Ind Financial Model

Indigovision

INCOME STATEMENT

2004

Revenue Percent growth % Revenue

2,255.0 n/a 2,255.0

Cost of sales % revenues Cost of sales

1,074.0 47.6% 1,074.0

Gross profit Gross margin Research & development expenses % growth % revenues Research & development expenses Selling & distribution expenses % growth % revenues Selling & distribution expenses

1,181.0 52.4% 1,502.0 n/a 66.6% 1,502.0

n/a 0.0% -

Total admin expenses Admin expenses excl. depreciation, amortisation, and goodwill impairment % growth of admin component only % revenues of admin component only Admin expenses excl. depreciation, amortisation, and goodwill impairment

2,463.0 2,347.0 n/a 104.1% 2,347.0

"Exceptional" expenses (i.e. redundancy, reorganisation) % revenues "Exceptional" expenses (i.e. redundancy, reorganisation)

0.0% -

Other operating income % revenues Other operating income

0.0% -

Other operating expenses % revenues Other operating expenses

0.0% -

EBITDA EBITDA margin

(2,668.0) -118.3%

Depreciation % prior net tangible assets % revenues Depreciation

116.0 n/a 5.1% 116.0

Amortisation of intangibles Amortisation of intangibles

-

Goodwill impairment Goodwill impairment

-

EBIT EBIT margin

(2,784.0) -123.5%

Non operating income % revenues Non operating income

0.0% -

Non operating expenses % revenues Non operating expenses

0.0% -

Interest income Surplus funds Cash Short term investments Interest income Interest expense Necessary to finance Short term loans (i.e. Bank loans and overdrafts) Long term debt Interest expense EBT EBT margin Income tax expense Tax rate % Income tax expense Income tax credit % revenues Income tax credit Net income Net margin

162.0

162.0 35.0

35.0 (2,657.0) -117.8%

0.0% 293.0 13.0% 293.0 (2,364.0) -104.8%

Dividends Payout ratio % Dividends Net to retained earnings

BALANCE SHEET CURRENT ASSETS Surplus funds Interest rate % Interest income Inventories % of revenues Days of cost of sales Inventories Trade and other receivables due within one year % of revenues Days of revenues Trade and other receivables due within one year Cash and cash equivalents % of revenues Cash and cash equivalents Interest rate % Interest income Short term investments % of revenues Short term investments Interest rate % Interest income Deferred tax assets Deferred tax assets Other current assets % of revenues Other current assets Current assets NON CURRENT ASSETS Tangible assets Capex

0.0% (2,364.0)

2004

251.0 11.13% 85.3 251.0 1,124.0 49.84% 181.9 1,124.0 3,704.0 164.26% 3,704.0

0.0% -

-

0.0% 5,079.0

195.0 184.0

% of revenues Capex Depreciation Tangible assets

8.2% 184.0 116.0 195.0

Intangible assets excl. goodwill where shown separately Amortisation of intangibles Intangible assets excl. goodwill where shown separately

-

Goodwill Goodwill impairment Goodwill

-

Investments Investments

-

Trade and other receivables due after more than one year % of revenues Trade and other receivables due after more than one year

0.0% -

Deferred tax assets % of revenues Deferred tax assets

-

Other non current assets % of revenues Other non current assets Total assets % growth CURRENT LIABILITIES Short term loans & overdraft Short term loans & overdraft Interest rate Interest expense Trade and other payables due within one year % of revenues Days of COGS Trade and other payables due within one year

0.0% 5,274.0 n/a

-

1,235.0 54.8% 419.7 1,235.0

Current tax liabilities % of revenues Current tax liabilities

0.00% -

Provisions for liabilities and charges due within one year % of revenues

0.00%

Provisions for liabilities and charges due within one year

-

Other current liabilities % of revenues Other current liabilities Current liabilities % revenues % growth Net current assets % growth

0.0% 1,235.0 54.8% n/a 3,844.0 n/a

NON CURRENT LIABILITIES Necessary to finance Interest rate Interest expense Long term borrowings Long term borrowings Interest rate Interest expense Trade and other payables due after more than one year % of revenues Trade and other payables due after more than one year Deferred tax liabilities % of revenues Deferred tax liabilities

