Template Financial Forecast Model

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Template Financial Forecast Model Powered By Docstoc
					    ABC Company Limited
    Assumptions

    A graphical overview of this financial model is provided below.


            ASSUMPTIO NS                    REVENUE                       REVENUE              MEZZANIN E
                                             Revenue 1                    SUMMARY               AND IPO
                   Ti me fra me                  ()                                            ANALYSIS
                   • Half years
                 •Two year forecast
                •One y ear historical        Revenue 2                     Non-recurring          Valuation
                                                 ()                         + Recurring          Shareholder
                                                                          = Total revenue         cashflows
                                             Revenue 3                      Less direct              IRR
                                                                           =Gross profit
                                                 ()                                                 NP AT
                P roducts/services
                                                                                                     EP S
                                             Revenue 4
                                                 ()
                                                                         FINANC IAL
                                             Revenue 5                        C
                                                                         FO RE AST
                                                 ()                       Non-recurring
                B usiness activity                                                             COMBINED
                                                                             + recurring
                                                                         = Total revenue       FINANC IAL
                                                                            - Direct cost
                    Operating            OPERATING AND                    = Gross profit
                    •Expense   1        CAPITAL EXP ENSES                - Operating Exp
                    •Expense   2                                          = P rofitability
                    •Expense   3             Expense 1                     - Capital Exp         P ast one year
                    •Expense   4                                            = Cashflow                 and
                    •Expense   5             Expense 2
                                                                                                next five years
                                             Expense 3
                                                                         HISTORICAL
                                             Expense 4                   FINANCIAL
                                             Expense 5                    P ast one year

                                                         Bolde d items refer to worksheets within the model


    NOTES
    The default currency is the Australian Dollar
    The key objective of the model is to produce ten graphs summarising key financials/drivers
    There are five revenue categories (listed below)
    All assumptions underlying this model are contained within the "Assumption" worksheet
    The assumptions underlying each market segment are grouped on each of the following pages.
    The key business drivers within each market segment are used to drive this dynamic model

                                         2008/09
    Time periods (reproduced throughout model)                             2009/10           2010/11              2011/12      2012/13

    Revenue categories                         Expense categories
    Product 1                                  Finance and administration
    Product 2                                  Sales and marketing
    Product 3                                  Research and development
    Service 1                                  Staff
    Service 2                                  Overhead

                                                      2008/09
    Proportion of new customer activity included as revenue for period       2009/10         2010/11              2011/12      2012/13
    Product 1                                                 100%                 100%            100%                 100%         100%
    Product 2                                                 100%                 100%            100%                 100%         100%
    Product 3                                                 100%                 100%            100%                 100%         100%
    Service 1                                                 100%                 100%            100%                 100%         100%
    Service 2                                                 100%                 100%            100%                 100%         100%




Confidential                                                     Assumptions                                                                Page 1
    ABC Company Limited
    Assumptions (Product 1)
    Business activity – new customers   2008/09          2009/10         2010/11         2011/12         2012/13
    United States                                   1                2               3               4              5
    Europe                                          1                2               3               4              5
    Asia                                            1                1               5               5              5
    Rest of the world                               1                1               5               5              5

    Non-recurring revenue               2008/09          2009/10         2010/11         2011/12         2012/13
    United States                                 $5               $5              $5              $5              $5
    Europe                                        $5               $5              $5              $5              $5
    Asia                                          $5               $5              $5              $5              $5
    Rest of the world                             $0               $0              $0              $0              $0

    Recurring revenue
    United States                                 $0               $0              $0              $0              $0
    Europe                                        $0               $0              $0              $0              $0
    Asia                                          $0               $0              $0              $0              $0
    Rest of the world                             $0               $0              $0              $0              $0

    Direct cost (non-recurring)
    United States                                 20%              20%             20%             20%         20%
    Europe                                        20%              20%             20%             20%         20%
    Asia                                          20%              20%             20%             20%         20%
    Rest of the world                             20%              20%             20%             20%         20%

    Direct cost (recurring)
    United States                                 20%              20%             20%             20%         20%
    Europe                                        20%              20%             20%             20%         20%
    Asia                                          20%              20%             20%             20%         20%
    Rest of the world                             20%              20%             20%             20%         20%




Confidential                                       Assumptions                                                          Page 2
    ABC Company Limited
    Assumptions (Product 2)
    Business activity – new customers   2008/09          2009/10         2010/11         2011/12         2012/13
    United States                                   1                5               5               5              5
    Europe                                          1                5               5               5              5
    Asia                                            1                5               5               5              5
    Rest of the world                               1                5               4               4              4

    Non-recurring revenue
    United States                                 $1               $1              $1              $1              $1
    Europe                                        $1               $1              $1              $1              $1
    Asia                                          $1               $1              $1              $1              $1
    Rest of the world                             $1               $1              $1              $1              $1

    Recurring revenue
    United States                                 $5               $5              $5              $5              $5
    Europe                                        $5               $5              $5              $5              $5
    Asia                                          $1               $1              $1              $1              $1
    Rest of the world                             $1               $1              $1              $1              $1

    Direct cost (non-recurring)
    United States                                 20%              20%             20%             20%         20%
    Europe                                        20%              20%             20%             20%         20%
    Asia                                          20%              20%             20%             20%         20%
    Rest of the world                             20%              20%             20%             20%         20%

    Direct cost (recurring)
    United States                                 20%              20%             20%             20%         20%
    Europe                                        20%              20%             20%             20%         20%
    Asia                                          20%              20%             20%             20%         20%
    Rest of the world                             20%              20%             20%             20%         20%




Confidential                                       Assumptions                                                          Page 3
    ABC Company Limited
    Assumptions (Product 3)
                                        2008/09          2009/10         2010/11         2011/12         2012/13
    Business activity – new customers
    United States                                   1                1               1               1              1
    Europe                                          1                1               1               1              1
    Asia                                            1                1               1               1              1
    Rest of the world                               1                1               2               3              4

    Non-recurring revenue
    United States                                  $5               $5              $5              $5          $5
    Europe                                        $10              $10             $10             $10         $10
    Asia                                          $10              $10             $10             $10         $10
    Rest of the world                             $10              $10             $10             $10         $10

    Recurring revenue
    United States                                  $1               $1              $1              $1             $1
    Europe                                         $1               $1              $1              $1             $1
    Asia                                           $1               $1              $1              $1             $1
    Rest of the world                              $1               $1              $1              $1             $1

    Direct cost (non-recurring) %
    United States                                 20%              20%             20%             20%         20%
    Europe                                        20%              20%             20%             20%         20%
    Asia                                          20%              20%             20%             20%         20%
    Rest of the world                             20%              20%             20%             20%         20%

    Direct cost (recurring) %
    United States                                 20%              20%             20%             20%         20%
    Europe                                        20%              20%             20%             20%         20%
    Asia                                          20%              20%             20%             20%         20%
    Rest of the world                             20%              20%             20%             20%         20%




Confidential                                       Assumptions                                                          Page 4
    ABC Company Limited
    Assumptions (Service 1)

   Business activity – new customers   2008/09         2009/10         2010/11         2011/12         2012/13
   United States                                   1               1               1               1               1
   Europe                                          1               1               1               1               1
   Asia                                            1               1               1               1               1
   Rest of the world                               1               1               1               1               1

   Non-recurring revenue
   United States                                 $5              $5              $5              $5              $5
   Europe                                        $5              $5              $5              $5              $5
   Asia                                          $5              $5              $5              $5              $5
   Rest of the world                             $5              $5              $5              $5              $5

   Recurring revenue
   United States                                 $1              $1              $1              $1              $1
   Europe                                        $1              $1              $1              $1              $1
   Asia                                          $1              $1              $1              $1              $1
   Rest of the world                             $1              $1              $1              $1              $1

   Direct cost (non-recurring)
   United States                                 60%             60%             60%             60%             60%
   Europe                                        90%             90%             90%             90%             90%
   Asia                                          90%             90%             90%             90%             90%
   Rest of the world                             90%             90%             90%             90%             90%

   Direct cost (recurring)
   United States                                 60%             60%             60%             60%             60%
   Europe                                        90%             90%             90%             90%             90%
   Asia                                          90%             90%             90%             90%             90%
   Rest of the world                             90%             90%             90%             90%             90%




