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 Navigator Tutorial

Working Capital
Calculations and Linking to
Financial Statements
fdf

www.navigatorPF.com

Demonstration file constructed by:

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Tutorial: Working Capital
Navigator Project Finance

Tutorial Assumptions

Debtor / Creditor Days

Debtor Days 30 Day(s)
Creditor Days 30 Day(s)

Technical Inputs

Timing
Construction Operations
Start date 01-Jul-07 01-Jan-08
Duration 6 Mth(s) 5.00 Yr(s)
End date 30-Jun-07 31-Dec-07 31-Dec-12

Constants
Days in Year Num# 365
Months per Year Num# 12
Quarters per Year Num# 4
Months per Quarter Num# 3

Thousand Num# 1,000

Million Num# 1,000,000
Very Small Number Num# 0.00000010

File Details
Tutorial Name Name Working Capital
Tutorial: Working Capital
Navigator Project Finance
Period Start 1-Jul-07 1-Aug-07 1-Sep-07 1-Oct-07 1-Nov-07 1-Dec-07 1-Jan-08 1-Apr-08 1-Jul-08 1-Oct-08
Period End Start End 30-Jun-07 31-Jul-07 31-Aug-07 30-Sep-07 31-Oct-07 30-Nov-07 31-Dec-07 31-Mar-08 30-Jun-08 30-Sep-08 31-Dec-08
Construction 1-Jul-07 31-Dec-07 1 1 1 1 1 1 - - - -
Operations 1-Jan-08 31-Dec-12 - - - - - - 1 1 1 1

Hard-coded external links

Revenue Receivable USD M 2,025.00 - - - - - - 100.0 105.0 110.0 115.0
Costs Payable USD M (705.00) - - - - - - (40.0) (41.0) (42.0) (43.0)

Tutorial Calculations
Trade Debtors A/c
Bal B/f USD M - - - - - - - 32.97 34.62 35.87
Revenue Receivable USD M 2,025.00 - - - - - - 100.00 105.00 110.00 115.00
Revenue Received USD M Debtor Days (2,025.00) - - - - - - (67.03) (103.35) (108.75) (113.37)
Balance C/f USD M 30 Day(s) - - - - - - 32.97 34.62 35.87 37.50

Trade Creditors A/c

Bal B/f USD M - - - - - - - 13.19 13.52 13.70
Costs Payable USD M (705.00) - - - - - - (40.00) (41.00) (42.00) (43.00)
Costs Paid USD M Creditor Days 705.00 - - - - - - 53.19 41.33 42.18 43.33
Balance C/f USD M 30 Day(s) - - - - - - 13.19 13.52 13.70 14.02

Working Capital Adjustments

Debtors USD M - - - - - - - (32.97) (1.65) (1.25) (1.63)
Creditors USD M - - - - - - - 13.19 0.33 0.18 0.33
Net Adjustment USD M - - - - - - - (19.78) (1.32) (1.08) (1.30)

Flags & Counters

Counters
Days in Period Days 31 31 30 31 30 31 91 91 92 92
Year: Calendar Num# 2007 2007 2007 2007 2007 2007 2008 2008 2008 2008
Tutorial: Working Capital
Navigator Project Finance
Period Start 1-Jan-09 1-Apr-09 1-Jul-09 1-Oct-09 1-Jan-10 1-Apr-10 1-Jul-10 1-Oct-10 1-Jan-11 1-Apr-11
Period End Start End 30-Jun-07 31-Mar-09 30-Jun-09 30-Sep-09 31-Dec-09 31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10 31-Mar-11 30-Jun-11
Construction 1-Jul-07 31-Dec-07 - - - - - - - - - -
Operations 1-Jan-08 31-Dec-12 1 1 1 1 1 1 1 1 1 1

Hard-coded external links

Revenue Receivable USD M 2,025.00 120.0 125.0 130.0 135.0 140.0 145.0 150.0 155.0 160.0 165.0
Costs Payable USD M (705.00) (44.0) (45.0) (46.0) (47.0) (48.0) (49.0) (50.0) (51.0) (52.0) (53.0)

Tutorial Calculations
Trade Debtors A/c
Bal B/f USD M 37.50 40.00 41.21 42.39 44.02 46.67 47.80 48.91 50.54 53.33
Revenue Receivable USD M 2,025.00 120.00 125.00 130.00 135.00 140.00 145.00 150.00 155.00 160.00 165.00
Revenue Received USD M Debtor Days (2,025.00) (117.50) (123.79) (128.82) (133.37) (137.36) (143.86) (148.89) (153.37) (157.21) (163.94)
Balance C/f USD M 30 Day(s) 40.00 41.21 42.39 44.02 46.67 47.80 48.91 50.54 53.33 54.40

Trade Creditors A/c

Bal B/f USD M 14.02 14.67 14.84 15.00 15.33 16.00 16.15 16.30 16.63 17.33
Costs Payable USD M (705.00) (44.00) (45.00) (46.00) (47.00) (48.00) (49.00) (50.00) (51.00) (52.00) (53.00)
Costs Paid USD M Creditor Days 705.00 44.64 45.17 46.16 47.33 48.67 49.15 50.15 51.33 52.70 53.14
Balance C/f USD M 30 Day(s) 14.67 14.84 15.00 15.33 16.00 16.15 16.30 16.63 17.33 17.47

