Style

Design

Comment

Header 1

Header1

Header 2

Header2

Input

100

A user driven input

Demo

100

Values needed to demonstrate the principle in a complete model w

Empty_cell

A cell that is left intentionally blank to avoid the risk of error

Off-Sheet

100

Total
Unit / Info

The sum of elements above, including sub-totals

USD millions

Line Summary
Table Header
Flag
Balance

A link to another worksheet to minimise the number of inter-worksh

100
Qtr

Explanatory text showing helpful information and the units/dimensi

The SUM() of everything to the right
Header of a table or of an off-sheet reference

Binary flag - set up as conditional formatting rather than a 'Style'

The closing balance of a control account

principle in a complete model would be dynamically coded or set-up differently

to avoid the risk of error

mise the number of inter-worksheet references (slow and risky)

ding sub-totals

nformation and the units/dimensions of the calculations

t reference

formatting rather than a 'Style'

Tutorial: ModelOff 2013 - Hard Times Answer

Inputs
Inputs specific to the tutorial
Assumptions
Quarterly seasonality of sales
Sales

CY Q1
CY Q2
20.00%
15.00%
* assume months within each quarter have equal sa

Widget Sales
Units Sold
Sales Growth

$
%

CY 2013
175,000

CY 2014

4.00%
* assume escalation in sales takes effect instantly fr

Current Sales Price and Margin:

Sale Price per unit
Contribution Margin

$
%

30-Sep-13
29.99
25.00%

Indirect Costs
Indirect Costs
Indirect Cost Growth

$
%

CY 2013
1,200,000

CY 2014

4.00%
*Indirect Costs are fixed and occur monthy irrespec

Debt amortisation schedule

Payment 1
Payment 2
Payment 3
Payment 4
Payment 5
Payment 6
Payment 7
Payment 8
Payment 9
Payment 10
Payment 11
Payment 12

$
$
$
$
$
$
$
$
$
$
$
$

Date
31-Dec-13
28-Feb-14
30-Apr-14
30-Jun-14
31-Aug-14
30-Sep-14
30-Nov-14
31-Dec-14
31-Mar-15
30-Jun-15
30-Sep-15
31-Dec-15

$
50,000
50,000
60,000
60,000
60,000
90,000
60,000
150,000
60,000
150,000
60,000
150,000

Sale
Month +1
0.00%
60.00%

Cash Receipts Timing

Cash Receipts on Sales

Cash Receipts on Opening Receivables

Oct-13
30.00%

Nov-13
60.00%

Cash Payments Timing

Cash Payments on Purchases

Cash Payments on Opening Payables

Purchase
Month +1
0.00%
85.00%
Oct-13
30.00%

Nov-13
60.00%

The above schedule is applicable to both direct and indirect costs

Assets and Liabilities

Assets
Cash
Accounts Receivable
Property Plant and Equipment
Total Assets

$
$
$
$

Opening
18,000
600,000
500,000
1,118,000

Liabilities
Accounts Payable
Debt Facility A
Total Liabilities

$
$
$

Opening
350,000
2,000,000
2,350,000

Interest
7.00%

Depreciation and Capex

Depreciation

10,000 per month

*No capital expenditure is forecast over the next 3 y

Taxation
Slick Micks has substantial historic tax losses. Assume that no tax will be payable for the period of analysis.

Forecast
Counter
Start of Period
End of Period

End

#
Date
Date

30-Sep-13

1
1-Oct-13
31-Oct-13

The "Inputs Specific to the Tutotial" is setup to

The the
"Inputs
to the provided
Tutotial" is
to
mirror
inputSpecific
spreadsheet
bysetup
ModelOff
mirror the input spreadsheet provided by ModelOff

CY Q3
CY Q4
30.00%
35.00%
within each quarter have equal sales irrespective of the number of days in each month

CY 2015

CY 2016

12.00%
12.00%
n in sales takes effect instantly from 1 January

CY 2015

CY 2016

4.00%
4.00%
e fixed and occur monthy irrespective of sales.

Month +2
Month +3
25.00%
15.00%

Dec-13
10.00%

Month +2
Month +3
10.00%
5.00%
Dec-13
10.00%

*Simple interest p.a with interest paid at month end

iture is forecast over the next 3 years

le for the period of analysis.

2
1-Nov-13
30-Nov-13

3
1-Dec-13
31-Dec-13

4
1-Jan-14
31-Jan-14

5
1-Feb-14
28-Feb-14

6
1-Mar-14
31-Mar-14

7
1-Apr-14
30-Apr-14

8
1-May-14
31-May-14

9
1-Jun-14
30-Jun-14

10
1-Jul-14
31-Jul-14

11
1-Aug-14
31-Aug-14

12
1-Sep-14
30-Sep-14

13
1-Oct-14
31-Oct-14

14
15
1-Nov-14 1-Dec-14
30-Nov-14 31-Dec-14

16
17
18
19
20
21
22
23
24
1-Jan-15 1-Feb-15 1-Mar-15 1-Apr-15 1-May-15 1-Jun-15 1-Jul-15 1-Aug-15 1-Sep-15
31-Jan-15 28-Feb-15 31-Mar-15 30-Apr-15 31-May-15 30-Jun-15 31-Jul-15 31-Aug-15 30-Sep-15

25
26
27
28
29
30
31
32
33
1-Oct-15 1-Nov-15 1-Dec-15 1-Jan-16 1-Feb-16 1-Mar-16 1-Apr-16 1-May-16 1-Jun-16
31-Oct-15 30-Nov-15 31-Dec-15 31-Jan-16 29-Feb-16 31-Mar-16 30-Apr-16 31-May-16 30-Jun-16

34
35
36
1-Jul-16 1-Aug-16 1-Sep-16
31-Jul-16 31-Aug-16 30-Sep-16

Tutorial: ModelOff 2013 - Hard Times Answer

Inputs

The "Inputs to support demonstr

to transparency
support demons
toThe
help"Inputs
promote
in
to
help
promote
transparency
internationally recognised
modelin
internationally recognised mod

Inputs to support demonstration

Constants
Days in year
Months per quarter
Months per year
Quarters per year

Days
Months
Months
Months

Sensitivities
Apply Sensitivities?

