INTER-ALLIANCE
Consolidated Profit and Loss Account
for the year ended 31 December 2003
After
Before After Before Exceptional Exceptional
Exceptional Exceptional exceptional exceptional items Items
items items items items restated Restated
2003 2003 2003 2002 2002 2002
Note £'000 £'000 £'000 £'000 £'000 £'000
Turnover 1,2
Existing operations 61,469 - 61,469 51,499 - 51,499
Acquisitions 2,150 - 2,150 - - -
Continuing operations 63,619 - 63,619 51,499 - 51,499
Discontinued operations - - - 429 - 429
63,619 - 63,619 51,928 - 51,928
Cost of sales 3 (47,639) - (47,639) (41,738) - (41,738)
Gross profit 15,980 - 15,980 10,190 - 10,190
Other operating expenses (net) 3,5,7 (36,009) (7,004) (43,013) (21,170) (1,505) (22,675)
Operating loss 2 (20,029) (7,004) (27,033) (10,980) (1,505) (12,485)
Existing operations (19,860) (7,004) (26,864) (10,893) (1,505) (12,398)
Acquisitions (169) - (169) - - -
Continuing operations (20,029) (7,004) (27,033) (10,893) (1,505) (12,398)
Discontinued operations - - - (87) - (87)
(20,029) (7,004) (27,033) (10,980) (1,505) (12,485)
Share of net operating loss of 6,7 (728) (4,706) (5,434) (1,519) (139) (1,658)
associates
Profit on sale of subsidiary - - - 278 - 278
- discontinued operations
Costs of a fundamental 7 - (1,149) (1,149) - (4,154) (4,154)
restructuring
- continuing operations
Loss before interest and (20,757) (12,859) (33,616) (12,221) (5,798) (18,019)
taxation
Net interest receivable/ 8
(payable) and similar income/
(charges)
- Group 166 - 166 297 - 297
- Associates (12) (49) (61) (52) - (52)
Loss on ordinary activities 5,6 (20,603) (12,908) (33,511) (11,976) (5,798) (17,774)
before taxation
Tax on loss on ordinary 9 - - - 18 - 18
activities
Loss on ordinary activities (20,603) (12,908) (33,511) (11,958) (5,798) (17,756)
after taxation
Minority interests 30 36 - 36 28 - 28
Loss for the financial year (20,567) (12,908) (33,475) (11,930) (5,798) (17,728)
Basic and diluted loss per share 11 (7.8p) (21.3p)
There are no recognised gains or losses in either year other than the loss for
each financial year.
There is no material difference between the result disclosed in the consolidated
profit and loss account and the result on an unmodified historical cost basis
for both periods.
The accompanying notes are an integral part of this consolidated profit and loss
account.
Consolidated Balance Sheet
31 December 2003
Restated
2003 2002
Note £'000 £'000
Fixed assets
Trademark 12 2 2
Goodwill 13 12,078 12,826
Intangible assets 12,080 12,828
Tangible assets 14 3,223 5,494
15,303 18,322
Current assets
Debtors
- due within one year 19 5,575 8,024
- due after one year 20 2,096 652
Investments 21 6,092 -
Cash at bank and in hand 22 4,314 8,080
18,077 16,756
Creditors: amounts falling due within one year 23 (12,445) (9,679)
Net current assets 5,632 7,077
Total assets less current liabilities 20,935 25,399
Creditors: amounts falling due after more than one year 24 (601) (564)
Provisions for liabilities and charges 25 (1,894) (2,092)
Net assets 18,440 22,743
Capital and reserves
Called up share capital 27, 28 9,079 1,033
Share premium account 28 95,573 74,106
Own shares reserve 28 (1,429) (1,429)
Share option reserve 28 858 796
Merger reserve 28 130 130
Shares to be issued reserve 28 70 470
Profit and loss account 28 (85,838) (52,363)
Shareholders' funds - equity interests 29 18,443 22,743
Equity minority interests 30 (3) -
Total capital employed 18,440 22,743
The accompanying notes are an integral part of this consolidated balance sheet.
The financial statements on pages 14 to 45 were approved by the Board on 30
June2004 and signed on its behalf by:
KA Carby SM Hartley
Chairman Director
Company Balance Sheet
31 December 2003
Restated
2003 2002
Note £'000 £'000
Fixed assets
Intangible assets - Trademark 12 2 2
Tangible assets 14 127 4,168
Investments in subsidiary undertakings 16 15,474 14,456
15,603 18,626
Current assets
Debtors
- due within one year 19 7,815 7,541
- due after one year 20 2,022 652
Investments 21 6,092 -
Cash at bank and in hand 22 1,757 6,988
17,686 15,181
Creditors: amounts falling due within one year 23 (12,188) (9,539)
Net current assets 5,498 5,642
Total assets less current liabilities 21,101 24,268
Creditors: amounts falling due after more than one year 24 (448) (448)
Provisions for liabilities and charges 25 (1,615) (1,154)
Net assets 19,038 22,666
Capital and reserves
Called up share capital 27, 28 9,079 1,033
Share premium account 28 95,573 74,106
Own shares reserve 28 (1,429) (1,429)
Share option reserve 28 858 -
Profit and loss account 28 (85,043) (51,044)
Shareholders' funds - equity interests 19,038 22,666
The financial statements on pages 14 to 45 were approved by the Board on 30 June
2004 and signed on its behalf by:
KA Carby SM Hartley
Chairman Director
Consolidated Cash Flow Statement
for the year ended 31 December 2003
2003 2002
Note £'000 £'000
Net cash outflow from operating activities 31 (25,239) (21,944)
Returns on investments and servicing of finance 32 19 297
Taxation 32 - -
Capital expenditure 32 (658) (3,929)
Acquisitions and disposals 32 (1,337) (3,274)
Cash outflow before financing (27,215) (28,850)
Management of liquid resources 32 (6,000) -
Financing 32 32,565 28,007
Decrease in cash in the year (650) (843)