Basis of preparation
4 of 4 checked walks reconcile with nothing unexplained. 2 more close by construction.
Tolerance SEK 0.50 per walk, checked at entity statement totals, as at Aug 26, generated 23 Sep 2026 17:39
Reconciliations
A reconciliation is not "A equals B". It is A, the known reasons A and B differ, B, and an unexplained remainder that has to be zero. Each walk below names its adjustments and ends on that remainder in exact units, so a gap of a few units of the reporting currency cannot round itself away.
tolerance SEK 0.50 · level: entity statement totals · eliminations: none applied
Judgements and exclusions
Every line below is a decision that would change a figure on this dashboard if it had been taken differently.
- 1
No intercompany eliminations are applied. If entities trade with each other, group revenue and EBITDA are overstated by an amount this dataset cannot size.
Group revenue · EBITDA · Adjusted EBITDA · Leverage
- 2
The financing step in the cash walk is a residual, not a measured figure, and acquisition cash sits inside it. There is no genuine operating, investing and financing split.
Cash walk · Free cash flow · Debt service
- 3
Goodwill is the equity consideration less opening equity as seeded in this dataset, not the fair value of the net assets acquired. A purchase price allocation would move part of it into identified intangibles. Any acquisition with no equity price on record falls back to enterprise value and is named on the acquisitions table.
Goodwill · Total assets
- 4
Adjusted EBITDA includes five add-back categories, management fees and equity compensation among them. A lender that rejects a category restates earnings and leverage.
Adjusted EBITDA · Leverage · Interest cover · Covenant headroom
Consolidation basis
What the group is, how the entity figures become group figures, and at what level any of this was checked. Read this first: every definition below sits inside these rules.
The group is every trading entity, plus the holding company that owns them, plus the entries that cancel the holding company investment against what it bought. Each of those three tiers balances on its own.
Formula
Group = Σ trading entities + HoldCo + consolidation eliminations
Rules
- An entity is consolidated from the first month it reports, not from the date the deal signed.
- The holding company has no trading P&L in this dataset. It carries cash, senior debt, the investments in subsidiaries and the deferred consideration.
Limitations
- There is no partial ownership and no minority interest. Every entity is consolidated in full.
Sources
- Entity id, name, currency, acquisitionDate, status
- MonthlyFinancials entityId, month
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Current State · Entities · Balance Sheet · Methodology
The Kanaan Sellers Group AG subtotal is the sum of its members' statements plus the goodwill and deferred consideration booked on its own acquisitions, at the same monthly rates. It is a filter on the group consolidation, not a separate consolidation; the sub-group's own statutory accounts will differ by its own eliminations and its own GAAP.
Formula
Sub-group = sum of member entities + the eliminations for the deals that sub-group made
Rules
- Consolidation happens at the group. A sub-group scope filters that consolidation and draws a subtotal; it never re-consolidates.
- Every figure is stated in the reporting currency, at the same monthly rates the group uses. Kanaan Sellers Group AG keeps its books in CHF; that figure is not shown here.
- Goodwill and deferred consideration follow the acquirer: a deal a sub-group made sits on that sub-group's sheet and on the group's, never on a sibling's.
Limitations
- The sub-group's own statutory accounts will differ by its own eliminations and its own accounting basis. Kanaan Sellers Group AG reports under Swiss GAAP FER.
- The sub-group's own holding costs are not separated out: they sit in the holding-company tier.
- Every member is wholly owned, so no minority interest is presented.
Sources
- SubGroup id, name, country, currency, consolidationBasis
- Entity id, parentGroupId
- Acquisition entityId, acquirerGroupId
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Consolidated P&L · Balance Sheet · Entities · Methodology
Entities report in their own currency. Every figure on a group page has been converted into the reporting currency before it was added to anything else.
Formula
Reporting amount = local amount converted at that month's own rate, then summed
Rules
- Each month converts at its own rate. A single closing rate applied to a whole year would move last April revenue every time the rate moves.
- Conversion happens once, in the query layer, before any maths. Nothing downstream converts a second time.
- Amounts fixed at a point in time, such as an investment at cost and the goodwill that arose on it, convert at the booking month rate and are then held flat. They are not balances that retranslate.
- This group can also be read in EUR. Both views use the same monthly rate rows as cross rates, so a SEK total and its EUR equivalent will not reconcile at any single rate: they were built from 13 monthly rates, and the difference is the translation reserve.
Limitations
- The retranslation of an entity's opening balances has nowhere else to go, so it lands in the translation reserve. See that entry.
- The demo rates are seeded, not a live feed.
Sources
- Entity currency
- MonthlyFinancials month
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Current State · Consolidated P&L · Debt & Covenants · Balance Sheet · Methodology
None are applied to trading figures. Group revenue, cost and EBITDA are the sum of the standalone entity statements.
Formula
Group trading figure = Σ entity figure, with nothing removed between them
Rules
- The only eliminations in the build are on the balance sheet, where the holding company investment is cancelled against each subsidiary net assets.
Limitations
- If entities trade with each other, the same pound is counted in both, and group revenue is overstated by that amount. The dataset carries no intercompany ledger, so the size of that is unknown rather than zero.
- A real build carries intercompany transactions as their own source, eliminated before the roll-up, and the revenue reconciliation then gains a "less intercompany" line.
Sources
- MonthlyFinancials entityId, revenue, cogs, opex
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Consolidated P&L · Methodology
The holding company is inside the consolidation on the balance sheet and outside the cash-flow walk. That asymmetry is deliberate and it is why two of the reconciliations below carry a named HoldCo adjustment.
