1 2 3 B Miscellaneous items Revenue Net Income Dividends Net issuances & repurchases All other relevant equity change items Shareholders' equity 2016A 474,376 56,540 45,465 -93,822 ?? 430,396 4 2017A 656,436 143,119 67,234 58,772 - 121,679 577,842 2018A 774,257 180,515 75,355 -37,198 - 112.930 683,584 H 2020E 903,040 199,081 88,314 -47,046 - 149,552 871,624 2019E 825,891 191,911 85,134 -43,027 -136,775 780,827 2021E 1,005,861 245,379 108,853 -52,402 - 166,580 1,006,874 2022E 1,149,139 298,329 132,342 -59,867 -190,308 1,187,369 5 6 7 8 9 10 46.98% 41.74% payout ratio forecast dividend 44.36% 85,134 44.36% 88,314 44.36% 108,853 44.36% 132,342 11 12 13 14 15 16 17 -19.78% 8.95% -4.80% Net issuances & repurchases to sales forecast -5.21% (43,027) -5.21% (47,046) -5.21% (52,402) -5.21% (59,867) Closing equity 577,842 683,584 X4. Use the assumptions described in the table when modeling items that are not computed as totals or subtotals. Variable Modeling assumptions Payout ratio in each forecast year equals the average annual ratio from Dividends the last 2 years of the historical period Net issuances & Net issuances & repurchases to sales in each forecast year equals the repurchases average annual ratio from the historical periode All other relevant All other relevant equity change items to revenue in each forecast year equity change items equals the average annual ratio from the historical period 1 2 3 B Miscellaneous items Revenue Net Income Dividends Net issuances & repurchases All other relevant equity change items Shareholders' equity 2016A 474,376 56,540 45,465 -93,822 ?? 430,396 4 2017A 656,436 143,119 67,234 58,772 - 121,679 577,842 2018A 774,257 180,515 75,355 -37,198 - 112.930 683,584 H 2020E 903,040 199,081 88,314 -47,046 - 149,552 871,624 2019E 825,891 191,911 85,134 -43,027 -136,775 780,827 2021E 1,005,861 245,379 108,853 -52,402 - 166,580 1,006,874 2022E 1,149,139 298,329 132,342 -59,867 -190,308 1,187,369 5 6 7 8 9 10 46.98% 41.74% payout ratio forecast dividend 44.36% 85,134 44.36% 88,314 44.36% 108,853 44.36% 132,342 11 12 13 14 15 16 17 -19.78% 8.95% -4.80% Net issuances & repurchases to sales forecast -5.21% (43,027) -5.21% (47,046) -5.21% (52,402) -5.21% (59,867) Closing equity 577,842 683,584 X4. Use the assumptions described in the table when modeling items that are not computed as totals or subtotals. Variable Modeling assumptions Payout ratio in each forecast year equals the average annual ratio from Dividends the last 2 years of the historical period Net issuances & Net issuances & repurchases to sales in each forecast year equals the repurchases average annual ratio from the historical periode All other relevant All other relevant equity change items to revenue in each forecast year equity change items equals the average annual ratio from the historical period
