[COMPANY LOGO AND NAME] Cash flow projection

in $ milion

Inputs Legend
First year of projection Blue = Inputs
31-Dec-19 Green = Linked
Black = Calculations

Free cash flow projection in $ milion

Est Est
31-Dec-19 31-Dec-20
Opening balance 10.00 12.70
Cash incoming
Sales 40.00 42.00
Loans received 1.00 1.05
New equity inflow 0.50 0.53
Interest income 0.40 0.42
Other income 0.30 0.32
Total incoming 42.20 44.31
Cash outgoing
Purchases (Stock etc) 25.00 26.25
Wages (incl. benefits and taxes) 3.00 3.15
Rent 2.00 2.10
Utilities (electricity, gas, water) 2.00 2.10
Advertising & marketing 0.50 0.53
Repairs & maintenance 0.50 0.53
Bank fees & charges 0.20 0.21
Insurance 0.20 0.21
Telephone 0.20 0.21
Postage 0.20 0.21
Office suppliers 0.20 0.21
Loan payments 1.00 1.05
Motor vehicle expenses 0.10 0.11
Stationery & printing 0.10 0.11
Licensing 0.20 0.21
Interest paid 0.20 0.21
Bank charges 0.20 0.21
Tax payments 1.00 1.05
Accountant fees 0.20 0.21
Capital purchases 2.00 2.10
 Other 0.50 0.53
Total outgoing 39.50 41.48
Monthly cash balance 2.70 2.83
Closing Balance in $ milion 12.70 15.53
h flow projection

Est Est Est Est Est Est

31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26
15.53 18.51 21.64 24.92 28.37 31.98

44.10 46.31 48.62 51.05 53.60 56.28

1.10 1.16 1.22 1.28 1.34 1.41
0.55 0.58 0.61 0.64 0.67 0.70
0.44 0.46 0.49 0.51 0.54 0.56
0.33 0.35 0.36 0.38 0.40 0.42
46.53 48.85 51.29 53.86 56.55 59.38

27.56 28.94 30.39 31.91 33.50 35.18

3.31 3.47 3.65 3.83 4.02 4.22
2.21 2.32 2.43 2.55 2.68 2.81
2.21 2.32 2.43 2.55 2.68 2.81
0.55 0.58 0.61 0.64 0.67 0.70
0.55 0.58 0.61 0.64 0.67 0.70
0.22 0.23 0.24 0.26 0.27 0.28
0.22 0.23 0.24 0.26 0.27 0.28
0.22 0.23 0.24 0.26 0.27 0.28
0.22 0.23 0.24 0.26 0.27 0.28
0.22 0.23 0.24 0.26 0.27 0.28
1.10 1.16 1.22 1.28 1.34 1.41
0.11 0.12 0.12 0.13 0.13 0.14
0.11 0.12 0.12 0.13 0.13 0.14
0.22 0.23 0.24 0.26 0.27 0.28
0.22 0.23 0.24 0.26 0.27 0.28
0.22 0.23 0.24 0.26 0.27 0.28
1.10 1.16 1.22 1.28 1.34 1.41
0.22 0.23 0.24 0.26 0.27 0.28
2.21 2.32 2.43 2.55 2.68 2.81
 0.55 0.58 0.61 0.64 0.67 0.70
43.55 45.73 48.01 50.41 52.93 55.58
2.98 3.13 3.28 3.45 3.62 3.80
18.51 21.64 24.92 28.37 31.98 35.78
 Est Est Est
31-Dec-27 31-Dec-28 31-Dec-29
35.78 39.77 43.96

