The cash flow statement will be mainly built from things from other tabs, so net income for example, we can go and get from the income statement. Depreciation, if we go to source, we can find that in the PP&E base that we created.

The sign will need to be flipped because we are dealing with it as a non-cash adjusting item now that's contained within net income.

Change in receivables will now use our balance sheet that we just built up.

The receivables will be mounting up like this.

In the first year, we'll need to actually go from zero and it will be to zero.

But to be clean modeling, we'll have to say from there to there and that way if the receivables end up going up, it will cost us money.

The payables will work the opposite way.

These are the trade payables.

I often get mixed up between trade and tax payables, so try not to make that mistake and it will be right minus left.

Now as in a buildup would be good for cash, we'll now do the tax payable, which will act in the same way.

So right minus left.

A buildup in the tax payable means we're not paying that tax.

And given the tax expense is embedded in net income, any change in the tax payable helps to then bridge the gap between the expense version of tax and the real cash version of tax.

Now, we could have put cash tax in here, but given we're starting our cashflow statement from net income, we need this tactic instead.

You can see there's not a lot of stuff going on initially, but when we copy to the right you can see that things start coming online as the project ramps up.

Next CapEx and we need to be careful again with our understanding of CapEx here.

This will be CapEx, including IDC.

That is all cash being spent, including the interest element.

It will need to be a negative and it is the only thing in investing cash flows.

We'll have to skip senior and junior debt because we haven't done our debt schedules yet, but we can do equity issuance and we can get that from the sources and uses, or we could get it from a change in the balance sheet.

It's probably simpler to get it from sources and uses, given that we have a line here with effectively the cash flow in it.

At the moment, that is the only thing that we have available to us for financing cash flows.

And if we're just careful with that auto sum, we add it it all up.

You can see some of the same conclusions as we had in the balance sheet when we had done our check there in the initial year, which is really quite straightforward.

We spent some money and we get some money from equity in the second year.

We've got a gap which we will get from the issuance of debt and then subsequently as the project ramps up and then becomes online, things will get a lot more complex.

We're going to do our running total of closing cash now and so we're going to take the three cash flows, add them up and that would be operating first, not investing, then investing and then financing.

And you can see that initially it all makes sense and then it stops making sense.

We end up with unusual negative cash.

Now this model does not have a revolver because we don't anticipate the use of a revolver and so there's nowhere for that kind of negative cash to go.

On other models you may have seen, you may have seen a revolver which would kind of pick up the slack for that ending cash being negative.

Here there is no slack and so it is possible to get negative cash.

That would be a red flag for our model, but given we've de-risked our project to a huge degree, hopefully when we link up everything in the model, we should find that there is no negative cash.