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Viking Internet PLC (PAF)

  Print      Mail a friend       Annual reports

Monday 23 July, 2001

Viking Internet PLC

Final Results

Viking Internet PLC
23 July 2001

                             VIKING INTERNET PLC

                           PRELIMINARY ANNOUNCEMENT

                      FOR THE PERIOD ENDED 31 MARCH 2001

                             VIKING INTERNET PLC

                               EXECUTIVE REVIEW

The company's first period Accounts have been adversely affected by the
turbulent market conditions in the technology sector (TMT).

When the company was formed in February 2000 to take advantage of TMT
opportunities in the Nordic region, the market in technology related shares
was extremely buoyant.

The company had already made significant investments prior to its admission to
the Alternative Investment Market (AIM) in May 2000.

Subsequently the TMT suffered significant falls.  The Board believed this gave
the company significant opportunities to take advantage of investing in
situations at more realistic values than previously available.  As a result,
the Board made certain investments in the summer of 2000, under the advice
from the investment committee.

For example, one of the first investments made was in Boxman.   At the time of
the investment, it was anticipated that this company would be floated on a
listed market within a short period resulting in returns to shareholders.  In
September 2000, the market became aware that Boxman was in serious financial
difficulty. It has subsequently gone into liquidation.  At that time it became
clear to the Board that the fall in the TMT markets was not temporary and as a
result the company's business model was no longer adaptable to market

Ms Erin Harrell resigned in October 2000.  In November 2000, in order to
preserve shareholder value the Board resolved to examine alternative
opportunities for the use of the shareholders' funds.   In addition, Mr Erik
Wachtmeister, the company's Executive Chairman stepped down as Chief Executive
Officer and agreed to continue as Non-Executive Chairman without pay.
Furthermore it was agreed to close the company's Swedish subsidiary company,
Viking Internet AB since this was no longer required.

In December 2000, the Board entered into discussions with Drax Holdings in
order to make a strategic investment in that company by means of a cash and
share swap.   Although Heads of Agreement were in place, the Directors
ultimately took the view that the transaction was not in the best interests of
shareholders, and negotiations were terminated in February 2001.

Financial Position

In common with investors in the high tech sector, the company has suffered
from the continued fallout and lack of secondary finance in the TMT sector.
As a result the Board has taken the prudent view to fully write down all the
investments previously made, which reflects current market sentiment and the
lack of liquidity in the unquoted investments held.

                             VIKING INTERNET PLC

                          EXECUTIVE REVIEW (Continued)

The results for the period show a loss of £2,128,624 including provisions and
write-offs against investments of £1,874,619.

Subsequent to the year-end, Sunvest Corporation Limited, a company quoted on
the Australian Stock Exchange (ASX) controlled by Mr Bruce Rowan acquired a
strategic stake.     Mr Malcolm Burne joined the Board on 25 May 2001 as
Executive Chairman, to assist in redirecting  the company's activities.

Mr Erik Wachtmeister stood down as Chairman but remains on the Board with
principal responsibility to monitor the company's Nordic investments.

Messrs William Dartmouth and Hans von Schreeb retired as directors on 25 May
2001 and we thank them for their services.  Mr Henry Bellingham MP has agreed
to continue in office.

The Board is currently looking for opportunities to restore shareholder value.
In the meantime the Board intends to use a portion of the remaining funds
in the quoted investments sector.  In addition to reflect the change in the
company's emphasis a Resolution will be put to shareholders at the EGM to
change the name of the company to White Knight Investments Plc.

Finance Director

Enquiries:  020 7436 6667

23 July 2001

                             VIKING INTERNET PLC

                           PROFIT AND LOSS ACCOUNT
                Period from 25 February 2000 to 31 March 2001


Administrative expenses - (operating loss)            (300,564)

Amounts written off investments                     (1,633,134)

Loss on disposal of fixed asset investments           (241,485)



Interest receivable                                      46,559


Loss on ordinary activities before taxation          (2,128,614)

Tax on loss on ordinary activities                            -

Loss for the financial period                       £(2,128,624)

Loss per ordinary share - basic                          (1.86p)

                               VIKING INTERNET PLC

                      BALANCE SHEET AS AT 31 MARCH 2001

                                                2001              2001
                                                   £                 £

Investments                                                         9

Cash at bank                                759,177

Creditors:  amounts falling due 
 within one year                            (61,655)
Total assets less current liabilities                          697,531

CAPITAL AND RESERVES                                  
Share capital                                                1,300,000
Share premium account                                        1,526,155
Profit and loss account                                     (2,128,624)

                              VIKING INTERNET PLC

                             CASH FLOW STATEMENT

                   Period 25 February 2000 to 31 March 2001

                                               Notes               2001 

Net cash outflow from operating activities                     (238,909)

Returns on investments and servicing of finance                  46,559
Capital expenditure and financial investment                 (1,874,628)

Financing - issue of share capital                            2,826,155

Increase in cash                                                759,177


a d v e r t i s e m e n t