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Greenchip Investment (XEN)

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Wednesday 29 September, 2004

Greenchip Investment

Interim Results

Greenchip Investments  PLC
29 September 2004


                           GREENCHIP INVESTMENTS PLC

                                 INTERIM REPORT

                            FOR THE SIX MONTHS ENDED

                                 30TH JUNE 2004


                            Company Number: 3213174

CHAIRMAN'S STATEMENT


Dear Shareholder

The Company has not traded in the period under review; the Board's concentration
of effort has been on the continuing search for a suitable transaction on which
to base the Company's future following the sale of its former US operations.
While the Board has reviewed many opportunities in the last six months,
regrettably none has been sufficiently attractive for it to be put to
shareholders.

You can be assured that the Board's energy and enthusiasm for finding a suitable
target remain undiminished and, given that there are some indications of
improving underlying activity in the small cap sector, I am reasonably hopeful
that the latter portion of the current financial year may yet yield a project
which can be undertaken with a view to a more productive and profitable future
for us all. While there can be no guarantee that this will prove to be the case
you can be assured that the Board will continue to follow up all reasonable
prospects.

The attached Financial Statements (which have been subject to neither audit nor
external review) reflect the lack of activity in the period and there is little
comment to be made. Every possible step has been taken to eliminate costs and
the Company has been able to continue operating on a cash-positive basis, thanks
to the largesse of certain key shareholders and advisors. The Directors continue
to work on an unpaid basis.

I wish to thank Charles Cannon Brookes for his very considerable contribution in
the period up to his resignation from the Board on 13th April 2004. Malcolm
Burne remains on the Board as my sole remaining co-director and I wish to
recognise his support and encouragement in the seemingly unremitting quest for a
suitable target.

Finally I must also thank all those who have remained steadfast in their backing
of the Board through the current uncertain times - especially Arlington Group
plc, Ian Burne, our auditors F. W. Smith, Riches & Co. and Graeme Thom of Grant
Thornton, our Nominated Advisor.

I look forward to being able to report on tangible progress in the upcoming
months. With regard to the next Annual General Meeting of the Company (which
will be held no later than 31 December 2004), I do not intend to convene such
meeting at this time in order to allow it to be called at an earlier date if the
search for a suitable target business proves successful in the meantime.

Colin Hill
Non-Executive Chairman

London: 29th September 2004


CONSOLIDATED PROFIT AND LOSS ACCOUNT

Unaudited Interim Results for the six months to 30th June 2004

                                                   Discontinued     Discontinued 
                                                    Operations       Operations
                                    Six months      Six months         Year to
                                    to 30/06/04     to 30/06/03        31/12/03
                                    Unaudited       Unaudited          Audited
                                        £               £                 £

TURNOVER                                  -           44,473            58,173

COST OF SALES                             -           13,572            43,907
                                    _________      ___________      ____________
GROSS PROFIT                              -           30,901            14,266

Administrative expenses               10,947         107,273           147,378
                                    _________      ___________      ____________
OPERATING LOSS                       (10,947)        (76,372)         (133,112)

(Loss)/profit on disposal of 
investments                               -             (920)           85,836
Interest receivable                      51               16               113
Provisions against investments            -                -            10,218
Interest payable                          -           (3,167)           (3,117)
                                    _________       ___________     ____________
LOSS ON ORDINARY ACTIVITIES
BEFORE AND AFTER TAXATION            (10,896)        (80,443)          (40,062)
                                    =========       ===========     ============

Loss per ordinary share - basic 
and diluted                            (0.01)p         (0.05)p          (0.02)p
                                    =========       ===========     ============


CONSOLIDATED BALANCE SHEET AS AT 30TH JUNE 2004

Unaudited Interim Results for the six months to 30th June 2004

                                        As at            As at          As at
                                       30/06/04         30/06/03       31/12/03
                                       Unaudited        Unaudited      Audited
                                           £               £              £

FIXED ASSETS
Intangible assets                          -           146,570              -
Tangible assets                            -                 1              -
                                    ___________     _____________    ___________
                                           -           146,571              -
                                    ___________     _____________    ___________

CURRENT ASSETS
Stocks                                     -               976              -
Debtors                                    -             1,999          16,259
Cash at bank and in hand                5,421           30,544           3,599
                                    ___________     _____________    ___________
                                        5,421           33,519          19,858
CREDITORS: Amounts falling
due within one year                    (3,545)         (75,349)        (17,367)
                                    ___________     _____________    ___________
NET CURRENT ASSETS/(LIABILITIES)        1,876          (41,830)          2,491
                                    ___________     _____________    ___________

TOTAL ASSETS LESS CURRENT
LIABILITIES                             1,876          104,741           2,491

CREDITORS: Amounts falling
due after more than one year               -          (174,213)             -
                                    ___________     _____________    ___________
TOTAL NET ASSETS/(LIABILITIES)          1,876          (69,472)          2,491
                                    ===========     =============    ===========

CAPITAL AND RESERVES

Called up share capital             1,602,816        1,602,816       1,602,816
Share premium account               7,136,165        7,136,165       7,136,165
Profit and loss account            (8,769,417)      (8,808,453)     (8,758,521)
                                    ___________     _____________    ___________
                                      (30,436)         (69,472)        (19,540)
NON EQUITY
Shares to be issued                    32,312                -          22,031
                                    ___________     _____________    ___________
SHAREHOLDERS' FUNDS                     1,876          (69,472)          2,491
                                    ===========     =============    ===========






COMPANY BALANCE SHEET AS AT 30TH JUNE 2004

Unaudited Interim Results for the six months to 30th June 2004

                                         As at           As at         As at
                                        30/06/04        30/06/03      31/12/03
                                        Unaudited       Unaudited     Audited
                                            £               £            £

