The cash flow statement reconciles net profit to the movement in cash, capturing the investing outflows of plant construction and the working-capital build, and the financing inflows that fund them. Operating cash flow is positive from Year 1 and strengthens as the plant fills and the margin lifts; the cash balance remains positive throughout, running tighter during the peak working-capital build, the working-capital facility is the buffer against that tightness.
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
|
|---|---|---|---|---|---|
|
Operating cash flow |
-15 |
42 |
113 |
198 |
327 |
|
Investing (capex) |
-172 |
-137 |
-108 |
-38 |
-30 |
|
Financing |
366 |
84 |
-56 |
-159 |
-244 |
|
Net change in cash |
179 |
-11 |
-50 |
1 |
52 |
|
Closing cash |
179 |
168 |
118 |
119 |
171 |
NoteThe cash position stays positive throughout the build
The plan draws equity first, phases debt to match capital deployment, holds a principal grace period through Years 1–2, and defers dividends to Year 3. The modelled cash balance stays positive in every year, with the trough in the peak-growth Year-3 window as capex and the working-capital build coincide. This is the honest signature of a fast-scaling manufacturer, it consumes cash as it grows, but the light capital base and strong EBITDA keep the position comfortable. The committed working-capital facility, inventory and receivables discipline, and milestone-linked drawdown are what keep it robust to shocks.