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Excel Skills
Skills || Business
Business Plan
Plan Cash
Cash Flow
Flow Forecast
Forecast Template
Template
About
About this
this template
template
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assumptions
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 plan
plan which
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Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
www.excel-skills.com

This unique template enables users to create cash flow projections for a business plan which includes 12 monthly periods
and five annual periods. The template includes a detailed income statement, cash flow statement and balance sheet. The
cash flow projections are based on a number of default assumptions and the turnover amounts, gross profit percentages,
expense amounts, capital expenditure amounts and loan amounts that are specified by the user. The monthly and annual
reporting periods are all based on a single user defined start date. This template is ideal for trade based businesses but can
also be used for service based businesses by simply entering a 100% value in the gross profit percentage input cells.

Note: We have included 12 monthly and 5 annual reporting periods in this template because this format is frequently required
by financial institutions when submitting business plans. If you only require annual cash flow projections, refer to our Annual
Cash Flow Projections template and if you only require monthly cash flow projections, refer to our Monthly Cash Flow
Projections template.

The following sheets are included in the template:

Assumptions - this sheet includes the default assumptions on which the monthly & annual cash flow projections are based.
IncState - this sheet includes a detailed monthly income statement for 12 monthly periods and 5 annual periods. The first
year's turnover amounts, gross profit percentages and expenses need to be entered by the user and the subsequent years'
values are calculated based on the assumptions that are specified on the Assumptions sheet.
CashFlow - this sheet includes a detailed monthly cash flow statement for 12 monthly and 5 annual periods. Only the capital
expenditure and shareholders' contribution amounts for the first year need to be entered by the user. All the values for
subsequent years and all the other line items on the cash flow statement are calculated automatically.
BalanceSheet - all balance sheet calculations are based on the template assumptions and the monthly income statement
and cash flow statement calculations. No user input is required on this sheet.
Loans - this sheet includes a detailed monthly amortization table which is used to calculate the monthly interest and capital
repayment amounts that are included on the detailed income statement and cash flow statement. Additional loan amounts
(after the initial start-up financing) can be entered on this sheet.

Template Assumptions

Business Name

The business name that is entered in cell B4 on the Assumptions sheet is used as a heading on all the other sheets that are
included in the template.

Start Date

The monthly and annual reporting periods on the income statement, cash flow statement and balance sheet are determined
based on the start date that is entered in cell B5 on the Assumptions sheet. Users are therefore able to change the template
reporting periods by simply changing the date in a single input cell.

Turnover

Monthly turnover projections for the first year should be entered on the IncState sheet in row 5. The annual turnover growth
percentages that are specified in row 9 on the Assumptions sheet is then used to calculate the turnover amounts for year 2
to 5.

Gross Profit %

A monthly gross profit percentage forecast for the first year should be entered on the IncState sheet in row 10 and the annual
gross profit percentage forecast for years 2 to 5 should be entered in row 13 on the Assumptions sheet. Gross profit amounts
are calculated by multiplying the appropriate turnover amount by the gross profit percentage. Cost of sales amounts are then
calculated by simply deducting the gross profit amounts from the turnover amounts.

Page 3 of 19
Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
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Page 4 of 19
Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
www.excel-skills.com

Expenses

The IncState sheet includes 23 default expense accounts. The default expense accounts can be edited by simply entering a
new description and additional expenses can be added by simply inserting the required number of rows anywhere above the
total row, entering a description for the expense and entering the appropriate monthly expense forecasts for each of the
monthly periods in the first year. The annual expense amounts in year 2 to 5 are determined by multiplying the annual
expense amounts of the previous annual period by the appropriate inflation percentage which is specified in row 17 on the
Assumptions sheet.

Note: All income & expense amounts should be entered exclusive of any sales tax that may be applicable.

Depreciation

The condition of all fixed assets deteriorates over time and asset depreciation is therefore usually recorded in the income
statement in order to account for the decrease in value of fixed assets. Although depreciation is a non-cash accounting
adjustment and therefore does not have a direct impact on cash flow calculations, we have included depreciation in the
template assumptions in order to account for the tax effect of wear & tear tax allowances.

The depreciation amounts for each monthly period in the first year need to be entered in row 38 on the IncState sheet and
the annual depreciation amounts for year 2 to 5 need to be entered in row 18 on the Assumptions sheet. The depreciation
amounts are included separately on the income statement below the Expenses section and added back from the profit or
loss for the period on the cash flow statement.

Note: The depreciation amounts need to be calculated based on the effective depreciation rate for each class of fixed assets
after taking the remaining useful life of the start-up assets into account and applying the appropriate effective depreciation
rates to all capital expenditure amounts. For the purpose of the cash flow projections, it is assumed that the wear & tear
allowances (for income tax purposes) are the same as the depreciation rates.

Cash Flow Statement Input Amounts

Most of the amounts on the cash flow statement are automatically calculated based on the amounts that are entered on the
IncState sheet and the balance sheet calculations on the BalanceSheet sheet. User input is limited to specifying the
appropriate capital expenditure and shareholders contribution amounts.

The capital expenditure that will be incurred in the first year should be entered in row 21 on the CashFlow sheet. The annual
capital expenditure totals for year 2 to 5 need to be entered in row 22 on the Assumptions sheet. All of these amounts should
be entered as negative values.

The shareholder contribution amounts for the first year should be entered in row 25 on the CashFlow sheet. The annual
shareholder contribution totals for year 2 to 5 need to be entered in row 23 on the Assumptions sheet. All of these amounts
should be entered as positive values.

Note: The proceeds from additional loans also forms part of the cash flow statement calculations but these amounts should
be entered on the Loans sheet in column C.