On/Off

Date of start of sensitivity

Date

Sales Price
Forecast Volume

(1+x%)
(1+x%)

365
This switch has3to be "Off" to derive the
This switch
has
12to to
correct
answer
Q1beto"Off"
Q8. to derive the
correct
answer
to
Q1
to
The switch has4 to be "On"Q8.
to derive the
The switch
has
correct
answer
to to
Q9be "On" to derive the
. correct answer to Q9
.
Off
1-Jan-14
Sensitivity
12.00%
-5.00%

Applied
0.00%
0.00%

Rather than applying the sensitivity direc

Rather
than applying
theitsensitivity
dire
into
the calculation
sheet,
is much clea
into
the
calculation
sheet,
it
is
much
to apply the sensitivity next to the inputcle
to
to apply and
the sensitivity
nextresult
to theapplied
input
adjusted,
have the end
adjusted,
and have
result
the
calculations.
Thisthe
willend
reduce
theappli
the
calculations.
This
will
reduce
the
complexity of the model overall.
complexity
of
the
model
overall.
.
.

uts to support demonstration" is setup

puts to transparency
support demonstration"
omote
in line with is setup
promote
transparency
in line
with
nally recognised modeling
standards.
onally recognised modeling standards.

rive the
erive the

rive the
derive the

ing the sensitivity directly

theitsensitivity
directly
nlying
sheet,
is much clearer
on
sheet,
it
is
much
tivity next to the inputclearer
to be
sitivity
nextresult
to theapplied
input totobe
e the end
ave
result
Thisthe
willend
reduce
theapplied to
This
will
reduce
the
model overall.
e model overall.

Tutorial: ModelOff 2013 - Hard Times Answer

Calculations
Period start
Period end

Counters
Calendar year
Month in year
Quarter in year
Days in period

#
#
#
#

Start of calendar year

[1,0]

Revenue
Volume
Growth factor
Growth index
Units sold (annualised)

%
#
$

Seasonality %
Units sold (base)

%
#

Sensitivity flag

[1,0]

Units sold (applied)

Price
Price (base)

$/unit

Sensitivity flag

[1,0]

Price (applied)

$/unit

Revenue
Revenue

175,000

1-Jan-14
Sensitivity
0.00%

29.99
1-Jan-14
Sensitivity
0.0%

Costs
Contribution Margin
Price (base)
Unit cost

$/unit
$/unit

Variable cost

Indirect Costs
Growth %
Growth index

%
#

Margin %
Variable %
25.0%
75.0%

Cost p.a.

Costs

Summary
Total costs

1,200,000

Working capital
Debtors
Account
Balance b/f
Revenue
Cash receipt
Balance c/f

Countrol accounts are useful as a

Countrol accounts
are useful
as a
transparent
way to show
movements
wayitems.
to show movements
intransparent
balance sheet
in balance sheet items.
$
$
$
$

Working capital adjustment

$
It would be tempting to do this in just a
It would
to more
do this
in just a
single
line,be
buttempting
it is much
transparent
single
line,
but
it
is
much
more
transparent
Receipt
to break this out over several lines,
to breakthe
thisrisk
outofover
several lines,
reducing
errors.
Revenue
$
reducing the risk of errors.
Receipt timing
Receipt in sale month
$
0%
Receipt in sale month +1
$
60%
Receipt in sale month +2
$
25%
Receipt in sale month +3
$
15%
Receipt excl opening
$
Opening debtors receipt
Opening debtors receipt

%
$

Summary
Total receipts

Creditors
Account
Balance b/f
Costs
Cash payment
Balance c/f

$
$
$
$

Working capital adjustment

Payment
Costs

Payment in purchase month

Payment in purchase month +1
Payment in purchase month +2
Payment in purchase month +3

$
$
$
$

0%
85%
10%
5%

Are you referring to blank cells in

Aremodel?
you referring
to blank cellsand
in
your
For transparency
your
model?
For
transparency
as best practice, we recommend an
as best
practice,
we recommend
styling
those
cells differently,
to
styling
those
cells
differently,
avoid the risk of users
enteringto
avoid that
the risk
of users
values
would
cause entering
errors.
values that would cause errors.

