Indigovision

INCOME STATEMENT 2004

Revenue 2,255.0
Percent growth % n/a
Revenue 2,255.0

Cost of sales 1,074.0

% revenues 47.6%
Cost of sales 1,074.0

Gross profit 1,181.0

Gross margin 52.4%

Research & development expenses 1,502.0

% growth n/a
% revenues 66.6%
Research & development expenses 1,502.0

Selling & distribution expenses

% growth n/a
% revenues 0.0%
Selling & distribution expenses -

Total admin expenses 2,463.0

Admin expenses excl. depreciation, amortisation, and goodwill
impairment 2,347.0
% growth of admin component only n/a
% revenues of admin component only 104.1%
Admin expenses excl. depreciation, amortisation, and goodwill
impairment 2,347.0

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

% revenues 0.0%
"Exceptional" expenses (i.e. redundancy, reorganisation) -

Other operating income

% revenues 0.0%
Other operating income -

Other operating expenses

% revenues 0.0%
Other operating expenses -

EBITDA (2,668.0)
EBITDA margin -118.3%
Depreciation 116.0
% prior net tangible assets n/a
% revenues 5.1%
Depreciation 116.0

Amortisation of intangibles
Amortisation of intangibles -

Goodwill impairment
Goodwill impairment -

EBIT (2,784.0)
EBIT margin -123.5%

Non operating income

% revenues 0.0%
Non operating income -

Non operating expenses

% revenues 0.0%
Non operating expenses -

Interest income 162.0

Surplus funds
Cash
Short term investments
Interest income 162.0

Interest expense 35.0

Necessary to finance
Short term loans (i.e. Bank loans and overdrafts)
Long term debt
Interest expense 35.0

EBT (2,657.0)
EBT margin -117.8%

Income tax expense

Tax rate % 0.0%
Income tax expense -

Income tax credit 293.0

% revenues 13.0%
Income tax credit 293.0

Net income (2,364.0)

Net margin -104.8%
Dividends
Payout ratio % 0.0%
Dividends -

Net to retained earnings (2,364.0)

BALANCE SHEET 2004

CURRENT ASSETS
Surplus funds
Interest rate %
Interest income

Inventories 251.0
% of revenues 11.13%
Days of cost of sales 85.3
Inventories 251.0

Trade and other receivables due within one year 1,124.0

% of revenues 49.84%
Days of revenues 181.9
Trade and other receivables due within one year 1,124.0

Cash and cash equivalents 3,704.0

% of revenues 164.26%
Cash and cash equivalents 3,704.0
Interest rate %
Interest income

Short term investments

% of revenues 0.0%
Short term investments -
Interest rate %
Interest income

Deferred tax assets

Deferred tax assets -

Other current assets

% of revenues 0.0%
Other current assets -

Current assets 5,079.0

NON CURRENT ASSETS

Tangible assets 195.0
Capex 184.0
 % of revenues 8.2%
Capex 184.0
Depreciation 116.0
Tangible assets 195.0

Intangible assets excl. goodwill where shown separately

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

Goodwill
Goodwill impairment -
Goodwill -

Investments
Investments -

Trade and other receivables due after more than one year
% of revenues 0.0%
Trade and other receivables due after more than one year -

Deferred tax assets

% of revenues
Deferred tax assets -

Other non current assets

% of revenues 0.0%
Other non current assets -

Total assets 5,274.0

% growth n/a

CURRENT LIABILITIES
Short term loans & overdraft
Short term loans & overdraft -
Interest rate
Interest expense

Trade and other payables due within one year 1,235.0

% of revenues 54.8%
Days of COGS 419.7
Trade and other payables due within one year 1,235.0

Current tax liabilities

% of revenues 0.00%
Current tax liabilities -

Provisions for liabilities and charges due within one year

% of revenues 0.00%
Provisions for liabilities and charges due within one year -

Other current liabilities

% of revenues 0.0%
Other current liabilities -

Current liabilities 1,235.0

% revenues 54.8%
% growth n/a

Net current assets 3,844.0

% growth n/a

NON CURRENT LIABILITIES

Necessary to finance
Interest rate
Interest expense

Long term borrowings

Long term borrowings -
Interest rate
Interest expense

Trade and other payables due after more than one year
% of revenues 0.0%
Trade and other payables due after more than one year -