Working Capital

The inventory, debtors and creditors days assumptions that are specified on the Assumptions sheet are used in order to
calculate the monthly & annual closing balances for inventory. debtors and creditors on the balance sheet. We believe that
this is the easiest and most accurate technique that can be used in order to estimate working capital balances at the end of
each period.

Page 5 of 19
Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
www.excel-skills.com

The inventory days assumption is multiplied by the daily cost of sales average to determine the inventory closing balance at
the end of each monthly or annual period. The daily cost of sales average is calculated by simply dividing the monthly or
annual cost of sales projection by the number of days in the particular month or 365 days in the case of the annual periods.
The number of days that are included in each monthly reporting period are calculated in row 21 on the balance sheet.

The debtors days assumption is multiplied by the daily average turnover in order to determine the debtors closing balance at
the end of each monthly or annual period. The daily average turnover is calculated by simply dividing the monthly or annual
turnover amount by the number of days in the particular month or 365 days in the case of the annual periods. The average
trading terms that are negotiated with customers can be used in order to estimate the debtors days that should be entered in
the template assumptions. If products are not sold on credit, a nil value should be entered for this assumption.

The creditors days assumption is multiplied by the sum of the monthly or annual cost of sales amounts and the total
expenses and the result is divided by the number of days in the particular monthly period or 365 for annual periods in order
to calculate the creditors closing balance at the end of the particular period. The value that is entered for this assumption
should therefore be carefully considered. Even if the average trading terms with suppliers result in payments being due 30
days after the invoice date, you should remember that a lot of expenses are usually settled on a cash basis (like salaries &
wages). You should therefore not only consider supplier trading terms when deciding on an appropriate value to enter in this
template assumption but also the percentage of expenses and stock purchases that are settled on a cash basis.

Start-up Balances

This section of the assumptions relates to the balance sheet balances at the start of the cash flow projection period. If you
need to compile a business plan for an existing business, it should be simple enough to obtain the opening balance sheet
account balances. Also, if the business is being acquired from another entity, the opening balances should be entered based
on the values that are listed in the acquisition agreement. If the business plan is being compiled for an entirely new business
venture, all the start-up balances should be nil.

Note: All equity and liability balances should be entered as negative values and the total of all the start-up balance sheet
balances should always be nil. We have added conditional formatting to the Start-up balances section on the Assumptions
sheet in order to highlight all the values in orange if the total does not equal nil.

Loan Terms

The loan terms that are entered in this section of the assumptions are applied to the start-up long term loan amount and the
additional loan amounts that are entered in column C on the Loans sheet in order to compile the monthly loan amortization
table on the Loans sheet. The loan terms consist of the annual interest rate, loan repayment period in years and an interest
only selection. If no interest is charged on long term loans, simply select the "Yes" option from the list box and no loan
repayments will be included in the cash flow projections (only the interest that is charged). The interest and loan repayment
amounts that are calculated on the Loans sheet are then automatically included in the monthly & annual cash flow
projections.

Note: The maximum loan repayment period that can be specified is 10 years.

Taxation

The income tax percentage that is specified in this input cell is applied to the monthly or annual net profit in order to calculate
a monthly income tax provision. We have also assumed that all income tax liabilities are settled on a bi-annual basis (every
six months) in accordance with provisional taxation principles. The monthly tax amount is therefore accrued to a provision for
taxation and the negative cash flow resulting from the bi-annual payment of income tax will be reflected in the taxation paid
line on the monthly cash flow statement (row 17).

Page 6 of 19
Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
www.excel-skills.com

Note: Because we assume that income tax liabilities are settled bi-annually according to provisional tax principles, there
would be no provision for taxation at the end of any of the annual reporting periods.

Page 7 of 19
Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
www.excel-skills.com

Monthly Income Statement

A detailed income statement is included on the IncState sheet. As we've mentioned before, users need to enter the monthly
turnover amounts, gross profit percentages and expense amounts for the first year and all the other income statement
calculations are automated.

Note: All the rows that require user input have been highlighted in yellow in column A. The monthly amounts in these rows
should be entered but be careful not to replace the formulas in the columns that contain the annual totals.

The interest amounts that are included on the income statement are calculated on the Loans sheet based on the start-up
long term loan balance on the Assumptions sheet, the monthly additional loan amounts that are entered in column C on the
Loans sheet and the loan terms that are specified on the Assumptions sheet.

Note: Calculations of the interest cover, return on equity (ROE) and return on net assets (RONA) financial ratios have been
included below the monthly income statement.

Monthly Cash Flow Statement

A detailed cash flow statement is included on the CashFlow sheet. As we've mentioned before, users are required to enter
the monthly capital expenditure and shareholders' contribution amounts on this sheet and all the other cash flow statement
calculations are automated.

Note: All the rows that require user input have been highlighted in yellow in column A. The monthly amounts in these rows
should be entered but be careful not to replace the formulas in the columns that contain the annual totals.

The monthly or annual profit or loss, interest and taxation amounts are calculated on the income statement. Depreciation
amounts are entered on the income statement and added back from the profit or loss on the cash flow statement. The
interest paid amount is deducted after being added back from the profit or loss and the taxation paid is calculated by
deducting the income statement taxation charge from the movement in the provision for taxation which is calculated on the
balance sheet.

The property, plant & equipment purchases line relates to the acquisition of fixed assets with a useful life of more than one
year. Monthly capital expenditure amounts should be entered as negative values and are added to the property, plant &
equipment line on the balance sheet.

All amounts that are contributed by the shareholders of the business should be entered as positive values in the
shareholders' contributions line and are added to the shareholders' contributions line on the balance sheet.

The loan repayments that are included on the cash flow statement are calculated on the Loans sheet based on the start-up
long term loans balance on the Assumptions sheet, the monthly additional loan amounts that are entered on the Loans sheet
and the loan terms that are specified on the Assumptions sheet. Note that these amounts only include the capital portion of
the loan repayments, not the interest.

