|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|