-

0.0% -

-

Other non current liabilities % of revenues Other non current liabilities

0.0% -

Provisions for liabilities and charges % of revenues Provisions for liabilities and charges

75.0 3.3% 75.0

Non current liabilities % of revenues % growth

75.0 3.3% n/a

Total liabilities

1,310.0

Net assets

3,964.0

SHAREHOLDERS’ EQUITY Called up share capital Called up share capital Share premium account Share premium account Reserves Reserves Profit & loss account Net to profit & loss account Profit & loss account Shareholders funds - equity Total liabilities & shareholder equity

Assets without SF Liabilities & equity without NTF

Surplus funds Necessary to finance Basic number of shares in issue Diluted number of shares in issue

69.0 69.0 23,971.0 23,971.0 8,563.0 8,563.0 (28,639.0) (28,639.0) 3,964.0 5,274.0

5,274.0 5,274.0

6,919,976 6,919,976

Proj

Proj

2005

2006

2007

2008

2009

2010

3,605.0 59.9% 3,605.0

7,574.0 110.1% 7,574.0

13,385.0 76.7% 13,385.0

18,403.0 37.5% 18,403.0

43.0% 26,316.3

20.0% 31,579.5

1,549.0 43.0% 1,549.0

2,853.0 37.7% 2,853.0

4,610.0 34.4% 4,610.0

5,375.0 29.2% 5,375.0

33.0% 8,684.4

33.5% 10,579.1

2,056.0 57.0%

4,721.0 62.3%

8,775.0 65.6%

13,028.0 70.8%

17,631.9 67.0%

21,000.4 66.5%

1,447.0 -3.7% 40.1% 1,447.0

1,197.0 -17.3% 15.8% 1,197.0

1,490.0 24.5% 11.1% 1,490.0

1,766.0 18.5% 9.6% 1,766.0

20.0%

17.5%

2,119.2

2,490.1

0.0% 0.0% -

1,879.0 #DIV/0! 24.8% 1,879.0

4,315.0 129.6% 32.2% 4,315.0

5,572.0 29.1% 30.3% 5,572.0

30.0% 7,894.9

27.5% 8,684.4

2,613.0

1,286.0

2,309.0

3,637.0

2,541.0 8.3% 70.5%

1,225.0 -51.8% 16.2%

2,179.0 77.9% 16.3%

3,397.0 55.9% 18.5%

15.0%

7.5%

2,541.0

1,225.0

2,179.0

3,397.0

3,906.6

4,199.5

0.0% -

0.0% -

0.0% -

0.0% -

-

-

0.0% -

0.0% -

0.0% -

0.0% -

-

-

0.0% -

0.0% -

0.0% -

0.0% -

-

-

(1,932.0) -53.6%

420.0 5.5%

791.0 5.9%

2,293.0 12.5%

3,711.3 14.1%

5,626.4 17.8%

72.0 36.9% 2.0% 72.0

61.0 38.4% 0.8% 61.0

130.0 54.2% 1.0% 130.0

240.0 62.3% 1.3% 240.0

66.0%

66.0%

272.6

440.1

-

-

-

-

-

-

-

-

-

-

-

-

(2,004.0) -55.6%

359.0 4.7%

661.0 4.9%

2,053.0 11.2%

0.0% -

0.0% -

0.0% -

0.0% -

-

-

0.0% -

0.0% -

0.0% -

0.0% -

-

-

44.0

21.0

7.0

102.0

102.0

44.0

1.0

80.0

1.0

80.0

21.0

7.0

3,438.7 13.1%

4.2 4.2

5,186.4 16.4%

35.5 35.5

24.0

-

24.0

-

-

(1,903.0) -52.8%

323.0 4.3%

682.0 5.1%

2,036.0 11.1%

3,442.9 13.1%

5,221.9 16.5%

0.0% -

0.0% -

0.0% -

0.0% -

28.0% 964.0

28.0% 1,462.1

87.0 2.4% 87.0

87.0 1.1% 87.0

2,125.0 15.9% 2,125.0

4,502.0 24.5% 4,502.0

(1,816.0) -50.4%

410.0 5.4%

2,807.0 21.0%

6,538.0 35.5%

2,478.9 9.4%

3,759.8 11.9%

0.0% (1,816.0)

