Projected Income Statements

2013

2014

TOTAL ASSETS
Current Assets
Non-current Assets

26,166,021,088
17,216,927,133
8,949,093,955

29,677,532,592
18,938,619,846
10,738,912,746

TOTAL LIABILITIES
Current Liabilities
Non-current Liabilities

14,730,980,881
8,650,009,790
6,080,971,091

TOTAL EQUITY

11,435,040,207

TOTAL REVENUE
Real Estate Sales
Property Management fee and other services
Interest and other income
Gain from change in fair value of derivatives

10,809,107,080
9,304,192,652
254,410,468
1,220,578,939
29,925,021

11,890,017,788
10,234,611,917
279,851,515
1,342,636,833
32,917,523

TOTAL COST AND EXPENSES

Cost of real estate sales
Cost of services
General, administrative and selling expenses
Interest and other financing charges

8,091,852,898
5,766,890,843
185,645,271
2,041,863,818
97,452,966

8,203,320,959
5,766,890,843
193,071,082
2,143,957,009
99,402,025

INCOME BEFORE INCOME TAX

PROVISION FOR INCOME TAX
NET INCOME
OTHER COMPREHENSIVE INCOME (Loss)
TOTAL COMPREHENSIVE INCOME

2,717,254,182
872,538,428
1,844,715,754
(24,307,014)
1,820,408,740

3,686,696,829
1,047,046,114
2,639,650,715
2,639,650,715

2015

2016

33,719,177,126
20,832,481,831
12,886,695,295

38,379,764,368
22,915,730,014
15,464,034,354

13,079,019,566.80
11,258,073,108.92
307,836,666.28
1,476,900,516.19
36,209,275.41

14,386,921,523.48
12,383,880,419.81
338,620,332.91
1,624,590,567.81
39,830,202.95

8,320,229,693
5,766,890,843
200,793,925
2,251,154,859
101,390,066

8,442,846,995
5,766,890,843
208,825,682
2,363,712,602
103,417,867

4,758,789,874
1,256,455,336
3,502,334,537

5,944,074,529
1,507,746,404
4,436,328,125

3,502,334,537

4,436,328,125

Assumptions

increase by 10% per year

increase by 20% per year

grow by 10% annually

grow by 10% annually
grow by 10% annually
grow by 10% annually
grow by 10% annually

remains the same

additional 4% per year for salary upgrade
additional 5% per year
additional 2% per year

20% increase per year

no loss/gain