Example (Pty) Limited

Cash Flow Projections - Income Statement

© www.excel-skills.com
Mar-2019 Apr-2019 May-2019 Jun-2019 Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Year-2020
Product Sales 285,600 305,200 308,000 311,200 315,800 310,000 302,000 314,000 318,200 256,500 330,600 305,200 3,662,300
Income From Services 125,000 115,000 128,000 132,000 127,000 133,000 130,000 128,900 132,000 118,000 135,000 131,200 1,535,100
Total Turnover 410,600 420,200 436,000 443,200 442,800 443,000 432,000 442,900 450,200 374,500 465,600 436,400 5,197,400
Products 185,640 198,380 200,200 202,280 205,270 201,500 193,280 200,960 203,648 164,160 211,584 195,328 2,362,230
Services - - - - - - - - - - - - -
Total Cost of Sales 185,640 198,380 200,200 202,280 205,270 201,500 193,280 200,960 203,648 164,160 211,584 195,328 2,362,230
Products 99,960 106,820 107,800 108,920 110,530 108,500 108,720 113,040 114,552 92,340 119,016 109,872 1,300,070
Services 125,000 115,000 128,000 132,000 127,000 133,000 130,000 128,900 132,000 118,000 135,000 131,200 1,535,100
Total Gross Profit 224,960 221,820 235,800 240,920 237,530 241,500 238,720 241,940 246,552 210,340 254,016 241,072 2,835,170
Products 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 36.0% 36.0% 36.0% 36.0% 36.0% 36.0% 35.5%
Services 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Gross Profit % 54.8% 52.8% 54.1% 54.4% 53.6% 54.5% 55.3% 54.6% 54.8% 56.2% 54.6% 55.2% 54.5%
Other Income 500 500 500 500 500 500 500 500 500 500 500 500 6,000
Operating Expenses
Accounting Fees 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000
Advertising & Marketing 5,000 5,000 10,000 5,000 5,000 25,000 5,000 5,000 43,000 13,000 5,000 5,000 131,000
Bank Charges 250 250 250 250 250 250 250 250 250 250 250 250 3,000
Cleaning Expenses 500 500 800 800 800 860 860 860 860 860 860 860 9,420
Computer Expenses - - - 3,800 - - - - - - - 4,200 8,000
Consumables 1,250 - - - 2,300 780 200 - - 759 - - 5,289
Electricity & Water 1,000 1,000 1,000 1,000 1,000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 13,400
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 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 22,000 22,000 244,000
Repairs & Maintenance - - 800 - - 780 - - 4,300 - - - 5,880
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 Operating Expenses 35,235 33,985 40,085 112,085 54,585 59,305 39,375 90,845 77,145 43,604 36,845 41,045 664,139
Staff Costs
Salaries 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 70,000 840,000
Wages 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 360,000
Total Staff Costs 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,200,000
Depreciation & Amortization
Depreciation 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 19,000 19,000 188,000
Amortization 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Total Depreciation & Amortization 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 20,000 20,000 200,000
Profit / (Loss) before Interest & Tax 74,225 72,335 80,215 13,335 67,445 66,695 83,845 35,595 53,907 51,236 97,671 80,527 777,031
Interest Paid
Interest - Loans 1 10,250 10,201 10,151 10,101 10,050 9,999 9,948 9,896 9,843 9,791 9,737 9,684 119,650
Interest - Loans 2 3,854 3,827 3,799 3,772 3,744 4,487 4,453 4,419 4,384 4,350 4,315 4,280 49,684
Interest - Loans 3 - - - - - - - - - - 2,500 2,470 4,970
Interest - Leases 4,073 4,006 3,938 3,869 3,800 3,730 3,660 3,589 3,517 3,444 3,371 3,297 44,293
Total Interest Paid 18,177 18,033 17,888 17,742 17,594 18,216 18,060 17,903 17,745 17,585 19,923 19,730 218,597
Profit / (Loss) before tax 56,048 54,302 62,327 (4,407) 49,851 48,479 65,785 17,692 36,162 33,651 77,748 60,797 558,434
Taxation 15,693 15,204 17,452 (1,234) 13,958 13,574 18,420 4,954 10,125 9,422 21,769 17,023 156,362
Profit / (Loss) for the year 40,355 39,097 44,875 (3,173) 35,893 34,905 47,365 12,738 26,037 24,229 55,978 43,774 402,072
Dividends - - - - - - - - - - - 40,207 40,207
Retained earnings for the year 40,355 39,097 44,875 (3,173) 35,893 34,905 47,365 12,738 26,037 24,229 55,978 3,566 361,865
Profit / (Loss) % 9.8% 9.3% 10.3% (0.7%) 8.1% 7.9% 11.0% 2.9% 5.8% 6.5% 12.0% 10.0% 7.7%

