2022 2023

0 1
I- GENERAL INPUT

*** Year 0 *** 2022

Land Info Thuê đất

Land use term/Land lease term 12/30/2055 2055
Land area
FAR
# Floors
Total GFA 0

Input unit
Currency unit Triệu Đồng

Escalation Code Y0 Y1
A 0% 7%
B 0% 10%
C 0% 5%
D 0% 4%
E 0% 0%

II- CAPEX

Investment 2022 2023

Description

Chi phí M&A

Chi phí xây dựng 100%
Chi phí trang thiết bị
Phí franchise set-up

Reinvestment/Maintainance

Description Calculation type Apply every … Years

Tái đầu tư trang thiết bị

Sửa chữa, cải tạo hàng năm as % of CAPEX 1

III- REVENUE

Tuition Revenue 2022 2023

Unit Existed #students

 1 Cấp 1 - 65
2 Cấp 2 -
3 Cấp 3 -
4 Khoa A -
5 Khoa B -
6 Khoa C -
0
0
0
0
0
0
0
0
0
7 Total school/tuition - - 65

Total #student - - 60

Other Revenue 2022 2023

Unit Calculation type

8 Doanh thu bán trú Direct 10

9 Doanh thu phí CSVC Base on #students
10 Doanh thu phí ghi danh Base on #new enroll
11 A
12 B
13 C
14 D
0

15 TOTAL REVENUE
IV- EXPENSE

Staff/Employee cost 2022 2023

Unit Calculation type

Giáo viên toàn trường Direct

Direct
Direct
Direct
Direct
Direct
Direct
Direct
Direct

Other Cost 2022 2023

 Unit Calculation type

1 Chi phí tuyển sinh, chiết khấu, khuyễn mãi… Base on #new enroll
2 Chi phí giáo dục As % rev.
3 Chi phí điện nước As % rev.
4 Chi phí bảo trì, sủa chữa CSVC As % rev.
5 Chi phí giá vốn bán trú As % rev.
6 Chi phí Đồng phục, sách, bộ kit As % rev.
7 Chi phí thuê mặt bằng Exceptional 500 525
8 Chi phí khác As % rev.
0
0
0
9 Phí franchise quản lý/năm Exceptional
10 Phí franchise thu trên từng HS Base on #students
11 Phí franchise i-portal Base on #students
0
 2024 2025 2026 2027 2028 2029 2030
2 3 4 5 6 7 8

Land area (LA) Gross floor area (GFA)

School general info Equity/Debt structure

Construction Date 1/1/2022 Loan propotion
Operation Date 1/1/2023 Interest
Construction Year year 2022 Loan term
Operation Year year 2023 Grace period
Equity propotion
Cost of Equity
Tax rate

Y2 Y3 Y4 Y5 Y6 Y7 Y8
7% 7% 7% 7% 7% 7% 7%
10% 10% 10% 10% 10% 10% 10%
5% 5% 5% 5% 5% 5% 5%
4% 4% 4% 4% 4% 4% 4%
0% 0% 0% 0% 0% 0% 0%

2024 2025 2026 2027 2028 2029 2030

CAPEX Schedule

every … Years % margin Apply to

1 1% Chi phí xây dựng

2024 2025 2026 2027 2028 2029 2030

New enrollment
 75 90 105 120 120 120 120

75 90 105 120 120 120 120

130 215 315 430 545 660 775

2024 2025 2026 2027 2028 2029 2030

#Units

15 20 25 30 35 40 45

2024 2025 2026 2027 2028 2029 2030

Staff Projection

2024 2025 2026 2027 2028 2029 2030

 #

551 579 608 638 670 704 739

 2031 0 1 2 3 4
9 0 1 2 3 4

floor area (GFA)

% 100%
% 8.0%
year 10 năm
year 2 năm
% 0%
% 16%
% 10%

Y9 Forward
7% 7%
10% 10%
5% 5%
4% 4%
0% 0%

2031 Check

Area/Unit Price per Area

0%
100% 1000 57
0%
0%
0%
0%

Apply to Area/Unit Price per Area

2031 Forward 2022 2023 2024 2025 2026

Sustainable
Graduation/Quit
grow rate
 120 10.0% (5) (5) (5) (5)