0.0% 410.0

0.0% 2,807.0

0.0% -

-

6,538.0

2,478.9 Proj

2005

2006

2007

2008

3,759.8 Proj

2009

2010

3,348.3 0.3% 4.2

25,080.5 0.3% 35.5

353.0 9.79% 83.2 353.0

398.0 5.25% 50.9 398.0

1,533.0 11.45% 121.4 1,533.0

2,470.0 13.42% 167.7 2,470.0

180.0 4,282.7

180.0 5,217.1

1,430.0 39.67% 144.8 1,430.0

2,105.0 27.79% 101.4 2,105.0

4,211.0 31.46% 114.8 4,211.0

4,683.0 25.45% 92.9 4,683.0

100.0 7,209.9

100.0 8,651.9

1,132.0 31.40% 1,132.0

1,454.0 19.20% 1,454.0

179.0 1.34% 179.0

1,371.0 7.45% 1,371.0

0.0% -

-

0.0% -

0.0% -

-

0.0% -

0.0% -

-

0.0% -

0.0% -

-

0.0% -

2,915.0

3,957.0

5,923.0

8,524.0

159.0 41.0

240.0 144.0

385.0 275.0

413.0 335.0

-

-

-

-

-

-

-

-

-

-

-

-

14,841.0

38,949.5

1.1% 41.0 72.0 159.0

1.9% 144.0 61.0 240.0

2.1% 275.0 130.0 385.0

1.8% 335.0 240.0 413.0

2.0% 526.3 272.6 666.7

2.0% 631.6 440.1 858.3

64.0

64.0

64.0 -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.0% -

-

0.0% -

-

0.0% -

64.0

0.0% -

2,000.0

7,103.0

4,736.0

2,369.0

2,000.0

7,103.0

4,736.0

2,369.0

0.0% -

0.0% -

0.0% -

0.0% -

3,074.0 -41.7%

4,197.0 36.5%

8,308.0 98.0%

16,104.0 93.8%

-

-

-

-

850.0 23.6% 200.3 850.0

1,431.0 18.9% 183.1 1,431.0

2,463.0 18.4% 195.0 2,463.0

2,760.0 15.0% 187.4 2,760.0

0.00% -

0.00% -

0.00% -

0.00% -

0.00%

120.0 0.90%

150.0 0.82%

0.00%

20,307.7 26.1%

42,240.8 108.0%

-

-

-

-

185.0 4,401.7

-

0.80%

185.0 5,362.0

-

0.80%

-

-

120.0

150.0

210.5

252.6

0.0% -

0.0% -

0.0% -

0.0% -

850.0 23.6% -31.2%

1,431.0 18.9% 68.4%

2,583.0 19.3% 80.5%

2,910.0 15.8% 12.7%

4,612.2 17.5% 58.5%

5,614.7 17.8% 21.7%

2,065.0 -46.3%

2,526.0 22.3%

3,340.0 32.2%

5,614.0 68.1%

10,228.8 82.2%

33,334.9 225.9%

-

-

-

-

-

-

-

-

-

-

-

-

0.0% -

-

0.0% -

-

0.0% -

-

0.0% -

-

-

-

-

-

-

-

-

-

0.0% -

0.0% -

0.0% -

0.0% -

75.0 2.1% 75.0

90.0 1.2% 90.0

30.0 0.2% 30.0

30.0 0.2% 30.0

0.2% 52.6

0.2% 63.2

75.0 2.1% 0.0%

90.0 1.2% 20.0%

30.0 0.2% -66.7%

30.0 0.2% 0.0%

52.6 0.2% 75.4%

17,223.5 54.5% 32624.0%

925.0

1,521.0

2,613.0

2,940.0

4,664.8

22,838.2

2,149.0

2,676.0

5,695.0

13,164.0

15,642.9

19,402.6

69.0 69.0

69.0 69.0

71.0 71.0

72.0 72.0

72.0 72.0

72.0 72.0

23,972.0 23,972.0

23,974.0 23,974.0

24,045.0 24,045.0

1,241.0 1,241.0

1,241.0 1,241.0

1,241.0 1,241.0

8,563.0 8,563.0

8,562.0 8,562.0

8,562.0 8,562.0

5,130.0 5,130.0

5,130.0 5,130.0

5,130.0 5,130.0

6,721.0

2,478.9 9,199.9

3,759.8 12,959.6

(30,455.0)