Interest Cover 4.1 4.0 4.5 0.8 3.8 3.7 4.6 2.0 3.0 2.9 4.9 4.1 3.6
Return on Equity (ROE) 9.1% 8.1% 8.5% (0.6%) 6.4% 5.9% 7.4% 2.0% 3.8% 3.4% 7.4% 5.7% 52.7%
Return on Net Assets (RONA) 1.6% 1.5% 1.7% (0.1%) 1.4% 1.3% 1.7% 0.5% 0.9% 0.9% 1.8% 1.5% 13.4%

Page 3 of 12
Example (Pty) Limited
Cash Flow Projections - Income Statement
© www.excel-skills.com
Year-2021 Year-2022 Year-2023 Year-2024
Product Sales 3,955,284 4,271,707 4,698,877 5,168,765
Income From Services 1,657,908 1,790,541 1,969,595 2,166,554
Total Turnover 5,613,192 6,062,247 6,668,472 7,335,319
Products 2,452,276 2,563,024 2,819,326 3,101,259
Services - - - -
Total Cost of Sales 2,452,276 2,563,024 2,819,326 3,101,259
Products 1,503,008 1,708,683 1,879,551 2,067,506
Services 1,657,908 1,790,541 1,969,595 2,166,554
Total Gross Profit 3,160,916 3,499,223 3,849,146 4,234,060
Products 38.0% 40.0% 40.0% 40.0%
Services 100.0% 100.0% 100.0% 100.0%
Gross Profit % 56.3% 57.7% 57.7% 57.7%
Other Income 6,480 6,998 7,698 8,468
Operating 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 258,640 274,158 290,608 308,044
Repairs & Maintenance 6,233 6,607 7,003 7,423
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 Operating Expenses 703,987 746,227 791,000 838,460
Staff Costs
Salaries 890,400 943,824 1,000,453 1,060,481
Wages 381,600 404,496 428,766 454,492
Total Staff Costs 1,272,000 1,348,320 1,429,219 1,514,972
Depreciation & Amortization
Depreciation 263,000 307,000 250,000 275,000
Amortization 12,000 12,000 12,000 12,000
Total Depreciation & Amortization 275,000 319,000 262,000 287,000
Profit / (Loss) before Interest & Tax 916,409 1,092,675 1,374,625 1,602,096
Interest Paid
Interest - Loans 1 111,844 103,199 93,625 83,022
Interest - Loans 2 48,522 42,934 36,806 30,087
Interest - Loans 3 48,232 72,974 73,091 83,299
Interest - Leases 33,530 21,462 7,930 -
Total Interest Paid 242,128 240,568 211,453 196,408
Profit / (Loss) before tax 674,280 852,107 1,163,172 1,405,688
Taxation 188,799 238,590 325,688 393,593
Profit / (Loss) for the year 485,482 613,517 837,484 1,012,095
Dividends 48,548 61,352 83,748 101,210
Retained earnings for the year 436,934 552,165 753,735 910,886
Profit / (Loss) % 8.6% 10.1% 12.6% 13.8%

Interest Cover 3.8 4.5 6.5 8.2

Return on Equity (ROE) 40.5% 35.0% 33.4% 29.6%
Return on Net Assets (RONA) 14.1% 16.2% 19.5% 19.6%