120 - (5) (5) (5) (5)

890

2031 Forward
Sustainable
grow rate
50 10.0%

2031 Forward 2022 2023 2024 2025 2026

Fix #staff Students/Staff ratio

20.0 23.0 26.0 29.0

2031 Forward
 Sustainable
grow rate

776 5.0%
 5 6 7 8 9
5 6 7 8 9

Apply
Price per Area/Unit Year start
Escalation
2022 Yes
57 2022 Yes
2022 No
2022 No
2022 No
2022 No

Apply
Price per Area/Unit Start date applied
Escalation
2023 Yes
2023 Yes
2023 No
2023 No
2023 No
2023 No

2027 2028 2029 2030 2031 Forward

Tuition fee
Graduation/Quit Fix % of #students
Yearly
 (5) (5) (5) (5) (5) 5.0% 80.0

(5) (5) (5) (5) (5)

Fee per unit

Yearly
15.0
10.0
10.0

2027 2028 2029 2030 2031 Forward

Utilized Avg. Salary
Students/Staff ratio Step up
Ratio Yearly
32.0 35.0 38.0 41.0 44.0 1.0 50.0 260.0
Cost per unit
Yearly
10.0
 ###
###

###
###
###
###
###
###

###
Escalation
Total Nominal CAPEX
Code
D - ###
D 57,000 ###
D - ###
D - ###
D - ###
D - ###

###
Escalation
Total Nominal CAPEX
Code
D - ###
D 285 ###
D - ###
D - ###
D - ###
D - ###

###
Escalation Max
Capacity New enroll
Code utilization
 D 90% 2000 ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
D 90% ###
Total Capacity 2000 ###

###
Escalation
% margin Apply to #student apply
Code
D Total school/tuition ###
D 100% Total school/tuition ###
D 100% Total school/tuition ###
D ###
D ###
D ###
D ###
D ###

###

Escalation
% margin Apply to #Staff
Code
D Total school/tuition ###
D ###
D ###
D ###
D ###
D ###
D ###
D ###
D ###
Escalation
% margin Apply to #student apply
Code
D 100% Total school/tuition ###
2% Total school/tuition ###
2% Total school/tuition ###
2% Total school/tuition ###
2% Doanh thu bán trú ###
2% Total school/tuition ###
###
2% Total school/tuition ###
###
###
###
###
###
###
###
SUMMARY
STT KHOẢN MỤC
1 Net Development Profit 7,596,236
2 IRR 113%
3 NPV 6,552,424
4 NPV Sustain at Year 6 54,427
5 NPV Sustain at Year 11 128,569
6 Payback period Year 3 0 1
7 Sustainable Growth Rate 4% -1 -1
8 Operating Discount Rate 22% -1 -1
9 Discount Rate in Construction period 18% -1 -1
10 Revenue Allowance 5% -1 -1
2022 2023
0 1
OPERATION INDEX
1 Opening #student 0 0
(+)New start 0 65
% growth 0.0% 0.0%
(-)Quit/Graduation 0 (5)
2 Net change 0 60
3 Closing #student 0 60

4 Capacity 2,000 2,000

% utilization rate 0.0% 3.0%

5 #Staff 0 3
Student/Staff ratio 0.0 20.0

P&L
STT ITEM
1 Revenue - 6,448
Revenue growth 0.0% 0.0%

Tuition Revenue - 4,992

Doanh thu bán trú 8 - 156

Doanh thu phí CSVC 9 - 624
Doanh thu phí ghi danh 10 - 676
A 11 - -
B 12 - -
C 13 - -
D 14 - -
_ 15 _
_ 16 _
_ 17 _

Revenue Allowance - (322)

2 Net Revenue - 6,126

 3 Operating Cost - (1,990)

Staff/Employee cost - (811)