Formula
Balance sheet cash = cash-flow closing cash + HoldCo cash
Rules
- HoldCo cash, senior debt, investments in subsidiaries and deferred consideration are all on the consolidated balance sheet.
- The cash-flow walk is stated over entity-month rows only, so HoldCo interest is not in it. Interest on the Debt and Cash page therefore exceeds Cash interest on the Cash Flow page by the HoldCo amount.
Limitations
- Until the walk carries a HoldCo tier, the two cash reconciliations have to name HoldCo cash as an adjustment rather than showing it as a step.
Sources
- HoldcoDebt month, seniorBalance, seniorInterest, amortization, cashBalance
- Acquisition entityId, ev, vendorLoan, earnOut
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Debt & Covenants · Cash Flow · Balance Sheet · Methodology
Entity statement totals. The reconciliations compare one statement against another at the total level, and consolidated figures against the entity statement totals underneath them. Nothing goes further down than that.
Formula
Level = entity statement totals, at the stated tolerance
Rules
- A walk reconciles when the unexplained remainder is at or inside the tolerance shown with it.
- The remainder is always stated in exact units, to the penny, so a break is never rounded into a zero.
Limitations
- Account-level trial balance reconciliation is not in scope of this build.
- This is not an audited reconciliation and it does not reach the general ledger. It is a check that the figures this dashboard shows are internally consistent, nothing further.
- Bank feeds are out of scope by design. Cash comes from the accounting system, after the finance team own bank reconciliation.
Sources
- MonthlyFinancials entityId, month
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Methodology
Retained earnings opens at zero for every entity, so only profit earned since the entity joined the group accumulates there. Whatever the entity brought in with it sits in other equity.
Formula
Opening retained earnings = 0; opening reserves brought in = other equity
Rules
- A deal that closed before the first month of data is carried in as an opening balance at that first month, because there is no pre-window ledger to post it into.
- A deal that closed inside the window posts at its close month and shows up as a movement, which is what a reader expects to see.
Limitations
- An entity consolidated into the P&L from the first data month but bought later carries its investment and goodwill only from its close month, so the P&L and the balance sheet start its story in different months.
Sources
- BalanceSheetSeed entityId, openingMonth, shareCapital, retainedEarnings, otherEquity
- Acquisition entityId, closeDateMonth
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Balance Sheet · Methodology
In this build
Reconciliation level
Entity statement totals. Account-level trial balance reconciliation is not in scope of this build.
Intercompany eliminations
None applied. Figures are the sum of standalone entity statements.
HoldCo
HoldCo cash, senior debt, investments in subsidiaries and deferred consideration are on the balance sheet, under the HoldCo scope and inside the consolidation. The investment is eliminated against each subsidiary's net assets and the residual is goodwill. HoldCo interest is still OUTSIDE the cash-flow bridge, which is stated over entity rows only, so interest on Debt & Covenants exceeds Cash Interest on the Cash Flow page by the HoldCo amount and the two cash rows above carry HoldCo cash as a named adjustment.
Pre-acquisition reserves
Retained earnings opens at zero for every entity; reserves brought in on acquisition sit in other equity. An acquisition that closed before the first data month is carried in as an opening balance at that month, so its investment and goodwill appear from the first month on show rather than from its close date, and an entity consolidated into the P&L before it was bought starts its balance-sheet story in a different month from its P&L one.
P&L definitions
The trading figures, from revenue down to the profit that reaches retained earnings. Adjusted and statutory are kept apart throughout, because they answer different questions.
Revenue recognised by every consolidated entity over the selected window, converted into the reporting currency.
Formula
Group revenue = Σ entity monthly revenue ( each month converted at its own rate )
Rules
- Revenue is a flow, so it sums across the months in the window.
- An entity contributes from its first reporting month only. Months before that are not backfilled.
Limitations
- No intercompany revenue is removed. See Intercompany eliminations above.
Sources
- MonthlyFinancials entityId, month, revenue
- Entity id, currency
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Current State · Consolidated P&L · Entities · Entity detail
Revenue from the entities that were in the group for the whole of both periods being compared, so growth is organic growth rather than the arithmetic of having bought something.
Formula
Same-store revenue = Σ entity revenue ( entities reporting in both the current and the prior window )
Rules
- Membership is decided by the acquisition date against the start of the comparison window, not by whether the entity happens to have data.
Limitations
- A disposal inside the window is not modelled. The dataset has none.
Sources
- MonthlyFinancials entityId, month, revenue
- Entity id, acquisitionDate, revenueSameStore
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Current State · Consolidated P&L
Revenue less the direct cost of delivering it.
Formula
Gross profit = revenue - cost of sales
Rules
- What sits in cost of sales rather than in overheads is the entity own accounting policy. The dashboard does not reclassify it.
Limitations
- Entities in different verticals draw the cost of sales line in different places, so a gross margin comparison across verticals is directional, not like for like.
Sources
- MonthlyFinancials revenue, cogs, grossProfit
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Current State · Consolidated P&L
Gross profit less marketplace fees and advertising, on an accounting basis (general ledger accounts), not a marketplace-analytics contribution margin.
Formula
Contribution margin = - marketplace fees - advertising
Rules
- Marketplace fees and advertising both sit inside operating expenses, so the line shown as Other OpEx is the residual between them and the OpEx total, and EBITDA is unaffected by the split.
- The figure appears only on a group whose accounts carry both lines. Where they are not separately booked, the statement stays on its single operating expenses line rather than showing a subtotal built from part of the cost base.