Payment excl opening

Opening creditors receipt

Opening creditors receipt

%
$

Summary
Total cash payment

Summary
Net working capital adjustment

Depreciation
PP&E
Balance b/f
Depreciation
Balance c/f

$
$
$

10,000

Debt
Account
Balance b/f
Repayment
Balance c/f

$
$
$

Interest
Interest
Interest expense

pa
pm
$

7.00%

Interest expense is based

expense
onInterest
the interest
rateis based
on
the
interest
rate
mulltipled by the opening
mulltipled
by
the
opening
balance for the month
balance
for
the
month
(rather than closing
(rather or
than
closing
balance
average
balancetoorprevent
average
balance)
balance)
to
circularities inprevent
the model
circularities in the model

30-Sep-13

1-Oct-13
31-Oct-13

1-Nov-13
30-Nov-13

1-Dec-13
31-Dec-13

1-Jan-14
31-Jan-14

2013
10
4
31

2013
11
4
30

2013
12
4
31

2014
1
1
31

0.00%
0.00%
1.00
1.00
1.00
175,000
175,000
Binary logic flags contain either a '1' value if true,
logicifflags
contain
either
a '1'
valuerisk
if true,
orBinary
a '0' value
false.
This can
help
reduce
35.00%
35.00%
or
a
'0'
value
if
false.
This
can
help
reduce
risk
and improve efficiency when modelling.
and improve efficiency
595,486
20,417 when modelling.
20,417

595,486

0.00%
1.00
175,000

4.00%
1.04
182,000

35.00%
20,417

20.00%
12,133

20,417

20,417

20,417

12,133

Consider the 'Units sold' row. Instead of using a series of IF statements to

29.99
29.99a series of IF 29.99
29.99
Considerifthe
sold'
row.
of using
determine
the'Units
sensitivity
needsInstead
to be applied,
the formula canstatements
take the to
determine
if
the
sensitivity
needs
to
be
applied,
the
formula
can
take
the
sensitivity value, and simply multiply this by the flag in row 23. If the flag has a
sensitivity
value,
and simply
multiply this by the flag in row 23. If -the flag
value
of 1, the
sensitivity
value
the has a
1
- will apply. If the -flag is set ot zero, then
value
of
1,
the
sensitivity
value
will
apply.
If
the
flag
is
set
ot
zero,
then
the
sensitivity value will be multiplied by zero, resulting in a value of zero.
sensitivity value will be multiplied by zero, resulting in a value of zero.
29.99
29.99
29.99
29.99

17,858,611

612,296

612,296

612,296

363,879

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

13,393,958

459,222

459,222

459,222

272,909

1.00

0.00%
1.00

0.00%
1.00

0.00%
1.00

4.00%
1.04

3,858,298

100,000

100,000

100,000

104,000

17,252,256

559,222

559,222

559,222

376,909

600,000
17,858,611
Are you referring to blank cells in 612,296
Aremodel?
you referring
to blank cellsand
in(180,000)
your
For transparency
(17,397,366)
your
model?
For
transparency
as best practice,600,000
we recommend and
1,032,296
as
best
practice,
we recommend
styling those cells differently,
to
styling
differently,
avoid
thethose
risk ofcells
users
enteringto
avoid
the
risk
of
users
(461,245)
values that would
cause entering
errors. (432,296)
values that would cause errors.

1,032,296
612,296
(727,378)
917,214

917,214
612,296
(580,451)
949,059

949,059
363,879
(612,296)
700,641

115,082

(31,844)

248,417

612,296

612,296

612,296

363,879

367,378
367,378

367,378
153,074
520,451

367,378
153,074
91,844
612,296

600,000

30.00%
180,000

60.00%
360,000

10.00%
60,000

0.00%
-

17,397,366

180,000

727,378

580,451

612,296

17,252,256
(16,851,065)
350,000

350,000
559,222
(105,000)
804,222

804,222
559,222
(685,339)
678,105

678,105
559,222
(566,261)
671,066

671,066
376,909
(559,222)
488,753

401,190

454,222

(126,117)

(7,039)

(182,313)

559,222

559,222

559,222

376,909

475,339
-

475,339
55,922
-

475,339
55,922
27,961

16,797,366

475,339

531,261

559,222

350,000

30.00%
105,000

60.00%
210,000

10.00%
35,000

0.00%
-

16,851,065

105,000

685,339

566,261

559,222

(60,054)

21,926

(11,035)

(38,883)

66,104

(360,000)
500,000

500,000
(10,000)
490,000

490,000
(10,000)
480,000

480,000
(10,000)
470,000

470,000
(10,000)
460,000

(1,000,000)
2,000,000

2,000,000
2,000,000

2,000,000
2,000,000

2,000,000
(50,000)
1,950,000

1,950,000
1,950,000

303,000

7.00%
0.59%
11,890

7.00%
0.58%
11,507

7.00%
0.59%
11,890

7.00%
0.59%
11,593

est expense is based

erest
expense
e interest
rateis based
the
interest
rate
ipled by the opening
lltipled
by
the
opening
nce for the month
ance
for
the
month
er than closing
her or
than
closing
nce
average
ancetoorprevent
average
nce)
ance)
to
larities inprevent
the model
cularities in the model

1-Feb-14
28-Feb-14

1-Mar-14
31-Mar-14

1-Apr-14
30-Apr-14

1-May-14
31-May-14

1-Jun-14
30-Jun-14

2014
2
1
28

2014
3
1
31

2014
4
2
30

2014
5
2
31

2014
6
2
30

4.00%
1.04
182,000

4.00%
1.04
182,000

4.00%
1.04
182,000

4.00%
1.04
182,000

4.00%
1.04
182,000

20.00%
12,133

20.00%
12,133

15.00%
9,100

15.00%
9,100

15.00%
9,100

12,133

12,133

9,100

9,100

9,100

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

363,879

363,879

272,909

272,909

272,909

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

272,909

272,909

204,682

204,682

204,682

4.00%
1.04

4.00%
1.04

4.00%
1.04

4.00%
1.04

4.00%
1.04

104,000

104,000

104,000

104,000

104,000

376,909

376,909

308,682

308,682

308,682

700,641
363,879
(463,246)
601,275

601,275
363,879
(401,141)
564,012

564,012
272,909
(363,879)
473,042

473,042
272,909
(309,297)
436,654

436,654
272,909
(286,554)
423,009

99,367

37,263

90,970

36,388

13,645

363,879

363,879

272,909

272,909

272,909

218,327
153,074
91,844
463,246

218,327
90,970
91,844
401,141

218,327
90,970
54,582
363,879

163,745
90,970
54,582
309,297

163,745
68,227
54,582
286,554

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

463,246

401,141

363,879

309,297

286,554

488,753
376,909
(404,256)
461,406

461,406
376,909
(386,025)
452,291

452,291
308,682
(376,909)
384,064

384,064
308,682
(318,916)
373,829

373,829
308,682
(312,093)
370,418

(27,347)

