Sheet name abbrevations used:

A : Assumption, S : Schedules, IS: Income Statement, BS,CFS: Balance Sheet, Cash Flow Statement, IRR: Internal Rate

Remember : Do not hard code -> link assumptions to the assumption sheet -> so that if anything in assumption shee

You need to follow 4 step approach as follows

Step 1 EBITDA Forecast
Step 2 EBIT Forecast
Step 3 PAT Forecast
Step 4 BS & CFS Forecast

To do the above steps you will need to follow the following tasks:
Task 1 In Sheet "S" -> Revenue & Cost Drivers
Task 2 In Sheet "IS" -> Calculate Revenue and other costs to find EBITDA
Task 3 In Sheet "S" -> Fixed Asset Schedule -> For that you will need Phasing in the same sheet "S"
Task 4 In Sheet "S" -> Debt Schedule -> You will have to make quarterly debt schedule for first 2 years
Task 5 In Sheet "S"-> Calculate the quarterly interest cost -> which will flow in soft cost in Phasing
Task 6 Task 5 will cause circular reference -> Remove the same by enabling iterative calculations
Task 7 Complete Debt schedule and fixed asset schedule -> link depreciation and interest cost in sheet "IS" ->
Task 8 Populate Balance sheet and Cash flow statement -> Try to match the balance sheet [ignore creditor da
Task 9 If balance sheet is matching -> Use creditor days and inventory days to calculate creditor and inventor
Task 10 Once balance sheet matches -> Go to Sheet "IRR" -> Calculate FCFE yearly -> Find IRR -> Recommend!!
low Statement, IRR: Internal Rate of Return

hat if anything in assumption sheet changes then whole model should change!!

g in the same sheet "S"

t schedule for first 2 years
in soft cost in Phasing
iterative calculations
n and interest cost in sheet "IS" -> Calcualte PAT
balance sheet [ignore creditor days and inventory days]
to calculate creditor and inventory and match the balance sheet again
early -> Find IRR -> Recommend!!
Revenue Assumptions
Capacity (tonnes crushed per day) 1000
Year 0 Year 1 Year 2
Capacity utilisation
Number of working days 240
Estimated sugar recovery 9%
Price of sugar (INR/ton) 28,000
Growth in price of sugar 5%

Power selling price (INR/unit) 5

Growth in power selling price 5%
Capacity (MW) 20
Year 0 Year 1 Year 2
Capacity utilisation
Number of hours per day 24

Internal consumption 40%

Expenses Assumptions
Sugarcane cost (per ton) 2000
Escalation 4%

Salaries (as % of Total Revenue) 7.5%

Consumables (as % of Total Revenue) 5.0%
Other Expenses (as % of Total Revenue) 2.0%
Maintenance (as % of Total Revenue) 1.0%

Hard Cost (in INR Crores) 120

Phasing Q1 Q2
Hard Cost Phasing 10% 10%
Depreciation rate (SLM) 5.3%

%Debt 65%
Interest rate 10%
Repayment at the end of the year
Moratorium period (in years post COD) 1
Tenure (in years post COD) 6

Tax rate 33%

Tax will be 0 is EBT is negative and the loss will not be carried forward

Creditor Days 15
Inventory Days 40
Terminal Value (as % of net residual assets) 50%
 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
80% 85% 90% 90% 90% 90%

Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

80% 85% 90% 90% 90% 90%

Q3 Q4 Q5 Q6 Q7 Q8
15% 15% 15% 15% 10% 10%
Phasing Q1 Q2 Q3
Hard Cost
Soft Cost
Total Cost

Fixed Asset Schedule Year 0 Year 1 Year 2 Year 3

Beginning balance of fixed assets
Add: Net Purchases
Less: Depreciation
Closing balance of fixed assets

Quarterly Debt Schedule Q1 Q2 Q3

Beginning balance of Debt
Add: Debt raised
Less: Debt repaid
Closing balance of Debt

IDC (soft cost)

Debt Schedule Year 0 Year 1 Year 2 Year 3

Beginning balance of Debt
Add: Debt raised
Less: Debt repaid
Closing balance of Debt

Interest cost

Equity raised - - -

Revenue & Cost Drivers Year 0 Year 1 Year 2 Year 3

Sugarcane crushed (ton)

Quantity of sugar (ton)

Price of sugar (INR/ton)

Power sold (units : KW hr)

Power selling price (INR/unit)

Sugarcane cost (per ton)

Q4 Q5 Q6 Q7 Q8

Year 4 Year 5 Year 6 Year 7 Year 8

Q4 Q5 Q6 Q7 Q8

Year 4 Year 5 Year 6 Year 7 Year 8

- - - - -

Year 4 Year 5 Year 6 Year 7 Year 8

All numbers in INR crores Year 0 Year 1 Year 2 Year 3
Revenue from sale of sugar
Revenue from sale of power
Total Revenue
Sugarcane Costs
Salaries
Consumables
Other Expenses
Maintenance
EBITDA

Depreciation
EBIT

Interest expense
EBT

Tax
PAT
Year 4 Year 5 Year 6 Year 7 Year 8
Balance Sheet Year 0 Year 1 Year 2 Year 3
Cash
Inventory
Fixed Assets
Total Assets

Debt
Creditors
Equity Capital
Retained Earnings
Total Liabilities & Equity

Check

Cash Flow Statement Year 0 Year 1 Year 2 Year 3

PAT
Add: Depreciation
Add: Interest expense
Less: Change in Inventory
Add: Change in Creditors
CFO

Capex
CFI

Debt raised
Equity raised
Debt repaid
Interest expense
CFF

BOP-Cash
Cash generated during the year
EOP-Cash
Year 4 Year 5 Year 6 Year 7 Year 8

Year 4 Year 5 Year 6 Year 7 Year 8