Other cost - (1,178)

Chi phí tuyển sinh, chiết khấu, khuyễn mãi… 1 - (676)
Chi phí giáo dục 2 - (100)
Chi phí điện nước 3 - (100)
Chi phí bảo trì, sủa chữa CSVC 4 - (100)
Chi phí giá vốn bán trú 5 - (3)
Chi phí Đồng phục, sách, bộ kit 6 - (100)
Chi phí thuê mặt bằng 7 - -
Chi phí khác 8 - (100)
Phí franchise quản lý/năm 9 - -
Phí franchise thu trên từng HS 10 - -
Phí franchise i-portal 11 - -
_ 12 _
_ 13 _
_ 14 _
_ 15 _

4 EBITDA - 4,136
%margin 0.0% 64.1%

CASHFLOW
STT KHOẢN MỤC
1 EBITDA - 4,136

2 CAPEX (57,000) -
Investment CAPEX (57,000) -
Reinvestment/Maintainance CAPEX - -

3 Debt 54,720 (4,560)

(+) Drawdonw 57,000 -
Beginning Balance - 57,000
(-) Principal - -
Ending Balance 57,000 57,000
(-) Interest (2,280) (4,560)

4 Cashflow (2,280) (424)

5 Cumulative Cashflow (2,280) (2,704)

WACC 7.2% 7.2%

6 PV Cashflow at Beginning of each year (2,127) (395)

7 PV Cashflow at Year 0 (2,127) (324)

8 PV Terminal Value at Year 6

9 PV Terminal Value at Year 11
 2 3 4 5 6 7 8
-1 3 -1 -1 -1 -1 -1
-1 3 -1 -1 -1 -1 -1
-1 3 -1 -1 -1 -1 -1
-1 3 -1 -1 -1 -1 -1
2024 2025 2026 2027 2028 2029 2030
2 3 4 5 6 7 8

60 130 215 315 430 545 660

75 90 105 120 120 120 120
15.4% 20.0% 16.7% 14.3% 0.0% 0.0% 0.0%
(5) (5) (5) (5) (5) (5) (5)
70 85 100 115 115 115 115
130 215 315 430 545 660 775

2,000 2,000 2,000 2,000 2,000 2,000 2,000

6.5% 10.8% 15.8% 21.5% 27.3% 33.0% 38.8%

6 8 11 13 16 17 19
21.7 26.9 28.6 33.1 34.1 38.8 40.8

13,709 23,116 34,833 49,092 64,247 80,535 98,024

112.6% 68.6% 50.7% 40.9% 30.9% 25.4% 21.7%

11,249 19,348 29,480 41,853 55,168 69,481 84,851

243 337 439 547 664 790 924

1,406 2,418 3,685 5,232 6,896 8,685 10,606
811 1,012 1,228 1,460 1,518 1,579 1,642
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(685) (1,156) (1,742) (2,455) (3,212) (4,027) (4,901)

13,024 21,960 33,091 46,637 61,034 76,508 93,123

 (3,628) (5,294) (7,531) (9,769) (12,312) (14,359) (16,907)

(1,687) (2,340) (3,346) (4,112) (5,264) (5,816) (6,761)

(1,941) (2,954) (4,185) (5,656) (7,048) (8,543) (10,146)

(811) (1,012) (1,228) (1,460) (1,518) (1,579) (1,642)
(225) (387) (590) (837) (1,103) (1,390) (1,697)
(225) (387) (590) (837) (1,103) (1,390) (1,697)
(225) (387) (590) (837) (1,103) (1,390) (1,697)
(5) (7) (9) (11) (13) (16) (18)
(225) (387) (590) (837) (1,103) (1,390) (1,697)
- - - - - - -
(225) (387) (590) (837) (1,103) (1,390) (1,697)
- - - - - - -
- - - - - - -
- - - - - - -

9,396 16,667 25,560 36,869 48,722 62,149 76,216

68.5% 72.1% 73.4% 75.1% 75.8% 77.2% 77.8%

9,396 16,667 25,560 36,869 48,722 62,149 76,216

(308) (321) (333) (347) (361) (375) (390)

