Income Statement For the Year Ended Dec. 31, 2023 (QAR in 000,000's) 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E Revenue 22,446 13,245 19,532 29,935 27,933 30,917 33,683 36,449 39,215 41,982 Other Revenue, Total Cost of Revenue, Total 21,281 12,549 18,651 29,005 27,194 29,636 32,288 34,939 37,591 40,243 Gross Profit 1,165 697 881 930 739 1,281 1,395 1,510 1,624 1,739 Selling/General/Admin. Expenses, Total Depreciation/Amortization 301 313 215 236 215 393 429 464 499 534 230 192 207 207 234 234 234 234 234 234 Advertisment Expense - - - Rental Expense Provision for Doubtful Accounts & Write-off 40 (13) 1 (16) (16) (16) (16) (16) (16) Other Operating Expense/(Income), Net (25) (17) (21) (30) (32) (35) (38) (41) (44) (47) Total Operating Expenses 21,556 12,845 18,845 29,212 27,377 29,995 32,679 35,362 38,046 40,730 Operating Profit 890 400 687 723 556 922 1,004 1,087 1,169 1,252 Financing Income/(Expense), Net, Total 232 206 179 233 316 110 120 130 141 Interest Expense - Net of (Interest Income) (146.6) (125.2) (118.2) (141.4) (243.3) 6.1 6.1 6.1 6.1 16 151 6.1 Gain (Loss) on Sale of Assets - - Non-Interest Financial Income (Expense) - Total 85 81 61 92 73 116 126 136 147 157 Other non-operating expenses, Total 147 130 138 147 148 208 227 245 264 283 Non-Recurring Income/(Expense), Total (10.6) (9.0) (1.5) (2.3) 0.2 0.2 0.2 0.2 0.2 0.2 Pre-Tax Income 1,258 728 1,002 1,101 1,020 1,240 1,351 1,463 1,574 1,686 Provision for Income Taxes Net Income After Taxes 1,258 728 1,002 1,101 1,020 1,240 1,351 1,463 1,574 1,686 Minority Interest 42 20 28 31 36 36 36 36 36 36 Net Income 1,216 707 974 1,070 984 1,204 1,315 1,426 1,538 1,649 Income Available to Common Excluding Extraordinary Items 1,216 707 974 1,070 984 1,204 1,315 1,426 1,538 1,649 Diluted Net Income 1,216 707 974 1,070 984 1,204 1,315 1,426 1,538 1,649 EPS (recurring) 1.22 0.71 0.98 1.08 0.99 1.21 1.32 1.43 1.55 1.66 EPS (diluted) 1.22 0.71 0.98 1.08 0.99 1.21 1.32 1.43 1.55 1.66 Diluted Shares Outstanding 994.26 994.26 994.26 994.26 994.26 994.26 994.26 994.26 994.26 994.26 Total Shares Outstanding 994.26 994.26 994.26 994.26 994.26 994.26 994.26 994.26 994.26 994.26 Dividends per Share Payout Ratio EBITDA 0.80 0.80 0.46 0.76 0.90 0.90 0.90 0.90 0.90 0.90 0.65 1.12 0.47 0.71 0.91 0.74 0.68 0.63 0.58 0.54 1119.69 592.35 893.21 929.95 790.12 1156.01 1238.49 1320.96 1403.44 1485.92 Assumptions: Assumed interest rate on LTD 5% Balance Sheet For the Year Ended Dec. 31, 2023 (QAR in 000,000's) 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E Current Assets Cash and Short Term Investments Cash & Cash Equivalents Short Term Investments 3,014 2,251 1,908 3,265 3,417 2,613 1,511 1,335 3,165 3,417 3,517 3,517 3,417 3.517 3,517 3,517 3,417 3,417 3,417 3,417 401 740 572 100 100 100 100 100 100 100 Total Receivables, Net 1,909 2,160 2,460 2,326 2,257 3,293 3,587 3,882 4,177 4,471 Accounts Receivables - Trade, Net 