Monthly Balance Sheet

All balance sheet balances are calculated automatically from the template assumptions and the calculations on the monthly
& annual income statement and cash flow statement. The property, plant & equipment balance is calculated by adding the
capital expenditure on the CashFlow sheet to the start-up property, plant & equipment balance before deducting the
depreciation amounts which are entered on the income statement.

Page 8 of 19
Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
www.excel-skills.com

All working capital balances are calculated based on the days that are specified in the template assumptions, while the cash
balance is linked to the closing cash balance on the CashFlow sheet. The provision for taxation is calculated from the income
tax line on the IncState sheet and the assumption is that the entire income tax liability is settled bi-annually based on
provisional tax principles.

Page 9 of 19
Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
www.excel-skills.com

The shareholders contributions balance is calculated by adding the monthly amounts on the cash flow report to the start-up
balance that is specified in the template assumptions, while retained earnings is calculated based on the profit or loss line on
the IncState sheet. Long term loan balances are calculated on the Loans sheet.

Note: The financial ratios below the balance sheet are all based on the balances that are included on the balance sheet. We
recommend that you review the formulas that are included in these cells in order to determine how these ratios are
calculated.

Interest & Capital Repayment Amounts

The Loans sheet includes a detailed amortization table which is used for the calculation of the monthly & annual interest and
capital repayment amounts which are included in the cash flow projections. The start-up long term loan balance in included
in the first cell in column C and any additional monthly loan advances should also be entered in the additional financing
column. All interest and loan repayment calculations are based on the amounts in this column and the loan terms that are
included at the top of the sheet (specified on the Assumptions sheet).

Note: All the interest and loan repayment calculations on the Loans sheet are automated. The only user input that is required
on this sheet is entering the additional loan amounts in column C.

The loan amortization calculations can also be compiled for interest only loans by simply selecting the "Yes" option from the
Interest Only list box on the Assumptions sheet. If this loan interest option is selected, the projected cash flow calculations
will not include any loan repayments. Also note that the maximum loan period that can be specified is 10 years.

Help & Customization

If you experience any difficulty while using this template and you are not able to find the appropriate guidance in these
instructions, please e-mail us at support@excel-skills.com for assistance. This template has been designed with flexibility in
mind to ensure that it can be used in most business environments. If however you need an Excel based template that is
customized specifically for your business requirements, please e-mail our Support function and provide a brief explanation of
your requirements.

Copyright

This template remains the intellectual property of www.excel-skills.com and is protected by international copyright laws. Any
publication or distribution of this template outside the scope of the permitted use of the template is expressly prohibited. In
terms of the permitted use of this template, only the distribution of the template to persons within the same organisation as
the registered user or persons outside the organisation who can reasonably be expected to require access to the template as
a direct result of the use of the template by the registered user is allowed. Subsequent distribution of the template by parties
outside of the organisation is however expressly prohibited and represents an infringement of international copyright laws.

Page 10 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Assumptions

Business Name Example Trading (Pty) Limited

Start Date 3/1/2013
Turnover
Monthly turnover projections for the first year need to be entered on the IncState worksheet. On
On this
this sheet:
sheet:
Year 2 Year 3 Most
Most4of
Year of the
the monthlyYear&
monthly 5 annual
& annual cash
cash flow
flow forecast
forecast calculations
calculations are are based
based
Annual Turnover Growth % 5.0% 5.0% on
on the
the assumptions
10.0% assumptions that
that are
10.0% are entered
entered onon this
this sheet.
sheet. The
The monthly
monthly turnover,
turnover,
Gross Profit % gross
gross profit
profit percentages
percentages and and expense
expense amounts
amounts for for the
the first
first year
year however
however
need
need toto be
be entered
entered on on the
the "IncState"
"IncState" sheet.
sheet. The
The reporting
reporting periods
periods that
that are
are
Monthly gross profit percentages for the first year need to be entered on the IncState worksheet.
included
included on on the
the income
income statement,
statement, cash
cash flow
flow statement
statement and and balance
balance sheet
sheet
Year 2 Year 3 Year 4 determined
are
are determined Year 5
based
based on
on the
the start
start date
date that
that is
is specified
specified in in cell
cell B5.
B5.
Gross Profit % 38.0% 38.0% 40.0% 40.0%
Expenses
Monthly expense projections for the first year need to be entered on the IncState worksheet.
Year 2 Year 3 Year 4 Year 5
Annual Expenditure Inflation % 6.0% 6.0% 6.0% 6.0%
Annual Depreciation Charges 195,000 240,000 250,000 215,000
Cash Flow Statement Input
Cash flow statement input amounts for the first year need to be entered on the CashFlow worksheet.
Year 2 Year 3 Year 4 Year 5
Purchases of property, plant & equipment (125,000) (250,000) (200,000) (150,000)
Proceeds from shareholders' contributions - ### - ###
Proceeds from loans Enter in column C on the Loans sheet.
Working Capital
Inventory Days 25
Debtors Days 30
Creditors Days 15
Start-up Balances
Property, Plant & Equipment 800,000
Inventory 140,000
Debtors 250,000
Cash 21,000
Shareholders' Contributions (1,000)
Retained Earnings -
Long Term Loans (1,100,000)
Creditors (110,000)
Provision for Taxation -
Loan Terms
Interest Rate 8.5%
Repayment Term (in years) 5.0
Interest Only No
Taxation
Income Tax % 28.0%
Note: It is assumed that income tax is paid on a bi-annual basis (every 6 months).