Limitations
- A seller-analytics tool computes contribution margin per unit from its own feed, netting off shipping, returns, storage and coupons at SKU level. This figure is built from the accounts and will not tie to one.
- What is booked as a marketplace fee rather than as cost of sales is the entity own accounting policy, so the subtotal is directional across entities rather than like for like.
Sources
- MonthlyFinancials grossProfit, marketplaceFees, adSpend
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Consolidated P&L
Earnings before interest, tax, depreciation and amortisation, as the entity books stand, with nothing added back.
Formula
EBITDA = - operating expenses
Rules
- This is the figure retained earnings is built from. Anything added back for presentation is kept out of it.
Limitations
- Central holding company costs are not pushed down into the entities, so entity EBITDA is a standalone figure.
Sources
- MonthlyFinancials grossProfit, opex, ebitda
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Current State · Consolidated P&L · Entity detail
Statutory EBITDA plus the named add-backs, which is the run-rate earnings figure covenants and acquisition multiples are usually written against.
Formula
Adjusted EBITDA = EBITDA + Σ
Rules
- Every add-back is named and itemised. There is no unallocated adjustment.
- The cash-flow walk starts from adjusted EBITDA; retained earnings takes statutory profit. The difference has to land somewhere, and the reconciliations below show where.
Limitations
- Add-backs are a presentation adjustment, not cash. A lender may accept a different set.
Sources
- MonthlyFinancials ebitda, adjustedEbitda, addbacks
- Entity id, currency
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Current State · Consolidated P&L · Debt & Covenants · Entity detail
The five named categories that separate statutory EBITDA from adjusted EBITDA. Over Sep 2025 to Aug 2026 they are: transaction costs SEK 1,665,300, restructuring SEK 277,550, management fees SEK 1,950,473, equity compensation SEK 0 and one-off legal SEK 0, which is SEK 3,893,323 in total.
Formula
Add-backs = transaction costs + restructuring + management fees + equity compensation + one-off legal
Rules
- The amounts above are read off the same monthly rows adjusted EBITDA is built from, converted into the reporting currency at each month's own rate, and they cover the window the page is showing. Change the period and they move with it.
- Add-backs reconcile to equity through the other equity line, because the cash walk and retained earnings start from two different profit figures.
- An entity acquisition month is excluded from both sides of the add-backs reconciliation. That month is a seeded opening balance, so its add-backs already sit inside opening equity rather than in the movement.
Limitations
- Whether a cost is genuinely one-off is a judgement made when the data was prepared, not something the dashboard can test.
- A lender commonly refuses two of these categories: management fees SEK 1,950,473 and equity compensation SEK 0. Taking both out of the SEK 3,893,323 total lowers adjusted EBITDA by the same amount and raises leverage with it.
- The remaining three categories are not automatically accepted either. A lender tests each against the facility definition of adjusted earnings, which is usually narrower than this one and often caps the total as a percentage of statutory EBITDA.
Sources
- MonthlyFinancials addbacks, ebitda, adjustedEbitda
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Consolidated P&L · Methodology
The statutory profit for the month that flows into retained earnings: EBITDA after depreciation, interest and tax.
Formula
Net income = EBITDA - depreciation - interest expense - cash tax
Rules
- Deliberately built from statutory EBITDA, not adjusted. Retained earnings takes the profit the books report.
Limitations
- Cash tax stands in for the tax charge. The dataset carries no deferred tax series, so there is no difference between the charge and what was paid.
- No interest accrues on a vendor loan in this build, so net income carries no charge for money still owed to a vendor. At the seeded rates that is a real omission, not a rounding one.
Sources
- MonthlyFinancials ebitda, interestExpense, cashTax
- BalanceSheetSeed entityId, monthlyDepreciation
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Balance Sheet · Methodology
Cash flow definitions
The cash walk: where the period opened, every step that moved cash, and where it closed. Stated over the trading entities only, which is why the balance sheet carries more cash than the walk does.
The cash balance the trading entities held at the month before the window opened, and at the last month in it. Both are point-in-time balances, never sums.
Formula
Opening cash = Σ entity cash at the month before the window ( and closing cash = Σ entity cash at the last month in it )
Rules
- Cash is a stock. Only its opening and closing levels are ever read. Summing twelve months of a balance would give twelve times the real figure.
- An entity consolidated mid-window has no earlier row, so its opening cash is zero and everything it brought into the group lands inside the window as a movement.
Limitations
- Holding company cash is not in these two figures. The consolidated balance sheet carries it, which is why the two cash walks below add it back by name.
Sources
- MonthlyFinancials entityId, month, cashBalance
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Debt & Covenants · Cash Flow · Balance Sheet
Opening cash, then adjusted EBITDA, the movement in working capital, capex, cash interest, cash tax, debt amortisation and the financing residual, landing on closing cash.
Formula
+ + movement in working capital - cash tax - capex - cash interest + =
Rules
- Flows sum across the window. The working capital fields and the cash balance are stocks, so only their opening and closing levels are read.
- The deferred revenue movement earns its own step only once it is a meaningful share of adjusted EBITDA for the period. Below that it stays folded into the working capital step, because a near-zero bar on a chart reads as noise.
- Every step is stated in the reporting currency, converted before the maths.
Limitations
- The walk is stated over entity rows only, so nothing at the holding company appears as a step.
Sources
- MonthlyFinancials adjustedEbitda, capex, interestExpense, cashTax, amortization, financingLine, tradeDebtors, wipValue, accruedIncome, uninvoicedRevenue, deferredRevenue, cashBalance
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Cash Flow · Methodology
The step that makes the walk land exactly on the closing cash the entity books report. It is a residual, not a measured figure.