Confidential                                     Assumptions                                                           Page 5
    ABC Company Limited
    Assumptions (Service 2)
   Business activity – new customers   2008/09         2009/10         2010/11         2011/12         2012/13
   United States                                   1               1               1               1               1
   Europe                                          1               1               1               1               1
   Asia                                            1               1               1               1               1
   Rest of the world                               1               1               1               1               1

   Non-recurring revenue
   United States                                 $5              $5              $5              $5              $5
   Europe                                        $5              $5              $5              $5              $5
   Asia                                          $5              $5              $5              $5              $5
   Rest of the world                             $5              $5              $5              $5              $5

   Recurring revenue
   United States                                 $1              $1              $1              $1              $1
   Europe                                        $1              $1              $1              $1              $1
   Asia                                          $1              $1              $1              $1              $1
   Rest of the world                             $1              $1              $1              $1              $1

   Direct cost (non-recurring)
   United States                                 20%             20%             20%             20%             20%
   Europe                                        20%             20%             20%             20%             20%
   Asia                                          20%             20%             20%             20%             20%
   Rest of the world                             20%             20%             20%             20%             20%

   Direct cost (recurring)
   United States                                 20%             20%             20%             20%             20%
   Europe                                        20%             20%             20%             20%             20%
   Asia                                          20%             20%             20%             20%             20%
   Rest of the world                             20%             20%             20%             20%             20%




Confidential                                     Assumptions                                                           Page 6
    ABC Company Limited
    Assumptions (continued)
                                              2008/09       2009/10     2010/11     2011/12     2012/13
    Working capital requirements
    Debtors as a % of sales                      5%             5%         5%          5%          5%
    Creditors as a % of sales                    5%             5%         5%          5%          5%

    Corporate
    Marketing                                    $0     $100,000      $100,000    $100,000    $100,000
    Depreciation on capital expenditure       33.0%        33.0%         33.0%       33.0%       33.0%
    Interest rate received                     5.0%         5.0%          5.0%        5.0%        5.0%
    Interest rate payable (short term debt)    9.0%         9.0%          9.0%        9.0%        9.0%
    Corporate tax rate                         30%           30%           30%         30%         30%
    Effective corporate tax rate               30%           30%           30%         30%         30%
    Dividend policy (% of last year NPAT)        0%          50%           50%         50%         50%




Confidential                                      Assumptions                                             Page 7
ABC Company Limited
Forecast annual business activity with each revenue category

Projected activity                     2008/09          2009/10         2010/11       2011/12       2012/13
Product 1
United States                                   1                  2          3             4             5
Europe                                          1                  2          3             4             5
Asia                                            1                  1          5             5             5
Rest of the world                               1                  1          5             5             5
                      Total                     4                  6         16            18            20


Product 2
United States                                   1                  5             5             5             5
Europe                                          1                  5             5             5             5
Asia                                            1                  5             5             5             5
Rest of the world                               1                  5             4             4             4
                     Total                      4             20             19            19            19

Product 3
United States                                   1                  1             1             1             1
Europe                                          1                  1             1             1             1
Asia                                            1                  1             1             1             1
Rest of the world                               1                  1             2             3             4
                     Total                      4                  4             5             6             7

Service 1
United States                                   1                  1             1          1             1
Europe                                          1                  1             1          1             1
Asia                                            1                  1             1         25            50
Rest of the world                               1                  1             1         20            50
                     Total                      4                  4             4         47          102

Service 2
United States                                   1                  1             1             1             1
Europe                                          1                  1             1             1             1
Asia                                            1                  1             1             1             1
Rest of the world                           -                 -              -             -             -
                     Total                      3                  3             3             3             3

Total                                 2008/09          2009/10         2010/11       2011/12       2012/13
Product 1                                       4               6            16            18            20
Product 2                                       4              20            19            19            19
Product 3                                       4               4             5             6             7
Service 1                                       4               4             4            47           102
Service 2                                       3               3             3             3             3
                     Total                  19                37             47            93          151




                                                    Confidential                        Market forecast: Page 8 of 46
ABC Company Limited
Forecast accumulated business activty within each revenue category

 Product 1                  99/2000       2008/09             2009/10          2010/11           2011/12           2012/13
United States                       -                 1                  3                 6             10                15
Europe                              -                 1                  3                 6             10                15
Asia                                -                 1                  2                 7             12                17
Rest of the world                   -                 1                  2                 7             12                17
                    Total       -                     4              10                26                44                64

 Product 2                  99/2000      2008/09             2009/10          2010/11           2011/12           2012/13
United States                       -                 1                  6             11                16                21
Europe                              -                 1                  6             11                16                21
Asia                                -                 1                  6             11                16                21
Rest of the world                   -                 1                  6             10                14                18
                    Total       -                     4              24                43                62                81

 Product 3                  99/2000      2008/09             2009/10          2010/11           2011/12           2012/13
United States                       -                 1                  2                 3                 4                 5
Europe                              -                 1                  2                 3                 4                 5
Asia                                -                 1                  1                 1                 1                 1
Rest of the world                   -                 1                  1                 2                 3                 4
                    Total       -                     4                  6                 9             12                15

 Service 1                  99/2000     2008/09            2009/10           2010/11           2011/12           2012/13
United States                       -                 1                  2                 3              4                 5
Europe                              -                 1                  2                 3              4                 5
Asia                                -                 1                  2                 3             28                78
Rest of the world                   -                 1                  2                 3             23                73
                    Total       -                     4                  8             12                59            161

 Service 2                  99/2000      2008/09             2009/10          2010/11           2011/12           2012/13
United States                                         1                  2                 3                 4                 5
Europe                                                1                  2                 3                 4                 5
Asia                                                  1                  2                 3                 4                 5
Rest of the world                                 -                  -                 -                 -                 -
                    Total       -                     3                  6                 9             12                15

 Customer base              1999/2000     2008/09             2009/10          2010/11           2011/12           2012/13
Product 1                           -                 4              10                26                44                 64
Product 2                           -                 4              24                43                62                 81
Product 3                           -                 4               6                 9                12                 15
Service 1                           -                 4               8                12                59                161
Service 2                           -                 3               6                 9                12                 15
                    Total       -                 19                 54                99            189               336




                                                          Confidential                             Market forecast: Page 9 of 46
    ABC Company Limited
    Financial model summary (USD)

    FINANCIAL                       2008/09       2009/10       2010/11        2011/12
    Gross revenue                      $112          $224           $357            $760

    Net revenue
    Product 1                           $12           $32            $76            $128
    Product 2                           $13           $74           $120            $167
    Product 3                           $31           $34            $45             $56
    Service 1                            $4            $5             $6             $32
    Service 2                           $14           $17            $19             $22
    Total net revenue                   $75          $162           $266            $405
    Other Income                         $0            $0             $0              $0
    Total Revenue                       $75          $162           $266            $405
    Less Operating Expenses
    Finance and administration           $0            $0             $0              $0
    Sales and marketing                  $0            $0             $0              $0
    Research and development             $0            $0             $0              $0
    Staff                                $0            $0             $0              $0
    Overhead                             $0            $0             $0              $0
    Total operating expenses             $0            $0             $0              $0
    EBITDA                              $75          $162           $266            $405

    Operating profit before tax         $75          $162           $266            $405
    Net profit after tax                $75          $162           $186            $283
    Less capital expenditure             $0            $0             $0              $0
    Net cashflow before financing       $75          $162           $186            $283
    Finance inflows                      $0            $0           ($81)           ($93)
    Net cashflow after financing        $75          $162           $105            $190

    NEW CUSTOMER
    ACTIVITY                        2008/09       2009/10       2010/11        2011/12
    Product 1
    United States                         1             2                 3              4
    Europe                                1             2                 3              4
    Asia                                  1             1                 5              5
    Rest of the world                     1             1                 5              5

    Customer base
    United States                             1             6             11             16
    Europe                                    1             6             11             16
    Asia                                      1             6             11             16

    Product 3
    United States                             1             1              1              1
    Europe                                    1             1              1              1
    Asia                                      1             1              1              1
    Rest of the world                         1             1              2              3

    Service 1
    United States                             1             1              1              1
    Europe                                    1             1              1              1
    Asia                                      1             1              1             25
    Rest of the world                         1             1              1             20



Confidential                           Summary financial                                      Page 10
    Service 2
    United States           1               1   1   1
    Europe                  1               1   1   1
    Asia                    1               1   1   1
    Rest of the world       0               0   0   0