Page 11 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Income Statement
www.excel-skills.com
Mar-2013 Apr-2013 May-2013 Jun-2013 Jul-2013 Aug-2013 Sep-2013 Oct-2013 Nov-2013 Dec-2013 Jan-2014 Feb-2014 Year-2014
Turnover 300,000 340,000 320,000 321,000 305,000 320,000 315,000 300,000 320,000 330,000 328,000 310,000 3,809,000

Cost of Sales 195,000 217,600 208,000 205,440 192,150 201,600 198,450 189,000 201,600 207,900 206,640 195,300 2,418,680

Gross Profit 105,000 122,400 112,000 115,560 112,850 118,400 116,550 111,000 118,400 122,100 121,360 114,700 1,390,320
Gross Profit % 35.0% 36.0% 35.0% 36.0% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0% 36.5%

Expenses
Accounting Fees 2,000 2,000 2,000 On
Onthis
this sheet:
2,000
sheet: 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000
Advertising & Marketing This
This sheet
sheet includes
5,000 5,000aa detailed
includes detailed income
income statement
10,000 5,000 for
statement for 12
12 monthly
5,000 &
monthly & 55 annual
25,000 periods.
annual periods. The
The
5,000 5,000 43,000 13,000 5,000 5,000 131,000
monthly
monthly turnover,
turnover, gross
gross profit
profit percentages
percentages and
and expense
expense amounts
amounts for
for the
the first
first year
year need
need toto be
be
Bank Charges 250 250 250 250 250 250 250 250 250 250 250 250 3,000
entered on this sheet and all the other amounts are automatically calculated.
entered on this sheet and all the other amounts are automatically calculated. Rows that Rows that
Cleaning Expenses require 500
user input in 500
the monthly 800
columns are 800
indicated with 800
yellow 860
highlighting
require user input in the monthly columns are indicated with yellow highlighting in column A. in column 860A. 860 860 860 860 860 9,420
Computer Expenses Additional
-
Additional expenses
expenses- cancan be
be added
added - ifif required. This
This template
3,800
required. template-can
can also
also be
be used-
used for
for service
-
service - - - - 4,200 8,000
Consumables based businesses
businesses by
based1,250 by simply
-simply entering - aa 100%
entering 100% gross - profit
gross profit percentage.
percentage.
2,300 The monthly
monthly reporting
The 780 reporting
200 - - 759 - - 5,289
periods
periods are determined by the start
start date
date that is
is specified
specified in cell
cell B5
B5 onon the "Assumptions"
Electricity & Water 1,000 are determined
1,000 by the 1,000 that1,000 in
1,000 the
1,200"Assumptions"
1,200 1,200 1,200 1,200 1,200 1,200 13,400
sheet.
sheet.
Entertainment - - - - - - - 12,000 - - - - 12,000
Equipment Hire - - - - 18,000 - - - - - - - 18,000
Insurance 2,000 2,000 2,000 2,000 2,000 2,000 2,300 2,300 2,300 2,300 2,300 2,300 25,800
Legal Fees - - - 74,000 - - - - - - - - 74,000
Motor Vehicle Expenses - - - - - - 1,800 - - - - - 1,800
Postage 100 100 100 100 100 100 100 100 100 100 100 100 1,200
Printing & Stationery 300 300 300 300 300 300 300 300 300 300 300 300 3,600
Professional Fees - - - - - - - 32,000 - - - - 32,000
Rent 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000
Repairs & Maintenance - - 800 - - 780 - - 4,300 - - - 5,880
Salaries & Wages 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 22,850 274,200
Security 325 325 325 325 325 325 325 325 325 325 325 325 3,900
Subscriptions - - - - - 3,200 - - - - - - 3,200
Telephone & Fax 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 2,510 30,120
Training - - - - - - - 12,000 - - - - 12,000
Uniforms - - - - - - 2,530 - - - - - 2,530
Total Expenses 48,085 46,835 52,935 124,935 67,435 72,155 52,225 103,695 89,995 56,454 47,695 51,895 814,339

Depreciation 13,333 13,333 14,167 14,167 14,167 15,417 15,417 15,417 15,417 15,417 15,417 15,417 177,083

Profit / (Loss) before Interest & Tax 43,582 62,232 44,898 (23,542) 31,248 30,828 48,908 (8,112) 12,988 50,229 58,248 47,388 398,898

Interest 7,792 7,687 7,582 7,475 8,077 7,960 7,842 7,723 7,603 7,483 7,361 7,239 91,823
Taxation 10,021 15,273 10,449 (8,685) 6,488 6,403 11,499 (4,434) 1,508 11,969 14,248 11,242 85,981

Profit / (Loss) for the year 25,769 39,272 26,868 (22,332) 16,683 16,465 29,568 (11,401) 3,877 30,778 36,639 28,908 221,094
Profit / (Loss) % 8.6% 11.6% 8.4% (7.0%) 5.5% 5.1% 9.4% (3.8%) 1.2% 9.3% 11.2% 9.3% 5.8%

Interest Cover 5.6 8.1 5.9 (3.1) 3.9 3.9 6.2 (1.1) 1.7 6.7 7.9 6.5 4.3
Return on Equity (ROE) 96.3% 59.5% 28.9% (31.4%) 19.0% 15.8% 22.1% (9.3%) 3.1% 19.6% 18.9% 13.0% 99.3%
Return on Net Assets (RONA) 2.3% 3.5% 2.3% (2.0%) 1.4% 1.4% 2.4% (1.0%) 0.3% 2.6% 3.0% 2.4% 18.0%

Page 12 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Income Statement
www.excel-skills.com
Year-2015 Year-2016 Year-2017 Year-2018
Turnover 3,999,450 4,199,423 4,619,365 5,081,301

