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台风来了 · 2023年06月14日

关于折旧（DEP）的计算

  1. CFA II
  2. Equity

NO.PZ2018103102000049

问题如下：

Jacques is preparing the valuation for PZ Inc.. Based on its 2017 and 2018 financial statements provided by the company as shown below, Jacques evaluates PZ Inc.’s FCFF (in millions) for 2018 is closest to:

选项：

A.

$800 million

B.

$720 million

C.

$600 million

解释：

B is correct.

考点：FCFF

解析：B是正确的。我们从NI 出发计算FCFF:

FCFF = NI + NCC + Interest expense (1- Tax rate) - FCInv - WCInv:

NI = $875 million

NCC非现支出 =此题只有折旧费用 = $400 million

Interest expense (1- Tax rate) = 350 (1- 0.30) = $245 million

FCInv = 固定资产总额增长= 5000 - 4250 = $750 million

WCInv = 应收账款的增加 + 存货的增加- 应付账款的增加-应计负债的增加= (800 - 750) + (850- 720) - (400- 300) - (120 - 90)= $50 million

FCFF = 875 + 400 + 245 -750 -50= $720 million

关于折旧的计算，应该是：期初固定资产 + 固定资产的投资 - 折旧 = 期末固定资产，则固定资产投资 = 期末固定资产 - 期初固定资产 + 折旧，即fcinv = 5000-4250+400 = 1150。是应该这样吗？

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1 个答案

王园圆_品职助教 · 2023年06月15日

同学你好，不是的，你要注意区分题目给的是gross PP&E还是net PP&E

你看本题给的条件是gross PP&E

而gross PP&E的定义就是固定资产购置的初始价格（不考虑任何累计折旧，仅记录初始购买的价格）

所以用该信息直接可以知道公司2018年固定资产新增了多少，而完全不用再想折旧的问题

2018年相对2017年增加了5000-4250 = 750million的gross PP&E，说明固定资产投资就是750 million

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