(9,116)

(68,227)

(10,234)

(3,411)

376,909

376,909

308,682

308,682

308,682

320,373
55,922
27,961

320,373
37,691
27,961

320,373
37,691
18,845

262,379
37,691
18,845

262,379
30,868
18,845

404,256

386,025

376,909

318,916

312,093

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

404,256

386,025

376,909

318,916

312,093

72,020

28,147

22,742

26,154

10,234

460,000
(10,000)
450,000

450,000
(10,000)
440,000

440,000
(10,000)
430,000

430,000
(10,000)
420,000

420,000
(10,000)
410,000

1,950,000
(50,000)
1,900,000

1,900,000
1,900,000

1,900,000
(60,000)
1,840,000

1,840,000
1,840,000

1,840,000
(60,000)
1,780,000

7.00%
0.54%
10,471

7.00%
0.59%
11,296

7.00%
0.58%
10,932

7.00%
0.59%
10,939

7.00%
0.58%
10,586

1-Jul-14
31-Jul-14

1-Aug-14
31-Aug-14

1-Sep-14
30-Sep-14

1-Oct-14
31-Oct-14

1-Nov-14
30-Nov-14

2014
7
3
31

2014
8
3
31

2014
9
3
30

2014
10
4
31

2014
11
4
30

4.00%
1.04
182,000

4.00%
1.04
182,000

4.00%
1.04
182,000

4.00%
1.04
182,000

4.00%
1.04
182,000

30.00%
18,200

30.00%
18,200

30.00%
18,200

35.00%
21,233

35.00%
21,233

18,200

18,200

18,200

21,233

21,233

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

545,818

545,818

545,818

636,788

636,788

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

409,364

409,364

409,364

477,591

477,591

4.00%
1.04

4.00%
1.04

4.00%
1.04

4.00%
1.04

4.00%
1.04

104,000

104,000

104,000

104,000

104,000

513,364

513,364

513,364

581,591

581,591

423,009
545,818
(272,909)
695,918

695,918
545,818
(436,654)
805,082

805,082
545,818
(504,882)
846,018

846,018
636,788
(545,818)
936,988

936,988
636,788
(600,400)
973,375

(272,909)

(109,164)

(40,936)

(90,970)

(36,388)

545,818

545,818

545,818

636,788

636,788

163,745
68,227
40,936
272,909

327,491
68,227
40,936
436,654

327,491
136,455
40,936
504,882

327,491
136,455
81,873
545,818

382,073
136,455
81,873
600,400

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

272,909

436,654

504,882

545,818

600,400

370,418
513,364
(308,682)
575,100

575,100
513,364
(482,661)
605,802

605,802
513,364
(503,129)
616,036

616,036
581,591
(513,364)
684,263

684,263
581,591
(571,357)
694,498

204,682

30,702

10,234

68,227

10,234

513,364

513,364

513,364

581,591

581,591

262,379
30,868
15,434

436,359
30,868
15,434

436,359
51,336
15,434

436,359
51,336
25,668

494,352
51,336
25,668

308,682

482,661

503,129

513,364

571,357

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

308,682

482,661

503,129

513,364

571,357

(68,227)

(78,461)

(30,702)

(22,742)

(26,154)

410,000
(10,000)
400,000

400,000
(10,000)
390,000

390,000
(10,000)
380,000

380,000
(10,000)
370,000

370,000
(10,000)
360,000

1,780,000
1,780,000

1,780,000
(60,000)
1,720,000

1,720,000
(90,000)
1,630,000

1,630,000
1,630,000

1,630,000
(60,000)
1,570,000

7.00%
0.59%
10,582

7.00%
0.59%
10,582

7.00%
0.58%
9,896

7.00%
0.59%
9,691

7.00%
0.58%
9,378

1-Dec-14
31-Dec-14

1-Jan-15
31-Jan-15

1-Feb-15
28-Feb-15

1-Mar-15
31-Mar-15

1-Apr-15
30-Apr-15

2014
12
4
31

2015
1
1
31

2015
2
1
28

2015
3
1
31

2015
4
2
30

4.00%
1.04
182,000

12.00%
1.16
203,840

12.00%
1.16
203,840

12.00%
1.16
203,840

12.00%
1.16
203,840

35.00%
21,233

20.00%
13,589

20.00%
13,589

20.00%
13,589

15.00%
10,192

21,233

13,589

13,589

13,589

10,192

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

636,788

407,544

407,544

407,544

305,658

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

477,591

305,658

305,658

305,658

229,244

4.00%
1.04

4.00%
1.08

4.00%
1.08

4.00%
1.08

4.00%
1.08

104,000

108,160

108,160

108,160

108,160

581,591

413,818

413,818

413,818

337,404

973,375
636,788
(623,142)
987,021

987,021
407,544
(636,788)
757,777

757,777
407,544
(499,242)
666,080

666,080
407,544
(441,931)
631,693

631,693
305,658
(407,544)
529,807

(13,645)

