Inputs

Payout Components:

Cashflow to Equity
Debt Service Coverage Ratio (DSCR)
DSCR Look Back Period
Payout Restrictions in Redemption Free Periods

Difference between Cashflow to Equity and Payout

Payout corresponds to Cashflow to Equity after applying all Payout Restrictions. Therefore the Cashflow to Equity corresponds to the Payout potential and the Payout corresponds to the actual Payout. Payout Restrictions include violations of Debt Service Coverage Ratios, Payout Restrictions in Redemption Free Periods and the restriction that payouts are only possible at the end of every year.

Calculations

Profit & Loss statement

No influence

Cashflow statement

Payouts depend on the Cashflow to Equity.

Cashflow to Equity is calculated as follows:

	Sales
-	Opex
-	Taxes
=	Operative Cashflow
-	Capex
-	Transactional Expenditures
=	Free Cashflow
-	Debt payouts
-	Debt Service
-	Reserves
=	Cashflow to Equity

The Payout potential yields from the liquidity off the previous period and from the actual Cashflow to Equity. The Payout potential is limited through external financing needs which occur in future periods.

When for example liquid assets of EUR 80'000 from the previous period exists and the actual Cashflow to Equity is EUR 500'000, then the Payout potential is EUR 580'000. But in 12 month there are Capex expenditures of EUR 400'000, so the Payout potential is only EUR 180'000.

Payouts depend on the Payout Restrictions.

The DSCR input serves as Payout Restriction for dividend payments. When the entered ratio is violated there can be no payouts in this period. The DSCR is calculated as follows:

There can be a defined Payout Restriction for all Debt Tranches or for individual tranches during the Redemption Free Period. In these years there can be no Payouts.
Payouts are only possible in December of the particular year,

Balance Sheet

Liquidity yields from the Balance Sheet logic.

The Balance Sheet gets calculated from the closing Balance Sheet of the previous period and from the difference between the Profit & Loss statement and the Cashflow statement of the actual period.

Balance Sheet(t) = Balance Sheet(t - 1) + Profit & Loss statement(t) - Cashflow statement(t)

The following example explains this functionality:

	∑	01.2016	02.2016	03.2016	04.2016	05.2016	06.2016	07.2016	08.2016	09.2016	10.2016	11.2016	12.2016
Profit & Loss statement	48	4	4	4	4	4	4	4	4	4	4	4	4
Cashflow statement	48	0	0	12	0	0	12	0	0	12	0	0	12
Balance Sheet		4	8	0	4	8	0	4	8	0	4	8	0

For 06 / 2016 the book value is calculated as follows:

Balance Sheet(06.2016) = 8 + 4 - 12 = 0

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