Formula
Financing and debt movement = ( - ) - every other step on the walk
Rules
- Because it is the residual, it absorbs anything the other steps do not explain: new borrowing, repayment, money moved between entities, and the cash effect of an acquisition.
Limitations
- A large financing step is a signal that something real is hiding inside it, not a fact about financing. Cash paid for an acquisition is the main thing in there today; giving it its own investing step is planned work, not shipped work.
Sources
- MonthlyFinancials financingLine, debtBalance, amortization, cashBalance
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Cash Flow · Methodology
The cash the trading entities generated after the working capital they had to fund and the capital they had to spend.
Formula
Free cash flow = + movement in working capital - cash tax - capex - cash interest
Rules
- Stated before interest and tax, so it measures the business rather than the capital structure.
Limitations
- Not free cash flow after debt service. Interest, tax and amortisation are separate steps on the walk.
Sources
- MonthlyFinancials adjustedEbitda, capex, cashTax, interestExpense, tradeDebtors, deferredRevenue
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Cash Flow
How much of the period earnings actually turned into free cash flow, as a percentage.
Formula
Cash conversion = operating cash flow /
Rules
- Computed once, in the calculation layer. No surface divides two figures itself.
Limitations
- Meaningless when adjusted EBITDA for the window is at or near zero, and reads as a dash rather than a large number in that case.
- Not the same figure as operating cash conversion on the Debt and Covenants page: that one starts from operating cash after capex, this one from the cash walk’s free cash flow.
Sources
- MonthlyFinancials operatingCashFlow, adjustedEbitda
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Cash Flow
How much of the period earnings survived as cash the group can use, after the capital it had to spend, as a percentage.
Formula
Operating cash conversion = ( operating cash flow - capex ) /
Rules
- Every entity-month of operating cash flow and capex is converted into the reporting currency at that month’s rate before anything is summed, so the numerator and the adjusted EBITDA denominator are on one basis.
- Computed once, in the calculation layer. No surface divides two figures itself.
Limitations
- Meaningless when adjusted EBITDA for the window is at or near zero, and reads as a dash rather than a large number in that case.
- Stated for the group even when a vertical filter is active, because debt and the capital base are modelled at group level only.
Sources
- MonthlyFinancials entityId, month, operatingCashFlow, capex, adjustedEbitda
- Entity id, currency
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Debt & Covenants
Balance sheet definitions
What the group owns and owes as at the last month in the window, including the lines the acquisitions create: goodwill, the investment in each subsidiary, and the money still owed to vendors.
Each entity opens on a seeded set of balances at its first month, and every month after that is a roll-forward: the prior balance plus the movements that month explains.
Formula
Balance at month M = opening balance + Σ movements from the opening month to M
Rules
- Balances are stocks as at the last month in the window, converted at each month's own rate as they roll forward.
- Liabilities are shown as positive balances.
- Assets less liabilities less equity is surfaced as its own figure and is never absorbed. Anything other than zero means the sheet does not balance, and the page says so.
- The statement carries the standard lines a finance reader expects even where this dataset has nothing to put on them. A line showing zero is a statement that the balance is zero, not that the figure is missing.
Limitations
- The opening balances are a seed, not a trial balance extract. A real build takes them from the accounting system at go-live.
Sources
- BalanceSheetSeed entityId, openingMonth, fixedAssets, intangibles, tradeCreditors, shareCapital, retainedEarnings, otherEquity
- MonthlyFinancials month, cashBalance, tradeDebtors, wipValue, accruedIncome, uninvoicedRevenue, deferredRevenue, debtBalance
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Balance Sheet · Methodology
Current means due within twelve months of the as-at month. Anything later is non-current. The split is applied to deferred consideration; the debt facility is not split at all, and sits on one non-current line.
Formula
Current when due month is at or before as-at month + 12 months
Rules
- The twelve months are measured from the as-at month, so the split moves as the period does.
- Something already past due and still unpaid is current, not non-current.
- Current assets run in liquidity order: cash first, then the balances that turn into cash soonest.
- The debt facility is one line and is shown as non-current in full, because the dataset carries no repayment schedule. Nothing is inferred from a run rate. The portion due within twelve months moves to current liabilities when a schedule is loaded.
Limitations
- The split depends on a due month being recorded. Where one is absent the item is treated as non-current and unpaid, which is the cautious reading rather than the flattering one.
Sources
- Acquisition entityId, vendorLoan, earnOut, earnOutTerms, deferredConsideration
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Balance Sheet · Methodology
The money tied up in delivering and collecting work: what customers owe, plus inventory, which is stock or work in progress, whichever the group holds, plus revenue earned but not yet invoiced, less what the group owes suppliers and what it has been paid for in advance.
Formula
Working capital = ( accounts receivable + inventory + accrued income ) - accounts payable - deferred revenue
Rules
- All five components are stocks, read at their opening and closing levels only.
- Accrued income on the balance sheet includes revenue earned and not yet invoiced, so the figure covers the same five seeded balances it always has.
- Inventory on the balance sheet is stock or work in progress, whichever the group holds, and either way it is inside this figure.
- Prepayments, security deposits and the new current liability lines sit outside this figure, because the cash bridge does not model them and the two definitions have to agree. Revisit when a client ledger puts data on those lines.
Limitations
- Accounts payable roll forward from the seeded opening balance rather than from a purchase ledger, so the creditor side is less precise than the debtor side.