Page 4 of 12
Example (Pty) Limited
Cash Flow Projections - Cash Flow Statement
© www.excel-skills.com
Mar-2019 Apr-2019 May-2019 Jun-2019 Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Year-2020
Cash flows from operating activities
Profit / (Loss) for the year 40,355 39,097 44,875 (3,173) 35,893 34,905 47,365 12,738 26,037 24,229 55,978 43,774 402,072
Interest 18,177 18,033 17,888 17,742 17,594 18,216 18,060 17,903 17,745 17,585 19,923 19,730 218,597
Taxation 15,693 15,204 17,452 (1,234) 13,958 13,574 18,420 4,954 10,125 9,422 21,769 17,023 156,362
Adjustment for non-cash expenses:
Depreciation 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 19,000 19,000 188,000
Amortization 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000
Reserves - - - - - - - - - - - - -
Changes in operating assets & liabilities
Inventory (9,652) (18,728) 4,638 (8,538) 3,632 3,648 1,720 (1,197) (9,171) 44,783 (45,894) 2,605 (32,153)
Trade Receivables (10,798) (21,893) (1,663) (20,378) 14,072 (185) (3,153) 3,246 (20,688) 84,123 (84,488) (831) (62,638)
Loans & Advances - - - - - - (10,000) - 10,000 - - - -
Other Receivables - - - - - - - - - - - - -
Trade Payables (21,061) 10,957 (73) 44,865 (34,810) (985) (10,475) 23,530 2,827 (43,337) 21,938 (1,161) (7,785)
Sales Tax 12,459 28,175 (27,277) 19,325 (21,241) 27,329 (24,869) 22,664 (27,155) 25,010 (17,846) 30,004 46,580
Payroll Accruals - - - - - - - - - - - - -
Other Accruals (55,000) - - - - - - - - - - 60,000 5,000
Other Provisions (42,000) - - - - - - - - - - 30,000 (12,000)
Cash generated from operations (35,827) 86,845 71,841 64,609 45,098 112,502 53,067 99,837 25,721 177,816 (8,619) 221,144 914,035
Interest paid (18,177) (18,033) (17,888) (17,742) (17,594) (18,216) (18,060) (17,903) (17,745) (17,585) (19,923) (19,730) (218,597)
Taxation paid - - - - - (74,648) - - - - - (81,714) (156,362)
Net cash from operating activities (54,004) 68,812 53,952 46,867 27,504 19,638 35,007 81,934 7,976 160,231 (28,543) 119,700 539,076
Cash flows from investing activities
Purchases of property, plant & equipment - - - - - - - - - - (240,000) - (240,000)
Purchases of intangible assets - - - - - - - - - - - - -
Purchases of investments - - - - - - - - - - - - -
Net cash used in investing activities - - - - - - - - - - (240,000) - (240,000)
Cash flows from financing activities
Proceeds from shareholders' contributions - - - - - - - - - - - - -
Dividends paid - - - - - - - - - - - - -
Proceeds from loans 1 - - - - - - - - - - - - -
Proceeds from loans 2 - - - - - 100,000 - - - - - - 100,000
Proceeds from loans 3 - - - - - - - - - - 240,000 - 240,000
Proceeds from finance leases - - - - - - - - - - - - -
Repayment of loans 1 (5,775) (5,824) (5,874) (5,924) (5,975) (6,026) (6,077) (6,129) (6,181) (6,234) (6,287) (6,341) (72,646)
Repayment of loans 2 (3,536) (3,563) (3,591) (3,618) (3,646) (4,382) (4,415) (4,449) (4,484) (4,518) (4,553) (4,588) (49,344)
Repayment of loans 3 - - - - - - - - - - (2,900) (2,930) (5,829)
Repayment of finance leases (7,015) (7,082) (7,150) (7,219) (7,288) (7,358) (7,428) (7,499) (7,571) (7,644) (7,717) (7,791) (88,761)
Net cash from financing activities (16,326) (16,469) (16,614) (16,761) (16,908) 82,235 (17,920) (18,078) (18,236) (18,396) 218,543 (21,650) 123,420
Increase / (Decrease) in cash equivalents (70,330) 52,343 37,338 30,106 10,595 101,874 17,087 63,857 (10,260) 141,835 (49,999) 98,050 422,496
Cash & cash equivalents at beginning of year 171,000 100,670 153,013 190,351 220,457 231,053 332,926 350,013 413,870 403,610 545,446 495,446 171,000
Cash & cash equivalents at end of year 100,670 153,013 190,351 220,457 231,053 332,926 350,013 413,870 403,610 545,446 495,446 593,496 593,496

