Liquidity

Ranked adverse first, then watch, then the tests that came back clean; within a class by the finding’s figure as a share of the company’s revenue for the period, largest first. A balance sheet that does not tie, or a company no rate is held for, outranks any share.

One company, so every share is of Arkan Distribution’s own revenue for FY 2026-27 to date, in USD. A covenant breached, a week below nought, an instalment past due or a forecast off the books outranks any share.

Cash, net debt and the day counts are stated at 31 Aug 2026, the month the bar names. The forecast, the facilities, the covenants, the ageing and the schedule are as the books hold them today, the forecast from 31 Aug 2026: a forecast that moved when the period chooser moved would be describing a week that has already happened. Each of those panels says so in its foot.

Tested: every covenant on a committed facility against the limit it was last tested at; the thirteen week forecast for a week cash on its own goes below nought, and for a shortfall only an uncommitted line would cover; the forecast’s opening against the books’ cash; collection, payment and cycle days against the range published for the company’s pillar; every facility for a maturity inside the thirteen weeks; every unpaid instalment against its due date at 31 Aug 2026, never at today; every receivable against the market register for exchange control.

Six rows at most, in two columns, adverse first: what needs acting on before what needs watching, and a clear row only where a test ran and found nothing. The rest is under Data quality at the foot of the screen, so the face never grows past what a reader can act on in a glance.

Interest cover below covenant · Arkan Distribution · 22.5% beyond the limit the lender last tested it at. Interest cover is at 1.94 against a limit of at least 2.50 on Wio Bank’s letter of credit, tested 30 Jun 2026. A covenant that has broken is a default today on a line somebody is relying on next month, and a healthy bank balance does not answer it.

Cash below nought in week 8 · Arkan Distribution · 0.10% of Arkan Distribution’s revenue for FY 2026-27 to date. Closing cash on its own in the week beginning 19 Oct 2026, week 8 of 13, drawing nothing. The committed headroom of 26,000,000 USD covers it.

Receivables in restricted markets · Arkan Distribution · 52.2% of Arkan Distribution’s revenue for FY 2026-27 to date. 10,242,844 USD across 47 counterparties is owed from Ghana, Nigeria, Tanzania and Uganda, where cash cannot be freely moved out. Collecting it does not make it spendable, and a provision does not cover that: the money arrives and stays where it arrived.

Cash on its own goes below nought in week 8

Closing cash at the end of each week, in USD m, from 31 Aug 2026. Thirteen weeks, which is the horizon the forecast is built to. The undrawn committed facility is the figure in the foot, as the forecast states it; no band is drawn above the bars and no second line is drawn over them.

Only committed facilities are counted as liquidity. An uncommitted line is not liquidity: a lender may decline it on the morning it is needed.

No line is drawn. Every one of the 13 closes lies within one per cent of the straight line from the first to the last — the largest departure is 0.8% of the line’s range — so a line would be a ruler: the forecast’s receipts and payments move in step, and the net is the same each week to a ripple a drawing cannot show. The bars still draw, because the slope is the reading; the three figures under Detail are the whole of what the line would have said.

The bars are the 13 weekly closes against nought, in the signal ink where the cash is below it; the opening and the closing figures stand on the ends and each opens its week.

The cash runway of Arkan Distribution, read from Zoho Books. The closing balance is the view’s own running total — opening cash plus every week to this one — and nothing on this screen accumulates it a second time. The committed headroom is the view’s own sum too, over the facilities where committed is true.

Bars against nought rather than a line: the finding is the week the cash goes under, and a bar below the line says it where a line crossing it has to be read. The committed headroom is the figure in the foot rather than a band above the bars or a second line over them, so the bars keep their own scale — the old screen drew closing cash twice on one scale, and with the facility six times the cash the line the reader needed was pressed against the floor.

What moves each week, receipts against payments, was a second drawing; its finding is the heaviest week of payments and whether that week’s receipts cover it, which is a sentence under Detail with both figures on the forecast’s own trace.

13 weeks from 31 Aug 2026, in USD m; committed facility undrawn 26,000,000 USD. Tested: the first week cash on its own goes below nought, and the forecast’s opening against the books’ cash.

The heaviest week of payments, beginning 26 Oct 2026, pays out 5.8em against receipts of 5.3em: not covered by what that week expects to receive.

The forecast is a constant weekly net of (0.47)m from 3.3m; cash reaches nought in week 8.

One row a committed facility: the drawn part in ink, the undrawn in the light tone, and the limit the row’s extent. Every row is on its own scale in the currency the facility was agreed in, so a line in one currency stands beside a line in another without either being translated.

Only committed facilities are counted as liquidity. An uncommitted line is not liquidity: a lender may decline it on the morning it is needed.

One uncommitted line is not drawn and is listed under Detail: Regional bank’s invoice discounting.