59.10 62.05 65.16

1.48 1.55 1.63
0.74 0.78 0.81
0.59 0.62 0.65
0.44 0.47 0.49
62.35 65.47 68.74

36.94 38.78 40.72

4.43 4.65 4.89
2.95 3.10 3.26
2.95 3.10 3.26
0.74 0.78 0.81
0.74 0.78 0.81
0.30 0.31 0.33
0.30 0.31 0.33
0.30 0.31 0.33
0.30 0.31 0.33
0.30 0.31 0.33
1.48 1.55 1.63
0.15 0.16 0.16
0.15 0.16 0.16
0.30 0.31 0.33
0.30 0.31 0.33
0.30 0.31 0.33
1.48 1.55 1.63
0.30 0.31 0.33
2.95 3.10 3.26
 0.74 0.78 0.81
58.36 61.28 64.34
3.99 4.19 4.40
39.77 43.96 48.36
 10%
Free cash flow projection in $ milion

Est Est
Particulars 12/31/2019 12/31/2020

Cash Flow from Operating Activities

Inflows
Sales 40.00 42.00
Interest income 0.40 0.42
Other income 0.30 0.32

Total Inflows 40.70 42.74

Outflows

Purchases (Stock etc) 25.00 26.25

Wages (incl. benefits and taxes) 3.00 3.15
Rent 2.00 2.10
Utilities (electricity, gas, water) 2.00 2.10
Advertising & marketing 0.50 0.53
Repairs & maintenance 0.50 0.53
Bank fees & charges 0.20 0.21
Insurance 0.20 0.21
Telephone 0.20 0.21
Postage 0.20 0.21
Office suppliers 0.20 0.21
Loan payments 1.00 1.05
Motor vehicle expenses 0.10 0.11
Stationery & printing 0.10 0.11
Licensing 0.20 0.21
Bank charges 0.20 0.21
Tax payments 1.00 1.05
Accountant fees 0.20 0.21
Other 0.50 0.53

Total Outflows 37.30 39.17

Net Cash Flow from Operating Activities 3.40 3.57

Cash Flow from Investing Activities

Capital purchases (2.00) (2.10)

Net Cash Flow from Investing Activities (2.00) (2.10)

Cash Flow from Financing Activities

Loans received 1.00 1.05
New equity inflow 0.50 0.53
Interest paid (0.20) (0.21)

Net Cash Flow from Financing Activities 1.30 1.37

Opening Cash Balance 10.00 12.70

Changes in Cash During the Year 2.70 2.84
Closing Cash Balance 12.70 15.53
 Est Est Est Est Est Est Est
12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

44.10 46.31 48.62 51.05 53.60 56.28 59.10

0.44 0.46 0.49 0.51 0.54 0.56 0.59
0.33 0.35 0.36 0.38 0.40 0.42 0.44

44.87 47.12 49.47 51.94 54.54 57.27 60.13

27.56 28.94 30.39 31.91 33.50 35.18 36.94

3.31 3.47 3.65 3.83 4.02 4.22 4.43
2.21 2.32 2.43 2.55 2.68 2.81 2.95
2.21 2.32 2.43 2.55 2.68 2.81 2.95
0.55 0.58 0.61 0.64 0.67 0.70 0.74
0.55 0.58 0.61 0.64 0.67 0.70 0.74
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
1.10 1.16 1.22 1.28 1.34 1.41 1.48
0.11 0.12 0.12 0.13 0.13 0.14 0.15
0.11 0.12 0.12 0.13 0.13 0.14 0.15
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
1.10 1.16 1.22 1.28 1.34 1.41 1.48
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.55 0.58 0.61 0.64 0.67 0.70 0.74

41.12 43.18 45.34 47.61 49.99 52.48 55.11

3.75 3.94 4.13 4.34 4.56 4.78 5.02

(2.21) (2.32) (2.43) (2.55) (2.68) (2.81) (2.95)

(2.21) (2.32) (2.43) (2.55) (2.68) (2.81) (2.95)

1.10 1.16 1.22 1.28 1.34 1.41 1.48

0.55 0.58 0.61 0.64 0.67 0.70 0.74
(0.22) (0.23) (0.24) (0.26) (0.27) (0.28) (0.30)