Cost of Sales 2,479,659 2,603,642 2,771,619 3,048,781

Gross Profit 1,519,791 1,595,781 1,847,746 2,032,520

Gross Profit % 38.0% 38.0% 40.0% 40.0%

Expenses
Accounting Fees 25,440 26,966 28,584 30,299
Advertising & Marketing 138,860 147,192 156,023 165,384
Bank Charges 3,180 3,371 3,573 3,787
Cleaning Expenses 9,985 10,584 11,219 11,893
Computer Expenses 8,480 8,989 9,528 10,100
Consumables 5,606 5,943 6,299 6,677
Electricity & Water 14,204 15,056 15,960 16,917
Entertainment 12,720 13,483 14,292 15,150
Equipment Hire 19,080 20,225 21,438 22,725
Insurance 27,348 28,989 30,728 32,572
Legal Fees 78,440 83,146 88,135 93,423
Motor Vehicle Expenses 1,908 2,022 2,144 2,272
Postage 1,272 1,348 1,429 1,515
Printing & Stationery 3,816 4,045 4,288 4,545
Professional Fees 33,920 35,955 38,113 40,399
Rent 127,200 134,832 142,922 151,497
Repairs & Maintenance 6,233 6,607 7,003 7,423
Salaries & Wages 290,652 308,091 326,577 346,171
Security 4,134 4,382 4,645 4,924
Subscriptions 3,392 3,596 3,811 4,040
Telephone & Fax 31,927 33,843 35,873 38,026
Training 12,720 13,483 14,292 15,150
Uniforms 2,682 2,843 3,013 3,194
Total Expenses 863,199 914,991 969,891 1,028,084

Depreciation 195,000 240,000 250,000 215,000

Profit / (Loss) before Interest & Tax 461,592 440,789 627,855 789,436

Interest 81,832 67,579 48,281 22,409

Taxation 106,333 104,499 162,281 214,768

Profit / (Loss) for the year 273,427 268,711 417,293 552,260

Profit / (Loss) % 6.8% 6.4% 9.0% 10.9%

Interest Cover 5.6 6.5 13.0 35.2

Return on Equity (ROE) 55.1% 35.1% 35.3% 31.8%
Return on Net Assets (RONA) 20.2% 18.3% 26.3% 30.3%

Page 13 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Cash Flow Statement
www.excel-skills.com
Mar-2013 Apr-2013 May-2013 Jun-2013 Jul-2013 Aug-2013 Sep-2013 Oct-2013 Nov-2013 Dec-2013 Jan-2014 Feb-2014 Year-2014
Cash flows from operating activities
Profit / (Loss) for the year 25,769 39,272 26,868 (22,332) 16,683 16,465 29,568 (11,401) 3,877 30,778 36,639 28,908 221,094
Interest 7,792 7,687 7,582 7,475 8,077 7,960 7,842 7,723 7,603 7,483 7,361 7,239 91,823
Taxation 10,021 15,273 10,449 (8,685) 6,488 6,403 11,499 (4,434) 1,508 11,969 14,248 11,242 85,981
Adjustment for non-cash expenses:
Depreciation 13,333 13,333 14,167 14,167 14,167 15,417 15,417 15,417 15,417 15,417 15,417 15,417 177,083
Changes in operating assets & liabilities
Inventory (17,258) (24,075) 13,591 (3,458) 16,240 (7,621) (2,794) 12,956 (15,581) 339 1,016 (7,730) (34,375)
Receivables (40,323) (49,677) 30,323 (11,323) 25,839 (14,516) (5,323) 24,677 (29,677) 645 1,935 (14,724) (82,143)
Payables 7,622 14,596 (5,959) 38,929 (39,582) 6,856 (7,125) 16,289 4,171 (17,884) (4,848) 9,361 22,426
Cash generated from operations 6,956 16,408 97,020 14,773 47,912 30,964 49,083 61,227 (12,682) 48,746 71,769 49,712 481,889
Interest paid (7,792) (7,687) (7,582)On
On this
this sheet:
sheet:
(7,475) (8,077) (7,960) (7,842) (7,723) (7,603) (7,483) (7,361) (7,239) (91,823)
This
This sheet
sheet includes a detailed cash flow statement for 12 monthly & & 55 annual periods.
Taxation paid - includes a-detailed cash- flow statement - for 12 monthly - annual
(39,949)periods. - - - - - (46,032) (85,981)
Only
Only the
the monthly
monthly capital
capital expenditure
expenditure amounts
amounts andand shareholders'
shareholders' contribution
contribution
Net cash from operating activities amounts(836)for the first
8,721
year need 89,439
to be entered 7,298
on this sheet.39,835
All the other (16,944)
amounts are 41,242 53,504 (20,285) 41,263 64,407 (3,559) 304,085
amounts for the first year need to be entered on this sheet. All the other amounts are
automatically
automatically calculated.
calculated. Rows
Rows that
that require
require user
user input
input in
in the
the monthly
monthly columns
columns are
are
Cash flows from investing activities indicated
indicated with
with yellow
yellow highlighting
highlighting inin column
column A.A. The
The monthly
monthly reporting
reporting periods
periods are
are
Purchases of property, plant & equipment
determined
determined
-
based on the start date that
based on- the start(50,000) is specified
date that is specified
-
in cell B5 on the "Assumptions"
in cell B5- on the "Assumptions"
(75,000) - - - - - - (125,000)
sheet.
sheet.
Net cash used in investing activities - - (50,000) - - (75,000) - - - - - - (125,000)

Cash flows from financing activities

Proceeds from shareholders' contributions - - - 500 - - - - - - - - 500
Proceeds from loans - - - - 100,000 - - - - - - - 100,000
Repayment of loans (14,777) (14,881) (14,987) (15,093) (16,543) (16,660) (16,778) (16,897) (17,017) (17,137) (17,259) (17,381) (195,409)
Net cash from financing activities (14,777) (14,881) (14,987) (14,593) 83,457 (16,660) (16,778) (16,897) (17,017) (17,137) (17,259) (17,381) (94,909)

