| RegistryPro PROFIT & LOSS |
|
|
|
|
|
|
|
|
|
|
|
2001 |
|
2002 |
|
2003 |
|
2004 |
|
Total |
|
| New
Registrations |
2,317,417 |
|
3,090,003 |
|
4,285,992 |
|
5,412,818 |
|
15,106,230 |
| Renewals |
|
0 |
|
0 |
|
1,738,063 |
|
2,317,502 |
|
4,055,565 |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
| Revenue |
|
$5,057,320 |
|
$22,847,818 |
|
$48,902,654 |
|
$86,504,838 |
|
$163,312,630
|
| Cost
of Revenue |
$1,491,100 |
|
$1,640,210 |
|
$1,789,320 |
|
$1,938,430 |
|
$6,859,060 |
| Gross
Margin |
$3,566,220 |
|
$21,207,608 |
|
$47,113,334 |
|
$84,566,408 |
|
$156,453,570 |
|
|
|
|
|
|
| Cumulative
Gross Margin |
$3,566,220 |
|
$24,773,828 |
|
$71,887,162 |
|
$156,453,570 |
|
$256,680,780
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sales
& Marketing |
$34,067,380 |
|
$12,393,250 |
|
$12,429,000 |
|
$12,464,750 |
|
$71,354,380
|
| General
& Administrative |
$9,116,884 |
|
$9,686,393 |
|
$10,273,313 |
|
$10,894,276 |
|
$39,970,866
|
| Operating
Expenses |
$43,184,264
|
|
$22,079,643
|
|
$22,702,313
|
|
$23,359,026
|
|
$111,325,246
|
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
($39,618,044) |
|
($872,035) |
|
$24,411,021 |
|
$61,207,382 |
|
$45,128,324 |
|
|
|
|
|
|
| D&A |
|
$2,236,111 |
|
$2,253,333 |
|
$2,745,000 |
|
$933,889 |
|
$8,168,333 |
|
|
|
|
|
|
|
|
|
|
| EBIT |
|
($41,854,155) |
|
($3,125,368) |
|
$21,666,021 |
|
$60,273,493 |
|
$36,959,991 |
|
|
|
|
|
|
| Bank
Interest |
$1,016,669 |
|
$1,373,855 |
|
($1,754,655) |
|
($9,058,932) |
|
($8,423,063) |
|
|
|
|
|
|
|
|
|
|
| Pretax
Profit |
($42,870,824) |
|
($4,499,223) |
|
$23,420,676 |
|
$69,332,425 |
|
$45,383,054 |
|
|
|
|
|
|
| Estimated
Stockholder Taxes |
$0 |
|
$0 |
|
$0 |
|
$5,436,164 |
|
$5,436,164 |
|
|
|
|
|
|
| Estimated
Consortium Net Income |
($42,870,824) |
|
($4,499,223) |
|
$23,420,676 |
|
$63,896,261 |
|
$39,946,890 |
|
|
|
|
|
|
| Cumulative
Net Income |
($42,870,824) |
|
($47,370,047) |
|
($23,949,371) |
|
$39,946,890 |
|
|
|
|
|
|
|
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| RegistryPro |
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|
|
|
| Cashflow
statement |
2001 |
|
2002 |
|
2003 |
|
2004 |
|
Total |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
| Profit
from ordinary activities |
($42,870,824) |
|
($4,499,223) |
|
$23,420,676 |
|
$63,896,261 |
|
$39,946,890
|
| add back: |
|
|
|
|
|
|
|
|
|
|
| depreciation |
$2,236,111 |
|
$2,253,333 |
|
$2,745,000 |
|
$933,889 |
|
$8,168,333 |
| interest |
|
$1,016,669 |
|
$1,373,855 |
|
($1,754,655) |
|
($9,058,932) |
|
($8,423,063) |
| movement
in debtors |
($1,252,045) |
|
($1,265,976) |
|
($939,034) |
|
($1,976,688) |
|
($5,433,743) |
| movement
in creditors |
$465,299 |
|
($67,750) |
|
$1,266 |
|
$991 |
|
$399,806 |
| deferred
expense |
$0 |
|
$0 |
|
$0 |
|
$0 |
|
$0 |
| deferred
income |
$22,751,685 |
|
$14,232,218 |
|
$27,178,993 |
|