Confidential            Summary financial               Page 11
        2012/13
            $1,288


               $188
               $214
                $67
                $70
                $24
               $564
                 $0
               $564

                 $0
                 $0
                 $0
                 $0
                 $0
                 $0
               $564

                $564
                $395
                  $0
                $395
               ($142)
                $253


        2012/13

                   5
                   5
                   5
                   5


                  21
                  21
                  21


                   1
                   1
                   1
                   4


                   1
                   1
                  50
                  50



Confidential            Summary financial   Page 12
               1
               1
               1
               0




Confidential       Summary financial   Page 13
     ABC Company Limited
     Operating and capital expenditure

     Operating expenditure                        2008/09          2009/10              2010/11             2011/12             2012/13
     Finance and administration                       $0               $0                   $0                  $0                  $0
     Sales and marketing                              $0               $0                   $0                  $0                  $0
     Research and development                         $0               $0                   $0                  $0                  $0
     Staff                                            $0               $0                   $0                  $0                  $0
     Overhead                                         $0               $0                   $0                  $0                  $0
                                    Total             $0               $0                   $0                  $0                  $0

     Capital Expenditure                    2008/09          2009/10          2010/11             2011/12             2012/13
     Finance and administration                         $0               $0                 $0                  $0                  $0
     Sales and marketing                                $0               $0                 $0                  $0                  $0
     Research and development                           $0               $0                 $0                  $0                  $0
     Staff                                              $0               $0                 $0                  $0                  $0
     Overhead                                           $0               $0                 $0                  $0                  $0
                                    Total               $0               $0                 $0                  $0                  $0

     Working Capital                              2008/09          2009/10              2010/11             2011/12             2012/13
     Trade
     Sales ($US)                                      $112             $224               $357                $760              $1,288
     % Debtors                                        5.0%             5.0%               5.0%                5.0%                5.0%
     % Creditors                                      5.0%             5.0%               5.0%                5.0%                5.0%
     Working capital required (trade)                   $0               $0                 $0                  $0                  $0
     Current working capital                            $0               $0                 $0                  $0                  $0
     Working capital required                           $0               $0                 $0                  $0                  $0




Confidential                                           Operating and capital expenses                                                     Page 14
     ABC Company Limited
     Operating and capital expenditure

     Finance and administration           2008/09        2009/10              2010/11   2011/12   2012/13
     Operating expenditure




                                  Total       $0               $0                 $0        $0        $0

     Capital expenditure




                                  Total       $0               $0                 $0        $0        $0




Confidential                                 Operating and capital expenses                                 Page 15
     ABC Company Limited
     Operating and capital expenditure
     Sales and marketing                 2008/09        2009/10              2010/11   2011/12   2012/13

     Operating expenditure




                                 Total       $0               $0                 $0        $0        $0

     Capital expenditure




                                 Total       $0               $0                 $0        $0        $0




Confidential                                Operating and capital expenses                                 Page 16
     ABC Company Limited
     Operating and capital expenditure

     Research and development            2008/09        2009/10          2010/11        2011/12        2012/13
     Operating expenditure




                                 Total             $0             $0               $0             $0             $0

     Capital expenditure




                                 Total             $0             $0               $0             $0             $0




Confidential                                   Operating and capital expenses                                         Page 17
     ABC Company Limited
     Operating and capital expenditure

     Staff                               2008/09        2009/10              2010/11   2011/12   2012/13
     Operating expenditure




                             Total           $0               $0                 $0        $0        $0

     Capital expenditure




                             Total           $0               $0                 $0        $0        $0




Confidential                                Operating and capital expenses                                 Page 18
     ABC Company Limited
     Operating and capital expenditure

     Overhead                            2008/09        2009/10              2010/11   2011/12   2012/13
     Operating expenditure




                             Total           $0               $0                 $0        $0        $0

     Capital expenditure




                             Total           $0               $0                 $0        $0        $0




Confidential                                Operating and capital expenses                                 Page 19
ABC Company Limited
Graphical summary
Financial
                        Gross revenue                                                                  Gross margin

  $0.0m                                                                      100%
                                                                              80%
  $0.0m
                                                                              60%
                                                                              40%
  $0.0m
                                                                              20%
                                                                               0%
  $0.0m
                                                                                2008/09           2009/10      2010/11      2011/12    2012/13
           2008/09                   2010/11                    2012/13

                                                                                      Product 1                 Product 2             Product 3
                 Product 1            Product 2              Product 3
                                                                                      Service 1                 Service 2             Average
                 Service 1            Service 2


                        Net revenue                                                              Operating expenditure Overhead


  $1m                                                                        $0.0m                                            Staff
                                                                             $0.0m
                                                                             $0.0m
                                                                                                                              Research and
                                                                             $0.0m                                            development
  $0m                                                                        $0.0m
                                                                                                                              Sales and
          2008/09                   2010/11                   2012/13        $0.0m                                            marketing
                                                                                       2008/09


                                                                                                     2010/11


              Product 1             Product 2               Product 3                                            2012/13      Finance and
                                                                                                                              administration
              Service 1             Service 2



                            EBITDA                                                                   Net cashflow

                                                                $564
   $0.0m                                                                   $0.0m                                                        $395
   $0.0m                                         $405                      $0.0m
   $0.0m                                                                   $0.0m                                             $283
                                      $266
   $0.0m                                                                   $0.0m
                         $162                                              $0.0m
   $0.0m     $75                                                                                                 $186
   $0.0m                                                                   $0.0m                     $162
   $0.0m                                                                   $0.0m
                                                                           $0.0m      $75
              2008/09


                          2009/10


                                       2010/11


                                                  2011/12


                                                                 2012/13




                                                                           $0.0m
                                                                           $0.0m
                                                                                     2008/09                   2010/11                2012/13
ABC Company Limited
Graphical summary
Business activity

             Membership base (Goverment)                             Membership base (Industry)


   25                                                      25

   20                                                      20

   15                                                      15

   10                                                 21                                                        21
                                                           10
                                              16
                                                                                                       16
    5                                  11
                                                            5                                  11
                              6
                      1                                                               6
    -        -
         99/2000          2009/10           2011/12         -        -     1
                                                                 99/2000         2009/10            2011/12

                   Membership base (Retail)                                Capital expenditure

   25                                                       $1.0m
                                                            $0.5m
   20                                                       $0.0m

   15

   10                                                 21
                                                                                 Finance and administration
                                              16
    5                                  11                                        Sales and marketing
                              6                                                  Research and development
     -       -        1
                                                                                 Staff
         99/2000           2009/10          2011/12
                                                                                 Overhead


               Employees by job function                                         Customers


    1                                                       45
                                                            40
   0.8                                                      35
                                                            30                                21
   0.6                                                                                                 Europe
                                                            25                           16
   0.4                                                      20                                         United States
                                                            15                   11
   0.2                                                      10                     21
                                                                           6    16
                                                             5               11
    0                                                                      6
                                                             -       - 1
                                                                     - 1
                                   1
                                                                 99/2000       2010/11

                                  Series1
ABC Company Limited
Graphical summary

   70
   60                                                             6                                                          6
   50                                                                                 555         555       555     555
                                                                  5                                                          5
   40
   30                                                             4                                                          4
   20                                                             3                                                          3
   10                                                             2                                                          2
    -                                                                       111
             99/2000            2009/10      2011/12              1                                                          1
                                                                  -                                                          -
                      United States       Europe                        2008/09              2010/11              2012/13
                      Asia                Rest of the world
                                                                                  United States         Europe    Asia


   16                                                                 500
   14                                        Rest of the world
                                                                                                                   Rest of the world
   12
   10                                        Asia
                                                                                                                   Asia
    8
    6                                        Europe
                                                                                                                   Europe
    4
    2                                        United States
                                                                                                                   United States
    -
            99/2000          2010/11                                    -
                                                                            99/2000         2010/11


   16
   14                                         Rest of the world
   12
   10                                         Asia
    8
    6                                         Europe
    4
    2                                         United States
        -
            99/2000          2010/11
ABC Company Limited
Revenue summary

    $0.1m
                                                                 US$0.1m
                                              Rest of the                                                    Rest of the
                                              world                                                          world
                                                Asia                                                         Asia

                                                Europe                                                       Europe

                                                United States                                                United States


    $0.0m                                                        US$0.0m
            2008/09        2011/12                                         2008/09        2011/12



