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119# 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