Deferred tax liabilities

% of revenues
Deferred tax liabilities -

Other non current liabilities

% of revenues 0.0%
Other non current liabilities -

Provisions for liabilities and charges 75.0

% of revenues 3.3%
Provisions for liabilities and charges 75.0

Non current liabilities 75.0

% of revenues 3.3%
% growth n/a

Total liabilities 1,310.0

Net assets 3,964.0

SHAREHOLDERS’ EQUITY
Called up share capital 69.0
Called up share capital 69.0

Share premium account 23,971.0

Share premium account 23,971.0

Reserves 8,563.0
Reserves 8,563.0

Profit & loss account (28,639.0)

Net to profit & loss account
Profit & loss account (28,639.0)

Shareholders funds - equity 3,964.0

Total liabilities & shareholder equity 5,274.0

Assets without SF 5,274.0

Liabilities & equity without NTF 5,274.0

Surplus funds -
Necessary to finance -

Basic number of shares in issue 6,919,976

Diluted number of shares in issue 6,919,976
 Proj Proj
2005 2006 2007 2008 2009 2010

3,605.0 7,574.0 13,385.0 18,403.0

59.9% 110.1% 76.7% 37.5% 43.0% 20.0%
3,605.0 7,574.0 13,385.0 18,403.0 26,316.3 31,579.5

1,549.0 2,853.0 4,610.0 5,375.0

43.0% 37.7% 34.4% 29.2% 33.0% 33.5%
1,549.0 2,853.0 4,610.0 5,375.0 8,684.4 10,579.1

2,056.0 4,721.0 8,775.0 13,028.0 17,631.9 21,000.4

57.0% 62.3% 65.6% 70.8% 67.0% 66.5%

1,447.0 1,197.0 1,490.0 1,766.0

-3.7% -17.3% 24.5% 18.5% 20.0% 17.5%
40.1% 15.8% 11.1% 9.6%
1,447.0 1,197.0 1,490.0 1,766.0 2,119.2 2,490.1

1,879.0 4,315.0 5,572.0

0.0% #DIV/0! 129.6% 29.1%
0.0% 24.8% 32.2% 30.3% 30.0% 27.5%
- 1,879.0 4,315.0 5,572.0 7,894.9 8,684.4

2,613.0 1,286.0 2,309.0 3,637.0

2,541.0 1,225.0 2,179.0 3,397.0

8.3% -51.8% 77.9% 55.9% 15.0% 7.5%
70.5% 16.2% 16.3% 18.5%

2,541.0 1,225.0 2,179.0 3,397.0 3,906.6 4,199.5

0.0% 0.0% 0.0% 0.0%

- - - - - -

0.0% 0.0% 0.0% 0.0%

- - - - - -

0.0% 0.0% 0.0% 0.0%

- - - - - -

(1,932.0) 420.0 791.0 2,293.0 3,711.3 5,626.4

-53.6% 5.5% 5.9% 12.5% 14.1% 17.8%
 72.0 61.0 130.0 240.0
36.9% 38.4% 54.2% 62.3% 66.0% 66.0%
2.0% 0.8% 1.0% 1.3%
72.0 61.0 130.0 240.0 272.6 440.1

- - - - - -

- - - - - -

(2,004.0) 359.0 661.0 2,053.0 3,438.7 5,186.4

-55.6% 4.7% 4.9% 11.2% 13.1% 16.4%

0.0% 0.0% 0.0% 0.0%

- - - - - -

0.0% 0.0% 0.0% 0.0%

- - - - - -

102.0 44.0 21.0 7.0

4.2 35.5
- -
- -
102.0 44.0 21.0 7.0 4.2 35.5

1.0 80.0 24.0

- -
- -
- -
1.0 80.0 - 24.0 - -

(1,903.0) 323.0 682.0 2,036.0 3,442.9 5,221.9

-52.8% 4.3% 5.1% 11.1% 13.1% 16.5%

0.0% 0.0% 0.0% 0.0% 28.0% 28.0%

- - - - 964.0 1,462.1

87.0 87.0 2,125.0 4,502.0

2.4% 1.1% 15.9% 24.5%
87.0 87.0 2,125.0 4,502.0 - -

(1,816.0) 410.0 2,807.0 6,538.0 2,478.9 3,759.8

-50.4% 5.4% 21.0% 35.5% 9.4% 11.9%
 0.0% 0.0% 0.0% 0.0%
- - - - - -

(1,816.0) 410.0 2,807.0 6,538.0 2,478.9 3,759.8

Proj Proj
2005 2006 2007 2008 2009 2010

3,348.3 25,080.5
0.3% 0.3%
4.2 35.5

353.0 398.0 1,533.0 2,470.0

9.79% 5.25% 11.45% 13.42%
83.2 50.9 121.4 167.7 180.0 180.0
353.0 398.0 1,533.0 2,470.0 4,282.7 5,217.1

