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Assume that, in 2 0 2 2 annual growth rates in sales for each segment are as given below: i . Australia ( AUS )

Assume that, in 2022 annual growth rates in sales for each segment are as given below: i. Australia (AUS): 30% ii. New Zealand (NZ): 20% iii. United Kingdom (UK): 50% iv. North America (NA): 80% v. Rest of the World (RoW): 100% After that, the growth rate decreases by half each year till it reaches the steady growth rate of 4% in 2026. That is, the growth rate each year for the middle years equals the average of the growth rate in the previous year and the long-term growth rate in 2026. i.e. r4=(r(t-1)+r2026)/2. Thus, the growth rate of revenue decreases more rapidly at the early stage of a company's life. 20212022F 2023F 2024F 2025F 2026F 19.9%12.3%21.8%2.1%26.6%($'000) Segment revenue growth AUS NZ UK North America RoW Segment revenue AUS NZ UK North America Row Total revenue 384,150130,384223,56456,55854,126848,782

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