Increase / (Decrease) in cash equivalents (15,612) (6,160) 24,452 (7,295) 123,292 (108,604) 24,464 36,607 (37,302) 24,126 47,149 (20,940) 84,177

Cash & cash equivalents at beginning of year 21,000 5,388 (772) 23,680 16,385 139,677 31,073 55,536 92,144 54,842 78,967 126,116 21,000

Cash & cash equivalents at end of year 5,388 (772) 23,680 16,385 139,677 31,073 55,536 92,144 54,842 78,967 126,116 105,177 105,177

Page 14 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Cash Flow Statement
www.excel-skills.com
Year-2015 Year-2016 Year-2017 Year-2018
Cash flows from operating activities
Profit / (Loss) for the year 273,427 268,711 417,293 552,260
Interest 81,832 67,579 48,281 22,409
Taxation 106,333 104,499 162,281 214,768
Adjustment for non-cash expenses:
Depreciation 195,000 240,000 250,000 215,000
Changes in operating assets & liabilities
Inventory 4,535 (8,492) (11,505) (18,984)
Receivables 3,421 (16,436) (34,516) (37,967)
Payables 4,952 7,224 9,159 13,782
Cash generated from operations 669,500 663,085 840,993 961,267
Interest paid (81,832) (67,579) (48,281) (22,409)
Taxation paid (106,333) (104,499) (162,281) (214,768)
Net cash from operating activities 481,335 491,007 630,431 724,090

Cash flows from investing activities

Purchases of property, plant & equipment (125,000) (250,000) (200,000) (150,000)
Net cash used in investing activities (125,000) (250,000) (200,000) (150,000)

Cash flows from financing activities

Proceeds from shareholders' contributions - - - -
Proceeds from loans 80,000 105,000 - -
Repayment of loans (228,378) (261,096) (292,704) (318,576)
Net cash from financing activities (148,378) (156,096) (292,704) (318,576)

Increase / (Decrease) in cash equivalents 207,957 84,911 137,728 255,514

Cash & cash equivalents at beginning of year 105,177 313,134 398,045 535,773

Cash & cash equivalents at end of year 313,134 398,045 535,773 791,287

Page 15 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Balance Sheet
www.excel-skills.com
Feb-2013 Mar-2013 Apr-2013 May-2013 Jun-2013 Jul-2013 Aug-2013 Sep-2013 Oct-2013 Nov-2013 Dec-2013 Jan-2014 Feb-2014
Assets
Property, Plant & Equipment 800,000 786,667 773,333 809,167 795,000 780,833 840,417 825,000 809,583 794,167 778,750 763,333 747,917
Current Assets
Inventory 140,000 157,258 181,333 167,742 171,200 154,960 162,581 165,375 152,419 168,000 167,661 166,645 174,375
Receivables 250,000 290,323 340,000 309,677 321,000 295,161 309,677 315,000 290,323 320,000 319,355 317,419 332,143
Cash 21,000 5,388 (772) 23,680 16,385 139,677 31,073 55,536 92,144 54,842 78,967 126,116 105,177
1,211,000 1,239,635 1,293,894 1,310,266 1,303,585 1,370,631 1,343,748 1,360,911 1,344,469 1,337,008 1,344,734 1,373,514 1,359,611
Equity & Liabilities
Shareholders' Contributions 1,000 1,000 1,000 1,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
Retained Earnings - 25,769 65,041 91,909 69,577 86,260 102,726 132,294 120,893 124,770 155,548 192,186 221,094
Long Term Loans 1,100,000 1,085,223 1,070,342 1,055,356 1,040,263 1,123,720 1,107,060 1,090,282 1,073,385 1,056,368 1,039,231 1,021,972 1,004,591
Current Liabilities
Payables 110,000 117,622 132,218 126,259 165,188 125,606 132,462 125,338 141,627 145,798 127,913 123,065 132,426
Provision for Taxation - 10,021 25,294 35,742 27,058 33,546 - 11,499 7,065 8,573 20,542 34,790 -
1,211,000 1,239,635 1,293,894 1,310,266 1,303,585 1,370,631 1,343,748 1,360,911 1,344,469 1,337,008 1,344,734 1,373,514 1,359,611

Days in period 28 31 30 31 30 31 31 30 31 30 31 31 28
On
On this
this sheet:
sheet:
Current Ratio This
This sheet
sheet includes
3.5 aa projected
includes projected3.3balance
balance sheet3.1 for
sheet for 12
12 monthly
2.6 and
monthly and 55 3.7 3.8 3.9 3.6 3.5 3.8 3.9 4.6
annual
annual periods.
periods. All
All the
the balances
balances on
on this
this sheet
sheet are
are automatically
automatically
Quick Ratio 2.3 2.2 2.1 1.8 2.7 2.6 2.7 2.6 2.4 2.7 2.8 3.3
calculated
calculated based
based onon the
the template
template assumptions
assumptions and and the
the income
income
Inventory Days statement
statement && cash 25.0
cash flow
flow statement 25.0 calculations.
statement 25.0 This
calculations. sheet25.0
This sheet requires no 25.0
requires no 25.0 25.0 25.0 25.0 25.0 25.0 25.0
Debtors Days 30.0 user
user input.
30.0 input. 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0
Creditors Days 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0
Debt / Equity 40.5 16.2 11.4 14.6 12.8 10.6 8.1 8.8 8.4 6.6 5.3 4.5