1,430.0 2,105.0 4,211.0 4,683.0

39.67% 27.79% 31.46% 25.45%
144.8 101.4 114.8 92.9 100.0 100.0
1,430.0 2,105.0 4,211.0 4,683.0 7,209.9 8,651.9

1,132.0 1,454.0 179.0 1,371.0

31.40% 19.20% 1.34% 7.45%
1,132.0 1,454.0 179.0 1,371.0 - -

- -

0.0% 0.0% 0.0% 0.0%

- - - - - -

- -

- - - - - -

0.0% 0.0% 0.0% 0.0%

- - - - - -

2,915.0 3,957.0 5,923.0 8,524.0 14,841.0 38,949.5

159.0 240.0 385.0 413.0

41.0 144.0 275.0 335.0
 1.1% 1.9% 2.1% 1.8% 2.0% 2.0%
41.0 144.0 275.0 335.0 526.3 631.6
72.0 61.0 130.0 240.0 272.6 440.1
159.0 240.0 385.0 413.0 666.7 858.3

64.0
- -
- - - 64.0 64.0 64.0

- - - - - -
- - - - - -

- - - - - -

0.0% 0.0% 0.0% 0.0%

- - - - - -

2,000.0 7,103.0 4,736.0 2,369.0

- - 2,000.0 7,103.0 4,736.0 2,369.0

0.0% 0.0% 0.0% 0.0%

- - - - - -

3,074.0 4,197.0 8,308.0 16,104.0 20,307.7 42,240.8

-41.7% 36.5% 98.0% 93.8% 26.1% 108.0%

- - - - - -

- -

850.0 1,431.0 2,463.0 2,760.0

23.6% 18.9% 18.4% 15.0%
200.3 183.1 195.0 187.4 185.0 185.0
850.0 1,431.0 2,463.0 2,760.0 4,401.7 5,362.0

