INCOME STATEMENT FORECAST USING A GROWTH RATE OF 3.

48% for

2016 2017 2018 2019

Revenue 8979 9291.469 9614.812 9949.408
Margin 0.776 0.803005 0.830949 0.859866
Cost of Revenue 6967 7209.452 7460.341 7719.96
Operating income/ EBITDA 2325 2405.91 2489.636 2576.275
DEPRECIATION 0 0 0 0
DEPRECIATION RATE 0 0 0 0
EBIT 2325 2405.91 2489.636 2576.275
INTEREST RATE 0 0 0 0
INTEREST COST 0 0 0 0
EBT 2325 2405.91 2489.636 2576.275
TAX RATE 0.184 0.190403 0.197029 0.203886
TAX 427.8 442.6874 458.093 474.0346
NI (Continuous operation) 1897 1963.016 2031.329 2102.019
GROWTH RATE OF 3.48% for the next five years

2020 2021
10295.65 10653.94
0.88979 0.920754
7988.615 8266.619
2665.929 2758.704
0 0
0 0
2665.929 2758.704
0 0
0 0
2665.929 2758.704
0.210981 0.218323
490.531 507.6015
2175.169 2250.865
 FORECAST BALANCE SHEET
2016 2017 2018 2019 2020
TOTAL ASSETS 23850 24679.98 25538.84 26427.6 27347.28
TOTAL CURRENT ASSETS 7750 8019.7 8298.786 8587.583 8886.431
LONG TERM ASSETS 16100 16660.28 17240.06 17840.01 18460.84
TOTAL CURRENT LIABILITIES 3540 3663.192 3790.671 3922.586 4059.092
LONG TERM LIABILITIES 13172 13630.39 14104.72 14595.57 15103.49
TOTAL STOCKHOLDER EQUITY 7146 7394.681 7652.016 7918.306 8193.863
NET TANGIBLE ASSETS 23842 24671.7 25530.28 26418.73 27338.1
GOOD WILL 8 8.2784 8.566488 8.864602 9.17309
TOTAL ASSETS + EQUITY 23850 24679.98 25538.84 26427.6 27347.28
 2021
28298.96
9195.679
19103.28
4200.349
15629.09
8479.009
28289.47
9.492314
28298.96
 BALANCE SHEET FORECAST FOR THE NEXT FIVE YEARS
2016 2017 2018 2019 2020
Turnover (S/A) 0.43 0.444964 0.460449 0.476472 0.493054
Assest 23805 24633.41 25490.66 26377.73 27295.68
Leverage (D/A) 0.32 0.331136 0.34266 0.354584 0.366924
Debt 7632 7897.594 8172.43 8456.83 8751.128
Equity 16218 16782.39 17366.41 17970.76 18596.15

A= f(S,TO) D E D+E
Pre 23850 7632 16218 23850
Post 32436 10379.52 22056 32436
change 8586 2747.52 5838 8586

Gap = 0
D+E = A

GENERAL COMMENTS
Overall this method has a Gap of 0 (change between D+E and change in A
Has a constant L
By having these and imposing L that later imposed E producing a value that has the sum of the New Issue of Div. an

The constant figure in the diagram is 0.32 used

 2021
0.510212
28245.57
0.379693
9055.667
19243.29

sum of the New Issue of Div. and stock