Sources
- MonthlyFinancials tradeDebtors, wipValue, accruedIncome, deferredRevenue
- BalanceSheetSeed tradeCreditors
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Balance Sheet · Cash Flow
How long the stock on the balance sheet would last at the latest month’s cost of sales, stated in days. The stock-side companion to debtor days, on the same monthly basis.
Formula
Inventory days = inventory / cost of sales × 30
Rules
- The month is the latest month in the data, not the selected window: this is a balance read at a point in time against that month’s cost, and a windowed cost would put a stock figure over a flow covering a different period.
- Thirty days stands for a month throughout, which is the same convention debtor days uses, so the two figures on one panel are read the same way.
- At group level each entity’s stock and cost of sales are converted into the reporting currency at that month’s rate before either is summed, so the ratio is taken between two figures in one currency.
- Zero is reported where there is no cost of sales to divide by. A month with no purchases gives the stock no run rate to be measured against, and that is stated as zero rather than as an unbounded number of days.
Limitations
- One month of cost is a thin denominator. A seasonal group will show the figure swinging on the buying cycle rather than on how long stock actually sits, and a trailing-twelve-month basis would be steadier.
- The dataset carries one inventory balance per entity, with no split between raw materials, goods in transit and finished stock, so a slow line cannot be told apart from a fast one.
- Nothing here is an ageing analysis. Stock that has not moved in a year counts the same as stock bought last week.
Sources
- MonthlyFinancials wipValue, cogs
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Debt & Covenants · Balance Sheet
Tangible assets at the seeded opening balance, plus capital spend since, less straight-line depreciation.
Formula
Fixed assets = opening fixed assets + Σ capital spend - Σ monthly depreciation
Rules
- Depreciation is a flat monthly amount per entity, seeded once.
Limitations
- There is no asset register, no useful-life policy and no disposals. A real build depreciates per asset class.
Sources
- BalanceSheetSeed fixedAssets, monthlyDepreciation
- MonthlyFinancials capex
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Balance Sheet
What was paid for an entity above the value of the net assets that came with it. It arises only on consolidation, so it appears on the group sheet and never on the holding company own sheet.
Formula
Goodwill = ( consideration - net assets acquired ) floored at zero
Rules
- Consideration is the equity price, not the enterprise value, and it includes the deferred consideration: the vendor loan, the earn-out and any fixed deferred amount are all part of what the seller is owed.
- An acquisition that carries no equity price on record falls back to its enterprise value. The fallback is stated, not silent: the row is marked EV basis on the acquisitions table, and the data check names every acquisition still on it. Every booked acquisition carries an equity price, so nothing on this page is on the fallback.
- Net assets acquired is the entity opening equity as seeded in this dataset, at its own opening month: share capital plus other equity plus retained earnings.
- Goodwill is fixed in the reporting currency at the booking month and held flat after that. It does not retranslate.
- Paying less than net assets is a bargain purchase. Goodwill floors at zero, the case is flagged by name, and the data check fails rather than hiding it.
- This group reports under K3, which writes goodwill off over its useful life rather than testing it for impairment. Each acquisition's goodwill is amortised straight line over 10 years, in equal monthly amounts, from the month the deal was booked.
- At today's goodwill the charge is SEK 12,495,798 a year. It is an expense below EBITDA that reduces reported profit and the goodwill carried on the balance sheet, and the other side of the entry is a reduction in accumulated profit inside equity, which is why the sheet still balances.
- No money moves: the charge is not a payment. EBITDA, adjusted EBITDA, cash, net debt and every covenant measured on EBITDA are unchanged by it.
Limitations
- The net assets side is the entity seeded opening equity, not the fair value of the net assets acquired. The dataset carries no fair-value exercise, so that is the only stand-in available, and it pushes goodwill higher than a statutory figure. A real build carries a purchase price allocation, with the intangibles identified separately from goodwill.
- The equity consideration on the reference dataset is the enterprise value less the entity opening-month net debt. A real deal bridges the two with a completion-accounts mechanism covering net debt, working capital against a target and a cash-free debt-free adjustment; only the net-debt leg is modelled here.
- On an acquisition still on the EV fallback, goodwill is overstated by the target net debt at close, and by more than that where the target carried working capital debt-like items.
- Goodwill is amortised straight line over 10 years from each booking month; no impairment test is modelled on top. A real build tests goodwill for impairment at least annually as well, and a failed test writes it down faster than the schedule does.
Sources
- Acquisition entityId, equityConsideration, ev, closeDateMonth, currency
- BalanceSheetSeed shareCapital, otherEquity, retainedEarnings
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Balance Sheet · Methodology
What the holding company paid for each entity, held at cost. On the group sheet it is zero, because it is cancelled against what it bought.
Formula
Investments in subsidiaries = Σ consideration ( of every acquisition booked at or before the as-at month, eliminated in full against subsidiary net assets on the group sheet )
Rules
- Held at the equity consideration, including the deferred amounts: it is what the holding company agreed to pay for the shares, not the whole-business value.
- The elimination is: debit goodwill, debit the subsidiary's equity at acquisition, credit the investment. It nets to zero, so the eliminations tier balances on its own and so does the group.
- Switch the balance sheet to the HoldCo view to see the investment at cost and no goodwill. That is the correct pair of views, not a disagreement between them.
Limitations
- Held at cost with no review for a fall in value, the same limitation goodwill carries.
Sources
- Acquisition entityId, equityConsideration, ev, closeDateMonth
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Balance Sheet · Methodology
Money still owed to the people the group bought entities from: vendor loans, earn-outs and fixed deferred amounts, carried as liabilities at the expected amount.