   $0.1m
                                                                  $0.1m




   $0.0m                                                          $0.0m
            2008/09           2010/11                  2012/13             2008/09           2010/11             2012/13

           United States             Europe                               United States             Europe

           Asia                      Rest of the world                    Asia                      Rest of the world




  $0.0m
                                                                 $0.0m
  $0.0m
                                                                 $0.0m
  $0.0m
  $0.0m                                                          $0.0m

  $0.0m                                                          $0.0m
  $0.0m
                                                                 $0.0m
  $0.0m
           2008/09            2010/11                  2012/13   $0.0m
                                                                          2008/09            2010/11             2012/13
                  United States        Europe          Asia
                                                                                 United States        Europe        Asia
ABC Company Limited
Graphical summary

   $0.0m
   $0.0m                                                        US$0.5m
   $0.0m                                                                                           Rest of the
   $0.0m                                                                                           world
   $0.0m                                                                                           Asia
   $0.0m
   $0.0m
   $0.0m                                                                                           Europe
   $0.0m
             2008/09            2010/11             2012/13                                        United States

            United States             Europe
                                                                US$0.0m
                                                                          2008/09 2011/12
            Asia                      Rest of the world



   $0.0m
                                                                 $0.0m
   $0.0m                                       Rest of the
                                               world             $0.0m
   $0.0m                                                         $0.0m
                                                Asia
   $0.0m                                                         $0.0m
                                                                 $0.0m
   $0.0m                                        Europe
                                                                 $0.0m
   $0.0m
                                                United States
                                                                 $0.0m
   $0.0m                                                                  2008/09        2010/11            2012/13
   $0.0m
           2008/09          2011/12                                      United States      Europe
                                                                         Asia               Rest of the world
ABC Company Limited
Financial Forecast                    2008/09             2009/10          2010/11          2011/12          2012/13

GROSS REVENUE
Non-recurring gross revenue
Product 1                                          $15               $40              $95             $160             $235
Product 2                                           $4               $20              $19              $19              $19
Product 3                                          $35               $35              $45              $55              $65
Service 1                                          $20               $20              $20             $235             $510
Service 2                                          $15               $15              $15              $15              $15
                                                   $89              $130             $194             $484             $844

Recurring gross revenue
Product 1                                           $0               $0                $0               $0               $0
Product 2                                          $12              $72              $131             $190             $249
Product 3                                           $4               $8               $11              $15              $19
Service 1                                           $4               $8               $12              $59             $161
Service 2                                           $3               $6                $9              $12              $15
                                                   $23              $94              $163             $276             $444

Total gross revenue                             2008/09        2009/10          2010/11          2011/12           2012/13
Product 1                                          $15            $40              $95             $160              $235
Product 2                                          $16            $92             $150             $209              $268
Product 3                                          $39            $43              $56              $70               $84
Service 1                                          $24            $28              $32             $294              $671
Service 2                                          $18            $21              $24              $27               $30
                Total gross revenue               $112           $224             $357             $760            $1,288

LESS DIRECT COST
Direct cost (non-recurring)
Product 1                                           $3               $8              $19               $32              $47
Product 2                                           $4              $20              $19               $19              $19
Product 3                                           $7               $7               $9               $11              $13
Service 1                                          $17              $17              $17              $210             $458
Service 2                                           $3               $3               $3                $3               $3
                                                   $34              $55              $67              $275             $540
Direct costs (recurring)
Product 1                                           $0               $0                $0               $0               $0
Product 2                                          $12              $72              $131             $190             $249
Product 3                                           $1               $2                $2               $3               $4
Service 1                                           $3               $7               $10              $52             $143
Service 2                                           $1               $1                $2               $2               $3
                                                   $17              $81              $145             $247             $399
Direct costs (Total)
Product 1                                           $3               $8              $19               $32              $47
Product 2                                           $3              $18              $30               $42              $54
Product 3                                           $8               $9              $11               $14              $17
Service 1                                          $20              $23              $26              $262             $601
Service 2                                           $4               $4               $5                $5               $6
TOTAL DIRECT COSTS                                 $37              $62              $91              $355             $724




    Confidential                                           Financial Forecast                                                 Page 25
ABC Company Limited
Financial Forecast                       2008/09         2009/10          2010/11           2011/12          2012/13

NET REVENUE
Net revenue (non-recurring)
Product 1                                          $12             $32               $76              $128              $188
Product 2                                           $0              $0                $0                $0                $0
Product 3                                          $28             $28               $36               $44               $52
Service 1                                           $4              $4                $4               $25               $53
Service 2                                          $12             $12               $12               $12               $12
                                                   $56             $76              $128              $209              $305
Net revenue (recurring)
Product 1                                           $0              $0               $0                $0                $0
Product 2                                           $0              $0               $0                $0                $0
Product 3                                           $3              $6               $9               $12               $15
Service 1                                           $1              $1               $2                $7               $18
Service 2                                           $2              $5               $7               $10               $12
                                                    $6             $13              $18               $29               $45
Net revenue (Total)
Product 1                                          $12              $32              $76              $128              $188
Product 2                                          $13              $74             $120              $167              $214
Product 3                                          $31              $34              $45               $56               $67
Service 1                                           $4               $5               $6               $32               $70
Service 2                                          $14              $17              $19               $22               $24
TOTAL NET REVENUE                                  $75             $162             $266              $405              $564


OTHER INCOME
Other income
                   Total other income               $0              $0               $0                $0                 $0

TOTAL REVENUE                                      $75             $162             $266              $405              $564


Less Operating Expenses
Finance and administration                          $0              $0               $0                $0                 $0
Sales and marketing                                 $0              $0               $0                $0                 $0
Research and development                            $0              $0               $0                $0                 $0
Staff                                               $0              $0               $0                $0                 $0
Overhead                                            $0              $0               $0                $0                 $0
Total operating expenses                           $0               $0               $0                $0                $0

EBITDA                                             $75        $162             $266              $405                  $564
Existing Depreciation and amortisation              $0              $0               $0                $0                 $0
Additional depreciation                             $0              $0               $0                $0                 $0
Depreciation and Amortisation                       $0          $0               $0                $0                    $0
EBIT                                               $75        $162             $266              $405                  $564
Interest received                                   $0              $0               $0                $0                 $0
Interest paid                                       $0              $0               $0                $0                 $0
Finance lease charges                               $0              $0               $0                $0                 $0
                          Net interest              $0              $0               $0                $0                 $0
EBT                                                $75        $162             $266              $405                  $564
Income Taxation                                     $0              $0              ($80)         ($121)               ($169)
NPAT                                               $75        $162             $186              $283                  $395




    Confidential                                          Financial Forecast                                                    Page 26
ABC Company Limited
Financial Forecast                       2008/09          2009/10         2010/11          2011/12         2012/13

NPAT                                                $75        $162               $186          $283               $395

Capital expenditure
Working capital                                      $0             $0              $0               $0                 $0
Finance and administration                           $0             $0              $0               $0                 $0
Sales and marketing                                  $0             $0              $0               $0                 $0
Research and development                             $0             $0              $0               $0                 $0
Staff                                                $0             $0              $0               $0                 $0
Overhead                                             $0             $0              $0               $0                 $0
       Total capital expenditure                    $0              $0              $0               $0                $0

Net cashflow after capital expenditure              $75        $162               $186          $283               $395

Financing activities
Equity funds raised                                  $0
Dividends                                            $0             $0             ($81)           ($93)             ($142)
         Net financing activities                   $0              $0            ($81)         ($93)           ($142)

Net cashflow after financing                        $75        $162               $105          $190               $253




ABC Company Limited
Balance Sheet (Historical and Financial Forecast)
                                                      0      2008/09            2009/10       2010/11          2011/12          2012/13
CURRENT ASSETS
Cash                                     #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Trade debtors                            #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Other                                    #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
TOTAL CURRENT ASSETS                     #REF!            #REF!            #REF!           #REF!           #REF!              #REF!

NON-CURRENT ASSETS
Investments                              #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Property, Plant & equipment              #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Intangibles                              #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Other                                    #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
TOTAL NON-CURRENT ASSETS                 #REF!            #REF!            #REF!           #REF!           #REF!              #REF!

TOTAL ASSETS                             #REF!            #REF!            #REF!           #REF!           #REF!              #REF!

CURRENT LIABILITIES
Creditors                                #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Provisions                               #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Other                                    #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
TOTAL CURRENT LIABILITIES                #REF!            #REF!            #REF!           #REF!           #REF!              #REF!