- - - - - - -
(308) (321) (333) (347) (361) (375) (390)

(11,400) (10,830) (10,260) (9,690) (9,120) (8,550) (7,980)

- - - - - - -
57,000 49,875 42,750 35,625 28,500 21,375 14,250
(7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125)
49,875 42,750 35,625 28,500 21,375 14,250 7,125
(4,275) (3,705) (3,135) (2,565) (1,995) (1,425) (855)

(2,313) 5,516 14,967 26,832 39,241 53,224 67,846

(5,017) 499 15,466 42,298 81,539 134,763 202,609

8.3% 9.4% 10.5% 11.6% 12.7% 13.8% 14.9%

(2,135) 5,042 13,544 24,043 34,819 46,770 59,048

(1,435) 2,777 6,114 8,896 10,560 11,626 12,032

49,422
 9 10 11 12 13 14 15
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
2031 2032 2033 2034 2035 2036 2037
9 10 11 12 13 14 15

775 890 978 1,074 1,180 1,297 1,425

120 132 145 160 176 193 213
0.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
(5) (45) (49) (54) (59) (65) (71)
115 88 96 106 117 128 141
890 978 1,074 1,180 1,297 1,425 1,566

2,000 2,000 2,000 2,000 2,000 2,000 2,000

44.5% 48.9% 53.7% 59.0% 64.8% 71.2% 78.3%

20 22 23 25 27 29 31
44.5 44.4 46.7 47.2 48.0 49.1 50.5

116,783 133,400 152,423 174,175 199,071 227,536 260,110

19.1% 14.2% 14.3% 14.3% 14.3% 14.3% 14.3%

101,340 115,755 132,248 151,119 172,708 197,409 225,669

1,067 1,221 1,409 1,609 1,848 2,104 2,404

12,667 14,469 16,531 18,890 21,589 24,676 28,209
1,708 1,954 2,235 2,557 2,925 3,347 3,829
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(5,839) (6,670) (7,621) (8,709) (9,954) (11,377) (13,006)

110,944 126,730 144,802 165,466 189,117 216,159 247,105

(19,265) (22,021) (24,694) (28,108) (31,922) (36,187) (40,959)

(7,401) (8,467) (9,206) (10,407) (11,689) (13,057) (14,516)

(11,863) (13,554) (15,488) (17,701) (20,233) (23,130) (26,444)

(1,708) (1,954) (2,235) (2,557) (2,925) (3,347) (3,829)
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
(21) (24) (28) (32) (37) (42) (48)
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
- - - - - - -
(2,027) (2,315) (2,645) (3,022) (3,454) (3,948) (4,513)
- - - - - - -
- - - - - - -
- - - - - - -

91,679 104,709 120,108 137,358 157,195 179,973 206,146

78.5% 78.5% 78.8% 78.9% 79.0% 79.1% 79.3%

91,679 104,709 120,108 137,358 157,195 179,973 206,146

(406) (422) (439) (456) (475) (494) (513)

- - - - - - -
(406) (422) (439) (456) (475) (494) (513)

(7,410) - - - - - -
- - - - - - -
7,125
(7,125)
-
(285)

83,863 104,287 119,669 136,902 156,721 179,479 205,632

286,473 390,759 510,429 647,330 804,051 983,530 1,189,163

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

72,296 89,903 103,163 118,019 135,104 154,723 177,269

12,075 12,308 11,576 10,855 10,186 9,561 8,979

68,376
 16 17 18 19 20 21 22
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
2038 2039 2040 2041 2042 2043 2044
16 17 18 19 20 21 22

1,566 1,722 1,800 1,800 1,800 1,800 1,800

234 164 90 90 90 90 90
10.0% -29.8% -45.2% 0.0% 0.0% 0.0% 0.0%
(78) (86) (90) (90) (90) (90) (90)
156 78 0 0 0 0 0
1,722 1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000 2,000