229,244

91,697

34,387

101,886

636,788

407,544

407,544

407,544

305,658

382,073
159,197
81,873
623,142

382,073
159,197
95,518
636,788

244,526
159,197
95,518
499,242

244,526
101,886
95,518
441,931

244,526
101,886
61,132
407,544

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

623,142

636,788

499,242

441,931

407,544

694,498
581,591
(578,179)
697,909

697,909
413,818
(581,591)
530,136

530,136
413,818
(438,984)
504,970

504,970
413,818
(422,207)
496,582

496,582
337,404
(413,818)
420,167

3,411

(167,773)

(25,166)

(8,389)

(76,415)

581,591

413,818

413,818

413,818

337,404

494,352
58,159
25,668

494,352
58,159
29,080

351,745
58,159
29,080

351,745
41,382
29,080

351,745
41,382
20,691

578,179

581,591

438,984

422,207

413,818

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

578,179

581,591

438,984

422,207

413,818

(10,234)

61,471

66,532

25,998

25,472

360,000
(10,000)
350,000

350,000
(10,000)
340,000

340,000
(10,000)
330,000

330,000
(10,000)
320,000

320,000
(10,000)
310,000

1,570,000
(150,000)
1,420,000

1,420,000
1,420,000

1,420,000
1,420,000

1,420,000
(60,000)
1,360,000

1,360,000
1,360,000

7.00%
0.59%
9,334

7.00%
0.59%
8,442

7.00%
0.54%
7,625

7.00%
0.59%
8,442

7.00%
0.58%
7,825

1-May-15
31-May-15

1-Jun-15
30-Jun-15

1-Jul-15
31-Jul-15

1-Aug-15
31-Aug-15

1-Sep-15
30-Sep-15

2015
5
2
31

2015
6
2
30

2015
7
3
31

2015
8
3
31

2015
9
3
30

12.00%
1.16
203,840

12.00%
1.16
203,840

12.00%
1.16
203,840

12.00%
1.16
203,840

12.00%
1.16
203,840

15.00%
10,192

15.00%
10,192

30.00%
20,384

30.00%
20,384

30.00%
20,384

10,192

10,192

20,384

20,384

20,384

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

305,658

305,658

611,316

611,316

611,316

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

229,244

229,244

458,487

458,487

458,487

4.00%
1.08

4.00%
1.08

4.00%
1.08

4.00%
1.08

4.00%
1.08

108,160

108,160

108,160

108,160

108,160

337,404

337,404

566,647

566,647

566,647

529,807
305,658
(346,412)
489,053

489,053
305,658
(320,941)
473,770

473,770
611,316
(305,658)
779,428

779,428
611,316
(489,053)
901,691

901,691
611,316
(565,467)
947,540

40,754

15,283

(305,658)

(122,263)

(45,849)

305,658

305,658

611,316

611,316

611,316

183,395
101,886
61,132
346,412

183,395
76,415
61,132
320,941

183,395
76,415
45,849
305,658

366,790
76,415
45,849
489,053

366,790
152,829
45,849
565,467

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

346,412

320,941

305,658

489,053

565,467

420,167
337,404
(348,866)
408,705

408,705
337,404
(341,224)
404,884

404,884
566,647
(337,404)
634,128

634,128
566,647
(532,261)
668,514

668,514
566,647
(555,185)
679,977

(11,462)

(3,821)

229,244

34,387

11,462

337,404

337,404

566,647

566,647

566,647

286,793
41,382
20,691

286,793
33,740
20,691

286,793
33,740
16,870

481,650
33,740
16,870

481,650
56,665
16,870

348,866

341,224

337,404

532,261

555,185

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

348,866

341,224

337,404

532,261

555,185

29,292

11,462

(76,415)

(87,877)

(34,387)

310,000
(10,000)
300,000

300,000
(10,000)
290,000

290,000
(10,000)
280,000

280,000
(10,000)
270,000

270,000
(10,000)
260,000

1,360,000
1,360,000

1,360,000
(150,000)
1,210,000

1,210,000
1,210,000

1,210,000
1,210,000

1,210,000
(60,000)
1,150,000

7.00%
0.59%
8,085

7.00%
0.58%
7,825

7.00%
0.59%
7,194

7.00%
0.59%
7,194

7.00%
0.58%
6,962

1-Oct-15
31-Oct-15

1-Nov-15
30-Nov-15

1-Dec-15
31-Dec-15

1-Jan-16
31-Jan-16

1-Feb-16
29-Feb-16

2015
10
4
31

2015
11
4
30

2015
12
4
31

2016
1
1
31

2016
2
1
29

12.00%
1.16
203,840

12.00%
1.16
203,840

12.00%
1.16
203,840

12.00%
1.30
228,301

12.00%
1.30
228,301

35.00%
23,781

35.00%
23,781

35.00%
23,781

20.00%
15,220

20.00%
15,220

23,781

23,781

23,781

15,220

15,220

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

713,202

713,202

713,202

456,449

456,449

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

534,902

534,902

534,902

342,337

342,337

4.00%
1.08

4.00%
1.08

4.00%
1.08

4.00%
1.12

4.00%
1.12

108,160

108,160

108,160

112,486

112,486

643,062

643,062

643,062

454,823

454,823

947,540
713,202
(611,316)
1,049,426

1,049,426
713,202
(672,448)
1,090,180

1,090,180
713,202
(697,919)
1,105,463

1,105,463
456,449
(713,202)
848,711

848,711
456,449
(559,151)
746,009

(101,886)

(40,754)

(15,283)

