I'm gonna go down after the income statement and go straight to the cash flows to service debt. Now notice that there's no balance sheet in this model. We could do a balance sheet, but in most cases, this style of LBO model is what we call a kind of sell side LBO model, where you are not advising the private equity firm. But what you're doing is you're, you are running an auction process and you want to get a sense of how much a private equity firm could be able to pay for the business. So all we're going to do is calculate the cash owes to service debt and then do the debt servicing. We start with net income, but not the net income from the Red Bull model because we're changing the capital structure and the interest lines will change. I'm gonna take the net income number from above and then everything else I can go to the Red Bull model because that's already done for us. And I'm gonna go to the cashflow statement section of Red Bull Model. So I'm gonna go and pick, pick up my depreciation, and then we've got the increased decrease in working capital, except in the Red Bull model we have each individual line item. So here I'm going to do a sum of all the changes from the working capital items, which are in the Red Bull Cashflow Forecast. So I'm just gonna just sum there and we get 38.8 as the cash impact of changes in working capital. And then lastly, I'm going to go and get the capital expenditure from the Red Bull model. I'm excluding the impact of financial assets because I'm going to assume that in a leveraged buyout you are not going to buy any preexisting financial assets, or if you do buy the company, you'll immediately liquidate them and use them to reduce your debt. So I'm assuming that there's going to be no financial assets going forward, and that means I can then calculate my cash flows available for debt repayment. Those are sometimes called that number, that 1910 number is sometimes known as the levered free cashflow. Okay, so we've got our levered free cashflow there of 1910.1. Then I'm gonna copy this out because it's quite useful to do this.

It's quite useful to do this in preparation for the debt servicing.