RNS Number:2863J
JAB Holdings Ld
27 March 2003




JAB Holdings Limited


Unaudited Interim Results for the six months ended 31 December 2002




CHAIRMAN'S STATEMENT


The company's only investment remains its 21% interest in RM Auctions Inc.  The
directors continually monitor the progress of RM Auctions Inc, which despite the
difficult economic conditions, remains profitable and continues to explore
strategic opportunities open to it.



Simon Thornton
Chairman





CONSOLIDATED PROFIT AND LOSS ACCOUNT
HALF YEAR ENDED 31 DECEMBER 2002


                                                       Half year to          Half year to          Year ended
                                             Note    31 December 2002      31 December 2001       30 June 2002
                                                       (unaudited)           (unaudited)           (audited)

                                                                 #                   #                   #

TURNOVER from continuing operations                       -                    -                   -

COST OF SALES                                             -                    -                   -



GROSS PROFIT                                              -                    -                   -


Administrative expenses                                   (67,419)             (66,436)            (205,993)


OPERATING LOSS                                            (67,419)             (66,436)            (205,993)


Interest receivable                                       6,699                7,645               14,959


RETAINED LOSS FOR THE PERIOD/YEAR                         (60,720)             (58,791)            (191,034)




Earnings Per Ordinary 5p share                  3
- basic                                                     (0.0303p)               (0.0294p)           (0.0732p)
- diluted                                                   (0.0303p)               (0.0294p)           (0.0732p)



The company has no gains or losses other than those included above.



There is no difference between the loss stated above and the historical cost equivalent.






CONSOLIDATED BALANCE SHEET
31 DECEMBER 2002


                                                       31 December 2002     31 December 2001      30 June 2002
                                          Note           (unaudited)          (unaudited)          (audited)

                                                              #                   #                   #

FIXED ASSETS

Investments                                 4           1,811,138           666,666             1,811,138

CURRENT ASSETS


Debtors                                                 20,920              15,448              35,659
Cash at bank and in hand                                327,040             306,720             394,432


                                                        347,960             322,168             430,091

CREDITORS


Amounts falling due within one year                     (10,511)            (24,296)            (31,922)


NET CURRENT ASSETS                                      337,449             297,872             398,169



NET ASSETS                                              2,148,587           964,538             2,209,307





CAPITAL AND RESERVES



Called up share capital                                 2,576,052           1,199,040           2,576,052

Profit and loss account                                 (427,465)           (234,502)           (366,745)





EQUITY SHAREHOLDERS' FUNDS                              2,148,587           964,538             2,209,307





CONSOLIDATED CASH FLOW STATEMENT
HALF YEAR ENDED 31 DECEMBER 2002

                                                      Half year ended      Half year ended       Year ended
                                                      31 December 2002    31 December 2001      30 June 2002
                                                        (unaudited)          (unaudited)          (audited)

                                                                #                   #                    #

Net cash outflow from continuing
operating activities                                      (74,091)            (100,263)           (252,405)

RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE


Interest received                                         6,699               7,645               14,959

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT

Purchase of tangible fixed assets                         -                   -                   (1,144,472)


NET CASH OUTFLOW BEFORE FINANCING                         (67,392)            (92,618)            (1,381,918)



FINANCING



Issue of shares                                           -                   -                   1,377,012





(DECREASE)/INCREASE IN CASH IN THE PERIOD                 (67,392)            (92,618)            (4,906)





RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOWS
FROM CONTINUING OPERATING ACTIVITIES


Operating loss                                            (67,419)            (66,436)            (205,993)
(Decrease)/increase in creditors                          (21,411)            (18,379)            (10,753)
Decrease/(increase) in debtors                            14,739              (15,448)            (35,659)



NET CASH OUTFLOW FROM CONTINUING OPERATING ACTIVITIES     (74,091)            (100,263)           (252,405)








NOTES TO THE INTERIM REPORT
HALF YEAR ENDED 31 DECEMBER 2002



1.    BASIS OF PREPARATION

       The financial information relating to the period ended 31 December 2002 is unaudited.  It has
       been prepared under the historical cost convention and on a basis consistent with the accounting
       policies in the full year accounts to 30 June 2002; the audit report was not qualified.



2.    TAXATION


        The company is a Guernsey exempt company and as such pays an exempt tax fee of #600 per
        annum.



3.     EARNINGS PER SHARE


        Basic and diluted earnings per share are presented in accordance with FRS14 "Earnings per
        share".



4.      INVESTMENTS


         Investments are valued at cost in accordance with FRS15 "Tangible fixed assets".










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