Auxinet plc
Consolidated Profit and Loss Account
For the year ended 31 December 2002
Year ended Year ended
31 December 31 December
2002 2001
£000 £000
Turnover
Continuing operations 2,703 2,073
Discontinued operations - 971
Total Turnover 2,703 3,044
Administrative expenses
Amortisation of Goodwill (1,975) (1,975)
National insurance on share option credit - 157
Severance payments - (112)
Other operating expenses (3,113) (7,714)
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Total administrative expenses (5,088) (9,644)
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Operating loss
Continuing operations (2,385) (6,170)
Discontinued operations - (430)
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Total operating loss (2,385) (6,600)
Interest receivable and similar income 19 65
Amounts written off investments - (310)
Interest payable and similar charges - (3)
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Loss on ordinary activities before and after taxation (2,366) (6,848)
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Basic and diluted loss per share (5.44)p (16.96)p
Adjusted basic and diluted loss per share (0.90)p (12.18)p
Consolidated Balance Sheet
As at 31 December 2002
31 December 31 December
2002 2001
£000 £000
Fixed assets
Intangible assets 14,262 16,237
Tangible assets 170 312
Investments 160 210
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14,592 16,759
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Current assets
Debtors 641 728
Cash at bank and in hand 667 951
------------ ------------
1,308 1,679
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Creditors
Amounts falling due within one year (959) (1,466)
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Net current assets 349 213
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Total assets less current liabilities 14,941 16,972
Provisions for liabilities and charges (789) (525)
------------ ------------
14,152 16,447
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Capital and Reserves
Called up share capital 436 432
Share premium account 9,509 9,442
Share scheme reserve 4 19
Merger reserve (124) (124)
Other reserve 18,889 18,889
Profit and loss account (14,562) (12,211)
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Equity shareholders' funds 14,152 16,447
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Company Balance Sheet
As at 31 December 2002
31 December 31 December
2002 2001
£000 £000
Fixed assets
Tangible assets 22 20
Investments 472 597
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494 617
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Current assets
Debtors 9,922 9,072
Cash at bank and in hand 551 918
------------ ------------
10,473 9,990
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Creditors
Amounts falling due within one year (126) (304)
------------ ------------
Net current assets 10,347 9,686
------------ ------------
Total assets less current liabilities 10,841 10,303
Provisions for liabilities and charges (784) -
------------ ------------
10,057 10,303
Capital and Reserves ------------ ------------
Called up share capital 436 432
Share premium account 9,509 9,442
Share scheme reserve 4 19
Profit and loss account 108 410
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Equity shareholders' funds 10,057 10,303
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Consolidated Cash Flow Statement
For the year ended 31 December 2002
Year ended Year ended
31 December 31 December
2002 2001
£000 £000
Net cash outflow from operating activities (357) (3,885)
Returns on investments and servicing of finance
Interest received 19 65
Interest paid - (3)
Net cash inflow from returns on investments ------------ ------------
and servicing of finance 19 62
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Capital expenditure and financial investment
Purchase of tangible fixed assets (67) (277)
Sale of tangible fixed assets - 35
Decrease/(Increase) in investment loans 50 (50)
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Net cash outflow from capital expenditure and
financial investments (17) (292)
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Net cash outflow before management
of liquid resources and financing (355) (4,115)
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Management of liquid resources
Decrease in short term bank deposits 364 1,837
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Net cash inflow from management of liquid resources 364 1,837
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Financing
Capital element of finance lease rental payments - (57)
Issue of ordinary share capital including premium
(net of expenses) - 2,027
Exercise of share options 71 18
------------ ------------
Net cash inflow from financing 71 1,988
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Increase/(decrease) in cash in the year 80 (291)
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Reconciliation of Net Cash Flow to Movement in Net Funds
For the year ended 31 December 2002
Year ended Year ended
31 December 31 December
2002 2001
£000 £000
Increase/(decrease) in cash in the year 80 (291)
Cash outflow from lease financing - 57
Cash outflow from management of liquid resources (364) (1,837)
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Movement in net funds (284) (2,071)
Opening net funds 951 3,022
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Closing net funds 667 951
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