CFI-CFF
CFI：Cash used in purchase of fixed assets
CFI考試的主要公式
- Book Value = Carry Value = Purchase cost - AD - Impairment
- 公式1: NBV end = NBV begin + Purchase - Disposal NBV - Depreciation
- 公式2：Gain or loss = Proceeds received - Disposal NBV
- 公式3：CFI = - Purchase + Proceeds
Notice:
- NBV: Net Book Value，即Gross COGS減去攤銷D/A后的值
- 公式1中的Disposal NBV與公式2中的Disposal NBV一致
CFF
CFF分為3個部分
- 債
- +delta debt
- 股
- +delta capital (賬面+溢價APIC)
- R/E，非現金
- OCI，非現金
- 支付股利（支付的股利 dividend paid，與宣告的股利 dividend declared 區分）
- Dividend paid = - Dividend + delta Dividend payables
- R/E begin + NI - Div. declared = R/E end
CFS百分比法
- cash flow Statement account / revenues
- cash outflow / total cash outflows
cash inflow / total cash inflows
Free cash flow
FCFF: Free Cash Flow to Firm
FCFE: Free Cash Flow to Equity
考試主要考3個公式
- FCFF = NI + NCC + [Int*(1-t)]-FCInv-WCInv
- FCFF = CFO + [Int*(1-t)] - FCInv
- FCFE = CFO - FCInv + Net borrowing
Notice
- NI: Net Income
- NCC: Non-Cash Charges，類似折舊攤銷
- FCInv: Fixed Capital，主要是機器、廠房和設備
- WCINV: Working Capital，主要是 -delta Inv - delta A/R + delta A/P
