Moving on to the balance sheet, everything becomes a lot more standard in this model.

Firstly, we're gonna pick up the closing balances for our PPME from our historic balance sheets.

This is for the, uh, calculation of our assumptions.

We'll do the same thing for our, our intangible assets as well.

So having populated the closing balances, we're not gonna use those in our workings to recalculate the closing balance.

We're just using it for our assumptions in relation to depreciation as a percentage of the historic year numbers, so that we can form these forecasts as to those ratios in the future.

Using these values and the numbers that we have within the income statement, we can then calculate our closing balance for PP and E in a standard way.

So CapEx calculated as a percentage of our revenue from the income statement and depreciation calculated as a percentage of the opening balance.

We'll go on to use the same approach for intangible assets.

So CapEx calculated as a percentage of revenue in line with historic years, and then amortization again, a percentage of the opening balance.

We also need a working for the joint ventures for the investment in joint ventures, so we'll pick up the opening balance from last year's closing balance that will then be carried over as our opening balance.

The addition to our joint venture asset on our balance sheet is our share of the joint ventures profits. That comes from the income statement.

You can see that as a zero balance here, and the dividends, we're gonna make an assumption for the dividend payout rate, but the dividends will make our balance sheet assets smaller.

So our dividend payout rate on the joint venture assumed to be zero, and that is a percentage of the joint venture profits.

The final working that we then need for our balance sheet is our equity, and again, this is a standard approach, net income pulled through from the income statement and dividends based on the dividend per share from the income statement tab, and the year end shares outstanding.