NON CURRENT LIABILITIES
Provision for deferred income tax             #REF!       #REF!            #REF!           #REF!           #REF!              #REF!
Other                                          #REF!      #REF!            #REF!           #REF!           #REF!              #REF!
TOTAL NON-CURRENT LIABILITIES            #REF!            #REF!            #REF!           #REF!           #REF!              #REF!

TOTAL LIABILITIES                        #REF!            #REF!            #REF!           #REF!           #REF!              #REF!

NET ASSETS                               #REF!            #REF!            #REF!           #REF!           #REF!              #REF!

SHAREHOLDER EQUITY
Issued Share Capital                     #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Foreign Currency Transalation Reserver   #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
Retained Profits/(losses)                #REF!            #REF!            #REF!           #REF!           #REF!              #REF!
TOTAL SHAREHOLDERS' EQUITY               #REF!            #REF!            #REF!           #REF!           #REF!              #REF!


    Confidential                                           Financial Forecast                                                  Page 27
    ABC Company Limited
    Revenue and direct cost summary

    Gross revenue                     2008/09         2009/10       2010/11      2011/12         2012/13
    Product 1                             $15              $40          $95         $160           $235
    Product 2                             $16              $92         $150         $209           $268
    Product 3                             $39              $43          $56          $70             $84
    Service 1                             $24              $28          $32         $294           $671
    Service 2                             $18              $21          $24          $27             $30
                            Total        $112             $224         $357         $760          $1,288


    Direct cost                       2008/09         2009/10       2010/11      2011/12         2012/13
    Product 1                              $3               $8          $19          $32             $47
    Product 2                              $3               $3           $3           $3              $3
    Product 3                              $8               $9          $11          $14             $17
    Service 1                             $20              $23          $26         $262            $601
    Service 2                              $4               $4           $5           $5              $6
                            Total         $37              $47          $65         $317            $674


    Net revenue                       2008/09         2009/10       2010/11      2011/12         2012/13
    Product 1                             $12              $32          $76         $128            $188
    Product 2                             $13              $13          $13          $13             $13
    Product 3                             $31              $34          $45          $56             $67
    Service 1                              $4               $5           $6          $32             $70
    Service 2                             $14              $17          $19          $22             $24
                            Total         $75             $101         $158         $251            $362


    Non-recurring revenue             2008/09         2009/10       2010/11      2011/12         2012/13
    Product 1                             $15              $40          $95         $160            $235
    Product 2                              $4              $20          $19          $19             $19
    Product 3                             $35              $35          $45          $55             $65
    Service 1                             $20              $20          $20         $235            $510
    Service 2                             $15              $15          $15          $15             $15
                            Total         $89             $130         $194         $484            $844


    Recurring revenue                 2008/09         2009/10       2010/11      2011/12         2012/13
    Product 1                              $0               $0           $0           $0              $0
    Product 2                             $12              $72         $131         $190            $249
    Product 3                              $4               $8          $11          $15             $19
    Service 1                              $4               $8          $12          $59            $161
    Service 2                              $3               $6           $9          $12             $15
                            Total         $23              $94         $163         $276            $444


    Gross margin                    2008/09         2009/10       2010/11     2011/12         2012/13
    Product 1                             80%              80%          80%             80%             80%
    Product 2                             80%              97%          98%             98%             99%
    Product 3                             80%              80%          80%             80%             80%
    Service 1                             18%              18%          18%             11%             10%
    Service 2                             80%              80%          80%             80%             80%
    Average                               67%              79%          82%             58%             48%




Confidential                                    Revenue summary                                               Page 28
    ABC Company Limited
    Profit and Loss Statement
    (Historical)

    Revenue                                 H2 1999     H1 2000      1999/2000
    Sales                                         $0           $0           $0
                              Total sales         $0           $0           $0


    Other income
    Other income                                  $0           $0           $0
                       Total other income         $0           $0           $0


    Total Revenue                                 $0           $0           $0


    Less Direct cost                              $0           $0           $0


    Net revenue                                   $0           $0           $0


    Less Operating Expenses
    Finance and administration                                              $0
    Sales and marketing                                                     $0
    Research and development                                                $0
    Staff                                                                   $0
    Overhead                                                                $0
             Total Operating Expenses             $0           $0           $0


    Earnings before Depn,Int and tax              $0           $0           $0
    Depreciation
    Amortisation
          Depreciation and amortisation           $0           $0           $0
    Earnings before interest and tax              $0           $0           $0
    Interested received                           $0           $0           $0
    Interest paid                                 $0           $0           $0
    Finance lease charges
                            Net interest          $0           $0           $0
    Operating profit before tax                   $0           $0           $0
    Income Taxation                               $0           $0           $0
    Net profit after tax                          $0           $0           $0


    Less capital expenditure
    Finance and administration
    Sales and marketing
    Research and development
    Staff
    Overhead
             Total capital expenditure            $0           $0           $0


    Net cashflow                                  $0           $0           $0


    Equity finance                                $0           $0           $0


    Net cashflow after finance                    $0           $0           $0




Confidential                                  Historical financial               Page 29
    ABC Company Limited
    Balance Sheet
                                                H1 2000    1999/2000
    CURRENT ASSETS
    Cash
    Trade debtors
    Other
    TOTAL CURRENT ASSETS                             $0          $0


    NON-CURRENT ASSETS
    Receivables
    Investments
    Property, Plant & equipment
    Intangibles
    Other
    TOTAL NON-CURRENT ASSETS                         $0          $0


    TOTAL ASSETS                                     $0          $0


    CURRENT LIABILITIES
    Trade Creditors
    Provisions
    Unearned income
    Other
    TOTAL CURRENT LIABILITIES                        $0          $0


    NON CURRENT LIABILITIES
    Provisions
    Unearned income
    Deferred income tax liability
    Other
    TOTAL NON-CURRENT LIABILITIES                    $0          $0


    TOTAL LIABILITIES                                $0          $0


    NET ASSETS                                       $0          $0


    SHAREHOLDER EQUITY
    Issued Share Capital
    Reserves
    Retained Profits/(losses)
    TOTAL SHAREHOLDERS' EQUITY                       $0          $0




Confidential                        Historical financial               Page 30
ABC Company Limited
Product 1
Summary

Total revenue                  2008/09    2009/10    2010/11   2011/12   2012/13
United States                      $5         $15       $30       $50         $75
Europe                             $5         $15       $30       $50         $75
Asia                               $5         $10       $35       $60         $85
Rest of the world                  $0          $0        $0        $0          $0
                       Total      $15         $40       $95      $160       $235

Direct cost                    2008/09    2009/10    2010/11   2011/12   2012/13
United States                      $1          $3        $6       $10         $15
Europe                             $1          $3        $6       $10         $15
Asia                               $1          $2        $7       $12         $17
Rest of the world                  $0          $0        $0        $0          $0
                       Total       $3          $8       $19       $32        $47

Net revenue                    2008/09    2009/10    2010/11   2011/12   2012/13
United States                      $4         $12       $24       $40         $60
Europe                             $4         $12       $24       $40         $60
Asia                               $4          $8       $28       $48         $68
Rest of the world                  $0          $0        $0        $0          $0
                       Total      $12         $32       $76      $128       $188

Non-recurring Gross revenue    2008/09    2009/10    2010/11   2011/12   2012/13
United States                      $5         $15       $30       $50         $75
Europe                             $5         $15       $30       $50         $75
Asia                               $5         $10       $35       $60         $85
Rest of the world                  $0          $0        $0        $0          $0
                       Total      $15         $40       $95      $160       $235

Recurring Gross revenue        2008/09    2009/10    2010/11   2011/12   2012/13
United States                      $0          $0        $0        $0          $0
Europe                             $0          $0        $0        $0          $0
Asia                               $0          $0        $0        $0          $0
Rest of the world                  $0          $0        $0        $0          $0
                       Total       $0          $0        $0        $0         $0

Direct cost (non-recurring)    2008/09    2009/10    2010/11   2011/12   2012/13
United States                      $1         $3         $6       $10       $15
Europe                             $1         $3         $6       $10       $15
Asia                               $1         $2         $7       $12       $17
Rest of the world                  $0         $0         $0        $0        $0
                      Total        $3         $8        $19       $32       $47