256,753

102,701

713,202

713,202

713,202

456,449

456,449

366,790
152,829
91,697
611,316

427,921
152,829
91,697
672,448

427,921
178,301
91,697
697,919

427,921
178,301
106,980
713,202

273,870
178,301
106,980
559,151

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

611,316

672,448

697,919

713,202

559,151

679,977
643,062
(566,647)
756,391

756,391
643,062
(631,599)
767,853

767,853
643,062
(639,241)
771,674

771,674
454,823
(643,062)
583,436

583,436
454,823
(483,059)
555,200

76,415

11,462

3,821

(188,238)

(28,236)

643,062

643,062

643,062

454,823

454,823

481,650
56,665
28,332

546,602
56,665
28,332

546,602
64,306
28,332

546,602
64,306
32,153

386,600
64,306
32,153

566,647

631,599

639,241

643,062

483,059

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

566,647

631,599

639,241

643,062

483,059

(25,472)

(29,292)

(11,462)

68,515

74,465

260,000
(10,000)
250,000

250,000
(10,000)
240,000

240,000
(10,000)
230,000

230,000
(10,000)
220,000

220,000
(10,000)
210,000

1,150,000
1,150,000

1,150,000
1,150,000

1,150,000
(150,000)
1,000,000

1,000,000
1,000,000

1,000,000
1,000,000

7.00%
0.59%
6,837

7.00%
0.58%
6,616

7.00%
0.59%
6,837

7.00%
0.59%
5,945

7.00%
0.56%
5,562

1-Mar-16
31-Mar-16

1-Apr-16
30-Apr-16

1-May-16
31-May-16

1-Jun-16
30-Jun-16

1-Jul-16
31-Jul-16

2016
3
1
31

2016
4
2
30

2016
5
2
31

2016
6
2
30

2016
7
3
31

12.00%
1.30
228,301

12.00%
1.30
228,301

12.00%
1.30
228,301

12.00%
1.30
228,301

12.00%
1.30
228,301

20.00%
15,220

15.00%
11,415

15.00%
11,415

15.00%
11,415

30.00%
22,830

15,220

11,415

11,415

11,415

22,830

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

29.99

456,449

342,337

342,337

342,337

684,674

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

29.99
22.49

342,337

256,753

256,753

256,753

513,506

4.00%
1.12

4.00%
1.12

4.00%
1.12

4.00%
1.12

4.00%
1.12

112,486

112,486

112,486

112,486

112,486

454,823

369,239

369,239

369,239

625,992

746,009
456,449
(494,962)
707,497

707,497
342,337
(456,449)
593,384

593,384
342,337
(387,982)
547,739

547,739
342,337
(359,454)
530,622

530,622
684,674
(342,337)
872,959

38,513

114,112

45,645

17,117

(342,337)

456,449

342,337

342,337

342,337

684,674

273,870
114,112
106,980
494,962

273,870
114,112
68,467
456,449

205,402
114,112
68,467
387,982

205,402
85,584
68,467
359,454

205,402
85,584
51,351
342,337

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

494,962

456,449

387,982

359,454

342,337

555,200
454,823
(464,235)
545,788

545,788
369,239
(454,823)
460,204

460,204
369,239
(382,077)
447,366

447,366
369,239
(373,518)
443,087

443,087
625,992
(369,239)
699,840

(9,412)

(85,584)

(12,838)

(4,279)

256,753

454,823

369,239

369,239

369,239

625,992

386,600
45,482
32,153

386,600
45,482
22,741

313,853
45,482
22,741

313,853
36,924
22,741

313,853
36,924
18,462

464,235

454,823

382,077

373,518

369,239

0.00%
-

0.00%
-

0.00%
-

0.00%
-

0.00%
-

464,235

454,823

382,077

373,518

369,239

29,101

28,528

32,807

12,838

(85,584)

210,000
(10,000)
200,000

200,000
(10,000)
190,000

190,000
(10,000)
180,000

180,000
(10,000)
170,000

170,000
(10,000)
160,000

1,000,000
1,000,000

1,000,000
1,000,000

1,000,000
1,000,000

1,000,000
1,000,000

1,000,000
1,000,000

7.00%
0.59%
5,945

7.00%
0.58%
5,753

7.00%
0.59%
5,945

7.00%
0.58%
5,753

7.00%
0.59%
5,945

1-Aug-16
31-Aug-16

1-Sep-16
30-Sep-16

2016
8
3
31

2016
9
3
30

12.00%
1.30
228,301

12.00%
1.30
228,301

30.00%
22,830

30.00%
22,830

22,830

22,830

29.99

29.99

29.99

29.99

684,674

684,674

29.99
22.49

29.99
22.49

513,506

513,506

4.00%
1.12

4.00%
1.12

112,486

112,486

625,992

625,992

872,959
684,674
(547,739)
1,009,894

1,009,894
684,674
(633,324)
1,061,245

(136,935)

(51,351)

684,674

684,674

410,804
85,584
51,351
547,739

410,804
171,169
51,351
633,324

0.00%
-

0.00%
-

547,739

633,324

699,840
625,992
(587,479)
738,353

738,353
625,992
(613,154)
751,190

38,513

12,838

625,992

625,992

532,093
36,924
18,462

532,093
62,599
18,462

587,479

613,154

0.00%
-

0.00%
-

587,479

613,154

(98,422)

(38,513)

160,000
(10,000)
150,000

150,000
(10,000)
140,000

1,000,000
1,000,000

1,000,000
1,000,000

7.00%
0.59%
5,945

7.00%
0.58%
5,753

Tutorial: ModelOff 2013 - Hard Times Answer

Output
Period start
Period end

Counters
Year

Cashflow
Revenue

Variable Costs
Indirect Costs
Total Costs

$
$
$

Depreciation

EBIT

WC Adjustment
Depreciation (add back)

