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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 14
Excel Skills | Business Plan Cash Flow Forecast Template
Instructions
www.excel-skills.com

Page 4 of 14
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 14
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 14
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 14
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 14
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 14
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.

Page 10 of 14
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 7,847 7,902 7,958 8,723 8,770 8,833 8,895 8,958 9,022 9,085 9,150 102,935
Taxation 10,021 15,228 10,359 (8,820) 6,307 6,176 11,221 (4,762) 1,128 11,538 13,766 10,707 82,869

Profit / (Loss) for the year 25,769 39,157 26,637 (22,680) 16,218 15,882 28,855 (12,245) 2,902 29,670 35,397 27,532 213,093
Profit / (Loss) % 8.6% 11.5% 8.3% (7.1%) 5.3% 5.0% 9.2% (4.1%) 0.9% 9.0% 10.8% 8.9% 5.6%

Interest Cover 5.6 7.9 5.7 (3.0) 3.6 3.5 5.5 (0.9) 1.4 5.6 6.4 5.2 3.9
Return on Equity (ROE) 96.3% 59.4% 28.8% (32.2%) 18.7% 15.5% 22.0% (10.3%) 2.4% 19.6% 18.9% 12.8% 99.3%
Return on Net Assets (RONA) 2.3% 3.3% 2.2% (1.9%) 1.2% 1.2% 2.1% (0.9%) 0.2% 2.1% 2.4% 1.8% 14.1%

Page 11 of 14
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 120,138 137,233 153,752 167,343

Taxation 95,607 84,996 132,749 174,186

Profit / (Loss) for the year 245,847 218,561 341,354 447,907

Profit / (Loss) % 6.1% 5.2% 7.4% 8.8%

Interest Cover 3.8 3.2 4.1 4.7

Return on Equity (ROE) 53.4% 32.2% 33.5% 30.5%
Return on Net Assets (RONA) 12.5% 9.0% 11.7% 12.7%

Page 12 of 14
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 39,157 26,637 (22,680) 16,218 15,882 28,855 (12,245) 2,902 29,670 35,397 27,532 213,093
Interest 7,792 7,847 7,902 7,958 8,723 8,770 8,833 8,895 8,958 9,022 9,085 9,150 102,935
Taxation 10,021 15,228 10,359 (8,820) 6,307 6,176 11,221 (4,762) 1,128 11,538 13,766 10,707 82,869
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) (7,847) (7,902)On
On this
this sheet:
sheet:
(7,958) (8,723) (8,770) (8,833) (8,895) (8,958) (9,022) (9,085) (9,150) (102,935)
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
(39,271)periods. - - - - - (43,598) (82,869)
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
8,561
year need 89,118
to be entered 6,815
on this sheet.39,189
All the other (17,077)
amounts are 40,251 52,332 (21,640) 39,724 62,683 (3,036) 296,084
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 7,792 7,847 7,902 7,958 6,671 8,770 8,833 8,895 8,958 9,022 9,085 9,150 100,884
Net cash from financing activities 7,792 7,847 7,902 8,458 106,671 8,770 8,833 8,895 8,958 9,022 9,085 9,150 201,384

Increase / (Decrease) in cash equivalents 6,956 16,408 47,020 15,273 145,861 (83,307) 49,083 61,227 (12,682) 48,746 71,769 6,114 372,468

Cash & cash equivalents at beginning of year 21,000 27,956 44,364 91,385 106,658 252,518 169,211 218,295 279,522 266,840 315,585 387,354 21,000

Cash & cash equivalents at end of year 27,956 44,364 91,385 106,658 252,518 169,211 218,295 279,522 266,840 315,585 387,354 393,468 393,468

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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 245,847 218,561 341,354 447,907
Interest 120,138 137,233 153,752 167,343
Taxation 95,607 84,996 132,749 174,186
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 (120,138) (137,233) (153,752) (167,343)
Taxation paid (95,607) (84,996) (132,749) (174,186)
Net cash from operating activities 453,755 440,856 554,492 619,738

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 118,497 135,078 153,752 167,343
Net cash from financing activities 198,497 240,078 153,752 167,343

Increase / (Decrease) in cash equivalents 527,251 430,935 508,245 637,081

Cash & cash equivalents at beginning of year 393,468 920,719 1,351,654 1,859,899

Cash & cash equivalents at end of year 920,719 1,351,654 1,859,899 2,496,979

Page 14 of 14