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csspyj · 2022年06月10日

求EBIT的时候不是直接gross profit 减掉SG&A吗？为什么还要减Dep

  1. CFA II
  2. Equity

NO.PZ2018103102000121

问题如下：

Matt is evaluating the FCFF of Company M for the next year, which has an annual sale of $100 million. He has forecasted the relevant information in the following table. What`s the FCFF?

选项：

A.

$10.81 million

B.

$11.81 million

C.

$14.75 million

解释：

A is correct.

考点：Computing FCFF from Different Accounting Items

解析：先根据预算得到明年的EBIT，再根据公式FCFF = EBIT × (1-T) + Dep – Wcinv – Fcinv

计算FCFF

FCFF = 13.125*(1-30%) + 2.625 – 0.25 – 0.75 = $10.8125 million

求EBIT的时候不是直接gross profit 减掉SG&A吗？为什么还要减Dep

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1 个答案

王园圆_品职助教 · 2022年06月10日

嗨，努力学习的PZer你好：


同学你好，EBIT是指息税前利润，意思就是除了利息和税费没有扣除，其他费用都已经扣除了的一种利润。

在利润表上，EBIT位于depreciation 和SG& A的后面，这里附上一级财务的讲义，你可以参考一下。（表中标黄色的部分就包含了D&A ,SG&A 等费用了）

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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