86.1% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

34 36 36 36 36 36 36
50.6 50.0 50.0 50.0 50.0 50.0 50.0

297,383 321,915 333,622 347,346 361,667 376,612 392,245

14.3% 8.2% 3.6% 4.1% 4.1% 4.1% 4.2%

258,000 280,498 291,718 303,386 315,522 328,143 341,268

2,753 3,156 3,616 4,140 4,733 5,401 6,185

32,250 35,062 36,465 37,923 39,440 41,018 42,659
4,380 3,199 1,823 1,896 1,972 2,051 2,133
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(14,869) (16,096) (16,681) (17,367) (18,083) (18,831) (19,612)

282,514 305,819 316,941 329,978 343,583 357,781 372,633

 (46,792) (49,544) (50,029) (52,038) (54,128) (56,302) (58,566)

(16,557) (18,232) (18,962) (19,720) (20,509) (21,329) (22,182)

(30,235) (31,312) (31,067) (32,318) (33,619) (34,973) (36,383)

(4,380) (3,199) (1,823) (1,896) (1,972) (2,051) (2,133)
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
(55) (63) (72) (83) (95) (108) (124)
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
- - - - - - -
(5,160) (5,610) (5,834) (6,068) (6,310) (6,563) (6,825)
- - - - - - -
- - - - - - -
- - - - - - -

235,722 256,275 266,912 277,941 289,456 301,479 314,067

79.3% 79.6% 80.0% 80.0% 80.0% 80.1% 80.1%

235,722 256,275 266,912 277,941 289,456 301,479 314,067

(534) (555) (577) (600) (624) (649) (675)

- - - - - - -
(534) (555) (577) (600) (624) (649) (675)

- - - - - - -
- - - - - - -

235,188 255,719 266,334 277,340 288,831 300,830 313,392

1,424,351 1,680,070 1,946,404 2,223,745 2,512,576 2,813,405 3,126,797

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

202,748 220,448 229,598 239,086 248,992 259,336 270,165

8,418 7,502 6,405 5,467 4,666 3,984 3,402

 23 24 25 26 27 28 29
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
2045 2046 2047 2048 2049 2050 2051
23 24 25 26 27 28 29

1,800 1,800 1,800 1,800 1,800 1,800 1,800

90 90 90 90 90 90 90
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(90) (90) (90) (90) (90) (90) (90)
0 0 0 0 0 0 0
1,800 1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000 2,000

90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

36 36 36 36 36 36 36
50.0 50.0 50.0 50.0 50.0 50.0 50.0

408,564 425,637 443,502 462,198 481,768 502,298 523,840

4.2% 4.2% 4.2% 4.2% 4.2% 4.3% 4.3%

354,919 369,116 383,880 399,236 415,205 431,813 449,086

7,061 8,074 9,237 10,563 12,067 13,809 15,812

44,365 46,139 47,985 49,904 51,901 53,977 56,136
2,218 2,307 2,399 2,495 2,595 2,699 2,807
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(20,428) (21,282) (22,175) (23,110) (24,088) (25,115) (26,192)

388,135 404,355 421,327 439,089 457,679 477,183 497,648

 (60,921) (63,373) (65,924) (68,580) (71,345) (74,224) (77,222)

(23,070) (23,993) (24,952) (25,950) (26,988) (28,068) (29,191)

(37,851) (39,380) (40,972) (42,630) (44,357) (46,156) (48,032)

(2,218) (2,307) (2,399) (2,495) (2,595) (2,699) (2,807)
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
(141) (161) (185) (211) (241) (276) (316)
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
- - - - - - -
(7,098) (7,382) (7,678) (7,985) (8,304) (8,636) (8,982)
- - - - - - -
- - - - - - -
- - - - - - -

327,214 340,982 355,403 370,508 386,334 402,959 420,426

80.1% 80.1% 80.1% 80.2% 80.2% 80.2% 80.3%

327,214 340,982 355,403 370,508 386,334 402,959 420,426

(702) (731) (760) (790) (822) (855) (889)

