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Advanced Financial Modelling Using Excel

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Advanced practical financial modelling for RwandAir finance teams, linking airline operations to revenue, costs, liquidity and investment decisions.

5 Days / 30 Facilitated Learning HoursDuration
RwandAir finance managers, FP&A, management accountants, treasury, revenue accounting and finance business partnersTarget Audience
5 ModulesProgramme
Facilitator-led / Approximately 70% practical modellingLearning Format
Connect airline operations to revenue, costs, cash flow and investment decisions through robust financial models.
1. Programme OverviewAdvanced airline financial modelling for RwandAir finance teams

This advanced programme equips RwandAir finance managers and finance staff to build, review and explain financial models that connect flight operations to revenue, operating costs, cash flow and investment decisions.

Participants work through one continuous simulated airline case, starting with raw operating and finance data, constructing the operating model, linking the financial statements, testing decisions and presenting results.

The programme uses simulated data unless suitable internal data is specifically authorised for training use.

2. Learning OutcomesCapabilities participants should demonstrate
  • Build a transparent monthly model with separate inputs, calculations, outputs and automated checks.
  • Forecast passenger, cargo and ancillary revenue using operational drivers and seasonality.
  • Evaluate route contribution, fully allocated profitability and break-even performance.
  • Link the income statement, balance sheet and cash flow statement and explain liquidity requirements.
  • Assess investment options and quantify the impact of fuel, exchange-rate and demand scenarios.
  • Translate model outputs into a clear management dashboard and actionable recommendation.
3. Target Audience and ReadinessFinance roles with intermediate Excel and financial-statement knowledge

The programme is designed for RwandAir finance managers, FP&A, management accountants, treasury, revenue accounting and finance business partners.

Participants should understand accrual accounting, the three financial statements, budgeting, absolute and relative references, basic lookup functions and PivotTables.

  • Finance Managers
  • FP&A
  • Management Accountants
  • Treasury
  • Revenue Accounting
  • Finance Business Partners
4. Programme StructureFive practical learning days built around one continuous airline case
Day 1 – Model Architecture and Airline Revenue
1Day 1 – Model Architecture and Airline Revenue
  • Establish modelling conventions, time periods, units, sign conventions, source documentation, assumption ownership and version control.
  • Import and clean simulated booking, flight and ledger extracts; remove duplicates, reconcile totals and map routes, currencies and accounts.
  • Forecast operated flight legs, seats, distance, load factor, passenger yield, cargo volumes and ancillary income.
  • Apply seasonality, capacity constraints and assumptions by route group; distinguish ticket sales, flown revenue and cash receipts.
  • Excel: Tables, SUMIFS, COUNTIFS, XLOOKUP or INDEX/MATCH, EOMONTH, IF, data validation, PivotTables and Power Query.
  • Practical exercise: build a 24-month passenger and cargo revenue forecast for three simulated routes and reconcile the base period.
Day 2 – Cost Drivers and Route Economics
2Day 2 – Cost Drivers and Route Economics
  • Model fuel from block hours, consumption and price, plus landing, navigation, handling, catering, crew, maintenance and distribution costs.
  • Separate variable costs, fixed operating costs and committed costs.
  • Build route contribution and fully allocated profit views and make shared-cost allocation assumptions explicit.
  • Analyse connecting traffic, network contribution, avoidable costs and break-even performance.
  • Excel: driver schedules, structured references, allocation formulas, Goal Seek and one-variable or two-variable Data Tables.
  • Practical exercise: investigate a route with strong load factor but weak profitability and test fare, frequency, fuel cost and utilisation changes.
Day 3 – Integrated Financial Statements and Cash Planning
3Day 3 – Integrated Financial Statements and Cash Planning
  • Build working-capital, capital expenditure, depreciation, debt and interest schedules.
  • Link the income statement, balance sheet and cash flow statement from an agreed opening balance sheet.
  • Model ticket receipts, unflown ticket balances, refunds, agency settlement timing, supplier payment terms and foreign-currency cash flows.
  • Build a 13-week direct cash forecast alongside the monthly integrated model and identify minimum cash and funding gaps.
  • Excel: roll-forward schedules, date-driven receipts and payments, SUMIFS, PMT where appropriate and reconciliation flags.
  • Practical exercise: model weaker ticket sales, delayed collections and a major maintenance payment and identify the lowest-liquidity week.
Day 4 – Investment Appraisal and Uncertainty
4Day 4 – Investment Appraisal and Uncertainty
  • Evaluate a simulated new route and compare lease-versus-purchase alternatives using consistent operating assumptions.
  • Include initial expenditure, deposits, working capital, maintenance, residual value and financing cash flows in appropriate schedules.
  • Use NPV and IRR alongside liquidity, strategic and operational constraints and separate project cash flows from financing flows.
  • Develop base, upside and downside cases for fuel prices, demand, yields, exchange rates and utilisation.
  • Excel: NPV, XNPV, IRR, XIRR, scenario switches, Data Tables, Goal Seek and Solver.
  • Practical exercise: compare an investment under illustrative fuel-price, load-factor and exchange-rate shocks.
Day 5 – Reporting, Model Audit and Management Decisions
5Day 5 – Reporting, Model Audit and Management Decisions
  • Build a refreshable dashboard comparing actual results, budget and latest forecast.
  • Explain price, volume, mix, fuel and exchange-rate movements without double counting.
  • Present route performance, cash headroom, investment outcomes and key assumptions.
  • Complete a structured model audit and deliver a concise management presentation.
  • Excel: PivotTables, PivotCharts, conditional formatting, dynamic summaries and clear variance bridges.
  • Capstone: complete the integrated airline case, defend assumptions and present a financially supported recommendation.
5. Expected Organisational BenefitPractical value for RwandAir finance decision-making

Expected organisational benefits include a common modelling approach, clearer visibility of route economics and liquidity, stronger model controls and more transparent financial recommendations to management.

Expected OutcomesWhat participants should be able to do after the programme
Build a transparent monthly model with separate inputs, calculations, outputs and automated checks.
Forecast passenger, cargo and ancillary revenue using operational drivers and seasonality.
Evaluate route contribution, fully allocated profitability and break-even performance.
Link the income statement, balance sheet and cash flow statement and explain liquidity requirements.
Assess investment options and quantify the impact of fuel, exchange-rate and demand scenarios.
Translate model outputs into a clear management dashboard and actionable recommendation.