1.43 1.50 1.58 1.66 1.74 1.83 1.92

15.53 18.51 21.64 24.92 28.37 31.98 35.78

2.98 3.13 3.28 3.45 3.62 3.80 3.99
18.51 21.64 24.92 28.37 31.98 35.78 39.77
 Est Est
12/31/2028 12/31/2029

62.05 65.16
0.62 0.65
0.47 0.49

63.14 66.30

38.78 40.72
4.65 4.89
3.10 3.26
3.10 3.26
0.78 0.81
0.78 0.81
0.31 0.33
0.31 0.33
0.31 0.33
0.31 0.33
0.31 0.33
1.55 1.63
0.16 0.16
0.16 0.16
0.31 0.33
0.31 0.33
1.55 1.63
0.31 0.33
0.78 0.81

57.86 60.76

5.27 5.54
(3.10) (3.26)

(3.10) (3.26)

1.55 1.63
0.78 0.81
(0.31) (0.33)

2.02 2.12

39.77 43.96
4.19 4.40
43.96 48.36
 Free cash flow projection in $ milion

Est Est Est

Particulars 12/31/2019 12/31/2020 12/31/2021

Cash Flow from Operating Activities

Net Profit After Tax 2.20 2.36 2.53

Add: Non-Cash Expenses:

Depreciation on Fixed Assets 0.50 0.50 0.50
Amortization of Startup Cost 0.50 0.50 0.50
Interest Paid 0.20 0.21 0.22

Net Cash Flow from Operating Activities 3.40 3.57 3.75

Cash Flow from Investing Activities

Capital purchases (2.00) (2.10) (2.21)

Net Cash Flow from Investing Activities (2.00) (2.10) (2.21)

Cash Flow from Financing Activities

Loans received 1.00 1.05 1.10

New equity inflow 0.50 0.53 0.55
Interest paid (0.20) (0.21) (0.22)

Net Cash Flow from Financing Activities 1.30 1.37 1.43

Opening Cash Balance 10.00 12.70 15.53

Changes in Cash During the Year 2.70 2.84 2.98
Closing Cash Balance 12.70 15.53 18.51
 Est Est Est Est Est Est Est
12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028

2.70 2.89 3.08 3.29 3.50 3.73 3.96

0.50 0.50 0.50 0.50 0.50 0.50 0.50

0.50 0.50 0.50 0.50 0.50 0.50 0.50
0.23 0.24 0.26 0.27 0.28 0.30 0.31

3.94 4.13 4.34 4.56 4.78 5.02 5.27

(2.32) (2.43) (2.55) (2.68) (2.81) (2.95) (3.10)

(2.32) (2.43) (2.55) (2.68) (2.81) (2.95) (3.10)

1.16 1.22 1.28 1.34 1.41 1.48 1.55

0.58 0.61 0.64 0.67 0.70 0.74 0.78
(0.23) (0.24) (0.26) (0.27) (0.28) (0.30) (0.31)

1.50 1.58 1.66 1.74 1.83 1.92 2.02

18.51 21.64 24.92 28.37 31.98 35.78 39.77

3.13 3.28 3.45 3.62 3.80 3.99 4.19
21.64 24.92 28.37 31.98 35.78 39.77 43.96
 Est
12/31/2029

4.21

0.50
0.50
0.33

5.54

(3.26)

(3.26)

1.63
0.81
(0.33)