Direct cost (recurring)        2008/09    2009/10    2010/11   2011/12   2012/13
United States                      $0         $0         $0        $0        $0
Europe                             $0         $0         $0        $0        $0
Asia                               $0         $0         $0        $0        $0
Rest of the world                  $0         $0         $0        $0        $0
                       Total       $0         $0         $0        $0        $0




   Confidential                          Revenue 1                       Page 31
         ABC Company Limited
         Product 1
         Revenue by submarket segment
                                         2008/09           2009/10         2010/11         2011/12         2012/13
          United States
         Non-recurring revenue                         5              15              30              50               75
         Recurring revenue                         -                 -               -               -                -
                                 Total                 5             15              30              50              75

          Europe
         Non-recurring revenue                         5              15              30              50               75
         Recurring revenue                         -                 -               -               -                -
                                 Total                 5             15              30              50              75

          Asia
         Non-recurring revenue                         5              10              35              60               85
         Recurring revenue                         -                 -               -               -                -
                                 Total                 5             10              35              60              85

          Rest of the world
         Non-recurring revenue                     -                 -               -               -                -
         Recurring revenue                         -                 -               -               -                -
                                                   -                 -               -               -                -


          Total
         Non-recurring revenue                      15                40              95             160             235
         Recurring revenue                         -                 -               -               -               -
required (man days per subscription)               15                40              95          160                 235




            Confidential                                    Revenue 1                                         Page 32
ABC Company Limited
Product 1
Non-recurring and recurring revenue

Non-recurring revenue                 2008/09    2009/10    2010/11   2011/12   2012/13
United States                             $5         $15       $30       $50         $75
Europe                                    $5         $15       $30       $50         $75
Asia                                      $5         $10       $35       $60         $85
Rest of the world                         $0          $0        $0        $0          $0
                     Total               $15         $40       $95      $160       $235

Recurring revenue
United States                             $0          $0        $0        $0          $0
Europe                                    $0          $0        $0        $0          $0
Asia                                      $0          $0        $0        $0          $0
Rest of the world                         $0          $0        $0        $0          $0
                     Total                $0          $0        $0        $0         $0

Total
United States                             $5         $15       $30       $50         $75
Europe                                    $5         $15       $30       $50         $75
Asia                                      $5         $10       $35       $60         $85
Rest of the world                         $0          $0        $0        $0          $0
                     Total               $15         $40       $95      $160       $235
Direct cost A$ (non-recurring)
United States                             $1          $3        $6       $10         $15
Europe                                    $1          $3        $6       $10         $15
Asia                                      $1          $2        $7       $12         $17
Rest of the world                         $0          $0        $0        $0          $0
                     Total                $3          $8       $19       $32        $47

Direct cost A$ (recurring)
United States                             $0          $0        $0        $0          $0
Europe                                    $0          $0        $0        $0          $0
Asia                                      $0          $0        $0        $0          $0
Rest of the world                         $0          $0        $0        $0          $0
                     Total                $0          $0        $0        $0         $0




   Confidential                                 Revenue 1                       Page 33
ABC Company Limited
Product 2
Summary

Gross revenue                  2008/09       2009/10   2010/11   2011/12   2012/13
United States                      $6           $35       $60       $85      $110
Europe                             $6           $35       $60       $85      $110
Asia                               $2           $11       $16       $21       $26
Rest of the world                  $2           $11       $14       $18       $22
                       Total      $16           $92      $150      $209      $268

Direct cost                    2008/09       2009/10   2010/11   2011/12   2012/13
United States                      $1            $7       $12       $17       $22
Europe                             $1            $7       $12       $17       $22
Asia                               $0            $2        $3        $4        $5
Rest of the world                  $0            $2        $3        $4        $4
                       Total       $3           $18       $30       $42       $54

Net revenue                    2008/09       2009/10   2010/11   2011/12   2012/13
United States                      $5           $28       $48       $68       $88
Europe                             $5           $28       $48       $68       $88
Asia                               $2            $9       $13       $17       $21
Rest of the world                  $2            $9       $11       $14       $18
                       Total      $13           $74      $120      $167      $214

Non-recurring revenue          2008/09       2009/10   2010/11   2011/12   2012/13
United States                      $1            $5        $5        $5        $5
Europe                             $1            $5        $5        $5        $5
Asia                               $1            $5        $5        $5        $5
Rest of the world                  $1            $5        $4        $4        $4
                    Total          $4           $20       $19       $19       $19

Recurring revenue              2008/09       2009/10   2010/11   2011/12   2012/13
United States                      $5           $30       $55       $80      $105
Europe                             $5           $30       $55       $80      $105
Asia                               $1            $6       $11       $16       $21
Rest of the world                  $1            $6       $10       $14       $18
                       Total      $12           $72      $131      $190      $249

Direct cost (non-recurring)
United States                      $0            $1        $1        $1         $1
Europe                             $0            $1        $1        $1         $1
Asia                               $0            $1        $1        $1         $1
Rest of the world                  $0            $1        $1        $1         $1
                      Total        $1            $4        $4        $4         $4

Direct cost (recurring)
United States                      $1            $6       $11       $16        $21
Europe                             $1            $6       $11       $16        $21
Asia                               $0            $1        $2        $3         $4
Rest of the world                  $0            $1        $2        $3         $4
                       Total       $2           $14       $26       $38        $50

  Confidential                           Revenue 2                         Page 34
ABC Company Limited
Product 2
Revenue by submarket segment
                                2008/09        2009/10          2010/11        2011/12         2012/13
United States
Non-recurring revenue                      1                5              5              5                5
Recurring revenue                          5               30             55             80              105
                        Total             6              35               60             85              110

Europe
Non-recurring revenue                      1                5              5              5                5
Recurring revenue                          5               30             55             80              105
                        Total             6              35               60             85              110

Asia
Non-recurring revenue                      1               5               5              5                5
Recurring revenue                          1               6              11             16               21
                        Total             2              11               16             21              26

Rest of the world
Non-recurring revenue                      1                5              4              4                4
Recurring revenue                          1                6             10             14               18
                                           2               11             14             18               22


Total
Non-recurring revenue                      4               20          19                 19              19
Recurring revenue                         12               72         131                190             249
                                          16             92          150             209                 268




  Confidential                                 Revenue 2                                          Page 35
ABC Company Limited
Product 2
Non-recurring and recurring revenue

Non-recurring revenue                 2008/09       2009/10   2010/11   2011/12   2012/13
United States                             $1            $5        $5        $5        $5
Europe                                    $1            $5        $5        $5        $5
Asia                                      $1            $5        $5        $5        $5
Rest of the world                         $1            $5        $4        $4        $4
                    Total                 $4           $20       $19       $19       $19

Recurring revenue
United States                             $5           $30       $55       $80      $105
Europe                                    $5           $30       $55       $80      $105
Asia                                      $1            $6       $11       $16       $21
Rest of the world                         $1            $6       $10       $14       $18
                      Total              $12           $72      $131      $190      $249

Total
United States                             $6           $35       $60       $85      $110
Europe                                    $6           $35       $60       $85      $110
Asia                                      $2           $11       $16       $21       $26
Rest of the world                         $2           $11       $14       $18       $22
                      Total              $16           $92      $150      $209      $268

Direct cost (non-recurring)
United States                             $0            $1        $1        $1         $1
Europe                                    $0            $1        $1        $1         $1
Asia                                      $0            $1        $1        $1         $1
Rest of the world                         $0            $1        $1        $1         $1
                     Total                $1            $4        $4        $4         $4

Direct cost (recurring)
United States                             $1            $6       $11       $16        $21
Europe                                    $1            $6       $11       $16        $21
Asia                                      $0            $1        $2        $3         $4
Rest of the world                         $0            $1        $2        $3         $4
                      Total               $2           $14       $26       $38        $50




  Confidential                                  Revenue 2                         Page 36
ABC Company Limited
Product 3
Summary

Total revenue                         2008/09        2009/10   2010/11   2011/12     2012/13
 United States                            $6             $7        $8        $9         $10
 Europe                                  $11            $12       $13       $14         $15
 Asia                                    $11            $12       $12       $12         $12
 Rest of the world                       $11            $12       $23       $35         $47
                              Total      $39            $43       $56       $70         $84

Direct cost                           2008/09        2009/10   2010/11   2011/12     2012/13
United States                             $1             $1        $2        $2          $2
Europe                                    $2             $2        $3        $3          $3
Asia                                      $2             $2        $2        $2          $2
Rest of the world                         $2             $2        $5        $7          $9
                              Total       $8             $9       $11       $14         $17