$23,394,869 |
|
$87,557,765
|
| Adjusted
profit |
($17,653,105) |
|
$12,026,457
|
|
$50,652,246
|
|
$77,190,390
|
|
$122,215,988
|
|
|
|
|
|
|
|
|
|
|
| Financing
costs |
|
|
|
| Interest
paid |
($1,016,669) |
|
($1,373,855) |
|
$1,754,655 |
|
$9,058,932 |
|
$8,423,063 |
|
|
|
|
|
|
|
|
|
|
| Taxation |
|
|
|
|
| VAT |
|
($971,144) |
|
$2,387,707 |
|
$956,730 |
|
$13,458,170 |
|
$15,831,463
|
| Corporation
tax/paye |
$130,958 |
|
$11,690 |
|
$11,690 |
|
$5,005,046 |
|
$5,159,384 |
|
|
($840,186) |
|
$2,399,397 |
|
$968,420 |
|
$18,463,216
|
|
$20,990,847
|
|
|
|
|
|
| Capital
expenditure |
|
|
|
| Systems
development |
($5,090,000) |
|
$0 |
|
($2,550,000) |
|
$0 |
|
($7,640,000) |
| 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 |
|
($2,750,000) |
|
$0 |
|
($9,510,000) |
|
|
|
|
|
| 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 |
($16,269,960) |
|
$13,051,999
|
|
$50,625,321
|
|
$104,712,538
|
|
$152,119,898
|
|
|
|
|
| Cumulative |
($16,269,960) |
|
($3,217,961) |
|
$47,407,360 |
|
$152,119,898 |
|
|
|
| Balance
Sheet |
2001 |
|
2002 |
|
2003 |
|
2004 |
|
|
|
$ |
|
$ |
|
$ |
|
$ |
|
| Fixed
assets |
|
| Computer
systems/development |
$4,243,889 |
|
$2,130,556 |
|
$2,142,222 |
|
$1,275,004 |
|
| Fixtures
& fittings |
$280,000 |
|
$140,000 |
|
$133,333 |
|
$66,667 |
|
| Total
fixed assets |
$4,523,889 |
|
$2,270,556 |
|
$2,275,555 |
|
$1,341,671 |
|
|
|
|
| Current
assets |
|
|
| Debtors |
|
$1,252,045 |
|
$2,518,020 |
|
$3,457,054 |
|
$5,433,742 |
|
| Other
debtors |
$0 |
|
$0 |
|
$0 |
|
$0 |
|
| Cash
at bank and in hand |
($16,269,961) |
|
($3,217,961) |
|
$47,407,360 |
|
$152,562,705 |
|
| Deferred
expenses |
$0 |
|
$0 |
|
$0 |
|
$0 |
|
| Current
assets |
($15,017,916) |
|
($699,941) |
|
$50,864,414
|
|
$157,996,447
|
|
|
|
|
| Current
liabilities |
|
|
| Creditors |
|
($465,299) |
|
($397,549) |
|
($398,814) |
|
($399,805) |
|
| Accruals |
|
$0 |
|
$0 |
|
$0 |
|
$0 |
|
| VAT |
|
$971,144 |
|
($1,416,563) |
|
($2,373,294) |
|
($15,831,464) |
|
| PAYE |
|
($130,958) |
|
($142,648) |
|
($154,338) |
|
($166,028) |
|
| Corporation
tax |
$0 |
|
$0 |
|
$0 |
|
($4,993,356) |
|
| Deferred
income |
($22,751,685) |
|
($36,983,903) |
|
($64,162,895) |
|
($87,557,764) |
|
| Current
liabilities |
($22,376,798) |
|
($38,940,663) |
|
($67,089,341) |
|
($108,948,417) |
|
|
|
|
|
|
|
| NET
ASSETS |
($32,870,825) |
|
($37,370,048) |
|
($13,949,372) |
|
$50,389,701
|
|
|
|
|
| Ordinary
share capital/Long term finance |
$10,000,000 |
|
$10,000,000 |
|
$10,000,000 |
|
$10,000,000 |
|
| Profit
and loss - b/f |
($41,590,669) |
|
($47,859,352) |
|
($27,468,517) |
|
$32,961,295 |
|
| Profit
and loss - current |
($1,280,156) |
|
$489,304 |
|
$3,519,144 |
|
$7,428,401 |
|
|
|
|
| SHAREHOLDERS
FUNDS |
($32,870,825) |
|
($37,370,048) |
|
($13,949,373) |
|
$50,389,700
|
|
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