2.12

43.96
4.40
48.36
Income Statement in $ Million

Est Est Est Est

Particulars 12/31/2019 12/31/2020 12/31/2021 12/31/2022

Revenue

Sales 40.00 42.00 44.10 46.31

Interest income 0.40 0.42 0.44 0.46
Other income 0.30 0.32 0.33 0.35

Total Revenue 40.70 42.74 44.87 47.12

Expenses

Purchases (Stock etc) 25.00 26.25 27.56 28.94

Wages (incl. benefits and taxes) 3.00 3.15 3.31 3.47
Rent 2.00 2.10 2.21 2.32
Utilities (electricity, gas, water) 2.00 2.10 2.21 2.32
Advertising & marketing 0.50 0.53 0.55 0.58
Repairs & maintenance 0.50 0.53 0.55 0.58
Bank fees & charges 0.20 0.21 0.22 0.23
Insurance 0.20 0.21 0.22 0.23
Telephone 0.20 0.21 0.22 0.23
Postage 0.20 0.21 0.22 0.23
Office suppliers 0.20 0.21 0.22 0.23
Loan payments 1.00 1.05 1.10 1.16
Motor vehicle expenses 0.10 0.11 0.11 0.12
Stationery & printing 0.10 0.11 0.11 0.12
Licensing 0.20 0.21 0.22 0.23
Bank charges 0.20 0.21 0.22 0.23
Accountant fees 0.20 0.21 0.22 0.23
Other 0.50 0.53 0.55 0.58

Total Operating Expenses 36.30 38.12 40.02 42.02

Earnings Before Interest, Tax,

Depreciation and Amortization 4.40 4.62 4.85 5.09

Interest paid 0.20 0.21 0.22 0.23

Depreciation on Fixed Assets 0.50 0.50 0.50 0.50
Amortization of Startup Cost 0.50 0.50 0.50 0.50

Earnings Before Tax 3.20 3.41 3.63 3.86

Tax payments 1.00 1.05 1.10 1.16

Profit After Tax 2.20 2.36 2.53 2.70

Est Est Est Est Est Est Est
12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027 12/31/2028 12/31/2029

48.62 51.05 53.60 56.28 59.10 62.05 65.16

0.49 0.51 0.54 0.56 0.59 0.62 0.65
0.36 0.38 0.40 0.42 0.44 0.47 0.49

49.47 51.94 54.54 57.27 60.13 63.14 66.30

30.39 31.91 33.50 35.18 36.94 38.78 40.72

3.65 3.83 4.02 4.22 4.43 4.65 4.89
2.43 2.55 2.68 2.81 2.95 3.10 3.26
2.43 2.55 2.68 2.81 2.95 3.10 3.26
0.61 0.64 0.67 0.70 0.74 0.78 0.81
0.61 0.64 0.67 0.70 0.74 0.78 0.81
0.24 0.26 0.27 0.28 0.30 0.31 0.33
0.24 0.26 0.27 0.28 0.30 0.31 0.33
0.24 0.26 0.27 0.28 0.30 0.31 0.33
0.24 0.26 0.27 0.28 0.30 0.31 0.33
0.24 0.26 0.27 0.28 0.30 0.31 0.33
1.22 1.28 1.34 1.41 1.48 1.55 1.63
0.12 0.13 0.13 0.14 0.15 0.16 0.16
0.12 0.13 0.13 0.14 0.15 0.16 0.16
0.24 0.26 0.27 0.28 0.30 0.31 0.33
0.24 0.26 0.27 0.28 0.30 0.31 0.33
0.24 0.26 0.27 0.28 0.30 0.31 0.33
0.61 0.64 0.67 0.70 0.74 0.78 0.81

44.12 46.33 48.65 51.08 53.63 56.31 59.13

5.35 5.62 5.90 6.19 6.50 6.83 7.17

0.24 0.26 0.27 0.28 0.30 0.31 0.33

0.50 0.50 0.50 0.50 0.50 0.50 0.50
0.50 0.50 0.50 0.50 0.50 0.50 0.50

4.11 4.36 4.63 4.91 5.21 5.52 5.84

1.22 1.28 1.34 1.41 1.48 1.55 1.63

2.89 3.08 3.29 3.50 3.73 3.96 4.21

Particulars Amount
Profit after Tax (as per income statement)
Add/Less: Non-cash and non-operating items which have already been
deducted from the income statement

