V11

Module 5 Talk Plan

1. Presentation of the CFS tool o Goal & Use o Structure o Technical issues

2. Practice on a case study

V12

Use of the CFS toolGoalTo build a dedicated financial simulator of the SME project

When ?During the expertise within the innovation voucher

How ? In-house useIntroduction of the figures gathered from the ManagerDetermination of the influencing parametersSensitivity analysis

What for ? To assess the robustness of the business model

V13

Structure of the CFS toolInitial Data for the project:Name of the project / company: Project No. 1

Current Date: 26-Nov-09Observation period not including the year of initial investment (years / max 30):

20

First year (1 or 2008, 2009, ...): 2009

Observation period: Year 2009 ... Year 2028

Your observation period is: Year 2009 Year 2010 Year 2011 Year 2012 Year 2013 Year 2014 Year 2015 Year 2016

FINANCIAL REPORT ON THE PROJECT: Project No. 1

Observation period: Year 2009 ... Year 2028

Assumptions for financial valuation: Results:Taxes (% of earnings before taxes): 35% EBITDA in observation period: 0,00

Clients and receivables (% of net revenue): 10% EBIT in observation period: 0,00

Inventories (% of net revenue): 2% Profit Before Taxes in observation period: 0,00

Payables (% of raw matherials ): 60% Profit After Taxes in observation period: 0,00

Cost of Capital: 12% Dividends in observation period: 0,00

Expected annual growth rate in Cash Flow in perpetuity: 4% Free Cash Flow in observation period: 0,00

Consider the perpetuity value (Y/N)?: y Perpetuity Value: #DIV/0!

Internal Rate of Return: #VALEUR!

Control ( Assets = Equity and Liabilites) OK Net Present Value: #DIV/0!

Input information: Input information:Revenues: Loans:Total Revenue 0,00 Total Initial Loans: 0,00

Total Discount 0,00 Average Yearly Loans: 0,00

Net revenue (€) 0,00 Total Financial Expenses: 0,00

Total Other Income 0,00

Total revenue and Other Income 0,00

Costs: Initial Balance and Capital Structure:Raw Matherials Expenses 0,00 Total Current Assets: 0,00

Personnel Costs 0,00 Total Non-Current Assets: 0,00

Other Operating Expenses 0,00 Total Assets: 0,00

Total Costs 0,00

Total Current Liabilities: 0,00

Investments: Total Non-Current Liabilities: 0,00

Initial Investment: 0,00 Total Equity: 0,00

New Investments & Equipments: 0,00 Total Liabilities and Equity 0,00

Total Tangible Assets: 0,00

Total Intangible Assets: 0,00

Project based

1 project summary sheet

6 Working spreadsheets RevenuesCostsInvestmentsLoansInitial balance & capital structureFinancial Statements and Valuation

A simulated Cash Flow curve helps assessing the financial needs

V14

Technical issues of the CFS tool

Excel-based tool

Limited use of Macro functiono Enable the macros

Tools/Options/Security/Security of the macros/Medium

Any investment must be financedo Assets = Equity and Liabilities (balance sheet)