Net revenue                           2008/09        2009/10   2010/11   2011/12     2012/13
United States                             $5             $6        $6        $7          $8
Europe                                    $9            $10       $10       $11         $12
Asia                                      $9            $10       $10       $10         $10
Rest of the world                         $9            $10       $18       $28         $38
                              Total      $31            $34       $45       $56         $67

Non-recurring Gross revenue           2008/09        2009/10   2010/11   2011/12     2012/13
United States                             $5             $5        $5        $5          $5
Europe                                   $10            $10       $10       $10         $10
Asia                                     $10            $10       $10       $10         $10
Rest of the world                        $10            $10       $20       $30         $40
                           Total         $35            $35       $45       $55         $65

Recurring Gross revenue               2008/09        2009/10   2010/11   2011/12     2012/13
United States                             $1             $2        $3        $4          $5
Europe                                    $1             $2        $3        $4          $5
Asia                                      $1             $2        $2        $2          $2
Rest of the world                         $1             $2        $3        $5          $7
                              Total       $4             $8       $11       $15         $19

Direct cost (non-recurring)           2008/09        2009/10   2010/11   2011/12     2012/13
United States                             $1             $1        $1        $1          $1
Europe                                    $2             $2        $2        $2          $2
Asia                                      $2             $2        $2        $2          $2
Rest of the world                         $2             $2        $4        $6          $8
                              Total       $7             $7        $9       $11         $13

Direct cost (recurring)               2008/09        2009/10   2010/11   2011/12     2012/13
United States                             $0             $0        $1        $1          $1
Europe                                    $0             $0        $1        $1          $1
Asia                                      $0             $0        $0        $0          $0
Rest of the world                         $0             $0        $1        $1          $1
                              Total       $1             $2        $2        $3          $4




   Confidential                                 Revenue 3                          Page 37
ABC Company Limited
Product 3
Revenue by submarket segment
                                2008/09        2009/10          2010/11        2011/12        2012/13
United States
Non-recurring revenue                      5               5               5              5              5
Recurring revenue                          1               2               3              4              5
                        Total             6                7              8              9              10

Europe
Non-recurring revenue                     10               10             10             10             10
Recurring revenue                          1                2              3              4              5
                        Total             11             12               13             14             15

Asia
Non-recurring revenue                     10               10             10             10             10
Recurring revenue                          1                2              2              2              2
                        Total             11             12               12             12             12

Rest of the world
Non-recurring revenue                     10               10             20             30             40
Recurring revenue                          1                2              3              5              7
                                          11               12             23             35             47


Total
Non-recurring revenue                     35               35             45             55             65
Recurring revenue                          4                8             11             15             19
                                          39             43               56             70             84




  Confidential                                 Revenue 3                                         Page 38
ABC Company Limited
Product 3
Non-recurring and recurring revenue

Non-recurring revenue                 2008/09       2009/10      2010/11   2011/12   2012/13
United States                             $5             $5          $5        $5         $5
Europe                                   $10            $10         $10       $10        $10
Asia                                     $10            $10         $10       $10        $10
Rest of the world                        $10            $10         $20       $30        $40
                     Total               $35           $35          $45       $55        $65

Recurring revenue
United States                             $1                $2       $3        $4         $5
Europe                                    $1                $2       $3        $4         $5
Asia                                      $1                $2       $2        $2         $2
Rest of the world                         $1                $2       $3        $5         $7
                     Total                $4            $8          $11       $15        $19

Total
United States                             $6             $7          $8        $9        $10
Europe                                   $11            $12         $13       $14        $15
Asia                                     $11            $12         $12       $12        $12
Rest of the world                        $11            $12         $23       $35        $47
                     Total               $39           $43          $56       $70        $84

Direct cost A$ (non-recurring)
United States                             $1                $1       $1        $1         $1
Europe                                    $2                $2       $2        $2         $2
Asia                                      $2                $2       $2        $2         $2
Rest of the world                         $2                $2       $4        $6         $8
                     Total                $7            $7           $9       $11        $13

Direct cost A$ (recurring)
United States                             $0                $0       $1        $1         $1
Europe                                    $0                $0       $1        $1         $1
Asia                                      $0                $0       $0        $0         $0
Rest of the world                         $0                $0       $1        $1         $1
                     Total                $1            $2           $2        $3         $4




  Confidential                                  Revenue 3                            Page 39
ABC Company Limited
Service 1
Summary

Gross revenue                     2008/09       2009/10   2010/11   2011/12   2012/13
United States                         $6            $7        $8        $9       $10
Europe                                $6            $7        $8        $9       $10
Asia                                  $6            $7        $8      $153      $328
Rest of the world                     $6            $7        $8      $123      $323
                          Total      $24           $28       $32      $294      $671

Direct cost                       2008/09       2009/10   2010/11   2011/12   2012/13
United States                         $4            $4        $5        $5        $6
Europe                                $5            $6        $7        $8        $9
Asia                                  $5            $6        $7      $138      $295
Rest of the world                     $5            $6        $7      $111      $291
                          Total      $20           $23       $26      $262      $601

Net revenue                       2008/09       2009/10   2010/11   2011/12   2012/13
United States                         $2            $3        $3        $4        $4
Europe                                $1            $1        $1        $1        $1
Asia                                  $1            $1        $1       $15       $33
Rest of the world                     $1            $1        $1       $12       $32
                          Total       $4            $5        $6       $32       $70

Non-recurring Gross revenue       2008/09       2009/10   2010/11   2011/12   2012/13
United States                         $5            $5        $5        $5        $5
Europe                                $5            $5        $5        $5        $5
Asia                                  $5            $5        $5      $125      $250
Rest of the world                     $5            $5        $5      $100      $250
                     Total           $20           $20       $20      $235      $510

Recurring Gross revenue           2008/09       2009/10   2010/11   2011/12   2012/13
United States                         $1            $2        $3        $4        $5
Europe                                $1            $2        $3        $4        $5
Asia                                  $1            $2        $3       $28       $78
Rest of the world                     $1            $2        $3       $23       $73
                     Total            $4            $8       $12       $59      $161

Direct cost (non-recurring)       2008/09       2009/10   2010/11   2011/12   2012/13
United States                         $3            $3        $3        $3        $3
Europe                                $5            $5        $5        $5        $5
Asia                                  $5            $5        $5      $113      $225
Rest of the world                     $5            $5        $5       $90      $225
                      Total          $17           $17       $17      $210      $458

Direct cost (recurring)           2008/09       2009/10   2010/11   2011/12   2012/13
United States                         $1            $1        $2        $2        $3
Europe                                $1            $2        $3        $4        $5
Asia                                  $1            $2        $3       $25       $70
Rest of the world                     $1            $2        $3       $21       $66
                          Total       $3            $7       $10       $52      $143




  Confidential                              Revenue 4                         Page 40
ABC Company Limited
Service 1
Revenue by submarket segment
                                2008/09        2009/10          2010/11        2011/12       2012/13
United States
Non-recurring revenue                     5                5              5              5              5
Recurring revenue                         1                2              3              4              5
                        Total             6                7              8              9             10

Europe
Non-recurring revenue                     5                5              5              5              5
Recurring revenue                         1                2              3              4              5
                        Total             6                7              8              9             10

Asia
Non-recurring revenue                     5                5              5          125               250
Recurring revenue                         1                2              3           28                78
                        Total             6                7              8          153               328

Rest of the world
Non-recurring revenue                     5                5              5          100               250
Recurring revenue                         1                2              3           23                73
                                          6                7              8          123               323

Total
Non-recurring revenue                     20               20             20         235               510
Recurring revenue                          4                8             12          59               161
                        Total             24               28             32         294               671




  Confidential                                 Revenue 4                                        Page 41
ABC Company Limited
Service 1
Recurring and Non-recurring revenue

Non-recurring revenue                 2008/09       2009/10       2010/11   2011/12   2012/13
United States                             $5            $5            $5        $5        $5
Europe                                    $5            $5            $5        $5        $5
Asia                                      $5             $5           $5      $125      $250
Rest of the world                         $5             $5           $5      $100      $250
                      Total              $20            $20          $20      $235      $510

Recurring revenue
United States                             $1                $2        $3        $4        $5
Europe                                    $1                $2        $3        $4        $5
Asia                                      $1                $2        $3       $28       $78
Rest of the world                         $1                $2        $3       $23       $73
                      Total               $4                $8       $12       $59      $161

