题干这句话怎么理解

问题如下：

Question If interest paid is classified as a cash flow from operating activities and the income tax rate is 20%, FCFF (in € thousands) is:

选项：

A.57 B.65 C.73

解释：

Solution

1. Incorrect because it has deducted the after-tax interest adjustment instead of adding it back. Accordingly, FCFF = CFO – Int(1 – Tax rate) – FCInv ; or = 80 – [10 × (1 – 0.20)] – 15 = 80 – 8 – 15 = 57.

2. Incorrect because it assumed that interest expensed and paid was included in financing activities and no adjustment for Int(1 – Tax rate) has been made. Accordingly, FCFF = CFO – FCInv ; or = 80 – 15 = 65.

3. Correct because FCFF can also be computed from cash flow from operating activities as FCFF = CFO + Int(1 – Tax rate) – FCInv. CFO represents cash flow from operating activities under US GAAP or under IFRS where the company has included interest paid in operating activities. Accordingly, FCFF = CFO + Int(1 – Tax rate) – FCInv; or = 80 + [10 × (1 – 0.20)] – 15 = 80 + 8 – 15 = 73.

Analyzing Statements of Cash Flows II

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