Formula
Deferred consideration = ( vendor loans still outstanding + earn-outs booked and unpaid + fixed deferred amounts unpaid ) split current and non-current from the as-at month
Rules
- A vendor loan is outstanding until its repayment month. An earn-out is outstanding while it is booked and either unpaid or not yet due. A fixed deferred amount is outstanding until its paid month.
- Due within twelve months of the as-at month, or already past due and unpaid, is current. Anything later is non-current.
- On the face of the statement everything due after a year sits on one line, deferred consideration due after 1 year, whatever the instrument. The acquisitions table below keeps them apart.
- All three are inside the consideration goodwill is measured against: they are part of the price, not extras on top of it.
- Only the fixed amount goes into net debt. A vendor loan and an earn-out stay out of it, and out of leverage.
Limitations
- Earn-outs are carried at the seeded expected amount. A real build carries a probability and remeasures it each period.
- NO interest accrues on a vendor loan in this build. Accruing it would push a charge through the P&L that no monthly row carries, and the net income reconciliation would stop tying. At the seeded rates the omitted charge is material, not trivial.
- A fixed deferred amount is carried at face value with no discounting to present value, where the accounting standards would unwind a discount through interest.
Sources
- Acquisition entityId, vendorLoan, earnOut, earnOutTerms, deferredConsideration, deferredFixed, vendorLoanInterestRate
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Balance Sheet · Methodology
Borrowings drawn on the facility, shown on a single line in non-current liabilities. There is no current and non-current split on this line.
Formula
Debt facility = the balance outstanding at the as-at month
Rules
- One line, carrying the entity balances plus the holding company senior balance, converted at each month's own rate as it rolls forward.
- The whole balance is shown as non-current in full, because the dataset carries no repayment schedule. No current portion is inferred from a run rate: an inferred figure would disagree with the facility agreement and could be disproved in a minute.
- The portion due within twelve months moves to current liabilities as soon as a repayment schedule is loaded.
Limitations
- A reader who needs the maturity profile of the facility will not find it here. It comes from the facility agreement, which this dataset does not carry.
- Mandatory amortisation is seeded and shown on the debt service waterfall, but it is not used to split this line.
Sources
- MonthlyFinancials entityId, month, debtBalance
- HoldcoDebt month, seniorBalance
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Debt & Covenants · Balance Sheet
Borrowings less the cash held against them, plus the deferred consideration that is fixed.
Formula
Net debt = debt facility - cash + fixed deferred consideration outstanding
Rules
- Group net debt includes the holding company senior debt and the holding company cash.
- Cash is netted in full, with no restricted-cash test and no cap on the amount that can be netted.
- A deferred consideration that is fixed is in: the amount and the date are both agreed, so it behaves like borrowing. SEK 0 is in this figure on that basis.
- A vendor loan is out, an earn-out is out, and a lease is not modelled at all. SEK 4,708,955 of vendor loans and earn-outs sits outside this figure.
- Leverage divides this same figure, so the vendor loans and earn-outs are outside the covenant ratio too.
Limitations
- Leverage against this figure uses the earnings measure shown beside it. Check which one a covenant is actually written against before quoting a headroom figure.
- Only a fixed deferred consideration is inside this figure. The contingent and vendor-funded deferred consideration is outside it: SEK 4,708,955 of vendor loans and earn-outs is excluded, current and non-current together.
- Most facilities pull at least the vendor loans in as debt, which would raise net debt by SEK 4,708,955 and raise leverage with it. A reader on a lender definition should restate it.
- No interest accrues on a vendor loan in this build, so nothing is added to net debt for accrued but unpaid vendor interest.
- Leases are not modelled at all. There is no lease liability on the balance sheet and none in this figure, where a facility written on the current accounting standards would usually include it.
- Restricted, trapped and foreign-currency-blocked cash are not identified. Every cash balance is treated as freely available and netted in full.
Sources
- MonthlyFinancials debtBalance, cashBalance
- HoldcoDebt seniorBalance, cashBalance
- Acquisition deferredFixed
Shown on
Current State · Debt & Covenants · Balance Sheet
The equity line that holds everything that is neither share capital nor accumulated trading profit: reserves that arrived with an acquisition, the add-backs difference, and the part of the financing movement that debt does not explain.
Formula
Opening other equity + Σ ( financing residual not explained by debt ) + Σ add-backs to equity
Rules
- The add-backs land here because the cash walk starts from adjusted EBITDA while retained earnings takes statutory profit. Showing that as its own movement is the honest version of making the sheet balance.
- Zero in an entity's opening month, by construction.
Limitations
- This is the line readers ask about most, and it is the least like a real chart of accounts. In a real build its contents are separate reserves with their own names.
Sources
- BalanceSheetSeed otherEquity
- MonthlyFinancials financingLine, debtBalance, ebitda, adjustedEbitda
Shown on
Balance Sheet · Methodology
The part of a converted cash movement that no flow explains, which is the retranslation of a foreign-currency entity's opening balances.
Formula
Converted movement - Σ converted flows
Rules
- Zero for an entity that reports in the reporting currency.
- Surfaced as its own named movement rather than being folded into another line.
Limitations
- It is derived from the cash movement, so it is the translation effect this model can see, not a full cumulative translation reserve over every balance.
Sources
- Entity currency
- MonthlyFinancials month, cashBalance
Shown on
Balance Sheet · Methodology
Profit earned since each entity joined the group, accumulated, less whatever the current fiscal year has contributed: that part is shown on its own net income line directly beneath. It opens at zero for every entity, so the two lines together move over any window by nothing more than the profit earned inside it.
