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Interim Results

20 Dec 2007 07:00

Embargoed until 0700hrs on 20 December 2007

MeDaVinci plc Interim Results for the Six Months ended 30 September 2007

MeDaVinci (AIM:MVC), the investment company focussed on technologies, products and services in the health and wellness markets, announces Interim Results for the period ended 30 September 2007.

CHAIRMAN'S STATEMENT

I present the results for the six months to 30 September 2007.

During the period the Company has made further loans to Emotion Fitness Mag KFT ("Emotion") and a new loan to Demecal Europe BV ("Decemal") totalling ‚£450,000. Repayment on both loans is in 2011. The 30% interest in Demecal is held via Medavinci Healthcare Services BV, a wholly owned subsidiary of the company.

The operating loss for the period is ‚£137,000 compared with ‚£37,000 in the corresponding period last year. After interest receivable of ‚£36,000 (2006: ‚£ 7,000) the loss for the period is reduced to ‚£101,000 (2006: ‚£30,000).

Your board are pleased with the continued development of their investments in Ergo Dynamic Applications BV (via their holding in HLJ participations BV), Medavinci Development BV and in Emotion.

Your board continue to seek investment opportunities in companies that demonstrate a distinctive or innovative market position in businesses focussed on products and services in the Health and Wellness Markets. These companies should be at an early stage in their development but which through access to the capital markets, contacts and guidance would benefit from the services and support that we can provide.

We are currently reviewing a number of potential investments from which we hope to announce new acquisitions during the next twelve months.

Peter TeerlinkChairman19 December

For further information please contact:

MeDaVinci Tel +31 (0) 10 288 43 43 Peter Teerlink, Chairman Rob Westerhof, Chief Executive Collins Stewart Tel +44 (0) 20 7523 8000 Hugh Field Hansard Group Tel +44 (0) 207 245 1100 Adam Reynolds Sam Allen BUSINESS REVIEWPROFIT AND LOSS ACCOUNT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007

Unaudited 6 Unaudited 6 Audited 12 months to 30 months to 30 Months to 31 September September March 2007 2007 2006 Notes ‚£'000 ‚£'000 ‚£'000 Turnover - - - Cost of Sales (-) (-) (-) ____________ ____________ ____________ Gross profit - - - Administrative expenses (137) (37) (150) ____________ ____________ ____________ Operating loss (137) (37) (150) Other interest receivable 36 7 20 ____________ ____________ ____________ Loss on ordinary activities before (101) (30) (130)taxation Taxation on loss on ordinary - - (6)activities ____________ ____________ ____________ Loss for the financial year (101) (30) (136)attributable to members of the parent company ========== ========== ========== Loss per share: basic 2 (0.2p) (0.4p) (0.66p) : diluted (0.2p) (0.4p) (0.66p) ========== ========== ==========

There are no recognised gains or losses other than the loss for the period.

BALANCE SHEETAS AT 30 SEPTEMBER 2007 Unaudited Unaudited Audited 30 September 30 September 31 March 2006 2007 2007 Notes ‚£'000 ‚£'000 ‚£'000 Fixed assets Tangible Assets 2 - 1 Investments 3 1,396 597 1,396 Loans to undertakings in which the 4 400 - 391company has a participating interest Other Loans 810 - 170 ___________ ____________ ____________ 2,608 597 1,958 ____________ ____________ ____________ Current assets Debtors 35 - 108 Cash at bank and in hand 232 236 892 ___________ ____________ ____________ 267 236 1,000 Creditors: amounts falling due (137) (32) (152)within one year ____________ ____________ ____________ Net current assets 130 204 848 ____________ ____________ ____________ Net assets 2,738 801 2,806 ========== ========== ========== Capital and reserves Called up share capital 412 136 412 Share premium reserve 2,570 743 2,570 Warrant reserve 278 278 278 Profit and loss account (522) (356) (454) ____________ ____________ ____________ Total shareholders' funds 4 2.738 801 2,806 ========== ========== ==========

The interim financial report was approved by the board of directors on 19 December and was signed on their behalf by:

P Teerlink

Director

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

Unaudited 6 Unaudited 6 Audited 12 months to months to months to 30 September 30 September 31 March 2006 2007 2007 ‚£'000 ‚£'000 ‚£'000 Loss for the period (101) (30) (136) Net exchange differences on 33 - 8translating foreign operations Total recognised loss for the period (81) (30) (128)

CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007

Notes Unaudited 6 Unaudited Audited 12 months to months to 30 6 months to 31 March September 2007 ‚£'000 30 September 2007 2006 t ‚£'000 ‚£'000 Cash outflow from operating 5 (59) (105) (204)activities Returns on investment and servicing of finance Interest received 36 7 20 Capital expenditure and financial investment Payment to acquire tangible fixed (1) - (1)assets Payments to acquire investments - - (370) ___________ ____________ ___________ Net cash outflow before financing (24) (98) (555) ___________ ____________ ___________ Financing Proceeds from the issue of shares - - 1,741 Cost of issue - - (67) Loan to participating interest - - (391) Other Loan (636) - (170) ___________ ____________ ___________ (636) - 1,113 ___________ ____________ ___________ (Decrease)/Increase in cash (660) (98) 558 ========== =========== ==========NOTES TO THE INTERIM REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2007

1. ACCOUNTING POLICIES

(i) Basis of preparation

The interim report for the period ended 30 September 2007 and 2006 is unaudited and does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. It has been prepared under the historical cost convention and on a basis consistent with the accounting policies for the period ended 31 March 2007. The results for the year ended 31 March 2007 and the balance sheet of that date are an extract from the statutory financial statements for that year, which have been filed with the Registrar of Companies and on which the company's auditors gave an unqualified report and did not contain a statement under Section 237 (2) or (3) of that Act.

(ii) Investments

A certain investment within the company's investment fund falls within the definition of associated undertakings, as defined by FRS 9 "Associates and Joint Ventures". However the directors consider that Medavinci Plc does not exert significant influence as defined in FRS 9 and so the investment has not been equity accounted for.

2. EARNINGS PER SHARE

The calculation of basic and diluted earnings per share is based on loss of ‚£ 101,000 for the 6 months ended 30 September 2007 (31 March 2007: loss of ‚£ 136,000, 30 September 2006: loss of ‚£30,000), and on the weighted average number of ordinary shares in the period of 41,187,817 (31 March 2007: 20,585,945 September 2006: 7,891,623).

3. INVESTMENTS

a. Non Subsidiary Undertakings

Unaudited 30 Unaudited 30 Audited 31 September 200 September March 7 2006 2007 ‚£'000 ‚£'000 ‚£'000 Shares Brought forward 1,396 597 597 Additions - - 799 Carried forward 1,396 597 1,396Company Holding Value of Investments % ‚£'000 HLJ Participations BV 49% 986 Medavinci Development BV 5.0% 40 Emotion Fitness Mag Kft 47% 370

4. LOANS AND UNDERTAKINGS IN WHICH THE COMPANY HAS PARTICIPATING INTEREST

Unaudited 30 Unaudited 30 Audited September September 31 March 2007 2006 2007 ‚£'000 ‚£'000 ‚£'000 Loan to HLJ Participations BV 1 April 391 - - Additional advances during the period - - 391 Exchange rate variance 9 - - Loan to HLJ Participations BV 30 400 - 391September 2007

Interest accrues on the amount outstanding at a rate of 6% per annum. Interest accrues on a day to day basis and is due for repayment on final repayment date. The final repayment date is 17 March 2011.

5. OTHER LOANS Unaudited Unaudited Audited 30 September 30 September 31 March 2006 2007 2007 ‚£'000 ‚£'000 ‚£'000 Long term loans at 1 April 170 - - Advances in the year 636 - 170 Exchange rate variance 4 - - Long term loans at 30 September 2007 810 - 170

Included in the long term loans at 30 September 2007 is a loan of ‚£348,000 to Emotion Fitness Mag Kft that is 30 January 2011. There is no interest due on the principal amount outstanding. This loan can be converted on a pro rata percentage (based on draw down) at any time into Ordinary Shares such that total conversion of the principal amount will lead to 68.68% of the outstanding share capital post conversion.

The remaining amount is a loan to Demecal Europe BV that has a repayment date of 1 July 2011. Interest accrues at 8% per annum and is also due for repayment on 1 July 2011.

The directors consider that there is no significant difference between the fair value and the book value of the loans in note 4 and 5.

6. RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS

Unaudited 6 Unaudited 6 Audited months Months to 12 Months ended 30 30 to 31 September September March 2007 2006 2007 ‚£'000 ‚£'000 ‚£'000 Group Loss for the period (101) (30) (136) On issue of shares - - 276 Exchange rate variance on 33 8translation of foreign subsidary Premium on issued of shares - - 1,827 Share warrant charge - - - Increase in shareholders' funds (68) (30) 1,975 Opening shareholders' funds 2,806 831 831 Closing shareholders' funds 2,738 801 2,806

7. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM

OPERATING ACTIVITIES Unaudited Unaudited Audited 6 months 6 Months 12 Months ended 30 to 30 to 31 September September March 2007 2006 2007 ‚£'000 ‚£'000 ‚£'000 Operating loss (137) (37) (150) Decrease/(increase) in operating debtors 73 - (108)and prepayments Increase/(decrease) in operating 5 (68) 46creditors and accruals Increase in equity share warrant charge - - 278 Exchange rate variance - - 8 Cash outflow from operating activities (59) (105) (204)

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