Revenues

Cost of revenue
Gross Profit
Operating expense:
R&D
Other
Total Operating expense

30-Jun-95
December, 1995(P)
1996(P)
16625391
20781738.75 56110694.63
1735812
2161300.83 5835512.241

1997(P)
1998(P)
84166041.9 126249063
8753268.36 13129903

14889579

18620437.92 50275182.38

75412773.6 113119160

6115152
13449071
19564223

7647679.86 20648735.62
16812426.65 39782482.49
24460106.51 60431218.11

30973103.4 46459655
51257119.5 64260773
82230223 110720428

EBITDA
Dep.
EBIT
Change in WC
Change in Capex

-4674644
914396.505
-5589040.505
0
7614429.078

-5839668.589
1142995.631
-6982664.22
0
9518036.348

FCFF

-10612360.93
-9350097.733

-13262905.67
-28515455 -31831597.1 -31335017
-11685379.45 -22135461.6 -21770622.3 -18881935

NPV
Price/share
WACC
Tax rate

142875903.6
28.57518072
13.50%
30%

-10156035.7 -6817449.4 2398732.2
3086088.204 4629132.31 6943698.5
-13242123.9 -11446581.7 -4544966.3
0
0
0
22332056.46 28448122.2 35097239

7 44313421 Terminal 169678741 254518111 381777166 69689483 104534224 156801336 77453800 87774661 89052933 147143283 192308885 245854269 22535458 10415548 12119910 0 41283444 62209225.5 .1999(P) 2000(P) 2001(P) 189373594 284060392 426090587 19694854 29542280.97 60419645 24900447 514685867.2 212114917.7 135922897 15623321.2 112487915 0 0 44881541.62 -11883862 1567896.5 23434982 46585904.9 41756878 -22383959 3351912.

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