Formatting Standards Reference

Element	Format
Hard-coded inputs	Blue font
Formulas	Black font
Links to other sheets	Green font
Check cells	Red if error, green if balanced
Negative values	Parentheses, not minus signs
Currency	No decimals for large figures, 2 decimals for per-share
Percentages	1 decimal place
Headers	Bold, bottom border
Units row	Include units row below headers ($ millions, %, etc.)

Visual Separation Guidelines

• Thin vertical border between historical and projected columns
• Thick bottom border after section totals (e.g., Total Assets)
• Single bottom border for subtotals
• Double bottom border for grand totals

Total and Subtotal Row Formatting

All total and subtotal rows must use bold font formatting for their numerical values to clearly distinguish aggregated figures from individual line items.

Income Statement (P&L) Tab

Row	Formatting
Gross Revenue	Bold
Total Cost of Revenue	Bold
Gross Profit	Bold
Total SG&A	Bold
EBITDA	Bold
EBIT	Bold
EBT	Bold
Net Profit After Tax	Bold

Balance Sheet Tab

Row	Formatting
Total Current Assets	Bold
Total Non-Current Assets	Bold
Total Other Assets	Bold
Total Assets	Bold
Total Current Liabilities	Bold
Total Non-Current Liabilities	Bold
Total Equity	Bold
Total Liabilities and Equity	Bold

Cash Flow Statement Tab

Row	Formatting
Cash Generated from Operations Before Working Capital Changes	Bold
Total Working Capital Changes	Bold
Net Cash Generated from Operations	Bold
Net Cash Flow from Investing Activities	Bold
Net Cash Flow from Financing Activities	Bold
Closing Cash Balance	Bold

Note: This list is non-exhaustive. Apply bold formatting to any row that represents a total, subtotal, or summary calculation across the model.

Balance Sheet Check Row Formatting

The Balance Sheet check row (below Total Liabilities and Equity) uses conditional number formatting that displays non-zero values in red. When the balance sheet balances correctly (check = 0), the values display in black or standard formatting.

Check Value	Font Color
= 0 (balanced)	Black (standard)
≠ 0 (error)	Red

Implementation: Apply custom number format [Red][<>0]0.00;[Red][<>0](0.00);0.00 or use Excel conditional formatting with the rule "Cell Value ≠ 0" → Red font.

Margin Row Formatting

Element	Format
Margin % rows	Indent, italics, 1 decimal place
Positive trend	No special formatting (or subtle green)
Negative trend	Flag for review (subtle yellow)
Below peer average	Consider highlighting for discussion

Credit Metric Formatting

Element	Format
Leverage multiples	1 decimal with "x" suffix (e.g., 2.5x)
Percentages	1 decimal with "%" suffix
Net Debt negative	Parentheses, indicates net cash position
Section header	Bold, "CREDIT METRICS"
Separator line	Thin border above credit metrics section

Credit Metric Threshold Colors

Metric	Green	Yellow	Red
Total Debt / EBITDA	< 2.5x	2.5x-4.0x	> 4.0x
Net Debt / EBITDA	< 2.0x	2.0x-3.5x	> 3.5x
Interest Coverage	> 4.0x	2.5x-4.0x	< 2.5x
Debt / Total Cap	< 40%	40%-60%	> 60%
Current Ratio	> 1.5x	1.0x-1.5x	< 1.0x
Quick Ratio	> 1.0x	0.75x-1.0x	< 0.75x

Conditional Formatting for Checks Tab

• Cell contains pass indicator → Green fill
• Cell contains fail indicator → Red fill
• Cell contains warning → Yellow fill
• Difference cells = 0 → Light green fill
• Difference cells ≠ 0 → Light red fill

Margin Reasonability Flags

• Gross Margin < 0% → ERROR: Review COGS
• Gross Margin > 80% → WARNING: Verify revenue/COGS
• EBITDA Margin < 0% → FLAG: Operating losses
• EBITDA Margin > 50% → WARNING: Unusually high
• Net Margin < 0% → FLAG: Net losses (may be acceptable in growth phase)
• Net Margin > Gross Margin → ERROR: Formula issue