Page 16 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Balance Sheet
www.excel-skills.com
Year-2014 Year-2015 Year-2016 Year-2017 Year-2018
Assets
Property, Plant & Equipment 747,917 677,917 687,917 637,917 572,917
Current Assets
Inventory 174,375 169,840 178,332 189,837 208,821
Receivables 332,143 328,722 345,158 379,674 417,641
Cash 105,177 313,134 398,045 535,773 791,287
1,359,611 1,489,612 1,609,451 1,743,200 1,990,666
Equity & Liabilities
Shareholders' Contributions 1,500 1,500 1,500 1,500 1,500
Retained Earnings 221,094 494,521 763,232 1,180,525 1,732,785
Long Term Loans 1,004,591 856,213 700,118 407,414 88,838
Current Liabilities
Payables 132,426 137,378 144,601 153,761 167,542
Provision for Taxation - - - - -
1,359,611 1,489,612 1,609,451 1,743,200 1,990,666

Days in period 365 365 365 365 365

Current Ratio 4.6 5.9 6.4 7.2 8.5

Quick Ratio 3.3 4.7 5.1 6.0 7.2
Inventory Days 25.0 25.0 25.0 25.0 25.0
Debtors Days 30.0 30.0 30.0 30.0 30.0
Creditors Days 15.0 15.0 15.0 15.0 15.0
Debt / Equity 4.5 1.7 0.9 0.3 0.1

Page 17 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Balance Sheet
www.excel-skills.com
www.excel-skills.com

Assets
Property, Plant & Equipment
Current Assets
Inventory
Receivables
Cash

Equity & Liabilities

Shareholders' Contributions
Retained Earnings
Long Term Loans
Current Liabilities
Payables
Provision for Taxation

Days in period

Current Ratio
Quick Ratio
Inventory Days
Debtors Days
Creditors Days
Debt / Equity

Page 18 of 19
Example Trading (Pty) Limited
Cash Flow Projections - Loan Repayment Schedule