Page 5 of 12
Example (Pty) Limited
Cash Flow Projections - Cash Flow Statement
© www.excel-skills.com
Year-2021 Year-2022 Year-2023 Year-2024
Cash flows from operating activities
Profit / (Loss) for the year 485,482 613,517 837,484 1,012,095
Interest 242,128 240,568 211,453 196,408
Taxation 188,799 238,590 325,688 393,593
Adjustment for non-cash expenses:
Depreciation 263,000 307,000 250,000 275,000
Amortization 12,000 12,000 12,000 12,000
Reserves - - - -
Changes in operating assets & liabilities
Inventory (7,706) (9,478) (21,934) (24,127)
Trade Receivables (34,611) (37,380) (50,463) (55,509)
Loans & Advances (20,000) - 10,000 15,000
Other Receivables (7,000) - (5,000) (10,000)
Trade Payables 4,988 5,981 12,643 13,867
Sales Tax (1,156) 7,402 7,629 8,436
Payroll Accruals 1,200 1,272 1,348 1,429
Other Accruals 6,000 (16,000) 20,000 10,000
Other Provisions (9,000) 19,000 15,000 18,000
Cash generated from operations 1,124,123 1,382,472 1,625,848 1,866,192
Interest paid (242,128) (240,568) (211,453) (196,408)
Taxation paid (188,799) (238,590) (325,688) (393,593)
Net cash from operating activities 693,196 903,314 1,088,707 1,276,191
Cash flows from investing activities
Purchases of property, plant & equipment (300,000) (180,000) (200,000) (350,000)
Purchases of intangible assets - - - -
Purchases of investments (400,000) (600,000) (500,000) (400,000)
Net cash used in investing activities (700,000) (780,000) (700,000) (750,000)
Cash flows from financing activities
Proceeds from shareholders' contributions - - - -
Dividends paid (40,207) (48,548) (61,352) (83,748)
Proceeds from loans 1 - - - -
Proceeds from loans 2 - - - -
Proceeds from loans 3 300,000 180,000 200,000 350,000
Proceeds from finance leases - - - -
Repayment of loans 1 (80,452) (89,097) (98,671) (109,274)
Repayment of loans 2 (57,896) (63,484) (69,612) (76,331)
Repayment of loans 3 (63,808) (117,359) (152,788) (212,324)
Repayment of finance leases (99,524) (111,592) (125,124) -
Net cash from financing activities (41,887) (250,080) (307,546) (131,677)
Increase / (Decrease) in cash equivalents (48,691) (126,766) 81,161 394,514
Cash & cash equivalents at beginning of year 593,496 544,806 418,040 499,201
Cash & cash equivalents at end of year 544,806 418,040 499,201 893,715