Formula
Retained earnings = opening retained earnings + Σ -
Rules
- Takes statutory profit, after depreciation, interest and tax. Add-backs never reach it.
- An entity's opening month contributes no profit here: the seed IS the balance for that month, and nothing rolled into it.
- Read this line together with the net income line beneath it. At the first month of a fiscal year the current-year figure empties into this one, which moves both lines and no money.
- The fiscal year used here is the group fiscal year the reporting profile carries, which on this build starts in January, and the statement subtitle names the months it covers. The budget file carries its own fiscal year for budget purposes; where the two disagree that is a data matter to settle, not a calculation the page can resolve.
Limitations
- No distributions are modelled. The dividends line exists on the statement and is zero for that reason, not because dividends were netted off somewhere else.
Sources
- MonthlyFinancials ebitda, interestExpense, cashTax
- BalanceSheetSeed retainedEarnings, monthlyDepreciation
Shown on
Balance Sheet · Methodology
The profit earned since the start of the current fiscal year, shown on the face of the statement instead of being buried inside retained earnings. It is a carve-out of one accumulating balance into two lines, not a second figure.
Formula
Net income for the year = Σ ( from the first month of the fiscal year to the as-at month )
Rules
- This line plus retained earnings equals the accumulated profit the group has earned, which is the figure every reconciliation on this page is stated against.
- It resets at the first month of each fiscal year, when the balance moves across into retained earnings. Nothing enters or leaves equity at that point.
- The fiscal year on this build starts in January. The statement subtitle names the months the line covers.
- An entity's opening month contributes nothing: the seed is a balance, and the seeded balance is treated as earned in an earlier period.
Limitations
- It is the same statutory profit retained earnings takes, so it inherits every limitation of that figure: cash tax stands in for the tax charge, and no distributions are modelled.
Sources
- MonthlyFinancials ebitda, interestExpense, cashTax
- BalanceSheetSeed monthlyDepreciation
Shown on
Balance Sheet · Methodology
The liability that would carry the difference between the tax charged in the P&L and the tax actually paid. The line is on the statement and it is zero.
Formula
Tax charge less tax paid, accumulated. Zero throughout this dataset.
Rules
- Cash tax stands in for the tax charge everywhere on this dashboard, so the charge and the payment are the same figure and no timing difference arises.
- The line is shown rather than dropped, so a reader can see that the position is zero rather than wonder whether deferred tax was considered.
Limitations
- The seeded dataset carries no deferred-tax series. A real ledger splits the charge from the payment and the difference would sit on this line.
Sources
- MonthlyFinancials cashTax
Shown on
Balance Sheet · Methodology
Some standard statement lines carry nothing in this dataset. They are shown for completeness and read zero. This build carries nothing on: prepayments, security deposits, other current assets, investments in subsidiaries, accrued expenses, payroll liabilities, vat, deferred consideration (due within 1 year), other current liabilities, loans, deferred taxes, share premium, dividends paid.
Formula
Zero until a client ledger feeds the line
Rules
- The list above is read off the statement at render time rather than typed here, so adding or seeding a line changes this sentence with it.
- A line at zero is a statement that the balance is zero. It is not a gap in the data and it is not a figure that failed to load.
- The loans line is for third-party borrowing outside the facility. It is zero because nothing in this dataset is a third-party loan: the vendor loans are deferred consideration and sit on their own lines.
- These lines sit outside working capital, because the cash bridge does not model them and the two definitions have to agree.
- They are shown on the group statement whatever they hold. On a single entity the statement hides a line that is zero in both columns, which is a reading aid and changes no total.
Limitations
- Nothing here is an assertion that the real business holds no prepayments and no VAT position. It is an assertion that this dataset carries no series for them, and a real build would seed each from the ledger. Inventory is not on this list: it carries the seeded stock or work in progress, whichever the group holds.
- Accrued expenses, payroll liabilities and VAT are exactly the debt-like items a lender would add to net debt, so a group with all three at zero should not be read as a group with none of them.
Sources
- BalanceSheetSeed openingMonth
Shown on
Balance Sheet · Methodology
Covenant definitions
How leverage, earnings, headroom, interest cover and debt service are computed here. Read the limitations on every entry in this section: these are management definitions, and a lender testing the same facility under its own definitions will get a different number.
The headline leverage ratio: group net debt at the latest month divided by adjusted EBITDA for the trailing twelve months. It is the figure the covenant test level is compared against on the Debt and Covenants page.
Formula
Leverage = /
Rules
- Net debt is a point-in-time balance at the latest month; adjusted EBITDA is a flow summed over the trailing twelve months. Mixing a stock and a flow is the normal convention for this ratio, not an error.
- Debt is taken at the group total, which includes the holding company senior facility, and cash is netted in full against it with no restriction test.
- Both sides are converted into the reporting currency before the division. Nothing on a surface divides two figures itself.
- Reads as unavailable rather than as a large number when LTM adjusted EBITDA is at or near zero.
Limitations
- This is the management definition, not the facility agreement definition. A lender restating leverage under its own terms will get a different number.
- Cash is netted in full. A facility that caps cash netting, or that excludes restricted, trapped or foreign-currency-blocked cash, produces a higher net debt and a higher ratio.
- Deferred consideration that is fixed is inside net debt here, and therefore inside this ratio; vendor loans and earn-outs are outside both. Most facilities pull at least the vendor loans in as debt, which would raise the ratio.
- The earnings side carries the add-backs described under Add-backs. A lender that rejects management fees or equity compensation restates the denominator downwards and the ratio upwards.
