Calculate H&M’s cash payouts to its shareholders in the years 2018–2027 that are implicitly assumed in the projections in Table 8.3.

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TABLE 8.3 Forecasted financial statements for Hennes & Mauritz Fiscal year 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Beginning balance sheet (SEK millions) Beginning operating working capital + Beginning net non-current operating assets + Beginning non-operating investments 25,299.0 23,192.0 22,749.7 22,096.5 23,775.8 25,392.6 26,916.1 28,342.7 29,618.1 30,743.6 116,820.7 127,118.2 135,076.3 143,113.4 153,989.9 164,461.3 174,329.0 183,568.4 191,829.0 199,118.5 1,039.0 1,094.0 1,184.9 1,284.7 1,382.3 1,476.3 1,564.9 1,647.8 1,722.0 143,158.7 151,404.2 159,010.9 166,494.6 179,148.0 191,330.2 202,810.0 213,558.9 223,169.1 231,649.5 83,445.7 86,603.2 90,954.2 95,234.9 102,472.7 109,440.9 116,007.3 122,155.7 127,652.7 132,503.5 59,713.0 64,801.0 68,056.7 71,259.7 76,675.3 81,889.3 86,802.7 91,403.2 95,516.4 99,146.0 143,158.7 151,404.2 159,010.9 166,494.6 179,148.0 191,330.2 202,810.0 213,558.9 223,169.1 231,649.5 1,787.4 = Business assets Debt + Group equity = Invested capital Income statement (SEK millions) Revenue Net operating profit after tax 218,792.0 236,976.0 256,936.0 276,463.1 295,262.6 312,978.4 329,566.3 344,396.8 357,483.9 368,208.4 21,646.0 24,866.8 28,502.9 29,028.6 29,231.0 29,107.0 28,672.3 27,896.1 27,168.8 25,774.6 + Net investment profit after tax 31.2 = Net business profit after tax 21,677.2 32.8 24,899.6 35.5 28,538.4 38.5 29,067.1 -Net interest expense after tax = Profit or loss -1,251.7 -1,472.3 -1,728.1 -1,999.9 20,425.5 23,427.3 26,810.3 27,067.2 41.5 46.9 29,272.5 28,719.2 -2,356.9 -2,736.0 -2,900.2 26,915.6 26,415.3 25,819.0 44.3 29,151.3 49.4 51.7 27,945.5 27,220.5 -3,053.9 -3,191.3 24,891.6 53.6 25,828.2 -3,312.6 24,029.2 22,515.6