We're now going to move on and talk about depreciation and the move between EBIT and EBITDA. You can see that we've got total depreciation here, which is going to be fed by the depreciation from the base account below, so we've actually gotta skip this, do the base account, and then come back. What we're then going to do is we're going to find the depreciation, but we're going to modify it for this PPA, the purchase price allocation, the amortization of acquired intangibles. We're going to do that to get a kind of clean depreciation, which we can work on in the segment tab. We're then going to go to the segments and figure out the EBITDA, and that will allow us to complete a major loop within the whole of the statements, because we've got quite a lot of gaps earlier on because of it. The first thing to do is to start the PP&E. We're going to start it from the last historical, and we're going to find that in the balance sheet.

We're going to let the last historical become the next beginning, just like we always do with a base account.

Now the additions will be CapEx.

We talked earlier about the additions being quite high, and this is where we're going to model that. It's going to be a percentage of revenues.

Once we multiply by revenues, we've got the additions. The depreciation will also be modeled from assumptions. You can see that the depreciation is going to be 23%, and this is going to be as a proportion of the opening PP&E.

If you were eagle eyed just now, you may have noticed that the historical assumption was not working, and that's because we would need to populate the opening, which we can do like that.

When we have the opening like that, you can see that the depreciation as a percentage of opening appears and you can see where the forecast is from.

We're now in a position to forecast the ending PP&E, and having done that base, we now have the total depreciation, but we realize that this also includes amortization, so unfortunately we still can't do that line. We need to keep going. We are going to have to figure out what the amortization is, and to do that, we are going to have to figure out what the R&D costs are, and so there's an awful lot to do and an awful lot of bouncing around.