- No intercompany eliminations are applied to the earnings side, so the denominator is the sum of standalone entity figures.
Sources
- MonthlyFinancials debtBalance, cashBalance, adjustedEbitda
- HoldcoDebt seniorBalance, cashBalance
- Entity currency
Shown on
Current State · Debt & Covenants · Methodology
The earnings figure the leverage ratio is measured against: adjusted EBITDA summed over the last twelve months of data, across every consolidated entity.
Formula
LTM adjusted EBITDA = Σ ( over the trailing twelve months, each month converted at its own rate )
Rules
- The twelve months are the twelve most recent months of data, not a fiscal year and not a forecast.
- Each month converts at its own rate before the sum, the same FX rule every group figure follows.
- Add-backs are included: the figure is adjusted EBITDA, not statutory EBITDA.
- An entity contributes only the months it actually reported. A mid-window acquisition is in for part of the twelve months.
Limitations
- This is the management definition, not the facility agreement definition. A lender restating it under its own terms will get a different number.
- There is no pro-forma or annualised treatment of a mid-year acquisition. An entity bought four months ago contributes four months, where a facility would usually require a full twelve months on a pro-forma basis.
- No run-rate synergies, no annualisation and no pre-acquisition earnings are included anywhere in this figure.
- No intercompany eliminations are applied, so if entities trade with each other the figure is overstated by an amount the dataset cannot size.
- Every add-back is a judgement made when the data was prepared. A lender that rejects a category restates this figure downwards.
Sources
- MonthlyFinancials entityId, month, ebitda, adjustedEbitda, addbacks
- Entity id, currency
Shown on
Current State · Debt & Covenants · Methodology
How much room there is between the leverage the group is running at and the level the covenant tests against, expressed in turns of EBITDA.
Formula
Covenant headroom = covenant test level -
Rules
- The test level is a single seeded group figure, not a schedule that steps down over the life of the facility.
- A positive headroom means the group is inside the covenant; a negative one means it is not, and the figure is shown with its sign rather than floored at zero.
- Headroom is stated in turns of EBITDA, the same units as the ratio itself, not as a percentage or an amount of cash.
Limitations
- This is the management definition, not the facility agreement definition. A lender restating headroom under its own terms will get a different number.
- The test level is seeded as one number for the group. A real facility carries a level per test date, often stepping down, and may carry different levels for different tranches.
- Headroom inherits every limitation of the ratio it is built on: full cash netting, deferred consideration excluded, add-backs included, no eliminations.
- There is no equity cure, no mulligan and no headroom forecast. This is the position at the latest month only.
Sources
- GroupMetadata covenantLevel, totalGroupDebt
- HoldcoDebt seniorBalance, cashBalance
- MonthlyFinancials adjustedEbitda
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Current State · Debt & Covenants · Methodology
How many times the trailing twelve months of adjusted EBITDA covers the trailing twelve months of interest expense.
Formula
Interest cover = / LTM interest expense
Rules
- Both sides are trailing twelve month sums, so each point on the chart is a full-year ratio measured at that month.
- The interest side is the group figure: entity interest plus the holding company senior interest. Interest cover is a group test, and the senior interest sits at the holding company.
- Reads as unavailable rather than as a large number when the trailing twelve months of interest is zero.
Limitations
- This is the management definition, not the facility agreement definition. A lender restating cover under its own terms will get a different number.
- Interest expense here is the charge in the books, not a cash interest test. A facility written on cash interest paid would use a different denominator.
- No interest accrues on a vendor loan in this build, so the denominator is understated and this ratio is flattering by that amount.
- The numerator is adjusted EBITDA, so every add-back judgement flows straight into this ratio.
Sources
- MonthlyFinancials entityId, month, adjustedEbitda, interestExpense
- HoldcoDebt month, seniorInterest
Shown on
Debt & Covenants · Methodology
The cash the group generated over the window, walked down through interest, capital spend, tax and mandatory amortisation to what is left after servicing the debt.
Formula
Free cash flow after debt service = - cash interest - capex - cash tax - mandatory amortisation
Rules
- Every stage is a flow summed over the selected window, converted into the reporting currency before the maths.
- The group waterfall includes the holding company senior interest and senior amortisation. The per-entity view does not, because that debt is not the entity debt.
- The financing line shown beside the waterfall is the residual that makes cash movement tie, not a measured financing figure.
Limitations
- This is the management definition, not the facility agreement definition. A lender restating debt service cover under its own terms will get a different number.
- There is no debt service cover ratio computed against a facility-defined cash flow. This is a waterfall, and a covenant would define its own numerator and denominator.
- Mandatory amortisation is the seeded amount, not a schedule read from the facility agreement.
- The residual financing line absorbs acquisition cash, so the split between operating, investing and financing cash is not a genuine one and any coverage figure built on it inherits that.
- No interest accrues on a vendor loan, so the interest stage understates what the group will actually pay.
Sources
- MonthlyFinancials adjustedEbitda, interestExpense, capex, cashTax, amortization, financingLine
- HoldcoDebt month, seniorInterest, amortization
Shown on
Debt & Covenants · Methodology
Data sources
Where the figures come from and what is connected today.
Every figure comes from the accounting system each entity already runs, pulled through one read-only connection per entity and converted into the reporting currency in the query layer. Nothing is keyed in twice. Bank feeds are out of scope by design: cash arrives from the accounting system, after the finance team have done their own bank reconciliation. The demo data here is illustrative, not a client dataset.
Reporting currency SEK