1,481 1,884 2,070 1,895 1,938 2,763 3,010 3,258 3,505 3,752 Inventories - Total 427 315 448 705 592 683 744 806 867 928 Prepaid Expenses 58 27 55 26 33 59 64 69 74 80 Total current assets 5,407 4,753 4,870 6,321 6,299 7,552 7,912 8,273 8,634 8,995 Non-Current Assets Property Plant Equipment, Total, Net 3,206 3,328 3,296 3,413 3,381 3,381 3,381 3,381 3,381 3,381 Property/Plant/Equipment, Total, Gross 4,910 5,219 5,392 5,644 5,685 5,963 6,160 6,358 6,555 6,753 Accumulated Depreciation, Total 154 170 186 203 219 454 688 922 1,156 1,390 Goodwill, Net 133 133 133 133 133 133 133 133 133 133 Long Term Investments 3,908 3,619 5,006 4,536 4,738 4,738 4,738 4,738 4,738 4,738 Right-use-of assets Intangible Assets Net Total non-current assets Total Assets Current Liabilities 124 154 147 107 120 120 120 120 120 120 133 135 135 141 140 140 140 140 140 140 7,246 7,082 8,438 8,089 8,259 8,259 8,259 8,259 8,259 8,259 12,653 11,835 13,308 14,410 14,558 15,810 16,171 16,532 16,893 17,254 Accounts Payable 787 678 890 967 1,062 1,250 1,362 1,473 1,585 1,697 Payable/Accrued 787 678 890 967 1,062 1,250 1,362 1,473 1,585 1,697 Accrued Expenses 640 555 769 893 986 1,082 1,179 1,275 1,372 1,469 Short-Term Debt & Current Portion of Long-Term Debt 20 37 41 29 30 30 30 30 30 30 Other Current liabilities, Total 2,846 2,302 2.968 3,880 3,810 4,443 4,840 5,238 5,635 6.033 Total current liabilities 3,653 3,016 3,898 4,876 4,902 5,722 6,232 6,741 7,250 7,760 Non-Current Liabilities Total Long Term Debt Other Liabilities, Total Total non-current liabilities Total Liabilities 105 119 110 82 92 92 92 92 92 92 192 114 123 140 150 150 150 150 150 150 298 232 232 222 242 242 242 242 242 242 3,951 3,248 4,131 5,098 5,144 5,964 6,474 6,983 7,492 8,002 Equity Callable Preferred Stock, Total Common Equity Attributable to Parent Shareholders 8,495 8,431 9,039 9.197 9.301 9,301 9,301 9,301 9,301 9,301 Common Equity - Contributed 994 994 994 994 994 994 994 994 994 994 Equity - Non-Contributed - Reserves & Retained Earnings 7,500 7,437 8,045 8,203 8,307 11,618 12,658 13,697 14,737 15,776 Additional Paid-In Capital - Retained Earnings (Accumulated Deficit) 6,901 6,767 7,300 7,789 7,753 8,062 9,377 Common Shares - Outstanding, Total 994 994 994 994 994 994 994 10,804 994 12,342 994 13,991 994 Treasury Stock - Common - - - - Other Equity/Reserves, Total Minority Interest 207 156 138 Total Equity - including Minority Interest & Hybrid Debt 8,702 8,587 9,177 Total Liabilities & Shareholders' Equity 12,653 11,835 13,308 115 9,313 14,410 112 9,414 Total Common Shares Outstanding 994 994 994 994 14,558 994 112 9,414 15,378 994 112 112 9,414 9,414 112 9,414 9,414 15,887 16,397 16,906 17,415 994 994 994 994 112 Total Preferred Shares Outstanding Discretionary Financing Needed Total Accumulated DFN Iteration Deficit Deficit Deficit Surplus Surplus 432 284 135 -13 -161 432.0465 283.7176 135.3887 -12.9401 -161.269 0 0 0