Total
United States                             $6             $7           $8        $9       $10
Europe                                    $6             $7           $8        $9       $10
Asia                                      $6             $7           $8      $153      $328
Rest of the world                         $6             $7           $8      $123      $323
                      Total              $24            $28          $32      $294      $671

Direct cost A$ (non-recurring)
United States                             $3                 $3       $3         $3         $3
Europe                                    $5                 $5       $5         $5         $5
Asia                                      $5                 $5       $5       $113       $225
Rest of the world                         $5                 $5       $5        $90       $225
                       Total             $17                $17      $17       $210       $458


Direct cost A$ (recurring)
United States                             $1                $1        $2        $2          $3
Europe                                    $1                $2        $3        $4          $5
Asia                                      $1                $2        $3       $25         $70
Rest of the world                         $1                $2        $3       $21         $66
                       Total              $3                $7       $10       $52        $143




   Confidential                                 Revenue 4                             Page 42
ABC Company Limited
Service 2
Summary

Total revenue                  2008/09         2009/10   2010/11   2011/12    2012/13
 United States                     $6              $7        $8        $9        $10
 Europe                            $6              $7        $8        $9        $10
 Asia                              $6              $7        $8        $9        $10
 Rest of the world                 $0              $0        $0        $0         $0
                       Total      $18             $21       $24       $27        $30

Direct cost                    2008/09         2009/10   2010/11   2011/12    2012/13
United States                      $1              $1        $2        $2         $2
Europe                             $1              $1        $2        $2         $2
Asia                               $1              $1        $2        $2         $2
Rest of the world                  $0              $0        $0        $0         $0
                       Total       $4              $4        $5        $5         $6

Net revenue                    2008/09         2009/10   2010/11   2011/12    2012/13
United States                      $5              $6        $6        $7         $8
Europe                             $5              $6        $6        $7         $8
Asia                               $5              $6        $6        $7         $8
Rest of the world                  $0              $0        $0        $0         $0
                       Total      $14             $17       $19       $22        $24

Non-recurring Gross revenue    2008/09         2009/10   2010/11   2011/12    2012/13
United States                      $5              $5        $5        $5         $5
Europe                             $5              $5        $5        $5         $5
Asia                               $5              $5        $5        $5         $5
Rest of the world                  $0              $0        $0        $0         $0
                     Total        $15             $15       $15       $15        $15

Recurring Gross revenue        2008/09         2009/10   2010/11   2011/12    2012/13
United States                      $1              $2        $3        $4         $5
Europe                             $1              $2        $3        $4         $5
Asia                               $1              $2        $3        $4         $5
Rest of the world                  $0              $0        $0        $0         $0
                    Total          $3              $6        $9       $12        $15

Direct cost (non-recurring)    2008/09         2009/10   2010/11   2011/12    2012/13
United States                      $1              $1        $1        $1         $1
Europe                             $1              $1        $1        $1         $1
Asia                               $1              $1        $1        $1         $1
Rest of the world                  $0              $0        $0        $0         $0
                      Total        $3              $3        $3        $3         $3

Direct cost (recurring)        2008/09         2009/10   2010/11   2011/12    2012/13
United States                      $0              $0        $1        $1         $1
Europe                             $0              $0        $1        $1         $1
Asia                               $0              $0        $1        $1         $1
Rest of the world                  $0              $0        $0        $0         $0
                       Total       $1              $1        $2        $2         $3




   Confidential                          Revenue 5                           Page 43
ABC Company Limited
Service 2
Revenue by submarket segment

                                2008/09             2009/10           2010/11           2011/12        2012/13
United States
Non-recurring revenue                         5                   5                 5              5              5
Recurring revenue                             1                   2                 3              4              5
                     Total                    6                   7                 8              9             10

Europe
Non-recurring revenue                         5                   5                 5              5              5
Recurring revenue                             1                   2                 3              4              5
                     Total                    6                   7                 8              9             10

Asia
Non-recurring revenue                         5                   5                 5              5              5
Recurring revenue                             1                   2                 3              4              5
                        Total                 6                   7                 8              9             10

Rest of the world
Non-recurring revenue                     -                   -                 -             -                  -
Recurring revenue                         -                   -                 -             -                  -
                                          -                   -                 -             -                  -

Total
Non-recurring revenue                     15                  15                15                15             15
Recurring revenue                          3                   6                 9                12             15
                        Total             18                  21                24                27             30




  Confidential                                    Revenue 5                                              Page 44
ABC Company Limited
Service 2
Non-recurring and recurring revenue

Non-recurring revenue                 2008/09         2009/10     2010/11   2011/12    2012/13
United States                             $5              $5          $5        $5         $5
Europe                                    $5              $5          $5        $5         $5
Asia                                      $5              $5          $5        $5         $5
Rest of the world                         $0              $0          $0        $0         $0
                    Total                $15             $15         $15       $15        $15

Recurring revenue
United States                             $1                 $2       $3        $4         $5
Europe                                    $1                 $2       $3        $4         $5
Asia                                      $1                 $2       $3        $4         $5
Rest of the world                         $0                 $0       $0        $0         $0
                      Total               $3                 $6       $9       $12        $15

Total
United States                             $6                 $7       $8        $9        $10
Europe                                    $6                 $7       $8        $9        $10
Asia                                      $6                 $7       $8        $9        $10
Rest of the world                         $0                 $0       $0        $0         $0
                      Total              $18                $21      $24       $27        $30

Direct cost (non-recurring)
United States                             $1                 $1       $1        $1          $1
Europe                                    $1                 $1       $1        $1          $1
Asia                                      $1                 $1       $1        $1          $1
Rest of the world                         $0                 $0       $0        $0          $0
                     Total                $3                 $3       $3        $3          $3

Direct cost (recurring)
United States                             $0                 $0       $1        $1          $1
Europe                                    $0                 $0       $1        $1          $1
Asia                                      $0                 $0       $1        $1          $1
Rest of the world                         $0                 $0       $0        $0          $0
                      Total               $1                 $1       $2        $2          $3




  Confidential                                  Revenue 5                             Page 45
    ABC Company Limited
    Venture capital and IPO analysis
                                                                 2008/09                 2009/10           2010/11           2011/12               2012/13
    Sales                                                          $112                    $224              $357              $760                $1,288
    EBDIT                                                           $75                    $162              $266              $405                  $564
    EBIT                                                            $75                    $162              $266              $405                  $564
    NPAT                                                            $75                    $162              $186              $283                  $395
    Net Tangible Assets
    Issued shares (begin of year)                                       -           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
    Issued shares (end of year)                             #DIV/0!                 #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!

    Venture capital finance
    Amount invested                                                      $0
    Mezzanine Valuation                                                 -
    Pre-mezzanine NPAT (last year)                                          -
    Value at issue                                                              0
    Number of shares issued to investor                     #DIV/0!
    Dilution of existing shareholders                       #DIV/0!
    Issue price per share                                   #DIV/0!
    Issued shares post mezzanine                            #DIV/0!                 #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!


    Initial Public offering
    IPO Valuation multiple                          -                                         -                 -                 -                   30.0
    IPO Amount raised (new shares)                                                            -                 -                 -                    -
    IPO Amount raised (sale of shares)                                                                                                                 -
    IPO fixed fees                                                                                                                                     -
    Underwriting fee                                                    0.0%
    NPAT (this year)                                                        75                162               266               405                 395
    Value at issue                                      0              2,238                      0                 0                 0    #REF!
    Number of shares issued                                 #DIV/0!                           -                 -                 -        #REF!
    Dilution of all existing shareholders                   #DIV/0!                 #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
    Issue price per share                                             #DIV/0!             No issue          No issue          No issue               #REF!
    Issued shares post IPO                                  #DIV/0!                 #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
    Existing shares sold                                    #DIV/0!


    IPO fees
    Underwriting/management fee                                             $0
    Fixed fees                                                              $0
                                            Total                           $0


    Impact of successive funding rounds
    Dilution of original shareholders                       #DIV/0!                 #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
    Shares issued during year                               #DIV/0!                           -                 -                 -        #REF!
    Issued shares end of year                               #DIV/0!                 #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!




Confidential                                                   Mezzanine and IPO analysis                                                                  Page 46

				
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Description: Template Financial Forecast Model - A graphical overview of financial model