In order to calculate our cash available for accelerated repayments, we need to pay off a few other things first. The first thing we'll have to do is take our cash available to service debt and make mandatory debt repayments. After that, we'll have to put some cash aside for our minimum required cash. That's a cash buffer in case tough times come along. We'll then look to see if we can make any repayments of our short-term borrowings. And once we've done all of that, that'll enable us to get down to cash available for accelerated repayments.

So I start with my total mandatory debt repayments and it's very tempting to scroll up and look at the assumptions. Here I've got three mandatory debt repayments. However, this model allows us to do over payments or accelerated repayments. Because we might overpay our debt, it might mean that some of these mandatory repayments in the later years aren't needed. So we can't just link up to these assumptions here. Instead, we need to link down to the individual debt tranches, and there we will calculate whether a mandatory repayment is actually needed or not. So let's go down to our three debt tranches. Here's our first one.

It's the 4.625% term loan, and I can see in row 167 we've got a mandatory repayment. We will calculate that. That will go in here. I want to select that and then add on the mandatory repayment in our second debt tranche, which is the bond. And then I want to add on the mandatory repayment in our third debt item, which is the mandatory repayment in the 6.375% terminal loan. All of those figures will come through as negatives. So what I can then do to work out my surplus cash is take the cash I had available plus any repayments, which will be shown as a negative, the surplus cash available after mandatory repayments is then calculated. From there, I want to take out any minimum required cash. We have an assumption for that. It's going to be 1% of revenues. That's all the way up at the top. So scroll up and find that. I then want to make that a negative so it looks like cash is not available. It's going out of our surplus cash.

So I had 21,149.2. I then take out the minimum required cash. Great, I've still got quite a lot of money available. Now I move on to my short-term borrowings. I want to use that cash to see if I can pay this off.

My beginning short-term borrowings are the same as the last year's ending figure, but now I've got a choice. I've got lots and lots of cash and I've got my beginning short term borrowings and I need to work out how much to spend. While I could use an if function here I'd much rather use something simpler which is the minus min function. This takes the minimum of the items you choose. I'm gonna choose the cash and I'm gonna compare that to my beginning short-term borrowings and I get figure of negative 5,225, we pay off all of the short-term borrowings. Let's just if check that works. Let's change my beginning, short-term borrowings to 25,000. How much would we pay off then? We would only pay off using the cash available, great. Alternatively, what if my cash available was negative 100? In that case, I would then add 100 of debts and my ending short-term borrowings would go up. I'm gonna make sure I undo that before I forget. So my ending short term borrowings are the sum are the items above, that means I can now calculate my cash available for accelerated repayment. So I had surplus cash of 20,305.5.

I can then add onto that any repayments. I should now have 15,080.5 available for accelerated repayments.