Page 6 of 12
Example (Pty) Limited
Cash Flow Projections - Balance Sheet
© www.excel-skills.com
Feb/2019 Mar-2019 Apr-2019 May-2019 Jun-2019 Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020
ASSETS
Non-Current Assets
Property, Plant & Equipment 1,050,000 1,035,000 1,020,000 1,005,000 990,000 975,000 960,000 945,000 930,000 915,000 900,000 1,121,000 1,102,000
Intangible Assets 120,000 119,000 118,000 117,000 116,000 115,000 114,000 113,000 112,000 111,000 110,000 109,000 108,000
Investments 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000 800,000
1,970,000 1,954,000 1,938,000 1,922,000 1,906,000 1,890,000 1,874,000 1,858,000 1,842,000 1,826,000 1,810,000 2,030,000 2,010,000
Current Assets
Inventory 170,000 179,652 198,380 193,742 202,280 198,648 195,000 193,280 194,477 203,648 158,865 204,759 202,153
Trade Receivables 370,000 380,798 402,692 404,355 424,733 410,661 410,847 414,000 410,754 431,442 347,319 431,806 432,638
Loans & Advances 55,000 55,000 55,000 55,000 55,000 55,000 55,000 65,000 65,000 55,000 55,000 55,000 55,000
Other Receivables 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000
Cash & Cash Equivalents 171,000 100,670 153,013 190,351 220,457 231,053 332,926 350,013 413,870 403,610 545,446 495,446 593,496
819,000 769,120 862,085 896,448 955,471 948,362 1,046,773 1,075,293 1,137,101 1,146,700 1,159,629 1,240,011 1,336,288
Total Assets 2,789,000 2,723,120 2,800,085 2,818,448 2,861,471 2,838,362 2,920,773 2,933,293 2,979,101 2,972,700 2,969,629 3,270,011 3,346,288
EQUITY & LIABILITIES
Equity
Shareholders' Contributions 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Reserves - - - - - - - - - - - - -
Retained Earnings 400,000 440,355 479,452 524,327 521,154 557,047 591,952 639,317 652,055 678,092 702,321 758,299 761,865
401,000 441,355 480,452 525,327 522,154 558,047 592,952 640,317 653,055 679,092 703,321 759,299 762,865
Non-Current Liabilities
Long Term Loans 1 1,200,000 1,194,225 1,188,401 1,182,528 1,176,604 1,170,629 1,164,604 1,158,527 1,152,398 1,146,216 1,139,982 1,133,695 1,127,354
Long Term Loans 2 500,000 496,464 492,901 489,310 485,692 482,046 577,664 573,249 568,799 564,316 559,798 555,245 550,656
Long Term Loans 3 - - - - - - - - - - - 237,100 234,171
Finance Leases 425,000 417,985 410,903 403,753 396,534 389,247 381,889 374,461 366,962 359,391 351,747 344,030 336,239
2,125,000 2,108,674 2,092,205 2,075,591 2,058,830 2,041,921 2,124,157 2,106,236 2,088,159 2,069,923 2,051,527 2,270,070 2,248,420
Current Liabilities
Bank Overdraft - - - - - - - - - - - - -
Trade Payables 130,000 108,939 119,896 119,824 164,689 129,879 128,894 118,418 141,948 144,775 101,438 123,376 122,215
Sales Tax 16,000 28,459 56,634 29,357 48,683 27,442 54,771 29,902 52,566 25,411 50,421 32,576 62,580
Payroll Accruals 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Other Accruals 55,000 - - - - - - - - - - - 60,000
Provision For Taxation - 15,693 30,898 48,349 47,115 61,074 - 18,420 23,373 33,499 42,921 64,691 -
Dividends Payable - - - - - - - - - - - - 40,207
Other Provisions 42,000 - - - - - - - - - - - 30,000
263,000 173,091 227,428 217,530 280,487 238,394 203,665 186,740 237,887 223,685 214,781 240,642 335,002
Total Equity & Liabilities 2,789,000 2,723,120 2,800,085 2,818,448 2,861,471 2,838,362 2,920,773 2,933,293 2,979,101 2,972,700 2,969,629 3,270,011 3,346,288

Days in period 28 31 30 31 30 31 31 30 31 30 31 31 29

Current Ratio 4.4 3.8 4.1 3.4 4.0 5.1 5.8 4.8 5.1 5.4 5.2 4.0
Quick Ratio 3.4 2.9 3.2 2.7 3.1 4.2 4.7 4.0 4.2 4.7 4.3 3.4
Inventory Days 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0
Debtors Days 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0
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 4.8 4.4 4.0 3.9 3.7 3.6 3.3 3.2 3.0 2.9 3.0 2.9

Page 7 of 12
Example (Pty) Limited
Cash Flow Projections - Balance Sheet
© www.excel-skills.com
Year-2020 Year-2021 Year-2022 Year-2023 Year-2024
ASSETS
Non-Current Assets
Property, Plant & Equipment 1,102,000 1,139,000 1,012,000 962,000 1,037,000
Intangible Assets 108,000 96,000 84,000 72,000 60,000
Investments 800,000 1,200,000 1,800,000 2,300,000 2,700,000
2,010,000 2,435,000 2,896,000 3,334,000 3,797,000
Current Assets
Inventory 202,153 209,859 219,337 241,270 265,397
Trade Receivables 432,638 467,249 504,629 555,092 610,601
Loans & Advances 55,000 75,000 75,000 65,000 50,000
Other Receivables 53,000 60,000 60,000 65,000 75,000
Cash & Cash Equivalents 593,496 544,806 418,040 499,201 893,715
1,336,288 1,356,914 1,277,005 1,425,563 1,894,714
Total Assets 3,346,288 3,791,914 4,173,005 4,759,563 5,691,714
EQUITY & LIABILITIES
Equity
Shareholders' Contributions 1,000 1,000 1,000 1,000 1,000
Reserves - - - - -
Retained Earnings 761,865 1,198,799 1,750,964 2,504,700 3,415,585
762,865 1,199,799 1,751,964 2,505,700 3,416,585
Non-Current Liabilities
Long Term Loans 1 1,127,354 1,046,902 957,804 859,133 749,859
Long Term Loans 2 550,656 492,761 429,277 359,665 283,335
Long Term Loans 3 234,171 470,363 533,004 580,216 717,893
Finance Leases 336,239 236,716 125,124 - -
2,248,420 2,246,741 2,045,209 1,799,015 1,751,086
Current Liabilities
Bank Overdraft - - - - -
Trade Payables 122,215 127,203 133,184 145,827 159,693
Sales Tax 62,580 61,423 68,825 76,454 84,890
Payroll Accruals 20,000 21,200 22,472 23,820 25,250
Other Accruals 60,000 66,000 50,000 70,000 80,000
Provision For Taxation - - - - -
Dividends Payable 40,207 48,548 61,352 83,748 101,210
Other Provisions 30,000 21,000 40,000 55,000 73,000
335,002 345,374 375,832 454,849 524,042
Total Equity & Liabilities 3,346,288 3,791,914 4,173,005 4,759,563 5,691,714

