12 Months   1.0       2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004 2004   2004  
to end Dec   1.0       Jan Feb Mar  Apr May Jun Jul Aug Sep Oct Nov Dec   Year  
CASHFLOW PROJECTIONS 1.0 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000  
  1.0    
CASH RECEIPTS 1.0    
Cash sales & accounts receivable (Note 1) 164.4 261.8 248.0 197.7 220.6 216.7 242.6 236.1 249.7 271.5 278.4 276.0 2,863.5  
Proceeds of new stock issues 25.0 100.0 125.0  
Increases in longterm debt/notes 50.0 250.0 250.0 550.0  
Proceeds from sale of fixed assets 35.0 35.0  
VAT recovered from State    
Capital grants/subsidies received    
Revenue grants/subsidies received    
Miscellaneous income received 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 120.0  
Interest received 0.0 0.0 0.1 0.4 0.6 1.0 0.7 2.9  
Total cash receipts 1.0 174.5 296.8 308.0 207.7 230.6 226.7 352.7 246.1 510.2 532.1 289.4 321.7 3,696.4  
  1.0    
CASH PAYMENTS 1.0    
Materials/goods accounts payable (Note 2) 104.7 110.8 86.4 50.5 55.2 56.6 60.0 60.3 62.8 66.9 68.5 69.5 852.3  
Total direct cost payments (Note 3) 6.6 11.7 25.3 26.4 27.5 31.1 32.2 35.8 36.9 38.0 40.4 44.9 356.4  
Total overhead expense payments (Note 4) 49.6 102.8 129.8 130.3 129.9 130.8 130.4 130.7 131.2 131.4 131.1 131.7 1,459.7  
Taxes paid    
Dividends paid    
Finance lease debt repayments 10.0 10.0 10.0 10.0 18.0 10.0 10.0 18.0 10.0 8.0 114.0  
Finance lease interest paid 5.0 5.0 5.0 5.0 10.0 5.0 5.0 10.0 5.0 5.0 60.0  
Capital expenditure payments 45.0 150.0 195.0  
Operating lease  payments 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 66.0  
Longterm debt/note repayments 25.0 25.0 25.0 25.0 100.0  
VAT paid on overheads, capex etc.    
VAT paid to State 20.0 3.2 3.4 2.9 3.6 2.3 4.1 3.1 3.9 4.4 4.6 4.2 59.5  
Opening payroll taxes/benefits paid 25.0 25.0  
Changes in prepaid expenses (10.0) (10.0)  
Changes in accrued expenses 20.0 20.0  
Interest paid 3.7 3.9 3.9 4.3 4.6 4.8 4.9 4.0 5.4 5.6 7.5 6.8 59.2  
Total cash payments 1.0 245.1 272.8 314.1 259.8 254.3 246.1 277.0 267.3 260.7 276.8 420.5 262.5 3,357.1  
  1.0    
Net cashflow 1.0 (70.6) 24.0 (6.1) (52.1) (23.7) (19.4) 75.7 (21.2) 249.5 255.4 (131.1) 59.2 339.4  
  Opening 1.0 Opening    
Closing net cash balance (deficit) (110.0) 1.0   (110.0)   (180.6) (156.6) (162.7) (214.8) (238.5) (258.0) (182.3) (203.5) 45.9 301.3 170.2 229.4   229.4  
Notes on Cashflow Projections 1.0                                    
  1.0    
Note 1 1.0    
  Cash sales & accounts receivable: 1.0    
 - Group1 16.1 87.2 102.5 101.7 115.0 103.3 127.6 117.7 132.1 146.6 149.8 147.7 1,347.1  
 - Group2 13.4 74.6 95.6 96.1 105.5 113.4 115.0 118.4 117.6 125.0 128.6 128.4 1,231.4  
  Opening accounts receivable 135.0 100.0 50.0 285.0  
  1.0 164.4 261.8 248.0 197.7 220.6 216.7 242.6 236.1 249.7 271.5 278.4 276.0 2,863.5  
Note 2 1.0    
  Materials/goods accounts payable: 1.0    
 - Group1 3.6 13.0 16.0 17.5 18.9 18.1 20.7 20.0 22.2 24.3 24.9 25.1 224.2  
 - Group2 6.1 22.9 30.3 33.0 36.4 38.4 39.3 40.3 40.6 42.7 43.7 44.4 418.1  
  Opening accounts payable 95.0 75.0 40.0 210.0  
  1.0 104.7 110.8 86.4 50.5 55.2 56.6 60.0 60.3 62.8 66.9 68.5 69.5 852.3  
Note 3 1.0    
  Direct cost payments: 1.0    
    -Wages and salaries (direct) 6.6 7.3 7.9 8.6 9.2 9.9 10.6 11.2 11.9 12.5 14.5 15.2 125.4  
    -Payroll taxes/benefits (direct) 4.4 4.8 5.3 5.7 6.2 6.6 7.0 7.5 7.9 8.4 9.7 10.1 73.5  
    -Energy (variable) 12.5 12.5 12.5 15.0 15.0 17.5 17.5 17.5 17.5 20.0 157.5  
    -Repairs/maintenance (variable)    
    -Subcontract    
    -Consumables    
  1.0 6.6 11.7 25.3 26.4 27.5 31.1 32.2 35.8 36.9 38.0 40.4 44.9 356.4  
Note 4 1.0    
  Overhead expense payments: 1.0    
    -Repairs/maintenance (fixed) 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 27.5  
    -Power (fixed) 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 27.5  
    -Other operating o'heads 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 55.0  
    -Wages and salaries (overheads) 45.9 45.9 45.9 45.9 45.9 45.9 45.9 45.9 45.9 45.9 45.9 45.9 550.8  
    -Payroll taxes/benefits (overheads) 30.6 30.6 30.6 30.6 30.6 30.6 30.6 30.6 30.6 30.6 30.6 30.6 336.6  
    -Freight expenses 3.7 4.3 3.8 4.3 3.9 4.8 4.4 4.7 5.2 5.4 5.1 5.7 55.3  
    -Advertising & brochures 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 80.0  
    -Special promotion 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 80.0  
    -Miscellaneous selling/dist    
    -Office supplies etc. 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 16.5  
    -Mail, telephone, telex & fax 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 25.0  
    -Travel 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 50.0  
    -Computer supplies etc.    
    -Other administration    
    -Utilities  0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 5.5  
    -Rent & property taxes 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 40.0  
    -Insurances 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 110.0  
    -Other establishment    
  1.0 49.6 102.8 129.8 130.3 129.9 130.8 130.4 130.7 131.2 131.4 131.1 131.7 1,459.7  
    1.0