Working Capital Adjustments

Debtors USD M - (2.50) (1.21) (1.18) (1.63) (2.64) (1.14) (1.11) (1.63) (2.79) (1.06)
Creditors USD M - 0.64 0.17 0.16 0.33 0.67 0.15 0.15 0.33 0.70 0.14
Net Adjustment USD M - (1.86) (1.04) (1.02) (1.30) (1.97) (0.98) (0.96) (1.30) (2.09) (0.92)

Flags & Counters

Counters
Days in Period Days 90 91 92 92 90 91 92 92 90 91
Year: Calendar Num# 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011
Tutorial: Working Capital
Navigator Project Finance
Period Start 1-Jul-11 1-Oct-11
Period End Start End 30-Jun-07 30-Sep-11 31-Dec-11
Construction 1-Jul-07 31-Dec-07 - -
Operations 1-Jan-08 31-Dec-12 1 1

Hard-coded external links

Revenue Receivable USD M 2,025.00 170.0 -
Costs Payable USD M (705.00) (54.0) -

Tutorial Calculations
Trade Debtors A/c
Bal B/f USD M 54.40 55.43
Revenue Receivable USD M 2,025.00 170.00 -
Revenue Received USD M Debtor Days (2,025.00) (168.96) (55.43)
Balance C/f USD M 30 Day(s) 55.43 -

Trade Creditors A/c

Bal B/f USD M 17.47 17.61
Costs Payable USD M (705.00) (54.00) -
Costs Paid USD M Creditor Days 705.00 54.14 (17.61)
Balance C/f USD M 30 Day(s) 17.61 -

Working Capital Adjustments

Debtors USD M - (1.04) 55.43
Creditors USD M - 0.14 (17.61)
Net Adjustment USD M - (0.90) 37.83

Flags & Counters

Counters
Days in Period Days 92 92
Year: Calendar Num# 2011 2011
Tutorial: Working Capital
Navigator Project Finance
Period Start 1-Jul-07 1-Aug-07 1-Sep-07 1-Oct-07 1-Nov-07 1-Dec-07 1-Jan-08 1-Apr-08 1-Jul-08 1-Oct-08 1-Jan-09
Period End 31-Jul-07 31-Aug-07 30-Sep-07 31-Oct-07 30-Nov-07 31-Dec-07 31-Mar-08 30-Jun-08 30-Sep-08 31-Dec-08 31-Mar-09
Construction 1 1 1 1 1 1 - - - - -
Operations - - - - - - 1 1 1 1 1

Extract of "Financial Statements"

Income Statement
Revenue Receivable USD M 2,025.00 - - - - - - 100.00 105.00 110.00 115.00 120.00
Costs Payable USD M (705.00) - - - - - - (40.00) (41.00) (42.00) (43.00) (44.00)

Cashflow
Revenue Receivable USD M 2,025.00 - - - - - - 100.00 105.00 110.00 115.00 120.00
Costs Payable USD M (705.00) - - - - - - (40.00) (41.00) (42.00) (43.00) (44.00)
Capex USD M -
Tax USD M -
Working Capital Net Adjustments USD M - - - - - - - (19.78) (1.32) (1.08) (1.30) (1.86)
CFADS USD M 1,320.00 - - - - - - 40.22 62.68 66.92 70.70 74.14

Balance Sheet

Current Assets
Cash Bal C/f USD M
DSRA/c Bal C/f USD M
Trade Debtors C/f USD M - - - - - - 32.97 34.62 35.87 37.50 40.00

Current Liabilities
Trade Creditors C/f USD M - - - - - - (13.19) (0.33) (0.18) (0.33) (0.64)
Debt Bal C/f USD M
Tutorial: Working Capital
Navigator Project Finance
Period Start 1-Apr-09 1-Jul-09 1-Oct-09 1-Jan-10 1-Apr-10 1-Jul-10 1-Oct-10 1-Jan-11 1-Apr-11 1-Jul-11 1-Oct-11
Period End 30-Jun-09 30-Sep-09 31-Dec-09 31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10 31-Mar-11 30-Jun-11 30-Sep-11 31-Dec-11
Construction - - - - - - - - - - -
Operations 1 1 1 1 1 1 1 1 1 1 1

Extract of "Financial Statements"

Income Statement
Revenue Receivable USD M 2,025.00 125.00 130.00 135.00 140.00 145.00 150.00 155.00 160.00 165.00 170.00 -
Costs Payable USD M (705.00) (45.00) (46.00) (47.00) (48.00) (49.00) (50.00) (51.00) (52.00) (53.00) (54.00) -

Cashflow
Revenue Receivable USD M 2,025.00 125.00 130.00 135.00 140.00 145.00 150.00 155.00 160.00 165.00 170.00 -
Costs Payable USD M (705.00) (45.00) (46.00) (47.00) (48.00) (49.00) (50.00) (51.00) (52.00) (53.00) (54.00) -
Capex USD M -
Tax USD M -
Working Capital Net Adjustments USD M - (1.04) (1.02) (1.30) (1.97) (0.98) (0.96) (1.30) (2.09) (0.92) (0.90) 37.83
CFADS USD M 1,320.00 78.96 82.98 86.70 90.03 95.02 99.04 102.70 105.91 111.08 115.10 37.83

Balance Sheet

Current Assets
Cash Bal C/f USD M
DSRA/c Bal C/f USD M
Trade Debtors C/f USD M 41.21 42.39 44.02 46.67 47.80 48.91 50.54 53.33 54.40 55.43 -

Current Liabilities
Trade Creditors C/f USD M (0.17) (0.16) (0.33) (0.67) (0.15) (0.15) (0.33) (0.70) (0.14) (0.14) 17.61
Debt Bal C/f USD M