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椰子鸡 · 2024年12月28日

如果去除了 应该是exclude啊 怎么会是include的呢

  1. CFA II
  2. FRA

NO.PZ2018111303000091

问题如下：

Analyst collected the financial information about PZ company in the following table:

Analyst also collected the cash flow information about PZ company in the following table:

The CFF includes cash paid for interest of 1260 and the CFO includes taxes of 1850 in 2018, please calculate the ratio of operating cash flow before interest and taxes to operating income for PZ for 2018 is closet to:

选项：

A.

2.29

B.

2.25

C.

2.34

解释：

C is correct.

考点：operating cash flow before interest and taxes

解析：

Operating cash flow before interest and taxes=CFO+支付利息的现金+支付税的现金，这一题比较特殊，因为题目中说interest是属于financing activity的，不属于CFO，所以它没有在CFO中扣除。既然它没有在CFO中扣除，那也就不需要加回了.只需要加回tax即可，

Operating cash flow before interest and taxes=8850+1850=10700

将其除以EBIT得到：10700/4579=2.34

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1 个答案

王园圆_品职助教 · 2024年12月28日

同学你好，exclude不是数学意义上的减去，而是代表不用考虑它；同理 include也不是数学意义上的加上，而是代表需要考虑它

所以这里”The CFF includes cash paid for interest of 1260 and the CFO includes taxes of 1850 in 2018, “这句话是说，CFF计算的时候是把利息费用支出的现金作为CFF的（也就是不作为CFO的现金流出了）

而CFO计算的时候是已经考虑了税费的现金支出的，也就是CFO现金流的净额中已经是减去了tax payment 现金以后的净额了

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