- Depreciation XXXX
- Amortization of Start-up Expenses XXXX
- Profit/loss on Sale of Fixed Assets XXXX
- Proposed Dividend XXXX
- Interest on loan from banks and financial institutions XXXX
- Dividend received from investments XXXX
- Provision for bad and doubtful debts XXXX
- Profit or loss on sale of investments XXXX

Net Adjustment
Operating profit/loss before working capital changes

Particulars Amount
Purchase or sale of fixed assets XXXX
Purchase or sale of long-term investments XXXX
Dividend received XXXX
Merger and acquisition proceeds XXXX
Net cash flow used in/from investing activities

Particulars Amount
Funds received from investors for issuing equity XXXX
Buyback of shares XXXX
Dividend paid XXXX
Proceeds in the form of debt from banks or financial institutions XXXX
Repayment of debt XXXX
Proceeds from issue of debentures XXXX
Repayment of debentures after redemption XXXX
Net cash flow used in/from investing activities
Amount
XXXX

XXXX
XXXX

Amount

XXXX

Amount

XXXX
 12%
Free cash flow projection in $ milion

Est Est
Particulars 12/31/2019 12/31/2020

Cash Flow from Operating Activities

Inflows
Sales 40.00 42.00
Interest income 0.40 0.42
Other income 0.30 0.32

Total Inflows 40.70 42.74

Outflows

Purchases (Stock etc) 25.00 28.00

Wages (incl. benefits and taxes) 3.00 3.15
Rent 2.00 2.10
Utilities (electricity, gas, water) 2.00 2.10
Advertising & marketing 0.50 0.53
Repairs & maintenance 0.50 0.53
Bank fees & charges 0.20 0.21
Insurance 0.20 0.21
Telephone 0.20 0.21
Postage 0.20 0.21
Office suppliers 0.20 0.21
Loan payments 1.00 1.05
Motor vehicle expenses 0.10 0.11
Stationery & printing 0.10 0.11
Licensing 0.20 0.21
Bank charges 0.20 0.21
Tax payments 1.00 1.05
Accountant fees 0.20 0.21
Other 0.50 0.53

Total Outflows 37.30 40.92

Net Cash Flow from Operating Activities 3.40 1.82

Cash Flow from Investing Activities

Capital purchases (2.00) (2.10)

Net Cash Flow from Investing Activities (2.00) (2.10)

Cash Flow from Financing Activities

Loans received 1.00 1.05
New equity inflow 0.50 0.53
Interest paid (0.20) (0.21)

Net Cash Flow from Financing Activities 1.30 1.37

Opening Cash Balance 10.00 12.70

Changes in Cash During the Year 2.70 1.08
Closing Cash Balance 12.70 13.78
 Est Est Est Est Est Est Est
12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027

44.10 46.31 48.62 51.05 53.60 56.28 59.10

0.44 0.46 0.49 0.51 0.54 0.56 0.59
0.33 0.35 0.36 0.38 0.40 0.42 0.44

44.87 47.12 49.47 51.94 54.54 57.27 60.13

31.36 35.12 39.34 44.06 49.35 55.27 61.90

3.31 3.47 3.65 3.83 4.02 4.22 4.43
2.21 2.32 2.43 2.55 2.68 2.81 2.95
2.21 2.32 2.43 2.55 2.68 2.81 2.95
0.55 0.58 0.61 0.64 0.67 0.70 0.74
0.55 0.58 0.61 0.64 0.67 0.70 0.74
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
1.10 1.16 1.22 1.28 1.34 1.41 1.48
0.11 0.12 0.12 0.13 0.13 0.14 0.15
0.11 0.12 0.12 0.13 0.13 0.14 0.15
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.22 0.23 0.24 0.26 0.27 0.28 0.30
1.10 1.16 1.22 1.28 1.34 1.41 1.48
0.22 0.23 0.24 0.26 0.27 0.28 0.30
0.55 0.58 0.61 0.64 0.67 0.70 0.74