Days in period 366 365 365 365 366

Current Ratio 4.0 3.9 3.4 3.1 3.6

Quick Ratio 3.4 3.3 2.8 2.6 3.1
Inventory Days 30.0 30.0 30.0 30.0 30.0
Debtors Days 25.0 25.0 25.0 25.0 25.0
Creditors Days 15.0 15.0 15.0 15.0 15.0
Debt / Equity 2.9 1.9 1.2 0.7 0.5

Page 8 of 12
Example (Pty) Limited
Cash Flow Projections - Repayment Schedule - Loans 1

Interest Rate 10.25%

Repayment Term 10.0
Interest Only No
© www.excel-skills.com
Opening Additional Loan Interest Capital Closing
Month
Balance Loans Repayment Charges Repayment Balance
Feb-2019 - 1,200,000 - - - 1,200,000
Mar-2019 1,200,000 - 16,025 10,250 5,775 1,194,225
Apr-2019 1,194,225 - 16,025 10,201 5,824 1,188,401
May-2019 1,188,401 - 16,025 10,151 5,874 1,182,528
Jun-2019 1,182,528 - 16,025 10,101 5,924 1,176,604
Jul-2019 1,176,604 - 16,025 10,050 5,975 1,170,629
Aug-2019 1,170,629 - 16,025 9,999 6,026 1,164,604
Sep-2019 1,164,604 - 16,025 9,948 6,077 1,158,527
Oct-2019 1,158,527 - 16,025 9,896 6,129 1,152,398
Nov-2019 1,152,398 - 16,025 9,843 6,181 1,146,216
Dec-2019 1,146,216 - 16,025 9,791 6,234 1,139,982
Jan-2020 1,139,982 - 16,025 9,737 6,287 1,133,695
Feb-2020 1,133,695 - 16,025 9,684 6,341 1,127,354
Mar-2020 1,127,354 - 16,025 9,629 6,395 1,120,959
Apr-2020 1,120,959 - 16,025 9,575 6,450 1,114,509
May-2020 1,114,509 - 16,025 9,520 6,505 1,108,004
Jun-2020 1,108,004 - 16,025 9,464 6,560 1,101,443
Jul-2020 1,101,443 - 16,025 9,408 6,617 1,094,827
Aug-2020 1,094,827 - 16,025 9,352 6,673 1,088,154
Sep-2020 1,088,154 - 16,025 9,295 6,730 1,081,424
Oct-2020 1,081,424 - 16,025 9,237 6,788 1,074,636
Nov-2020 1,074,636 - 16,025 9,179 6,845 1,067,791
Dec-2020 1,067,791 - 16,025 9,121 6,904 1,060,887
Jan-2021 1,060,887 - 16,025 9,062 6,963 1,053,924
Feb-2021 1,053,924 - 16,025 9,002 7,022 1,046,902
Mar-2021 1,046,902 - 16,025 8,942 7,082 1,039,819
Apr-2021 1,039,819 - 16,025 8,882 7,143 1,032,676
May-2021 1,032,676 - 16,025 8,821 7,204 1,025,472
Jun-2021 1,025,472 - 16,025 8,759 7,265 1,018,207
Jul-2021 1,018,207 - 16,025 8,697 7,327 1,010,879
Aug-2021 1,010,879 - 16,025 8,635 7,390 1,003,489
Sep-2021 1,003,489 - 16,025 8,571 7,453 996,036
Oct-2021 996,036 - 16,025 8,508 7,517 988,519
Nov-2021 988,519 - 16,025 8,444 7,581 980,938
Dec-2021 980,938 - 16,025 8,379 7,646 973,292
Jan-2022 973,292 - 16,025 8,314 7,711 965,581
Feb-2022 965,581 - 16,025 8,248 7,777 957,804
Mar-2022 957,804 - 16,025 8,181 7,843 949,961
Apr-2022 949,961 - 16,025 8,114 7,910 942,050
May-2022 942,050 - 16,025 8,047 7,978 934,072
Jun-2022 934,072 - 16,025 7,979 8,046 926,026
Jul-2022 926,026 - 16,025 7,910 8,115 917,911
Aug-2022 917,911 - 16,025 7,840 8,184 909,727
Sep-2022 909,727 - 16,025 7,771 8,254 901,473
Oct-2022 901,473 - 16,025 7,700 8,325 893,148

