kuliah 5 - cashflow
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ashflownalysis
Rini Novrianti Sutardjo Tui
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Business Cashflow
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Constructing Cashflow
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Operating Activities
Buyinginventory
Producingand selling
product
Payingexpensesand taxes
Collectingcredit sales
Focus ofactivities is
generatingnet income
thebeginning of
a cashflowstatement.
Involves activities firm doeson a day-to-day basis
Money from operatingtransactions runs through
current balance sheet accounts
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Operating Activities
Example of cashflow from operating activities
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Investing Activities
Typicallyincludepurchasingfixed assets
Examine thechange ingross fixedassets, notnet fixedassets
Because the
net valueincludes anadjustmentfordepreciation
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Financing Activities
Deal with the capital accounts, long-term debt and equity
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Free Cashflow
Under normal conditions most firms generate positive cash flow fromoperations
Some of these funds are used to maintain long-run competitive position
Replace worn-outfixed assets
Pay dividends onpreferred stock
Cash generatedbeyond reinvestment
needs
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Free Cashflow
After TaxOperating
CashFlows
Investmentin Assets
FreeCashFlow
Investmentin Net
OperatingWorking
Capital
Investmentin Fixed
Assets andOther
Assets
Investmentin Assets
Free Cash Flow (FCF) is the amount of cash flow
available to debt and equity holders aftermeeting all operating needs and paying for itsinvestment in net operating working capital and
fixed assets and other assets
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After Tax Cashflow Calculation
Revenue
- Operating costs- Capital costs
Before-tax cashflow
- Income tax
After-tax cashflow
Revenue- Operating costs
- Depreciation
- Depletion
- Amortization
- Write-offs
Taxable income
- Income tax
+ Depreciation
+ Depletion+ Amortization
+ Write-offs
- Capital costs
After-tax cashflow
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Business Costs to be Expensed
Tax Benefit
Could be deducted in fullin the year incurred
OperatingCosts
ResearchExperiment.
Costs
MiningExpl.Costs
MiningDevlp.Costs
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Financial Situations that Affect Cashflow
Cashflow
Beforetax
Expense
Stand-alone
Carry-forward
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