44.92 49.36 54.29 59.76 65.83 72.57 80.07

(0.05) (2.25) (4.82) (7.81) (11.29) (15.31) (19.94)

(2.21) (2.32) (2.43) (2.55) (2.68) (2.81) (2.95)

(2.21) (2.32) (2.43) (2.55) (2.68) (2.81) (2.95)

1.10 1.16 1.22 1.28 1.34 1.41 1.48

0.55 0.58 0.61 0.64 0.67 0.70 0.74
(0.22) (0.23) (0.24) (0.26) (0.27) (0.28) (0.30)

1.43 1.50 1.58 1.66 1.74 1.83 1.92

13.78 12.96 9.91 4.24 (4.47) (16.69) (32.98)

(0.82) (3.06) (5.67) (8.71) (12.22) (16.29) (20.97)
12.96 9.91 4.24 (4.47) (16.69) (32.98) (53.96)
 Est Est
12/31/2028 12/31/2029

62.05 65.16
0.62 0.65
0.47 0.49

63.14 66.30

69.33 77.65
4.65 4.89
3.10 3.26
3.10 3.26
0.78 0.81
0.78 0.81
0.31 0.33
0.31 0.33
0.31 0.33
0.31 0.33
0.31 0.33
1.55 1.63
0.16 0.16
0.16 0.16
0.31 0.33
0.31 0.33
1.55 1.63
0.31 0.33
0.78 0.81

88.41 97.68

(25.27) (31.39)
 (3.10) (3.26)

(3.10) (3.26)

1.55 1.63
0.78 0.81
(0.31) (0.33)

2.02 2.12

(53.96) (80.31)
(26.36) (32.53)
(80.31) (112.84)
Income Statement in $ Million

Est
Particulars ###

Revenue

Sales 40.00
Interest income 0.40
Other income 0.30

Total Revenue 40.70

Expenses

Purchases (Stock etc) 25.00

Wages (incl. benefits and taxes) 3.00
Rent 2.00
Utilities (electricity, gas, water) 2.00
Advertising & marketing 0.50
Repairs & maintenance 0.50
Bank fees & charges 0.20
Insurance 0.20
Telephone 0.20
Postage 0.20
Office suppliers 0.20
Loan payments 1.00
Motor vehicle expenses 0.10
Stationery & printing 0.10
Licensing 0.20
Bank charges 0.20
Accountant fees 0.20
Other 0.50

Total Operating Expenses 36.30

Earnings Before Interest, Tax,

Depreciation and Amortization 4.40

Interest paid 0.20

Depreciation on Fixed Assets 0.50
Amortization of Startup Cost 0.50

Earnings Before Tax 3.20

Tax payments 1.00

Profit After Tax 2.20

Free cash flow projection in $ milion

Est
Particulars 12/31/2019

Cash Flow from Operating Activities

Inflows
Sales 0.55
Interest income 0.40
Other income 0.30

Total Inflows 1.25

Outflows

Purchases (Stock etc) 25.00

Wages (incl. benefits and taxes) 3.00
Rent 2.00
Utilities (electricity, gas, water) 2.00
Advertising & marketing 0.50
Repairs & maintenance 0.50
Bank fees & charges 0.20
Insurance 0.20
Telephone 0.20
Postage 0.20
Office suppliers 0.20
Loan payments 1.00
Motor vehicle expenses 0.10
Stationery & printing 0.10
Licensing 0.20
Bank charges 0.20
Tax payments 1.00
Accountant fees 0.20
Other 0.50

Total Outflows 37.30

Net Cash Flow from Operating Activities (36.05)

Cash Flow from Investing Activities

Capital purchases (2.00)

Net Cash Flow from Investing Activities (2.00)

Cash Flow from Financing Activities

Loans received 1.00
New equity inflow 0.50
Interest paid (0.20)

Net Cash Flow from Financing Activities 1.30

Opening Cash Balance 10.00

Changes in Cash During the Year (36.75)
Closing Cash Balance (26.75)