NO.PZ201809170300000201
问题如下:
Based on Exhibits 1 and 2, Sienna’s FCFF in 2016 is:
选项:
1,200 million.
C.3,080 million.
解释:
A is correct. Sienna’s FCFF in 2016 is calculated as
FCFF = EBIT(1 Tax rate) + Dep FCInv WCInv.
FCInv = Purchases of PP&E = 1,000 (outflow).
WCInv = Increase in accounts receivable (outflow) + Increase in inventory (outflow) + Increase in accounts payable (inflow).
WCInv = 2,000 (outflow) + 200 (outflow) + 1,000 (inflow) = 1,200 (outflow).
FCFF = 3,200(1 0.35) + 800 1,000 1,200.
FCFF = 680 million.
FCFF can also be computed from CFO:
FCFF = CFO + Int(1 Tax rate) FCInv.
FCFF = 1,394 + 440(1 0.35) 1,000.
FCFF = 680 million.
不明白WCInv和FCInv为什么是这样算的,我的理解是WCInv=-2000-200-1000=-3200; FCInv=-1000,