$
$

Operating cashflow

Interest
Repayment
Total interest and principal repayment

$
$

Net cashflow
Balance b/f
Net cashflow
Balance c/f

$
$
$

Analysis
Cash Shortfall
Max month shortfall
Maximum shortfall date

$
$

Negative Cash
Flag for negative cash
Flag for first period of negative cash

[1,0]
[1,0]

First period of negative cash

Date

Answers

(810,104)
31-Dec-15

30-Jun-14

Question 1
Target date
Sales Revenue

Date
$

Answer

Selection

Question 2
Target date
Closing Payable

Date
$

Answer

Selection

Question 3
Total Indirect Costs

Answer

Selection

Question 4
Target year
Total interest expense

Year
$

Answer

Selection

Question 5
First period of negative cash

Date

Answer

Selection

Question 6
Maximum shortfall date

Date

Answer

Selection

Question 7
Target debtor days
#
Sales for 9 months ending 30 June 2014 $
Number of days in 9 months prior
Days
Target average debtors
Opening balance
Closing balance target

$
$
$

Answer

Selection

Question 8
Target year

Year

Jan-14
363,879
A

Dec-15
771,674
C

3,858,298
A

2014
125,281
B

Jun-14
B

Dec-15
A

43
3,747,251
273
590,226
600,000
580,453
C

2015

Interest
EBIT

$
$

89,884
110,370

ICR

1.2x

Answer

Selection

Question 9
Switch sensitivies in Input sheet to "On"
Target period
Date
Closing balance
$
Closing balance (pasted)
$
Answer

Selection

Dec-15
(810,104)
261,543
B

1-Oct-13
31-Oct-13

1-Nov-13
30-Nov-13

1-Dec-13
31-Dec-13

1-Jan-14
31-Jan-14

2013

2013

2013

2014

17,858,611

612,296

612,296

612,296

363,879

(13,393,958)
(3,858,298)
(17,252,256)

(459,222)
(100,000)
(559,222)

(459,222)
(100,000)
(559,222)

(459,222)
(100,000)
(559,222)

(272,909)
(104,000)
(376,909)

(360,000)

(10,000)

(10,000)

(10,000)

(10,000)

246,355

43,074

43,074

43,074

(23,030)

(60,054)
360,000

21,926
10,000

(11,035)
10,000

(38,883)
10,000

66,104
10,000

546,301

75,000

42,039

14,191

53,074

(303,000)
(1,000,000)
(1,303,000)

(11,890)
(11,890)

(11,507)
(11,507)

(11,890)
(50,000)
(61,890)

(11,593)
(11,593)

(756,700)

63,110

30,532

(47,700)

41,481

(756,700)
18,000

18,000
63,110
81,110

81,110
30,532
111,642

111,642
(47,700)
63,942

63,942
41,481
105,423

30-Sep-13

1-Feb-14
28-Feb-14

1-Mar-14
31-Mar-14

1-Apr-14
30-Apr-14

1-May-14
31-May-14

1-Jun-14
30-Jun-14

2014

2014

2014

2014

2014

363,879

363,879

272,909

272,909

272,909

(272,909)
(104,000)
(376,909)

(272,909)
(104,000)
(376,909)

(204,682)
(104,000)
(308,682)

(204,682)
(104,000)
(308,682)

(204,682)
(104,000)
(308,682)

(10,000)

(10,000)

(10,000)

(10,000)

(10,000)

(23,030)

(23,030)

(45,773)

(45,773)

(45,773)

72,020
10,000

28,147
10,000

22,742
10,000

26,154
10,000

10,234
10,000

58,990

15,117

(13,030)

(9,619)

(25,539)

(10,471)
(50,000)
(60,471)

(11,296)
(11,296)

(10,932)
(60,000)
(70,932)

(10,939)
(10,939)

(10,586)
(60,000)
(70,586)

(1,482)

3,821

(83,962)

(20,558)

(96,125)

105,423
(1,482)
103,941

103,941
3,821
107,762

107,762
(83,962)
23,800

23,800
(20,558)
3,242

3,242
(96,125)
(92,883)

1
1

1-Jul-14
31-Jul-14

1-Aug-14
31-Aug-14

1-Sep-14
30-Sep-14

1-Oct-14
31-Oct-14

1-Nov-14
30-Nov-14

2014

2014

2014

2014

2014

545,818

545,818

545,818

636,788

636,788

(409,364)
(104,000)
(513,364)

(409,364)
(104,000)
(513,364)

(409,364)
(104,000)
(513,364)

(477,591)
(104,000)
(581,591)

(477,591)
(104,000)
(581,591)

(10,000)

(10,000)

(10,000)

(10,000)

(10,000)

22,455

22,455

22,455

45,197

45,197

(68,227)
10,000

(78,461)
10,000

(30,702)
10,000

(22,742)
10,000

(26,154)
10,000

(35,773)

(46,007)

1,752

32,455

29,043

(10,582)
(10,582)

(10,582)
(60,000)
(70,582)

(9,896)
(90,000)
(99,896)

(9,691)
(9,691)

(9,378)
(60,000)
(69,378)

(46,355)

(116,589)

(98,144)

22,764

(40,335)

(92,883)
(46,355)
(139,238)

(139,238)
(116,589)
(255,828)

(255,828)
(98,144)
(353,971)

(353,971)
22,764
(331,208)

(331,208)
(40,335)
(371,542)