(29,929.0)

(26,983.0)

6,721.0

(30,455.0)

(29,929.0)

(26,983.0)

2,149.0 3,074.0

2,676.0 4,197.0

5,695.0 8,308.0

13,164.0 16,104.0

15,642.9 20,307.7

19,402.6 42,240.8

3,074.0 3,074.0

4,197.0 4,197.0

8,308.0 8,308.0

16,104.0 16,104.0

16,959.4 20,307.7

17,160.3 42,240.8

3,348.3 -

25,080.5 -

7,131,494 7,914,794

7,131,494 7,914,794

6,923,976 6,923,976

6,927,976 7,806,176

6,992,309 7,811,609

7,131,494 7,914,794

Proj 2011

20.0% 37,895.5

34.0% 12,884.5 25,011.0 66.0%

15.0% 2,863.6

25.0% 9,473.9

5.0%

4,409.5

-

-

8,264.1 21.8%

66.0% 566.5

-

7,697.6 20.3%

-

-

71.2 71.2

7,768.8 20.5%

28.0% 2,175.3

5,593.5 14.8%

5,593.5 Proj 2011 31,905.6 0.3% 71.2

180.0 6,354.0

100.0 10,382.3

-

-

-

48,641.9

2.0% 757.9 566.5 1,049.7

64.0

-

-

-

49,755.6 17.8%

-

185.0 6,530.5

-

0.80%

303.2

6,833.6 18.0% 21.7% 41,808.3 25.4%

-

-

-

-

-

0.2% 75.8 17,925.8 47.3% 4.1% 24,759.5 24,996.2

72.0 72.0 1,241.0 1,241.0 5,130.0 5,130.0

5,593.5 18,553.2 24,996.2 49,755.6

17,850.0 49,755.6

31,905.6 7,131,494 7,914,794

Indigovision

INCOME STATEMENT Revenues Cost of sales Gross profit Gross margin Research and development expenses Selling & distribution expenses

2004 2,255.0 1,074.0 1,181.0 52.4% 1,502.0 -

Admin expenses excl. Depreciation, amortisation, and goodwill impairment "Exceptional" expenses Other operating income Other operating expenses EBITDA EBITDA margin

2,347.0 (2,668.0) -118.3%

Depreciation Amortisation of intangibles Goodwill impairment EBIT EBIT margin

116.0 (2,784.0) -123.5%

Non operating income Non operating expenses Interest income Interest expense EBT EBT margin

162.0 35.0 (2,657.0) -117.8%

Income tax expense Income tax credit Net income Net margin

293.0 (2,364.0) -104.8%

Dividends Net to retained earnings

(2,364.0)

Basic earnings per share (pence) Diluted earnings per share (pence)

(34.2) (34.2)

