transaction volumes up, page-8

Helium2, further to my earlier post. I hadnt been properly accounting for the fees to be receievd for 1/4 of the financial year on the d/c fee model (for some silly reason my excel sheet had only 5% of the full year trans volumes on direct charge but really its 25%). Adjusting for this, I have got gross revenue of $100million for 08/09 and EBITDA of about $35mill (dont forget interest costs will not effect ebitda as its earnings before interest etc, so savings in interest on bailment and the loan etc will not be reflectd in ebitda). Anyways you rightly point out that it is ostensibly free cash flow and can be used to pay down debt. If this is done then the balance sheet in 09/10 will be a beautiful sight.