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
RegistryPro
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