- - - - - - -
(702) (731) (760) (790) (822) (855) (889)

- - - - - - -
- - - - - - -

326,512 340,252 354,643 369,718 385,512 402,104 419,537

3,453,309 3,793,561 4,148,203 4,517,921 4,903,434 5,305,538 5,725,075

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

281,476 293,320 305,726 318,722 332,338 346,641 361,670

2,905 2,481 2,120 1,812 1,548 1,324 1,132

 30 31 32 33 34 35 36
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
2052 2053 2054 2055 2056 2057 2058
30 31 32 33 34 35 36

1,800 1,800 1,800 1,800 1,800 1,800 1,800

90 90 90 90 90 90 90
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(90) (90) (90) (90) (90) (90) (90)
0 0 0 0 0 0 0
1,800 1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000 2,000

90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

36 36 36 36 36 36 36
50.0 50.0 50.0 50.0 50.0 50.0 50.0

546,448 570,178 595,142 621,411 649,113 678,333 709,160

4.3% 4.3% 4.4% 4.4% 4.5% 4.5% 4.5%

467,049 485,731 505,160 525,367 546,382 568,237 590,966

18,098 20,694 23,679 27,089 31,019 35,515 40,629

58,381 60,716 63,145 65,671 68,298 71,030 73,871
2,919 3,036 3,157 3,284 3,415 3,551 3,694
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(27,322) (28,509) (29,757) (31,071) (32,456) (33,917) (35,458)

519,125 541,669 565,385 590,340 616,657 644,416 673,702

 (80,344) (83,595) (86,982) (90,511) (94,188) (98,021) (102,016)

(30,358) (31,573) (32,835) (34,149) (35,515) (36,935) (38,413)

(49,986) (52,023) (54,147) (56,362) (58,673) (61,085) (63,603)

(2,919) (3,036) (3,157) (3,284) (3,415) (3,551) (3,694)
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
(362) (414) (474) (542) (620) (710) (813)
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
- - - - - - -
(9,341) (9,715) (10,103) (10,507) (10,928) (11,365) (11,819)
- - - - - - -
- - - - - - -
- - - - - - -

438,781 458,073 478,403 499,829 522,469 546,395 571,686

80.3% 80.3% 80.4% 80.4% 80.5% 80.5% 80.6%

438,781 458,073 478,403 499,829 522,469 546,395 571,686

(924) (961) (1,000) (1,040) (1,081) (1,125) (1,170)

- - - - - - -
(924) (961) (1,000) (1,040) (1,081) (1,125) (1,170)

- - - - - - -
- - - - - - -

437,857 457,112 477,403 498,789 521,387 545,271 570,516

6,162,931 6,620,043 7,097,446 7,596,236 8,117,623 8,662,894 9,233,410

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

377,463 394,062 411,554 429,991 449,472 470,061 491,824

968 829 709 608 521 446 383

 37 38 39 40 41 42 43
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1 -1
2059 2060 2061 2062 2063 2064 2065
37 38 39 40 41 42 43

1,800 1,800 1,800 1,800 1,800 1,800 1,800

90 90 90 90 90 90 90
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(90) (90) (90) (90) (90) (90) (90)
0 0 0 0 0 0 0
1,800 1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000 2,000

90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

36 36 36 36 36 36 36
50.0 50.0 50.0 50.0 50.0 50.0 50.0

741,751 776,282 812,873 851,725 893,059 937,038 983,997

4.6% 4.7% 4.7% 4.8% 4.9% 4.9% 5.0%

614,605 639,189 664,757 691,347 719,001 747,761 777,671

46,479 53,199 60,867 69,639 79,689 91,133 104,257

76,826 79,899 83,095 86,418 89,875 93,470 97,209
3,841 3,995 4,155 4,321 4,494 4,674 4,860
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

(37,088) (38,814) (40,644) (42,586) (44,653) (46,852) (49,200)