0.00% 0.00% 0.00% 0.00%

- - - - - -

120.0 150.0
0.00% 0.00% 0.90% 0.82% 0.80% 0.80%
 - - 120.0 150.0 210.5 252.6

0.0% 0.0% 0.0% 0.0%

- - - - - -

850.0 1,431.0 2,583.0 2,910.0 4,612.2 5,614.7

23.6% 18.9% 19.3% 15.8% 17.5% 17.8%
-31.2% 68.4% 80.5% 12.7% 58.5% 21.7%

2,065.0 2,526.0 3,340.0 5,614.0 10,228.8 33,334.9

-46.3% 22.3% 32.2% 68.1% 82.2% 225.9%

- -

- -

- - - - - -

- -

0.0% 0.0% 0.0% 0.0%

- - - - - -

- - - - - -

0.0% 0.0% 0.0% 0.0%

- - - - - -

75.0 90.0 30.0 30.0

2.1% 1.2% 0.2% 0.2% 0.2% 0.2%
75.0 90.0 30.0 30.0 52.6 63.2

75.0 90.0 30.0 30.0 52.6 17,223.5

2.1% 1.2% 0.2% 0.2% 0.2% 54.5%
0.0% 20.0% -66.7% 0.0% 75.4% 32624.0%

925.0 1,521.0 2,613.0 2,940.0 4,664.8 22,838.2

2,149.0 2,676.0 5,695.0 13,164.0 15,642.9 19,402.6

 69.0 69.0 71.0 72.0 72.0 72.0
69.0 69.0 71.0 72.0 72.0 72.0

23,972.0 23,974.0 24,045.0 1,241.0 1,241.0 1,241.0

23,972.0 23,974.0 24,045.0 1,241.0 1,241.0 1,241.0

8,563.0 8,562.0 8,562.0 5,130.0 5,130.0 5,130.0

8,563.0 8,562.0 8,562.0 5,130.0 5,130.0 5,130.0

(30,455.0) (29,929.0) (26,983.0) 6,721.0

2,478.9 3,759.8
(30,455.0) (29,929.0) (26,983.0) 6,721.0 9,199.9 12,959.6

2,149.0 2,676.0 5,695.0 13,164.0 15,642.9 19,402.6

3,074.0 4,197.0 8,308.0 16,104.0 20,307.7 42,240.8

3,074.0 4,197.0 8,308.0 16,104.0 16,959.4 17,160.3

3,074.0 4,197.0 8,308.0 16,104.0 20,307.7 42,240.8

- - - - 3,348.3 25,080.5
- - - - - -

6,923,976 6,927,976 6,992,309 7,131,494 7,131,494 7,131,494

6,923,976 7,806,176 7,811,609 7,914,794 7,914,794 7,914,794
Proj
2011

20.0%
37,895.5

34.0%
12,884.5

25,011.0
66.0%

15.0%

2,863.6

25.0%
9,473.9

5.0%

4,409.5

8,264.1
21.8%
 66.0%

566.5

7,697.6
20.3%

71.2
-
-
71.2

-
-
-
-

7,768.8
20.5%

28.0%
2,175.3

5,593.5
14.8%
 -

5,593.5

Proj
2011

31,905.6
0.3%
71.2

180.0
6,354.0

100.0
10,382.3

48,641.9
 2.0%
757.9
566.5
1,049.7

-
64.0

-
-

49,755.6
17.8%

185.0
6,530.5

0.80%
 303.2

6,833.6
18.0%
21.7%

41,808.3
25.4%

0.2%
75.8

17,925.8
47.3%
4.1%

24,759.5

24,996.2
 72.0
72.0

1,241.0
1,241.0

5,130.0
5,130.0

5,593.5
18,553.2

24,996.2
49,755.6

17,850.0
49,755.6

31,905.6
-

7,131,494
7,914,794
Indigovision

INCOME STATEMENT 2004

Revenues 2,255.0
Cost of sales 1,074.0
Gross profit 1,181.0
Gross margin 52.4%

Research and development expenses 1,502.0

Selling & distribution expenses -
Admin expenses excl. Depreciation, amortisation, and goodwill
impairment 2,347.0
"Exceptional" expenses -
Other operating income -
Other operating expenses -
EBITDA (2,668.0)
EBITDA margin -118.3%

Depreciation 116.0
Amortisation of intangibles -
Goodwill impairment -
EBIT (2,784.0)
EBIT margin -123.5%

Non operating income -

Non operating expenses -
Interest income 162.0
Interest expense 35.0
EBT (2,657.0)
EBT margin -117.8%

Income tax expense -

Income tax credit 293.0
Net income (2,364.0)
Net margin -104.8%

Dividends -
Net to retained earnings (2,364.0)

Basic earnings per share (pence) (34.2)

Diluted earnings per share (pence) (34.2)
 Proj Proj
2005 2006 2007 2008 2009 2010

3,605.0 7,574.0 13,385.0 18,403.0 26,316.3 31,579.5

1,549.0 2,853.0 4,610.0 5,375.0 8,684.4 10,579.1
2,056.0 4,721.0 8,775.0 13,028.0 17,631.9 21,000.4
57.0% 62.3% 65.6% 70.8% 67.0% 66.5%

1,447.0 1,197.0 1,490.0 1,766.0 2,119.2 2,490.1

- 1,879.0 4,315.0 5,572.0 7,894.9 8,684.4

2,541.0 1,225.0 2,179.0 3,397.0 3,906.6 4,199.5

- - - - - -
- - - - - -
- - - - - -
(1,932.0) 420.0 791.0 2,293.0 3,711.3 5,626.4
-53.6% 5.5% 5.9% 12.5% 14.1% 17.8%

72.0 61.0 130.0 240.0 272.6 440.1

- - - - - -
- - - - - -
(2,004.0) 359.0 661.0 2,053.0 3,438.7 5,186.4
-55.6% 4.7% 4.9% 11.2% 13.1% 16.4%

