$121314$ me Statement$15$ Revenues$16$ Cost of Revenues$17$ Gross Profit$18$ R&D$195$G&A Including Depreciation$20$ EBIT$21$ Net Interest Income$22$ Pretax Profit$23$ Taxes$24$ Net Profit$2526$ ance Sheet$27$ Cash$28$ Accounts Receivable$29$ PP&E$30$ Accounts Payable$31$ Debt$32$ Equity$3334$ h Flow Statement$35$ Net Profit$36$ Depreciation$37$ Change NTWC$3940$ CapEx$202238$ Decr$($incr$)$ in Accounts Receivableincr$($Decr$)$ in Accounts Payable$41$ DividendsActual$42$ Change in Cash$192$ S$131$ S$11205214\mathrm{.}051$S$2023$Actual$200$ S$137$ S$63$ S$12\mathrm{.}803515$S$15\mathrm{.}6210103(10)2024$ForecastS$208$$$143$$$66$$$13$$$36$ $$16$S$2025$Forecast$21714969143817$NotesGrowing based on Revenues Growth RateRevenues minus Gross ProfitRevenues multiplied by Gross MarginResearch & Development$--$R&D$\%$ multiplied by RevenuesSelling, General & AdministrativeEarnings Before Interest & Taxes$-$Net Cash $($Cash$-$ Debt$)$ prior yearEBIT plus Net Interest IncomePretax Profit multiplied by Tax RatePretax Profit minus TaxesSG&A$\%$ multiplied by RevenuesGross Profit minus R&D minus SG&multiplied by interest RateCash this year plus Change in CashGrow based on Revenues $($constant Receivable Turns$)$Property$,$ Plant & EquipmentGrow based on Cost of Revenues $($constant Payables Turns$)$Prior Year Equity plus Current Year Net Profit minus Current Year DivideFrom Income StatementPrior Year PP&E multiplied by Depreciation RateChange Net Trade Working Capital $($sum of Row $38$ and Row $39)$Prior Year Accounts Receivable minus Current Year Accounts ReceivablCurrent Year Accounts Payable minus Prior Year Accounts PayableCapital Expenditure$-$ Revenues multiplied by Caplx$\%-$ this should bve valueNet Profit multiplied by Payout Ratio $--$ this should be a negativeSum of all of the above items $($do not double count Change NTWC$)$F$5652$ You can assume that:$53545556575859606162636465666768697071723747576777879$PP&EBIn the grey cells below are Balance Sheet values at the end of $2022$:CashAccounts ReceivableEquityAccounts Receivable Turns remain constant $($based on prior year balance sheet divided by current year Revenues$).$Accounts Payable Turns remain constant $($based on prior year balance sheet divided by current year Cost of Revenues$)$Accounts PayableDebtJx BaselinewgycurGross MarginR&D $\%$In the grey cells below are Income Statement Ratios for $2023$:RatioRevenues Growth RateTax RatePayout RatioCapEx $\%$DSG&A $\%$ Including Depreciation RevenuesRatioDepreciation RateInterest RateDriverRevenuesRevenuesRevenuesPretax IncomeNet ProfitRevenuesDriverPP&EENet Cash $($Cash $-$ Debt$)$FBaseline$$10\mathrm{.}8$$$20\mathrm{.}0$$$52\mathrm{.}0$$$14\mathrm{.}0$ValuesValues$$0\mathrm{.}0$$$50\mathrm{.}64\mathrm{.}2\%31\mathrm{.}6\%6\mathrm{.}4\%17\mathrm{.}5\%35\mathrm{.}5\%$In the grey cells below are Balance Sheet Ratios of $2023$ Income Accounts and end of $2022$ Balances. You can assume these$0\mathrm{.}0\%5\mathrm{.}2\%$G$5\mathrm{.}0\%2\mathrm{.}0\%$Base$2$