CURRENT ASSETS
Debtors                                     -             1,822        16,259
Cash at bank and in hand                 5,421           29,959         3,599
                                     ___________     _____________   ___________
                                         5,421           31,781        19,858    
CREDITORS: Amounts falling
due within one year                     (3,545)         (15,648)      (17,367)
                                     ___________     _____________   ___________
NET CURRENT ASSETS                       1,876           16,133         2,491
                                     ___________     _____________   ___________

TOTAL ASSETS LESS CURRENT
LIABILITIES                              1,876           16,133         2,491
                                     ===========     =============   ===========

CAPITAL AND RESERVES

Called up share capital               1,602,816       1,602,816     1,602,816
Share premium account                 7,136,165       7,136,165     7,136,165
Profit and loss account              (8,769,417)     (8,722,848)   (8,758,521)
                                    _____________    ____________  _____________
                                        (30,436)         16,133       (19,540)
NON EQUITY
Shares to be issued                      32,312              -         22,031
                                    _____________    ____________  _____________
SHAREHOLDERS' FUNDS                       1,876          16,133         2,491
                                    =============    ============  =============


CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS TO 30TH JUNE 2004

Unaudited Interim Results for the six months 30th June 2004

                                        Six months     Six months     Year to
                                        to 30/06/04    to 30/06/03    31/12/03
                                        Unaudited      Unaudited      Audited
                                            £              £             £

Net cash inflow/(outflow) from 
operating activities                      1,771        (85,124)      (130,796)
                                      __________      __________     _________

Returns on investments and servicing
of finance
Bank interest received                       51             16            113
Bank and other loan interest paid             -         (1,102)        (3,117)
                                      __________      __________     _________

Net cash inflow/(outflow) from returns on investments
and servicing of finance                     51         (1,086)        (3,004)
                                      __________      __________     _________

Capital expenditure
Proceeds from disposal of investments         -         90,955        102,093
                                     ___________     ___________     _________
    
Net cash inflow from capital expenditure      -         90,955        102,093
                                     ___________      __________     _________

Acquisitions and disposals
Sale of subsidiaries                          -              -              2
                                     ___________      __________     _________

Net cash inflow from acquisitions and
disposals                                     -              -              2
                                     ___________      __________     _________

Increase/(decrease) in cash in the 
period                                    1,822           4,745       (31,705)
                                     ============     ==========     ==========


CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

Unaudited Interim Results for the six months 30th June 2004

                                        Six months     Six months     Year to
                                        to 30/06/04    to 30/06/03    31/12/03
                                        Unaudited      Unaudited      Audited
                                            £              £             £

Loss for the financial period            (10,896)       (80,443)     (40,062)

Exchange differences on translation of
net assets of subsidiary undertaking          -          (4,733)       4,818
                                        _________     ___________  ___________
Total recognised losses relating 
to the period                            (10,896)       (85,176)     (35,244)
                                        =========      ==========  ===========


NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30TH JUNE 2004
     
1.   The interim financial statements for the six months ended 30th June 2004 
     are unaudited and were approved by the directors on 30th September 2004. 
     The financial information set out above does not constitute statutory 
     accounts within the meaning of Section 240 of the Companies Act 1985. The 
     information given as comparative figures for the year ended 31st December 
     2003 was extracted from the Company's audited statutory accounts for that 
     financial year.

2.   ACCOUNTING POLICIES

     The principal accounting policies of the Company have remained unchanged 
     from those set out in the Company's 2003 accounts.

     Certain of the Company's leading shareholders have agreed to underpin the
     Company's limited cash requirements by the provision of essential support
     services. Accordingly, the financial statements have been prepared on a 
     going concern basis.

3.   RECONCILIATION OF OPERATING LOSS TO NET CASH INFLOW/(OUTFLOW) FROM 
     OPERATING ACTIVITIES

                                        Six months     Six months     Year to
                                        to 30/06/04    to 30/06/03    31/12/03
                                        Unaudited      Unaudited      Audited
                                           £               £             £

Operating loss                          (10,947)        (76,372)     (133,112)
Amortisation of intangible fixed assets      -            6,852        10,277
Decrease in stocks                           -               24            -
Decrease/(increase) in debtors           16,259          12,518        (3,741)
Decrease in creditors                    (3,541)        (28,146)       (4,220)
                                       ___________    ___________   ___________
Net cash inflow/(outflow) from operating
activities                                1,771         (85,124)     (130,796)
                                       ===========    ===========   ===========


4. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT

                                        Six months      Six months     Year to
                                        to 30/06/04     to 30/06/03    31/12/03
                                        Unaudited       Unaudited      Audited
                                           £                £             £

Opening net funds/(debt)                 3,599          (124,794)     (124,794)
Increase/(decrease) in cash in period    1,822             4,745       (31,705)
Sale of subsidiary                          -                 -        155,280
Other                                       -               (922)        4,818
                                       ____________    ___________   ___________
Closing net funds/(debt)                 5,421          (120,971)        3,599
                                       ============    ===========   ===========
     
5.   EARNINGS PER SHARE

     The calculation of earnings per ordinary share is based on losses of 
     £10,896 and on the weighted average number of shares in issue during the 
     period of 160,281,597 ordinary 1p shares. The diluted earnings per share 
     has been presented on the same basis as the basic earnings per share as all 
     potential ordinary shares would be anti-dilutive.

6.   Copies of the interim report are available to the public free of charge 
     from the Company at 18 Pall Mall, London SW1Y 5LU during normal office 
     hours, Saturdays and Sundays excepted, for 14 days from today.


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