Page 9 of 12
Example (Pty) Limited
Cash Flow Projections - Repayment Schedule - Loans 1

Interest Rate 10.25%

Repayment Term 10.0
Interest Only No
© www.excel-skills.com
Opening Additional Loan Interest Capital Closing
Month
Balance Loans Repayment Charges Repayment Balance
Nov-2022 893,148 - 16,025 7,629 8,396 884,753
Dec-2022 884,753 - 16,025 7,557 8,467 876,285
Jan-2023 876,285 - 16,025 7,485 8,540 867,746
Feb-2023 867,746 - 16,025 7,412 8,613 859,133
Mar-2023 859,133 - 16,025 7,338 8,686 850,447
Apr-2023 850,447 - 16,025 7,264 8,760 841,686
May-2023 841,686 - 16,025 7,189 8,835 832,851
Jun-2023 832,851 - 16,025 7,114 8,911 823,940
Jul-2023 823,940 - 16,025 7,038 8,987 814,953
Aug-2023 814,953 - 16,025 6,961 9,064 805,890
Sep-2023 805,890 - 16,025 6,884 9,141 796,749
Oct-2023 796,749 - 16,025 6,806 9,219 787,529
Nov-2023 787,529 - 16,025 6,727 9,298 778,232
Dec-2023 778,232 - 16,025 6,647 9,377 768,854
Jan-2024 768,854 - 16,025 6,567 9,457 759,397
Feb-2024 759,397 - 16,025 6,487 9,538 749,859
Mar-2024 749,859 - 16,025 6,405 9,620 740,239
Apr-2024 740,239 - 16,025 6,323 9,702 730,537
May-2024 730,537 - 16,025 6,240 9,785 720,753
Jun-2024 720,753 - 16,025 6,156 9,868 710,884
Jul-2024 710,884 - 16,025 6,072 9,953 700,932
Aug-2024 700,932 - 16,025 5,987 10,038 690,894
Sep-2024 690,894 - 16,025 5,901 10,123 680,771
Oct-2024 680,771 - 16,025 5,815 10,210 670,561
Nov-2024 670,561 - 16,025 5,728 10,297 660,264
Dec-2024 660,264 - 16,025 5,640 10,385 649,879
Jan-2025 649,879 - 16,025 5,551 10,474 639,406
Feb-2025 639,406 - 16,025 5,462 10,563 628,843
Mar-2025 628,843 - 16,025 5,371 10,653 618,189
Apr-2025 618,189 - 16,025 5,280 10,744 607,445
May-2025 607,445 - 16,025 5,189 10,836 596,609
Jun-2025 596,609 - 16,025 5,096 10,929 585,680
Jul-2025 585,680 - 16,025 5,003 11,022 574,658
Aug-2025 574,658 - 16,025 4,909 11,116 563,542
Sep-2025 563,542 - 16,025 4,814 11,211 552,331
Oct-2025 552,331 - 16,025 4,718 11,307 541,024
Nov-2025 541,024 - 16,025 4,621 11,403 529,621
Dec-2025 529,621 - 16,025 4,524 11,501 518,120
Jan-2026 518,120 - 16,025 4,426 11,599 506,521
Feb-2026 506,521 - 16,025 4,327 11,698 494,823
Mar-2026 494,823 - 16,025 4,227 11,798 483,025
Apr-2026 483,025 - 16,025 4,126 11,899 471,126
May-2026 471,126 - 16,025 4,024 12,000 459,125
Jun-2026 459,125 - 16,025 3,922 12,103 447,022
Jul-2026 447,022 - 16,025 3,818 12,206 434,816

