| Element |
Format |
| Hard-coded inputs |
Blue font |
| Formulas |
Black font |
| Links to other sheets |
Green font |
| Check cells |
Red if error, green if balanced |
| Negative values |
Parentheses, not minus signs |
| Currency |
No decimals for large figures, 2 decimals for per-share |
| Percentages |
1 decimal place |
| Headers |
Bold, bottom border |
| Units row |
Include units row below headers ($ millions, %, etc.) |
Visual Separation Guidelines
- Thin vertical border between historical and projected columns
- Thick bottom border after section totals (e.g., Total Assets)
- Single bottom border for subtotals
- Double bottom border for grand totals
All total and subtotal rows must use bold font
formatting for their numerical values to clearly distinguish
aggregated figures from individual line items.
Income Statement (P&L) Tab
| Row |
Formatting |
| Gross Revenue |
Bold |
| Total Cost of Revenue |
Bold |
| Gross Profit |
Bold |
| Total SG&A |
Bold |
| EBITDA |
Bold |
| EBIT |
Bold |
| EBT |
Bold |
| Net Profit After Tax |
Bold |
Balance Sheet Tab
| Row |
Formatting |
| Total Current Assets |
Bold |
| Total Non-Current Assets |
Bold |
| Total Other Assets |
Bold |
| Total Assets |
Bold |
| Total Current Liabilities |
Bold |
| Total Non-Current Liabilities |
Bold |
| Total Equity |
Bold |
| Total Liabilities and Equity |
Bold |
Cash Flow Statement Tab
| Row |
Formatting |
| Cash Generated from Operations Before Working Capital Changes |
Bold |
| Total Working Capital Changes |
Bold |
| Net Cash Generated from Operations |
Bold |
| Net Cash Flow from Investing Activities |
Bold |
| Net Cash Flow from Financing Activities |
Bold |
| Closing Cash Balance |
Bold |
Note: This list is non-exhaustive. Apply bold
formatting to any row that represents a total, subtotal, or summary
calculation across the model.
The Balance Sheet check row (below Total Liabilities and Equity) uses
conditional number formatting that displays non-zero values in red. When
the balance sheet balances correctly (check = 0), the values display in
black or standard formatting.
| Check Value |
Font Color |
| = 0 (balanced) |
Black (standard) |
| ≠ 0 (error) |
Red |
Implementation: Apply custom number format
[Red][<>0]0.00;[Red][<>0](0.00);0.00 or use
Excel conditional formatting with the rule "Cell Value ≠ 0" → Red
font.
| Element |
Format |
| Margin % rows |
Indent, italics, 1 decimal place |
| Positive trend |
No special formatting (or subtle green) |
| Negative trend |
Flag for review (subtle yellow) |
| Below peer average |
Consider highlighting for discussion |
| Element |
Format |
| Leverage multiples |
1 decimal with "x" suffix (e.g., 2.5x) |
| Percentages |
1 decimal with "%" suffix |
| Net Debt negative |
Parentheses, indicates net cash position |
| Section header |
Bold, "CREDIT METRICS" |
| Separator line |
Thin border above credit metrics section |
Credit Metric Threshold
Colors
| Metric |
Green |
Yellow |
Red |
| Total Debt / EBITDA |
< 2.5x |
2.5x-4.0x |
> 4.0x |
| Net Debt / EBITDA |
< 2.0x |
2.0x-3.5x |
> 3.5x |
| Interest Coverage |
> 4.0x |
2.5x-4.0x |
< 2.5x |
| Debt / Total Cap |
< 40% |
40%-60% |
> 60% |
| Current Ratio |
> 1.5x |
1.0x-1.5x |
< 1.0x |
| Quick Ratio |
> 1.0x |
0.75x-1.0x |
< 0.75x |
- Cell contains pass indicator → Green fill
- Cell contains fail indicator → Red fill
- Cell contains warning → Yellow fill
- Difference cells = 0 → Light green fill
- Difference cells ≠ 0 → Light red fill
Margin Reasonability Flags
- Gross Margin < 0% → ERROR: Review COGS
- Gross Margin > 80% → WARNING: Verify revenue/COGS
- EBITDA Margin < 0% → FLAG: Operating losses
- EBITDA Margin > 50% → WARNING: Unusually high
- Net Margin < 0% → FLAG: Net losses (may be acceptable in growth
phase)
- Net Margin > Gross Margin → ERROR: Formula issue