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Greenchip Investment (XEN)

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Friday 08 July, 2005

Greenchip Investment

Interim Results

Greenchip Investments  PLC
08 July 2005



                           GREENCHIP INVESTMENTS PLC

                                 INTERIM REPORT

                            FOR THE SIX MONTHS ENDED

                                 30TH JUNE 2005

                            Company Number: 3213174

CHAIRMAN'S STATEMENT



The operating status of the Company has remained unchanged since my last report
and the Directors have continued to seek out a suitable transaction to utilise
the Company's status as a listed shell.



At the Extraordinary General Meeting (EGM) held on 2 June 2005, shareholders
gave their full support to the Board's proposals to reorganize and consolidate
the Company's capital structure; accordingly, all of the relevant proposals were
duly passed: the Board's future strategy was also fully affirmed at that
meeting. In that latter regard, I believe that it will be useful to restate the
main features of the newly approved strategy which, inter alia, stated:



•         The Company is seeking to invest in a company (or companies) whose
business is in the Natural Resources, Financial or Healthcare sectors. Investee
companies are likely to be located in the United Kingdom, the Eurozone,
Australasia and/or North America. There is a clear preference to find a single
primary investment in one of the sectors outlined above.



•         The Company's Directors and its principal shareholders are committed
to this strategy and will procure such capital or other monetary support to
ensure that the Company is able to meet its obligations for at least the
remainder of the current financial year. The Company also intends to carry out a
Placing in due course to further underpin its ability to conduct relevant due
diligence on promising potential acquisitions.



Financial Statements



The attached unaudited Financial Statements again demonstrate that all operating
activities of the Company have ceased and that the Company no longer holds any
consolidatable interests or assets for sale. The Profit and Loss account shows
that operating costs have been maintained at a low level, in which regard the
continuing support of certain key shareholders is fully acknowledged.



Showing a de minimis net asset position at the half year, the Company's Balance
Sheet amply demonstrates the need for the Board to procure new capital to
address the execution of the approved business strategy and, to that end, as
stated in my full year's report, all necessary steps will be taken to secure
sufficient funding to meet the needs of the Company for the remainder of this
financial year.



Future Prospects



While there can be no guarantee of success, in consideration of the recently
approved capital restructuring,  I am now more confident of being able to
conclude a funding. If successful, this will permit relevant Due Diligence work
to be instructed and give the Company an improved opportunity to introduce a new
business proposition.





Colin Hill
Chairman


London: 8th July 2005



PROFIT AND LOSS ACCOUNT

Unaudited Interim Results for the six months to 30th June 2005


                                                            Six months          Six months          Year to
                                                            to 30/6/05          to 30/6/04         31/12/04
                                                             Unaudited           Unaudited          Audited
                                                                     £                   £                £
TURNOVER                                                             -                   -                -

COST OF SALES                                                        -                   -                -
                                                             _________         ___________    _____________
GROSS PROFIT/(LOSS)                                                  -                   -                -

Administrative expenses                                         14,547              10,947           11,730
                                                             _________         ___________    _____________
OPERATING LOSS                                                (14,547)            (10,947)         (11,730)


Interest receivable                                                 50                  51               83
                                                             _________         ___________    _____________
LOSS ON ORDINARY ACTIVITIES
BEFORE AND AFTER TAXATION                                     (14,497)            (10,896)         (11,647)
                                                                 =====              ======          =======

Loss per ordinary share - basic and diluted                    (0.44)p             (0.34)p          (0.36)p
                                                                 =====              ======          =======




BALANCE SHEET AS AT 30TH JUNE 2005



Unaudited Interim Results for the six months to 30th June 2005


                                                                 As at              As at            As at
                                                              30/06/05           30/06/04         31/12/04
                                                             Unaudited          Unaudited          Audited
                                                                     £                  £                £


CURRENT ASSETS
Debtors                                                          9,686                  -           10,000
Cash at bank and in hand                                         1,312              5,421              931
                                                           ___________      _____________      ___________
                                                                10,998              5,421           10,931
CREDITORS: Amounts falling
due within one year                                            (9,498)            (3,545)            (993)
                                                           ___________      _____________      ___________
NET CURRENT ASSETS                                               1,500              1,876            9,938
                                                           ___________      _____________      ___________

TOTAL ASSETS LESS CURRENT
LIABILITIES                                                      1,500              1,876            9,938
                                                                ======            =======           ======


CAPITAL AND RESERVES

Called up share capital                                      1,650,000          1,602,816        1,635,128
Share premium account                                        7,136,165          7,136,165        7,136,165
Profit and loss account                                    (8,784,665)        (8,769,417)      (8,770,168)
                                                         _____________      _____________    _____________
                                                                 1,500           (30,436)            1,125
NON EQUITY
Shares to be issued                                                  -             32,312            8,813
                                                         _____________      _____________    _____________
SHAREHOLDERS' FUNDS                                              1,500              1,876            9,938
                                                               =======            =======          =======




CASH FLOW STATEMENT FOR THE SIX MONTHS TO 30TH JUNE 2005



Unaudited Interim Results for the six months to 30th June 2005


                                                              Six months       Six months          Year to
                                                             to 30/06/05      to 30/06/04         31/12/04
                                                               Unaudited        Unaudited          Audited
                                                                       £                £                £


Net cash (outflow)/inflow from operating activities             (14,541)            1,771         (35,063)
                                                              __________       __________        _________


Returns on investments and servicing

of finance
Bank interest received                                                50               51               83
                                                              __________       __________        _________

Net cash flow before financing                                  (14,491)            1,822         (34,980)
                                                              __________       __________        _________

Financing

Issue of equity shares                                            14,872                -           32,312
                                                            ____________     ____________      ___________

Increase/(decrease) in cash in the period                            381            1,822          (2,668)

                                                                  ======           ======          =======



NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS TO 30TH JUNE 2005



1.   The interim financial statements for the six months ended 30th June 2005
are unaudited and were approved by the directors on 8 July 2005. 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 2004 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 2004 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 30/06/05      to 30/06/04         31/12/04
                                                               Unaudited        Unaudited          Audited
                                                                       £                £                £

Operating loss                                                  (14,547)         (10,947)         (11,730)
Decrease in debtors                                                  314           16,259            6,259
Decrease in creditors                                              (308)          (3,541)         (29,592)
                                                             ___________      ___________      ___________
Net cash (outflow)/inflow from operating
activities                                                      (14,541)            1,771         (35,063)
                                                                  ======           ======           ======





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


                                                              Six months         Six months        Year to
                                                             to 30/06/05        to 30/06/04       31/12/04
                                                               Unaudited          Unaudited        Audited
                                                                       £                  £              £

Opening net funds                                                    931              3,599          3,599

Increase/(decrease) in cash in period                                381              1,822        (2,668)

                                                          ______________        ___________    ___________
Closing net funds                                                  1,312              5,421            931
                                                                 =======             ======         ======



5.   EARNINGS PER SHARE



      The calculation of earnings per ordinary share is based on losses of
£14,497 and on the weighted average number of shares in issue during the period
of 3,277,323 ordinary 0.5p shares. The diluted earnings per share have been
presented on the same basis as the basic earnings per share as the issue of 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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange