问一道题：NO.PZ201809170300000202

Based on Exhibits 1 and 2, Sienna’s FCFE in 2016 is:

选项：

$€$894 million.

$€$1,466 million.

$€$2,894 million.

解释：

A is correct. Sienna’s FCFE in 2016 is calculated as

FCFE = CFO $–$ FCInv + Net borrowing.

= 1,394 $–$ 1,000 + 500

= $€$894 million.

Alternatively, FCFE may be calculated as

FCFE = FCFF $–$ Int(1 $–$ Tax rate) + Net borrowing.

= 680 $–$ 440(1 $–$ 0.35) + 500

= $€$894 million.

repayment 为什么是+5000？

BVt-1+borrowing-repayment=BVt，这里repayment不是前面有个负号吗》为什么不是-5000？

还是应该把net borrowing堪称负责那一侧，repayment意味着减少，根据decreased liability+回来？