The facilities of Arkan Distribution, read from Zoho Books. Each facility in the currency it was agreed in, at that currency’s own scale. The limit and the drawn balance are the register’s; the undrawn balance is the one less the other.

A bar a facility, drawn to its own limit, because what a treasurer reads off a line is how much of it is left; the figure at the right is what is drawn. The uncommitted lines are in the drawer and not in the drawing: drawn beside the committed ones they would read as headroom, and they are a hope.

• Wio Bank · letter of credit · committed · matures 31 Mar 2027 · limit 62.0 · drawn 41.8 · undrawn 20.2 USD m
• Wio Bank · overdraft · committed · matures 31 Mar 2027 · limit 16.0 · drawn 10.2 · undrawn 5.8 USD m
• Regional bank · invoice discounting · uncommitted, not liquidity · matures 31 Dec 2026 · limit 28.0 · drawn 15.4 · undrawn 12.6 USD m

Arkan Distribution’s interest cover sits below its covenant; the other two hold

Each covenant against the limit its own facility agreement sets, as last tested on 30 Jun 2026. Committed facilities only: an uncommitted line is not liquidity but a hope, so headroom measured against one is not headroom. Every row is on its own scale — a leverage multiple and an interest cover are not the same measure and do not share an axis.

The facility agreements of Arkan Distribution, 30 Jun 2026. The figure, the limit and the comparison between them are the agreement’s own, as the lender last tested it. Nothing here re-measures a covenant against the ledger: the two would disagree, and the one that matters is the one the lender used. The thresholds themselves are assumed — the facility agreements are not held.

A bullet a covenant, each on its own scale. The limit is the dashed rule, and a bar that crosses it is drawn in the signal ink: a covenant that has broken is a default today on a line somebody is relying on next month, and a healthy bank balance does not answer it.

Three covenants across two facilities, tested 30 Jun 2026; one breached. Interest cover 1.94 times against at least 2.50, breached; Current ratio 1.54 times against at least 1.10, holds; Net debt to EBITDA 0.66 times against no more than 3.00, holds.

Every covenant on a committed facility carries a figure and a limit.

Tested: each covenant’s figure against its limit on the side its operator names — a floor is breached from below, a ceiling from above.

USD, the twelve months to Aug 2026. Each point is the balance at that month end; nothing here is added, and the last of them is the balance the strip states.

The monthly summary of Arkan Distribution, the twelve months to Aug 2026, read from Zoho Books. Cash at each month end. Nothing here is added.

The shape of the year behind the balance the strip states and the forecast opens on: the strip’s sparkline shows it small, and this draws it large enough to read a month off. The forecast to the right of it looks forward from the last of these points.

Twelve month ends to Aug 2026, in USD; the lowest 3,737,454 at Aug 2026. The reading compares the last balance with the first.

Collection days and payment days at each month end, the twelve months to Aug 2026, each line labelled at its end. Where the two cross, the company is paying its suppliers faster than its customers pay it. The cycle — collection plus stock less payment — is the strip’s figure, and the pillar’s range is the foot’s.

Days compare across currencies where an amount does not, which is why the same two lines stand for every company on the group screen as one bar each.

The ratio definitions of Arkan Distribution, the twelve months to Aug 2026. Collection days are receivables over a day of revenue and payment days are payables over a day of cost of sales, each at the month end; the cycle is the view’s own. Judged against the range published for the distribution pillar, never against the group.

The published benchmark ranges. The range that is normal for the distribution pillar, where one is published.

Two lines rather than a stacked bar because one company’s days are a movement over a year rather than a comparison across companies: the question is whether collection is drifting away from payment, and a drift is read off two lines that cross or part.

Twelve months drawn: Sept 2025 collection 59, payment 92; Oct 2025 collection 55, payment 80; Nov 2025 collection 63, payment 98; Dec 2025 collection 56, payment 81; Jan 2026 collection 61, payment 86; Feb 2026 collection 68, payment 97; Mar 2026 collection 59, payment 81; Apr 2026 collection 61, payment 89; May 2026 collection 60, payment 81; Jun 2026 collection 63, payment 87; Jul 2026 collection 57, payment 78; Aug 2026 collection 67, payment 85.

Collection days: no range published; Payment days: no range published; Cash cycle: distribution range 30 to 60, inside.

15,007,241 USD outstanding across 61 counterparties. The share past ninety days is not stated: the view nets credit balances into the bands, so 61 to 90 days and 91 to 180 days come to less than nought across the counterparties and the bands do not add to a share of the total. The amounts by band stand on their own.

Amounts by band at USD m, the twelve largest counterparties; a credit the view has netted into a band is drawn as a negative segment. Every counterparty is under Detail.

