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emma爱地球 · 2024年07月26日

calculating CFO

  1. CFA I
  2. FRA

NO.PZ2024011002000053

问题如下：

Assume U.S. GAAP applies unless otherwise noted. An analyst gathered the following annual information ($ millions) about a company that pays no dividends and has no debt:


The company's annual free cash flow to equity ($ millions) is closest to:

选项：

A.53.1. B.58.4. C.61.6.

解释：

CFO = net income + depreciation + loss on sale of equipment + decrease in accounts receivable - increase in inventories + increase in accounts payable. (The loss on sale of equipment is added back when calculating CFO.)

It would have been deducted in the calculation of net income but the loss is not the cash impact of the transaction (the proceeds received, if any, would be the cash effect) and cash flows related to equipment transactions are investing activities, not operating activities.)

CFO = 45.8 + 18.2 + 1.6 + 4.2 – 5.4 + 4.5 = $68.9 million; so FCFE = $68.9 - $7.3 = $61.6 million.

The loss on sale of equipment is added back when calculating CFO.


proceed from sale of stock属于CFI这个我理解，但是The loss on sale of equipment 为什么不是CFI呢？equipiment的买卖不是investment吗？

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lynn_品职助教 · 2024年07月28日

嗨，努力学习的PZer你好：


The loss on sale of equipment is added back when calculating CFO.


proceed from sale of stock属于CFI这个我理解，但是The loss on sale of equipment 为什么不是CFI呢？equipiment的买卖不是investment吗？


因为The loss on sale of equipment 在NI里面，但是它不属于CFO属于CFI（同学这里说的对哈），所以计算CFO要去掉


NI出发计算CFO的时候需要把非经营产生的收入减掉，所以gain on sale of equipment 需要减去，但是loss on sale of equipment是非现金的非经营性亏损，所以是需要加回而非减去


但是以gain on sale of equipment 和loss on sale of equipment实际收到的现金，都叫做proceeds received from sale of equipment（而不是stock），计入的是CFI而不是CFF


另外，同学理解的也是对的，这道题讨论的是CFF记录的proceeds from sales of stock ，这个项目本身根本不进入I/S表，是直接影响Equity和Asset的，在NI也不会有任何体现，自然不需要在NI为起点计算CFO的时候考虑哦

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