Finding the balance sheet immediately post deal is important because prior to the deal we haven't made any debt issuances. We haven't made any equity issuances. We haven't spent any of the target companies cash. So we need to find the balance sheet immediately post deal so that we can then forecast that balance sheet going forward. We've got our balance sheet at the deal date prior to the changes. We'll then have our deal adjustments here in column G and then we'll find our balance sheet immediately post deal in column H. We'll actually start by doing column H first. What we do? So we make sure that that balances before we then carry on. What I've done is I've taken the column F and G, so I'm summing those two together. So I take the starting balance sheet and incorporate the adjustments. I'm going to copy that formula down for each of the individual line items, but not these subtotals. So let me just copy that down, down, down, down, down.

Quite a lot of debt items are going to appear as we go through this balance sheet.

And then equity. I then scroll back up. And for the subtotals, I'm going to take the original subtotal formulas and copy and paste them over. Let's reuse formulas that are already working.

And you might notice that we are now balanced. If the original balance sheet was balanced and we have made no adjustments so far in column G, then we should be balanced here. Now, let's start going through the adjustments. The first one we're going to make, potentially one of the more complex formulas. What I want to say is that if we've got more cash than the minimum cash balance required and in a minute we'll see that that's 30 then we want to spend that cash. So, let's use an IF function to help us out. I'm going to say, IF F61 is greater than or equal to the 30. So we'll find the 30 on the input tab. Starting with 31, so minimum cash balance 30.

If our cash balance is greater than or equal to that, then I want to spend the cash balance.

But allowing for that 30, so I'll take the negative of that cash balance but then add back the 30 that we want to keep. Otherwise, zero. And I can see that I spent 239.7 of the 269.7.

Now, other adjustments we need to make I'm gonna go from top to bottom doing these, include goodwill. We need to look at the equity value that we're paying. So if I go to the input tab, and if I scroll up, the equity value that we're paying here is 1,720.7.

But I want to find the difference between that and the book value of equity. So back to the deal dates. Let's find a book value of equity, and it's 710.8. So, that gives us goodwill of 1,010. Other deal adjustments that happen on deal date include paying off any revolving credit facility that the existing company had.

Paying off any historical long-term debt that they had. But we also had debt issuance as well. Those debt issuance items included refinancing facility, CapEx facility, et cetera. So, let's go to the Input tablets, find them. They're over to the top right hand side here. There's our refinancing facility of zero, and I can then copy that down all the way down to mezzanine. Let's just double check, see where mezzanine's coming from. And it is the 100 mezzanine pick from the Input tab. Unamortized debt issuance fees, that's the original issuer discounts. We can find them on the Input tab. Now, they're gonna have to be a negative. There they are of 12. It originally goes in as a negative liability, but as it amortizes, it'll gradually become zero. With other long-term liabilities, that 104.6 includes a pension deficit. And we want to try and plug that pension deficit that was 100. Again, we can find that on the Input tab. Underfunded pension, 100.

Coming towards the end, we then need to go to our equity. Now, first of all we need to get rid of that existing equity. We bought out those shareholders, they can go. But we also had an equity issuance and some fees. So if you go to the Input tab, we find that equity issuance over the right hand side here, 579. But and then subtract off the fees which needed to be paid, and those fees were 37. The only thing missing now one item was the revolving credit facility. So we subtracted out the figure that was there, but we then needed to add on any new revolving credit facility that was taken out. And if you go to the Input tab, we can see right up the top there, there was a figure of 20. Let's check that the balance sheet balances, and it does.