1-Dec-14
31-Dec-14

1-Jan-15
31-Jan-15

1-Feb-15
28-Feb-15

1-Mar-15
31-Mar-15

1-Apr-15
30-Apr-15

2014

2015

2015

2015

2015

636,788

407,544

407,544

407,544

305,658

(477,591)
(104,000)
(581,591)

(305,658)
(108,160)
(413,818)

(305,658)
(108,160)
(413,818)

(305,658)
(108,160)
(413,818)

(229,244)
(108,160)
(337,404)

(10,000)

(10,000)

(10,000)

(10,000)

(10,000)

45,197

(16,274)

(16,274)

(16,274)

(41,745)

(10,234)
10,000

61,471
10,000

66,532
10,000

25,998
10,000

25,472
10,000

44,963

55,197

60,258

19,724

(6,274)

(9,334)
(150,000)
(159,334)

(8,442)
(8,442)

(7,625)
(7,625)

(8,442)
(60,000)
(68,442)

(7,825)
(7,825)

(114,371)

46,755

52,632

(48,718)

(14,099)

(371,542)
(114,371)
(485,914)

(485,914)
46,755
(439,159)

(439,159)
52,632
(386,527)

(386,527)
(48,718)
(435,245)

(435,245)
(14,099)
(449,343)

1-May-15
31-May-15

1-Jun-15
30-Jun-15

1-Jul-15
31-Jul-15

1-Aug-15
31-Aug-15

1-Sep-15
30-Sep-15

2015

2015

2015

2015

2015

305,658

305,658

611,316

611,316

611,316

(229,244)
(108,160)
(337,404)

(229,244)
(108,160)
(337,404)

(458,487)
(108,160)
(566,647)

(458,487)
(108,160)
(566,647)

(458,487)
(108,160)
(566,647)

(10,000)

(10,000)

(10,000)

(10,000)

(10,000)

(41,745)

(41,745)

34,669

34,669

34,669

29,292
10,000

11,462
10,000

(76,415)
10,000

(87,877)
10,000

(34,387)
10,000

(2,453)

(20,283)

(31,745)

(43,208)

10,283

(8,085)
(8,085)

(7,825)
(150,000)
(157,825)

(7,194)
(7,194)

(7,194)
(7,194)

(6,962)
(60,000)
(66,962)

(10,539)

(178,108)

(38,939)

(50,401)

(56,679)

(449,343)
(10,539)
(459,882)

(459,882)
(178,108)
(637,990)

(637,990)
(38,939)
(676,929)

(676,929)
(50,401)
(727,331)

(727,331)
(56,679)
(784,010)

1-Oct-15
31-Oct-15

1-Nov-15
30-Nov-15

1-Dec-15
31-Dec-15

1-Jan-16
31-Jan-16

1-Feb-16
29-Feb-16

2015

2015

2015

2016

2016

713,202

713,202

713,202

456,449

456,449

(534,902)
(108,160)
(643,062)

(534,902)
(108,160)
(643,062)

(534,902)
(108,160)
(643,062)

(342,337)
(112,486)
(454,823)

(342,337)
(112,486)
(454,823)

(10,000)

(10,000)

(10,000)

(10,000)

(10,000)

60,141

60,141

60,141

(8,374)

(8,374)

(25,472)
10,000

(29,292)
10,000

(11,462)
10,000

68,515
10,000

74,465
10,000

44,669

40,848

58,678

70,141

76,091

(6,837)
(6,837)

(6,616)
(6,616)

(6,837)
(150,000)
(156,837)

(5,945)
(5,945)

(5,562)
(5,562)

37,832

34,232

(98,159)

64,195

70,530

(784,010)
37,832
(746,178)

(746,178)
34,232
(711,946)

(711,946)
(98,159)
(810,104)

(810,104)
64,195
(745,909)

(745,909)
70,530
(675,379)

1-Mar-16
31-Mar-16

1-Apr-16
30-Apr-16

1-May-16
31-May-16

1-Jun-16
30-Jun-16

1-Jul-16
31-Jul-16

2016

2016

2016

2016

2016

456,449

342,337

342,337

342,337

684,674

(342,337)
(112,486)
(454,823)

(256,753)
(112,486)
(369,239)

(256,753)
(112,486)
(369,239)

(256,753)
(112,486)
(369,239)

(513,506)
(112,486)
(625,992)

(10,000)

(10,000)

(10,000)

(10,000)

(10,000)

(8,374)

(36,902)

(36,902)

(36,902)

48,682

29,101
10,000

28,528
10,000

32,807
10,000

12,838
10,000

(85,584)
10,000

30,727

1,626

5,905

(14,064)

(26,902)

(5,945)
(5,945)

(5,753)
(5,753)

(5,945)
(5,945)

(5,753)
(5,753)

(5,945)
(5,945)

24,782

(4,127)

(40)

(19,818)

(32,847)

(675,379)
24,782
(650,598)

(650,598)
(4,127)
(654,725)

(654,725)
(40)
(654,765)

(654,765)
(19,818)
(674,583)

(674,583)
(32,847)
(707,430)

1-Aug-16
31-Aug-16

1-Sep-16
30-Sep-16

2016

2016

684,674

684,674

(513,506)
(112,486)
(625,992)

(513,506)
(112,486)
(625,992)

(10,000)

(10,000)

48,682

48,682

(98,422)
10,000

(38,513)
10,000

(39,740)

20,169

(5,945)
(5,945)

(5,753)
(5,753)

(45,685)

14,416

(707,430)
(45,685)
(753,115)

(753,115)
14,416
(738,700)