[管理學(xué)]chapter-資料下載頁
2025-02-19 10:01本頁面
【正文】 capital accounts often prise a large portion of cash flows from operating activities. Issues with EBITDA 730 Analysis of Cash Flows ? While both successful and unsuccessful panies can experience problems with cash flows from operations, the reasons are markedly different. ? We must interpret changes in operating working capital items in light of economic circumstances. ? Inflationary conditions add to the financial burdens of panies and challenges for analysis. Company and Economic Conditions 731 Analysis of Cash Flows Free Cash Flow Another definition that is widely used: FCF = NOPAT Change in NOA ( operating profits after tax (NOPAT) less the increase in operating assets (NOA)) 732 Analysis of Cash Flows Growth and financial flexibility depend on adequate free cash flow. Recognize that the amount of capital expenditures needed to maintain productive capacity is generally not disclosed—instead, most use total capital expenditures, which is disclosed, but can include outlays for expansion of productive capacity. Free Cash Flow Positive free cash flow reflects the amount available for business activities after allowances for financing and investing requirements to maintain productive capacity at current levels. 733 Analysis of Cash Flows ? The SCF is useful in identifying misleading or erroneous operating results or expectations. Cash Flow as Validators SCF provides us with important clues on: ?Feasibility of financing capital expenditures. ?Cash sources in financing expansion. ?Dependence on external financing. ?Future dividend policies. ?Ability in meeting debt service requirements. ?Financial flexibility to unanticipated needs/opportunities. ?Financial practices of management. ?Quality of earnings. 734 Specialized Cash Flow Ratios Cash Flow Adequacy Ratio – Measure of a pany’s ability to generate sufficient cash from operations to cover capital expenditures, investments in inventories, and cash dividends: Threeyear sum of cash from operations Threeyear sum of expenditures, inventory additions, and cash dividends Cash Reinvestment Ratio – Measure of the percentage of investment in assets representing operating cash retained and reinvested in the pany for both replacing assets and growth in operations: Operating cash flow – Dividends Gross plant + Investment + Other assets + Working capital
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