Shipbuilder financial model, built free.
A three-statement Excel model for a shipbuilder, built from your own figures and checked to balance.
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We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more
Builds naval and commercial vessels (warships, submarines, ferries, offshore and specialist ships) in its own yards under fixed-price or cost-plus contracts recognised over time, with instalment payments, hull-by-hull learning and heavy bonding requirements.
In short
- 01
Three linked statements
Income statement, balance sheet and cash flow, linked in every period.
- 02
Valued two ways
Discounted cash flow and trading multiples, side by side.
- 03
Monthly to annual
Monthly, quarterly, half-yearly or annual periods, for up to 30 years.
- 04
Checked every period
A Checks sheet shows the balance sheet balances and the cash reconciles.
The sample, as Excel draws it.
Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.
Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.
How the model works for a shipbuilder.
- How it earns revenue3 formulasContract revenue (percentage of completion) · All contractsContract revenueWork in hand at the model startShare of the remaining curve in the periodContract revenue (percentage of completion) · All contractsContract value including approved variationsContract valueApproved variationsContract revenue (percentage of completion) · All contractsWork in hand at period endWork in hand at period startContract revenue
- What drives its costs3 formulasDirect labour · All plantsDirect labourFixed labourVariable labour (production × cost per unit)Contract costs and margin · All contractsContract costsContract revenuefrom contract revenue (percentage of completion)Contract margin (% of revenue)Contract costs and margin · All contractsContract marginContract revenue (contract revenue (percentage of completion))from percentage of completionContract costs
- What it invests in3 formulasPlant capex and depreciation · All plantsPlant capital expenditureSustaining capexGrowth capexPlant capex and depreciation · All plantsPlant depreciationDepreciation of existing assetsDepreciation of sustaining additionsProject 1 depreciation (from commissioning)Project 2 depreciation (from commissioning)Project 3 depreciation (from commissioning)Plant capex and depreciation · All plantsClosing net book valueOpening net book valuePlant capital expenditurePlant depreciation
- How it is funded3 formulasDebtRepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweepDebtClosing balanceOpening balanceDrawdownsRepaymentsDebtInterest expenseOpening balanceAll-in interest rateshare of the year
- How profit becomes cash3 formulasProgress claims, retentions and contract balances · All contractsRetention security held at period endRetention security held at period startRetention security on the period's claimsRetention security releasedProgress claims, retentions and contract balances · All contractsCash retentions receivableCash retentions at period startRetentions withheld from claimsRetentions released (cash received)Working capitalTrade receivablesRevenuefrom statementsDebtor daysDays in period
23 parts, each one tested.
Every part is a tested building block with its own checks: yours is put together from the ones your business needs.
- CPI forecastConsensus curve with long-run anchor
- Exchange rate (US dollar)Exchange rate by financial year
- Operating expensesHeadcount build by function
- Corporate costsFixed cost base indexed to CPI
- Working capitalFull working capital
- Income taxCorporate rate with tax losses
- Corporate fixed assetsStraight-line over remaining life
- DebtAmortising term loan
- Dividends and distributionsPayout of net profit
- Discounted cash flow valuationDCF on free cash flow to the firm
- Multiples valuationEV / EBITDA multiple
- Aftermarket services and service contractsInstalled base × attach rate × contract valueService, maintenance, repair and consumables revenue earned from the installed base of equipment the business has sold, and the cost of delivering it.
- Key-metric summaryLast-twelve-month and run-rate metrics
- Discount rate (WACC)CAPM at target gearing
- Terminal valuePerpetuity growth on normalised cash flow
- Capacity and productionOperating days × daily rateHow much a plant can make and how much it does make, from capacity, operating time, utilisation and yield.
- Direct labourFixed plus variable labourWages and on-costs of the production workforce at each plant.
- Plant capex and depreciationSustaining capex plus growth projectsSustaining and expansion capital expenditure on plant, and the depreciation and book value that follow.
- Sales volumes by productBase units × growthUnits sold of each product line.
- Contract revenue (percentage of completion)S-curveHow each contract's value is recognised as revenue over time, and the work still to do (backlog).
- Contract costs and marginFixed margin on revenueThe cost of delivering each contract and the margin recognised, including losses on onerous contracts.
- Progress claims, retentions and contract balancesClaim and payment lag with retentionsWhen contract revenue turns into cash: progress claims, retentions, advance payments and contract assets and liabilities.
- Variations, claims and liquidated damagesVariations as a share of contract valueChanges to each contract's value from approved and unapproved variations and claims (recognised only when highly probable), and damages payable for late completion.
The numbers it tracks.
- 01order book
- 02hulls delivered
- 03yard utilisation
- 04contract margin
- 05contract assets and liabilities
- 06net cash
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Looking for a shipbuilder financial model template? Ours arrives built for your business, with your figures in it.
See a finished model, sheet by sheetThe sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.