase in turnover compared to
the previous six months of trading and the results show an increase in profit
before tax to NLG 1,587,000 (six months to 31 October 2000: NLG 836,000).

Indications for the first half of our current financial year are encouraging
with turnover ahead of the corresponding period last year. As stated in the
prospectus, the company will consider expansion through acquisitions, as well
as expanding its product range and geographical markets. Your Board looks
confidently to the future.


Maurice Dwek

Chairman





Pro -forma consolidated profit and loss account

For the six months ended 30 April 2001

                                     6 months ended        6 months ended o

                            Notes     30 April 2001         31 October 2000
                                        Unaudited              Unaudited
                                         NLG 000                NLG 000
Turnover                                          9,784                   9,463

Cost of sales                                   (5,439)                 (5,721)

Gross margin                                      4,345                   3,742

Administrative expenses                         (2,693)                 (2,841)

Profit before interest                            1,652                     901

Interest                                           (65)                    (65)

Profit before tax                                 1,587                     836

Taxation                                          (466)                   (375)

Profit after taxation                             1,121                     461

Dividend                        3               (1,469)                       -

Retained profit for period                        (348)                     461





Pro -forma consolidated balance sheets

As at 30 April 2001
                                                     Vema N.V.     Vema B.V.
                                                      30 April     31 October
                                                        2001          2000
                                                     Unaudited     Unaudited
                                                      NLG 000       NLG 000
FIXED ASSETS
Intangible assets                                         16,247             55
Tangible fixed assets                                      1,231          1,343
                                                          17,478          1,398
CURRENT ASSETS
Stock                                                      2,501          2,587
Debtors                                                    3,179          3,944
Cash at bank and in hand                                      46            226
                                                           5,726          6,757
Creditors: amounts falling due within one year           (2,196)        (2,965)
NET CURRENT ASSETS                                         3,530          3,792

TOTAL ASSETS LESS CURRENT LIABILITIES                     21,008          5,190

CREDITORS:amounts falling due after more than one          (775)          (800)
year

Provisions for liabilities and charges                     (248)          (249)
NET ASSETS                                                19,985          4,141

CAPITAL AND RESERVES
Share capital                                                  -            100
Called up share capital 'A' shares                         3,238              -
Share premium 'A' shares                                   6,698              -
Called up share capital 'B' shares                             -              -
Share premium 'B' shares                                   9,936              -
Profit and loss reserves                                     113          4,041
Shareholders' funds                                       19,985          4,141



Vema N.V.

Notes to financial statements 30 April 2001


 1. Basis of pro-forma accounts

    The business assets and liabilities of Vema B.V. were transferred to it's
    wholly owned subsidiary on 4 April 2001 pursuant to a deed of
    contribution. The pro-forma consolidated profit and loss account for the 6
    months to 30 April 2001 therefore represents the aggregation of the
    unaudited results of Vema B.V. and it's subsidiaries for the period from 1
    November 2000 to 3 April 2001 and the unaudited results of Vema N.V. and
    its subsidiaries from 4 April 2001 to 30 April 2001.

    The balance sheet at 30 April 2001 reflects the consolidation of Vema N.V.
    and it's subsidiaries. The comparative figures at 31 October 2000 are for
    Vema B.V. and it's subsidiaries.

    The unaudited results for the six months ended 31 October 2000 have been
    prepared on a basis with the accounting policies disclosed in Vema B.V.'s
    accounts for the year ended 30 April 2000. No provision for the
    amortisation of goodwill has been made in the accounts for the period as
    the amount would not be material, the goodwill having been created on 4
    April 2001.

 2. Post balance sheet events

    Since 30 April 2001, Vema N.V. commenced trading on the Alternative
    Investment Market on the London Stock Exchange, and a further 72,000,000
    Global Depository Receipts of EUR0.02 nominal value issued by means of a
    Placing and Offer for Subscription at an issue price of 4p.

 3. Dividend


        As stated in the prospectus at the date of the Placing and Offer for
        Subscription for shares, the profits arising in Vema B.V. in the
        period prior to the date of transfer under the deed of contribution
        were accrued as dividends payable.