We are going to forecast the shareholder's equity for Generale. Now helpfully, someone's already anchored the ending balance for the last historic year into the balance sheet and we can now use that as the beginning balance in our first forecast year. Now the next step is, as we would do for any model, which is to grab the net income from our income statement, and pop that into our equity calculation. So let's go down to our income statement, and grab the profit for the year.

So there we are. Now the next step is our dividends, and we've already forecast those, so we can grab those from our own funds reconciliation. However, when we do this, we need to remember that the dividend amount included in the earned funds reconciliation for a given year is the amount that will actually be paid, and therefore deducted from shareholders equity in the following year. So we are going to grab the prior year proposed dividend from our own funds calculation, and put that as a dividend paid in the current year.

So all the way down to our own funds reconciliation, and that's the prior year, proposed dividends, and we'll grab that.

Now what we need to do is sum those items together, and that gives us the ending balance for our equity. Now we can roll forward those calculations to the end of our forecast period, and we now have a forecast equity figure throughout our forecast period. And there's just one more thing we're going to do, is just to have a quick look at our dividends figure. And you can see that by updating our equity calculations, those forecast dividends are now looking a little bit more sensible.