704,664 737,468 772,229 809,139 848,406 890,186 934,797

(106,181) (110,525) (115,057) (119,786) (124,723) (129,877) (135,261)

(39,949) (41,547) (43,209) (44,938) (46,735) (48,604) (50,549)

(66,231) (68,978) (71,848) (74,848) (77,988) (81,272) (84,713)

(3,841) (3,995) (4,155) (4,321) (4,494) (4,674) (4,860)
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
(930) (1,064) (1,217) (1,393) (1,594) (1,823) (2,085)
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
- - - - - - -
(12,292) (12,784) (13,295) (13,827) (14,380) (14,955) (15,553)
- - - - - - -
- - - - - - -
- - - - - - -

598,483 626,943 657,172 689,353 723,683 760,309 799,536

80.7% 80.8% 80.8% 80.9% 81.0% 81.1% 81.3%

598,483 626,943 657,172 689,353 723,683 760,309 799,536

(1,216) (1,265) (1,316) (1,368) (1,423) (1,480) (1,539)

- - - - - - -
(1,216) (1,265) (1,316) (1,368) (1,423) (1,480) (1,539)

- - - - - - -
- - - - - - -

597,267 625,678 655,857 687,985 722,260 758,829 797,997

9,830,677 10,456,354 11,112,211 11,800,196 12,522,456 13,281,285 14,079,282

16.0% 16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

514,885 539,377 565,394 593,090 622,638 654,163 687,928

328 282 242 208 179 154 133

 44 45 46 47 48 49
-1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1
-1 -1 -1 -1 -1 -1
2066 2067 2068 2069 2070 2071
44 45 46 47 48 49

1,800 1,800 1,800 1,800 1,800 1,800

90 90 90 90 90 90
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(90) (90) (90) (90) (90) (90)
0 0 0 0 0 0
1,800 1,800 1,800 1,800 1,800 1,800

2,000 2,000 2,000 2,000 2,000 2,000

90.0% 90.0% 90.0% 90.0% 90.0% 90.0%

36 36 36 36 36 36
50.0 50.0 50.0 50.0 50.0 50.0

1,034,225 1,088,036 1,145,772 1,199,753 1,247,743 1,297,653

5.1% 5.2% 5.3% 4.7% 4.0% 4.0%

808,778 841,129 874,774 909,765 946,156 984,002

119,295 136,508 156,184 170,581 177,404 184,500

101,097 105,141 109,347 113,721 118,270 123,000
5,055 5,257 5,467 5,686 5,913 6,150
- - - - - -
- - - - - -
- - - - - -
- - - - - -

(51,711) (54,402) (57,289) (59,988) (62,387) (64,883)

982,514 1,033,634 1,088,484 1,139,766 1,185,356 1,232,770

 (140,889) (146,774) (152,929) (159,209) (165,577) (172,200)

(52,571) (54,673) (56,860) (59,135) (61,500) (63,960)

(88,319) (92,100) (96,068) (100,074) (104,077) (108,240)

(5,055) (5,257) (5,467) (5,686) (5,913) (6,150)
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
(2,386) (2,730) (3,124) (3,412) (3,548) (3,690)
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
- - - - - -
(16,176) (16,823) (17,495) (18,195) (18,923) (19,680)
- - - - - -
- - - - - -
- - - - - -

841,625 886,860 935,555 980,557 1,019,779 1,060,570

81.4% 81.5% 81.7% 81.7% 81.7% 81.7%

841,625 886,860 935,555 980,557 1,019,779 1,060,570

(1,601) (1,665) (1,731) (1,801) (1,873) (1,948)

- - - - - -
(1,601) (1,665) (1,731) (1,801) (1,873) (1,948)

- - - - - -
- - - - - -

840,024 885,196 933,824 978,756 1,017,906 1,058,622

14,919,306 15,804,502 16,738,325 17,717,081 18,734,988 19,793,610

16.0% 16.0% 16.0% 16.0% 16.0% 16.0%

724,159 763,100 805,020 843,755 877,505 912,606

115 99 86 74 63 54