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 FCFE (in millions) for 2018 is closest to:
选项:
A.$625 million
B.$720 million
C.$500 million
解释:
A is correct.
考点:FCFE
解析:A是正确的。我们从NI 出发计算FCFE:
FCFE = NI + NCC - FCInv- WCInv + Net borrowing:
NI = $875 million
NCC非现支出 =此题只有折旧费用 = $400 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
Net borrowing =应付票据的增加 +长期债务的增加= (550-500 ) + ( 1,500-1,400 ) = $150 million
FCFE = 875 +400 -750 - 50 + 150= $625 million
NB=债务净流入 - 债务净流出。 为什么Interest expense不算债务净流出的?如果有债务净流出,表达形式是什么样的?谢谢