- - - - - -
- - - - - -
102.0 44.0 21.0 7.0 4.2 35.5
1.0 80.0 - 24.0 - -
(1,903.0) 323.0 682.0 2,036.0 3,442.9 5,221.9
-52.8% 4.3% 5.1% 11.1% 13.1% 16.5%

- - - - 964.0 1,462.1
87.0 87.0 2,125.0 4,502.0 - -
(1,816.0) 410.0 2,807.0 6,538.0 2,478.9 3,759.8
-50.4% 5.4% 21.0% 35.5% 9.4% 11.9%

- - - - - -
(1,816.0) 410.0 2,807.0 6,538.0 2,478.9 3,759.8

(26.2) 5.9 40.1 91.7 34.8 52.7

(26.2) 5.3 35.9 82.6 31.3 47.5
8.5 25.9 43.4 65.5
Proj
2011

37,895.5
12,884.5
25,011.0
66.0%

2,863.6
9,473.9

4,409.5
-
-
-
8,264.1
21.8%

566.5
-
-
7,697.6
20.3%

-
-
71.2
-
7,768.8
20.5%

2,175.3
-
5,593.5
14.8%

-
5,593.5

78.4
70.7
97.3
Indigovision

BALANCE SHEET 2004

ASSETS
Cash and cash equivalents (incl "surplus funds") 3,704.0
Short term investments -
Trade and other receivables due within one year 1,124.0
Inventories 251.0
Deferred tax assets -
Other current assets -
Current assets 5,079.0

Tangible assets 195.0

Intangible assets excl. goodwill where shown separately -
Goodwill -
Investments -
Trade and other receivables due after more than one year -
Deferred tax assets -
Other non current assets -
Total assets 5,274.0

LIABILITIES
Short term loans and overdraft -
Trade and other payables due within one year 1,235.0
Current tax liabilities -
Provisions for liabilities and charges due within one year -
Other current liabilities -
Current liabilities 1,235.0

Necessary to finance -
Long term borrowings -
Trade and other payables due after more than one year -
Deferred tax liabilities -
Other non current liabilities -
Provisions for liabilities and charges 75.0
Total liabilities 1,310.0

SHAREHOLDERS’ EQUITY
Called up share capital 69.0
Share premium account 23,971.0
Reserves 8,563.0
Profit & loss account (28,639.0)
Shareholders funds - equity 3,964.0
Total liabs & SH equity 5,274.0
 Proj Proj
2005 2006 2007 2008 2009 2010

1,132.0 1,454.0 179.0 1,371.0 3,348.3 25,080.5

- - - - - -
1,430.0 2,105.0 4,211.0 4,683.0 7,209.9 8,651.9
353.0 398.0 1,533.0 2,470.0 4,282.7 5,217.1
- - - - - -
- - - - - -
2,915.0 3,957.0 5,923.0 8,524.0 14,841.0 38,949.5

159.0 240.0 385.0 413.0 666.7 858.3

- - - 64.0 64.0 64.0
- - - - - -
- - - - - -
- - - - - -
- - 2,000.0 7,103.0 4,736.0 2,369.0
- - - - - -
3,074.0 4,197.0 8,308.0 16,104.0 20,307.7 42,240.8

- - - - - -
850.0 1,431.0 2,463.0 2,760.0 4,401.7 5,362.0
- - - - - -
- - 120.0 150.0 210.5 252.6
- - - - - -
850.0 1,431.0 2,583.0 2,910.0 4,612.2 5,614.7

- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
75.0 90.0 30.0 30.0 52.6 63.2
925.0 1,521.0 2,613.0 2,940.0 4,664.8 5,677.8

69.0 69.0 71.0 72.0 72.0 72.0

23,972.0 23,974.0 24,045.0 1,241.0 1,241.0 1,241.0
8,563.0 8,562.0 8,562.0 5,130.0 5,130.0 5,130.0
(30,455.0) (29,929.0) (26,983.0) 6,721.0 9,199.9 12,959.6
2,149.0 2,676.0 5,695.0 13,164.0 15,642.9 19,402.6
3,074.0 4,197.0 8,308.0 16,104.0 20,307.7 25,080.5
Proj
2011

31,905.6
-
10,382.3
6,354.0
-
-
48,641.9

1,049.7
64.0
-
-
-
-
-
49,755.6

-
6,530.5
-
303.2
-
6,833.6

-
-
-
-
-
75.8
6,909.4

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