Using the Income Statement, make a vertical analysis for each year and explain.

Income Statements (In Php mn) REVENUE Real Estate Sales Interest on RE sales and other income Realized gross profit on prior years' sales Rental income Hotel operations Equity share in net income of associates Other income-net Total revenues COST AND EXPENSES Real Estate Sales Deferred gross profit Hotel operations Operating expenses Interest and other charges Income tax expense Total costs and expenses NET INCOME BEFORE PREACQUISITION OF A SUBSIDIARY PREACQUISITION INCOME (LOSS) OF A SUBSIDIARY NET INCOME AFTER PREACQUISITION INCOME OF A SUBSIDIARY Attributable to: Parent company's shareholders Minority interest Vertical Analysis 2015A 2015A 27,262 1,678 3,787 8,730 796 139 2,604 44,996 15,435 4,515 468 7,992 2,726 3,285 34,421 10,575 10,574 10,215 359 10,574 2016A 30,378 2,589 10,011 1,163 136 44,277 16,737 682 8,322 3,217 3,497 32,455 11,822 3 11,819 11,493 328 11,821 2017A 34,115 2,715 11,830 1,336 119 50,115 18,041 756 9,688 3,862 4,063 36,410 13,705 (2) 13,707 13,145 561 13,706 2018A 38,036 3,526 14,265 1,519 92 57,438 20,521 821 11,245 3,296 5,544 41,427 16,011 166 15,845 15,219 625 15,844 2019A 42,604 5,410 16,814 2,544 (59) 67,313 23,380 1,381 13,912 3,262 6,082 48,017 19,296 19,296 17,931 1,365 19,296 2016A Common-Size Percentages 60.59% 3.73% 8.42% 19.40% 1.77% 0.31% 5.79% 100.00% 34.30% 10.04% 1.04% 17.76% 6.06% 7.30% 76.50% 68.61% 37.80% 2017A 68.07% 36.00% 2018A 66.22% 35.73% 2019A 63.29% 34.73%