PROFIT & LOSS
2001 2002 2003 2004 Total
New Registrations 1,287,454 1,716,661 2,381,088 3,007,082 8,392,285
Renewals 0 0 965,591 1,287,496 2,253,086
$ $ $ $ $
Revenue $2,809,622 $12,693,222 $27,168,037 $48,057,964 $90,728,845
Cost of Revenue $1,274,900 $1,402,390 $1,529,880 $1,657,370 $5,864,540
Gross Margin $1,534,722 $11,290,832 $25,638,157 $46,400,594 $84,864,305
Cumulative Gross Margin $1,534,722 $12,825,554 $38,463,711 $84,864,305 $137,688,291
Sales & Marketing $17,123,340 $6,295,240 $6,322,080 $6,348,920 $36,089,580
General & Administrative $5,978,434 $6,371,987 $6,771,506 $7,192,810 $26,314,737
Operating Expenses $23,101,774 $12,667,227 $13,093,586 $13,541,730 $62,404,317
         
EBITDA -$21,567,052 -$1,376,396 $12,544,571 $32,858,865 $22,459,988
D&A $2,236,111 $2,253,333 $2,461,667 $367,222 $7,318,333
         
EBIT -$23,803,163 -$3,629,729 $10,082,904 $32,491,642 $15,141,655
Bank Interest $380,374 $551,763 -$1,111,490 -$5,092,407 -$5,271,760
         
Pretax Profit -$24,183,537 -$4,181,492 $11,194,394 $37,584,049 $20,413,415
Estimated Stockholder Taxes $0 $0 $0 $2,232,672 $2,232,672
Estimated Consortium Net Income -$24,183,537 -$4,181,492 $11,194,394 $35,351,377 $18,180,743
Cumulative Net Income -$24,183,537 -$28,365,029 -$17,170,634 $18,180,743
Cashflow statement 2001 2002 2,003 2,004 Total
$ $ $ $ $
Profit from ordinary activities -$24,183,537 -$4,181,492 $11,194,394 $35,351,377 $18,180,743
add back:
depreciation $2,236,111 $2,253,333 $2,461,667 $367,222 $7,318,333
interest $380,374 $551,763 -$1,111,490 -$5,092,407 -$5,271,760
movement in debtors -$695,581 -$703,308 -$521,686 -$1,098,136 -$3,018,711
movement in creditors $239,803 -$33,501 $1,019 $750 $208,071
deferred expense $0 $0 $0 $0 $0
deferred income $12,639,826 $7,906,711 $15,099,322 $12,996,885 $48,642,743
Adjusted profit -$9,383,004 $5,793,506 $27,123,225 $42,525,692 $66,059,419
Financing costs
Interest paid -$380,374 -$551,763 $1,111,490 $5,092,407 $5,271,760
Taxation
VAT -$437,456 $1,249,837 $530,970 $7,574,153 $8,917,504
Corporation tax/paye $104,883 $9,543 $9,543 $2,242,215 $2,366,184
-$332,573 $1,259,380 $540,512 $9,816,368 $11,283,687
Capital expenditure
Systems development -$5,090,000 $0 -$850,000 $0 -$5,940,000
Fixtures and fittings -$420,000 $0 -$200,000 $0 -$620,000
Other -$1,250,000 $0 $0 $0 -$1,250,000
-$6,760,000 $0 -$1,050,000 $0 -$7,810,000
Financing
Share capital/Long term finance $10,000,000 $0 $0 $0 $10,000,000
$10,000,000 $0 $0 $0 $10,000,000
Net cash flow -$6,855,951 $6,501,123 $27,725,228 $57,434,466 $84,804,866
Cumulative -$6,855,951 -$354,828 $27,370,400 $84,804,866
Balance Sheet 2001 2002 2,003 2,004
$ $ $ $
Fixed assets
Computer systems/development $4,243,889 $2,130,556 $725,556 $425,001
Fixtures & fittings $280,000 $140,000 $133,333 $66,667
Total fixed assets $4,523,889 $2,270,556 $858,889 $491,668
Current assets
Debtors $695,581 $1,398,889 $1,920,575 $3,018,711
Other debtors $0 $0 $0 $0
Cash at bank and in hand -$6,855,951 -$354,828 $27,370,400 $84,804,866
Deferred expenses $0 $0 $0 $0
Current assets -$6,160,369 $1,044,061 $29,290,975 $87,823,577
Current liabilities
Creditors -$239,803 -$206,302 -$207,321 -$208,071
Accruals $0 $0 $0 $0
VAT $437,456 -$812,381 -$1,343,350 -$8,917,504
PAYE -$104,883 -$114,426 -$123,969 -$133,512
Corporation tax $0 $0 $0 -$2,232,672
Deferred income -$12,639,826 -$20,546,537 -$35,645,858 -$48,642,743
Current liabilities -$12,547,056 -$21,679,645 -$37,320,498 -$60,134,501
NET ASSETS -$14,183,537 -$18,365,029 -$7,170,634 $28,180,743
Ordinary share capital/Long term finance $10,000,000 $10,000,000 $10,000,000 $10,000,000
Profit and loss - b/f -$23,355,975 -$28,493,232 -$18,981,037 $14,090,973
Profit and loss - current -$827,561 $128,203 $1,810,402 $4,089,770
SHAREHOLDERS FUNDS -$14,183,537 -$18,365,029 -$7,170,634 $28,180,743
check 0 0 (0) 1