Ann: Section 708A Cleansing Statement and Appendix 3B, page-129

My previous example didn't even tackle any benefits of net0 payment terms and discounts EN1 would get by paying advertisers straight away.

Lets assume that profits aren't as rosy as 40% and only 30% profits are achievable. All other assumptions as per my previous post.

1st Run 15 Mil USD x0.3 = 4.5Mill USD profit (instead of 6Mill @40% profit)
2nd Run 15 + 4.5 = 19.5 x0.3 = 5.85 profit
3rd Run 15 + 4.5 + 5.85 = 25.35 x0.3 = 7.6 profit
4th Run 15 + 4.5 + 5.85 + 7.6 = 32.95 x0.3 = 9.885profit

So @30 profits we start with 15 Mill debt facility and in 4 goes end up at 42.885 - 15MIll debt facilty - interest of debt facility - 5Mil USD running costs still gives us about 20.5Mill USD profits for the year.