Proj

Proj

2005

2006

2007

2008

2009

2010

3,605.0 1,549.0 2,056.0 57.0%

7,574.0 2,853.0 4,721.0 62.3%

13,385.0 4,610.0 8,775.0 65.6%

18,403.0 5,375.0 13,028.0 70.8%

26,316.3 8,684.4 17,631.9 67.0%

31,579.5 10,579.1 21,000.4 66.5%

1,447.0 -

1,197.0 1,879.0

1,490.0 4,315.0

1,766.0 5,572.0

2,119.2 7,894.9

2,490.1 8,684.4

2,541.0 (1,932.0) -53.6%

1,225.0 420.0 5.5%

2,179.0 791.0 5.9%

3,397.0 2,293.0 12.5%

3,906.6 3,711.3 14.1%

4,199.5 5,626.4 17.8%

72.0 (2,004.0) -55.6%

61.0 359.0 4.7%

130.0 661.0 4.9%

240.0 2,053.0 11.2%

272.6 3,438.7 13.1%

440.1 5,186.4 16.4%

102.0 1.0 (1,903.0) -52.8%

44.0 80.0 323.0 4.3%

21.0 682.0 5.1%

7.0 24.0 2,036.0 11.1%

4.2 3,442.9 13.1%

35.5 5,221.9 16.5%

87.0 (1,816.0) -50.4%

87.0 410.0 5.4%

2,125.0 2,807.0 21.0%

4,502.0 6,538.0 35.5%

964.0 2,478.9 9.4%

1,462.1 3,759.8 11.9%

(1,816.0)

410.0

2,807.0

6,538.0

2,478.9

3,759.8

(26.2) (26.2)

5.9 5.3

40.1 35.9

91.7 82.6

34.8 31.3

52.7 47.5

8.5

25.9

43.4

65.5

Proj 2011 37,895.5 12,884.5 25,011.0 66.0% 2,863.6 9,473.9 4,409.5 8,264.1 21.8% 566.5 7,697.6 20.3% 71.2 7,768.8 20.5% 2,175.3 5,593.5 14.8% 5,593.5

78.4 70.7

97.3

Indigovision

BALANCE SHEET ASSETS Cash and cash equivalents (incl "surplus funds") Short term investments Trade and other receivables due within one year Inventories Deferred tax assets Other current assets Current assets

3,704.0 1,124.0 251.0 5,079.0

Tangible assets Intangible assets excl. goodwill where shown separately Goodwill Investments Trade and other receivables due after more than one year Deferred tax assets Other non current assets Total assets

195.0 5,274.0

LIABILITIES Short term loans and overdraft Trade and other payables due within one year Current tax liabilities Provisions for liabilities and charges due within one year Other current liabilities Current liabilities

1,235.0 1,235.0

Necessary to finance Long term borrowings Trade and other payables due after more than one year Deferred tax liabilities Other non current liabilities Provisions for liabilities and charges Total liabilities

75.0 1,310.0

SHAREHOLDERS’ EQUITY Called up share capital Share premium account Reserves Profit & loss account Shareholders funds - equity Total liabs & SH equity

2004

69.0 23,971.0 8,563.0 (28,639.0) 3,964.0 5,274.0

Proj 2005

2006

2007

2008

Proj 2009

2010

1,132.0 1,430.0 353.0 2,915.0

1,454.0 2,105.0 398.0 3,957.0

179.0 4,211.0 1,533.0 5,923.0

1,371.0 4,683.0 2,470.0 8,524.0

3,348.3 7,209.9 4,282.7 14,841.0

25,080.5 8,651.9 5,217.1 38,949.5

159.0 3,074.0

240.0 4,197.0

385.0 2,000.0 8,308.0

413.0 64.0 7,103.0 16,104.0

666.7 64.0 4,736.0 20,307.7

858.3 64.0 2,369.0 42,240.8

850.0 850.0

1,431.0 1,431.0

2,463.0 120.0 2,583.0

2,760.0 150.0 2,910.0

4,401.7 210.5 4,612.2

5,362.0 252.6 5,614.7

75.0 925.0

90.0 1,521.0

30.0 2,613.0

30.0 2,940.0

52.6 4,664.8

63.2 5,677.8

69.0 23,974.0 8,562.0 (29,929.0) 2,676.0 4,197.0

71.0 24,045.0 8,562.0 (26,983.0) 5,695.0 8,308.0

72.0 1,241.0 5,130.0 6,721.0 13,164.0 16,104.0

72.0 1,241.0 5,130.0 9,199.9 15,642.9 20,307.7

72.0 1,241.0 5,130.0 12,959.6 19,402.6 25,080.5

69.0 23,972.0 8,563.0 (30,455.0) 2,149.0 3,074.0

Proj 2011 31,905.6 10,382.3 6,354.0 48,641.9 1,049.7 64.0 49,755.6

6,530.5 303.2 6,833.6 75.8 6,909.4

72.0 1,241.0 5,130.0 18,553.2 24,996.2 31,905.6