10,242,844 USD of it — 68% of what is outstanding — is owed from Ghana and Nigeria and Tanzania and Uganda, where cash cannot be freely moved out. Collecting it does not make it spendable, and a provision does not cover that: the money arrives and stays where it arrived.

The receivable ageing of Arkan Distribution, read from Zoho Books. Banded by how long each posting has been outstanding, from the voucher date and not from a due date, to 180 days and beyond. As the books hold it today, whatever month the bar names.

A stacked bar a counterparty, by band, because the question is who owes it and how old it is at once; the balance that is both large and old is the one a treasurer chases first. A netted credit is drawn below the line rather than hidden, and the share past ninety days is stated in the title only where every band is positive — a share of a total the bands exceed is arithmetic, not a finding.

The provision the band matrix produces against these balances is the panel to the right.

By band: current 0, 31 to 60 days 2,412,997, 61 to 90 days (3,108,659), 91 to 180 days (75,287), over 180 days 15,778,190 USD.

5,679,499 USD outstanding across one counterparty. The share past ninety days is not stated: the view nets credit balances into the bands, so 31 to 60 days comes to less than nought across the counterparties and the bands do not add to a share of the total. The amounts by band stand on their own.

Amounts by band at USD m, the one counterparty; a credit the view has netted into a band is drawn as a negative segment. Every counterparty is under Detail.

The payable ageing of Arkan Distribution, read from Zoho Books. Banded by how long each posting has been outstanding, from the voucher date and not from a due date, to 90 days and beyond. As the books hold it today, whatever month the bar names. No provision is made against a payable: a provision estimates money that will not arrive, and this is money the group owes.

A stacked bar a counterparty, by band, because the question is who owes it and how old it is at once; the balance that is both large and old is the one a treasurer chases first. A netted credit is drawn below the line rather than hidden, and the share past ninety days is stated in the title only where every band is positive — a share of a total the bands exceed is arithmetic, not a finding.

Payables band to ninety days and beyond; receivables run further, to a hundred and eighty, because a receivable that old is a different question from one at ninety.

By band: current 0, 31 to 60 days (3,559,601), 61 to 90 days 3,721,469, over 90 days 5,517,631 USD.

9,765,325 USD is expected never to be collected of 15,007,241 outstanding, across 61 counterparties. Each bar is one band: every counterparty’s balance in the band, added, times the band’s loss rate, at USD m.

Every band with a balance carries a loss rate.

The loss rates are the estimate. They rest on how these counterparties have paid historically and on what is expected of them; they are not observed losses.

The expected credit loss of Arkan Distribution. Each counterparty’s ageing bands multiplied by that band’s loss rate from the provision matrix, added — the IFRS 9 simplified approach. five rates held for Arkan Distribution. A provision is an estimate of what will not arrive, not a write-off of what has gone.

The provision matrix of Arkan Distribution. current at 0.9 per cent, 31 to 60 days at 2.7 per cent, 61 to 90 days at 7.2 per cent, 91 to 180 days at 21.6 per cent, over 180 days at 63.0 per cent.

By band rather than by counterparty, because the rate is the band’s: the drawing shows where the provision comes from — an old balance at a high rate, or a large current one at a low one — and the counterparties are under the receivable ageing’s Detail with the provision against each. The total in the foot is the view’s own, every counterparty added, and it opens the bands as its inputs.

Current: balance 0, rate 0.9%, provision 0; 31 to 60 days: balance 2,412,997, rate 2.7%, provision 65,151; 61 to 90 days: balance (3,108,659), rate 7.2%, provision (223,823); 91 to 180 days: balance (75,287), rate 21.6%, provision (16,262); Over 180 days: balance 15,778,190, rate 63.0%, provision 9,940,260 · USD.

The view rounds each counterparty’s provision to two places, so the bands can differ from the total by that rounding and by nothing else.

Every instalment not yet paid, from 31 Aug 2026: the due date, the lender and the facility, the principal and the interest, and whether it is due or past due. None is past due at that date.

The total of an instalment opens its own workings, which list the principal and the interest it is made of. The paid instalments are under Detail, because what has been paid is a historical document and not a maturity.

The debt schedule against the facilities. Principal and interest as the schedule holds them, in the currency of the facility each instalment is due on. Whether an instalment is past due is judged at 31 Aug 2026, the month end the bar names, and not at today.

A table rather than a drawing: a maturity is a date and an amount, and both are read off a row more exactly than off a bar. The old drawing summed the paid instalments in with the unpaid — on production every 2024 and 2025 instalment of Films is paid, so its title reported history as a maturity — and the standard states the unpaid ones only, from the period end.

Without the schedule the forecast cannot see what falls due beyond its horizon; the debt service inside the thirteen weeks is in the forecast’s payments already.

Unpaid by year: 2026 principal 0, interest 1,595,200; 2027 principal 0, interest 917,275 · USD.