Page 10 of 12
Example (Pty) Limited
Cash Flow Projections - Repayment Schedule - Loans 1

Interest Rate 10.25%

Repayment Term 10.0
Interest Only No
© www.excel-skills.com
Opening Additional Loan Interest Capital Closing
Month
Balance Loans Repayment Charges Repayment Balance
Aug-2026 434,816 - 16,025 3,714 12,311 422,505
Sep-2026 422,505 - 16,025 3,609 12,416 410,090
Oct-2026 410,090 - 16,025 3,503 12,522 397,568
Nov-2026 397,568 - 16,025 3,396 12,629 384,939
Dec-2026 384,939 - 16,025 3,288 12,737 372,202
Jan-2027 372,202 - 16,025 3,179 12,845 359,357
Feb-2027 359,357 - 16,025 3,070 12,955 346,402
Mar-2027 346,402 - 16,025 2,959 13,066 333,336
Apr-2027 333,336 - 16,025 2,847 13,177 320,158
May-2027 320,158 - 16,025 2,735 13,290 306,868
Jun-2027 306,868 - 16,025 2,621 13,404 293,465
Jul-2027 293,465 - 16,025 2,507 13,518 279,947
Aug-2027 279,947 - 16,025 2,391 13,633 266,313
Sep-2027 266,313 - 16,025 2,275 13,750 252,564
Oct-2027 252,564 - 16,025 2,157 13,867 238,696
Nov-2027 238,696 - 16,025 2,039 13,986 224,710
Dec-2027 224,710 - 16,025 1,919 14,105 210,605
Jan-2028 210,605 - 16,025 1,799 14,226 196,379
Feb-2028 196,379 - 16,025 1,677 14,347 182,032
Mar-2028 182,032 - 16,025 1,555 14,470 167,562
Apr-2028 167,562 - 16,025 1,431 14,593 152,969
May-2028 152,969 - 16,025 1,307 14,718 138,251
Jun-2028 138,251 - 16,025 1,181 14,844 123,407
Jul-2028 123,407 - 16,025 1,054 14,971 108,436
Aug-2028 108,436 - 16,025 926 15,098 93,338
Sep-2028 93,338 - 16,025 797 15,227 78,110
Oct-2028 78,110 - 16,025 667 15,357 62,753
Nov-2028 62,753 - 16,025 536 15,489 47,264
Dec-2028 47,264 - 16,025 404 15,621 31,643
Jan-2029 31,643 - 16,025 270 15,754 15,889
Feb-2029 15,889 - 16,025 136 15,889 -
Mar-2029 - - - - - -
Apr-2029 - - - - - -
May-2029 - - - - - -
Jun-2029 - - - - - -
Jul-2029 - - - - - -
Aug-2029 - - - - - -
Sep-2029 - - - - - -
Oct-2029 - - - - - -
Nov-2029 - - - - - -
Dec-2029 - - - - - -
Jan-2030 - - - - - -
Feb-2030 - - - - - -
Mar-2030 - - - - - -
Apr-2030 - - - - - -

Page 11 of 12
Example (Pty) Limited
Cash Flow Projections - Repayment Schedule - Loans 1

Interest Rate 10.25%

Repayment Term 10.0
Interest Only No
© www.excel-skills.com
Opening Additional Loan Interest Capital Closing
Month
Balance Loans Repayment Charges Repayment Balance
May-2030 - - - - - -
Jun-2030 - - - - - -
Jul-2030 - - - - - -
Aug-2030 - - - - - -
Sep-2030 - - - - - -
Oct-2030 - - - - - -
Nov-2030 - - - - - -
Dec-2030 - - - - - -
Jan-2031 - - - - - -
Feb-2031 - - - - - -
Mar-2031 - - - - - -
Apr-2031 - - - - - -
May-2031 - - - - - -
Jun-2031 - - - - - -
Jul-2031 - - - - - -
Aug-2031 - - - - - -
Sep-2031 - - - - - -
Oct-2031 - - - - - -
Nov-2031 - - - - - -
Dec-2031 - - - - - -
Jan-2032 - - - - - -
Feb-2032 - - - - - -

Page 12 of 12