We start forecasting this model in the income statements. So our first one is revenues and I'm going to say equals open brackets, one plus. Now let's explain why I've done that one plus, if I go up to my assumptions a little bit higher up, I can see that my revenue assumption is revenue growth. So if I now close the brackets, what I've got inside those brackets there is 112.5% because I added that one. If I now multiply that by last year's revenue figure, it will then grow to 112.5% of last year's revenue, giving me the 12.5% growth. Fantastic. COGS, slightly different. If I have a look at my COGS. COGS is just a percentage of revenues so I'm going to multiply it by revenue in the same year.

Gross profits, I'd already put my subtotal in. If you didn't have your subtotal already in here, that's okay, you can just take the formula from the last period, select the cell to the rise as well, and then press control R, and those subtotal to just fill themselves in.

SG&A costs, very similar to our costs of goods sold. It's just a percentage of revenues. And R&D the same again. So this company very much being driven by its revenues.

So that gets us down to EBIT and we've got a figure of 21765.6, but depreciation is a bit different. Let's go up and have a look at the assumption. We're told that depreciation is going to be 17.3%, of beginning net PP&E. We do have room to calculate our beginning net PP&E but we haven't done it yet. I've scrolled down now to the balance sheet calculations and here's beginning net PP&E, but we haven't done this calculation yet. However, I know that beginning net PP&E is going to be exactly the same number as lat year's ending PP&E. So I'm going to scroll down and find that ending PP&E in the balance sheets. There it is that net PP&E of 29016. I can use that. Lastly then is the amortization. Scroll up, find it in our assumptions, it's 806. Just a quick note, you might notice that all of these costs above were shown with brackets to imply that they are negatives. We are subtracting the costs away. But when we go from EBIT to EBITDA, we're adding back DNA. Adding back depreciation and amortization and getting ourselves an EBITDA figure of 27591.3.