Interest Rate 8.5%

Repayment Term 5.0
Interest Only No
www.excel-skills.com
Opening Additional Loan Interest Capital Closing
Month www.excel-skills.com
Balance Financing Repayment Charged Repayment Balance
Feb-2013 - 1,100,000 - - - 1,100,000
Mar-2013 1,100,000 - 22,568 7,792 14,777 1,085,223
Apr-2013 1,085,223 - 22,568 7,687 14,881 1,070,342
May-2013 1,070,342 - 22,568 7,582 14,987 1,055,356
Jun-2013 1,055,356 - 22,568 7,475 15,093 1,040,263
Jul-2013 1,040,263 100,000 24,620 8,077 16,543 1,123,720
Aug-2013 1,123,720 - 24,620 7,960 16,660 1,107,060
Sep-2013 1,107,060 - 24,620 7,842 16,778 1,090,282
Oct-2013 1,090,282 On-
Onthis 24,620
this sheet:
sheet: 7,723 16,897 1,073,385
Nov-2013 This
This amortization
1,073,385 table
amortization table is
is calculated
calculated
- based
based
24,620on
on the
the start-up
7,603loan
start-up loan balance
balance and
and
17,017 1,056,368
loan
loan terms
terms that
that are
are specified
specified in the template assumptions as well as the
Dec-2013 1,056,368 - in the template
24,620 assumptions
7,483 as well as the
17,137 1,039,231
additional
additional loan
loan amounts
amounts that
that are
are entered
entered inin column
column C.
C. The
The interest
interest and
and
Jan-2014 capital 1,039,231 - 24,620 7,361 17,259 1,021,972
capital repayment
repayment amounts
amounts thatthat are
are calculated
calculated are
are automatically
automatically included
included
Feb-2014 on 1,021,972
on the
the monthly
monthly & annual-income
& annual 24,620 and
income statement
statement 7,239
and cash
cash flow 17,381
flow statement.
statement. 1,004,591
Mar-2014 1,004,591 - 24,620 7,116 17,504 987,087
Apr-2014 987,087 - 24,620 6,992 17,628 969,459
May-2014 969,459 - 24,620 6,867 17,753 951,706
Jun-2014 951,706 80,000 26,261 7,308 18,953 1,012,753
Jul-2014 1,012,753 - 26,261 7,174 19,087 993,666
Aug-2014 993,666 - 26,261 7,038 19,223 974,443
Sep-2014 974,443 - 26,261 6,902 19,359 955,084
Oct-2014 955,084 - 26,261 6,765 19,496 935,588
Nov-2014 935,588 - 26,261 6,627 19,634 915,954
Dec-2014 915,954 - 26,261 6,488 19,773 896,181
Jan-2015 896,181 - 26,261 6,348 19,913 876,268
Feb-2015 876,268 - 26,261 6,207 20,054 856,213
Mar-2015 856,213 - 26,261 6,065 20,196 836,017
Apr-2015 836,017 - 26,261 5,922 20,339 815,678
May-2015 815,678 - 26,261 5,778 20,483 795,194
Jun-2015 795,194 - 26,261 5,633 20,629 774,566
Jul-2015 774,566 75,000 27,800 6,018 21,782 827,784
Aug-2015 827,784 - 27,800 5,863 21,936 805,847
Sep-2015 805,847 - 27,800 5,708 22,092 783,755
Oct-2015 783,755 - 27,800 5,552 22,248 761,507
Nov-2015 761,507 - 27,800 5,394 22,406 739,101
Dec-2015 739,101 - 27,800 5,235 22,565 716,537
Jan-2016 716,537 30,000 28,415 5,288 23,127 723,409
Feb-2016 723,409 - 28,415 5,124 23,291 700,118
Mar-2016 700,118 - 28,415 4,959 23,456 676,662
Apr-2016 676,662 - 28,415 4,793 23,622 653,039
May-2016 653,039 - 28,415 4,626 23,790 629,250
Jun-2016 629,250 - 28,415 4,457 23,958 605,291
Jul-2016 605,291 - 28,415 4,287 24,128 581,164
Aug-2016 581,164 - 28,415 4,117 24,299 556,865
Sep-2016 556,865 - 28,415 3,944 24,471 532,394
Oct-2016 532,394 - 28,415 3,771 24,644 507,750
Nov-2016 507,750 - 28,415 3,597 24,819 482,931
Dec-2016 482,931 - 28,415 3,421 24,995 457,936
Jan-2017 457,936 - 28,415 3,244 25,172 432,764
Feb-2017 432,764 - 28,415 3,065 25,350 407,414
Mar-2017 407,414 - 28,415 2,886 25,530 381,885
Apr-2017 381,885 - 28,415 2,705 25,710 356,174
May-2017 356,174 - 28,415 2,523 25,892 330,282
Jun-2017 330,282 - 28,415 2,339 26,076 304,206
Jul-2017 304,206 - 28,415 2,155 26,261 277,945
Aug-2017 277,945 - 28,415 1,969 26,447 251,499
Sep-2017 251,499 - 28,415 1,781 26,634 224,865
Oct-2017 224,865 - 28,415 1,593 26,823 198,042
Nov-2017 198,042 - 28,415 1,403 27,013 171,030
Dec-2017 171,030 - 28,415 1,211 27,204 143,826
Jan-2018 143,826 - 28,415 1,019 27,397 116,429
Feb-2018 116,429 - 28,415 825 27,591 88,838
Mar-2018 88,838 - 5,847 629 5,218 83,620
Apr-2018 83,620 - 5,847 592 5,255 78,366
May-2018 78,366 - 5,847 555 5,292 73,073
Jun-2018 73,073 - 5,847 518 5,330 67,744
Jul-2018 67,744 - 3,796 480 3,316 64,428
Aug-2018 64,428 - 3,796 456 3,339 61,089
Sep-2018 61,089 - 3,796 433 3,363 57,726
Oct-2018 57,726 - 3,796 409 3,387 54,339
Nov-2018 54,339 - 3,796 385 3,411 50,929
Dec-2018 50,929 - 3,796 361 3,435 47,494
Jan-2019 47,494 - 3,796 336 3,459 44,035
Feb-2019 44,035 - 3,796 312 3,484 40,551
Mar-2019 40,551 - 3,796 287 3,508 37,043
Apr-2019 37,043 - 3,796 262 3,533 33,510
May-2019 33,510 - 3,796 237 3,558 29,952
Jun-2019 29,952 - 2,154 212 1,942 28,009
Jul-2019 28,009 - 2,154 198 1,956 26,054
Aug-2019 26,054 - 2,154 185 1,970 24,084
Sep-2019 24,084 - 2,154 171 1,984 22,100
Oct-2019 22,100 - 2,154 157 1,998 20,103
Nov-2019 20,103 - 2,154 142 2,012 18,091
Dec-2019 18,091 - 2,154 128 2,026 16,065
Jan-2020 16,065 - 2,154 114 2,040 14,024
Feb-2020 14,024 - 2,154 99 2,055 11,969
Mar-2020 11,969 - 2,154 85 2,069 9,900
Apr-2020 9,900 - 2,154 70 2,084 7,816
May-2020 7,816 - 2,154 55 2,099 5,717
Jun-2020 5,717 - 2,154 40 2,114 3,603
Jul-2020 3,603 - 615 26 590 3,013
Aug-2020 3,013 - 615 21 594 2,419
Sep-2020 2,419 - 615 17 598 1,821
Oct-2020 1,821 - 615 13 603 1,218
Nov-2020 1,218 - 615 9 607 611
Dec-2020 611 - 615 4 611 -
Jan-2021 - - - - - -
Feb-2021 - - - - - -
Mar-2021 - - - - - -
Apr-2021 - - - - - -
May-2021 - - - - - -
Jun-2021 - - - - - -
Jul-2021 - - - - - -
Aug-2021 - - - - - -
Sep-2021 - - - - - -
Oct-2021 - - - - - -
Nov-2021 - - - - - -
Dec-2021 - - - - - -
Jan-2022 - - - - - -
Feb-2022 - - - - - -
Mar-2022 - - - - - -
Apr-2022 - - - - - -
May-2022 - - - - - -
Jun-2022 - - - - - -
Jul-2022 - - - - - -
Aug-2022 - - - - - -
Sep-2022 - - - - - -
Oct-2022 - - - - - -
Nov-2022 - - - - - -
Dec-2022 - - - - - -
Jan-2023 - - - - - -
Feb-2023 - - - - - -
Mar-2023 - - - - - -
Apr-2023 - - - - - -
May-2023 - - - - - -
Jun-2023 - - - - - -
Jul-2023 - - - - - -
Aug-2023 - - - - - -
Sep-2023 - - - - - -
Oct-2023 - - - - - -
Nov-2023 - - - - - -
Dec-2023 - - - - - -
Jan-2024 - - - - - -
Feb-2024 - - - - - -
Mar-2024 - - - - - -
Apr-2024 - - - - - -
May-2024 - - - - - -
Jun-2024 - - - - - -
Jul-2024 - - - - - -
Aug-2024 - - - - - -
Sep-2024 - - - - - -
Oct-2024 - - - - - -
Nov-2024 - - - - - -
Dec-2024 - - - - - -
Jan-2025 - - - - - -
Feb-2025 - - - - - -
Mar-2025 - - - - - -
Apr-2025 - - - - - -
May-2025 - - - - - -
Jun-2025 - - - - - -
Jul-2025 - - - - - -
Aug-2025 - - - - - -
Sep-2025 - - - - - -
Oct-2025 - - - - - -
Nov-2025 - - - - - -
Dec-2025 - - - - - -
Jan-2026 - - - - - -
Feb-2026 - - - - - -

Page 19 of 19