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CFA® Level I
16
operation
Other cash income X
Payments to suppliers (X)
Cash expenses (wages etc) (X)
Cash interest paid (X)
Cash taxes paid (X)
CFO X/(X)
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Direct CFO
5. Adjust the income statement amount by the
change in the balance sheet
6. Tick off the items dealt with in both the
income statement and balance sheet
7. Move to the next item on the income
statement and repeat
8. Ignore depreciation/amortization and
gains/losses on the disposal of assets as
these are non-cash or non-CFO items
Direct CFO
9. Keep moving down the income statement
until all items included in net income have
been addressed applying steps 1-8
10. Total up the amounts and you have CFO
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Ecclestone Industries—Example
Ecclestone Industries has the following income
statement for 20x9 and balance sheets for 20x8 and
20x9. You are to construct the statement of cash flows
using the direct method.
Additional information:
Equipment was purchased for $50,000
Ecclestone has a tax rate of 40%
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Direct cont.
Cash outflows $ $
Interest Expense (1,000)
Add: Increase in interest payable 1,000
Cash interest paid 0
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Calculating CFI
CFI =
investment in assets – cash received on asset sales
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Ecclestone CFI
Calculating NBV of asset sold
Ecclestone CFI
CFI = cash additions – cash received on disposal
$
Sale Proceeds 30,000
NBV of disposal 10,000
Gain(loss) on sale 20,000
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Computing CFF
Change in debt
Change in common stock
Cash dividends paid
$ $
Net income X Dividends declared (X)
Dividends declared (X) ΔDividends payable X
Δ in retained earnings X Cash paid (X)
Ecclestone CFF
$
Change in debt 10,000
Change in common stock (20,000)
Cash dividends paid (7,000)
$ (17,000)
$
Net income 75,000 Dividends decl. (17,000)
Div declared (17,000) Δ Div. payable 10,000
Δ in R/E 58,000 Cash div. paid (7,000)
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$
Cash flow from operations 85,000
Cash flow from investments (20,000)
Cash flow from financing (17,000)
Net increase in cash 48,000
Cash balance 12/31/x8 18,000
Cash balance 12/31/x9 66,000
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Analysis
1. Analyze the major sources and uses of cash
flow (CFO, CFI, CFF)
Where are the major sources and
uses?
Is CFO positive and sufficient to cover
capex?
2. Analyze CFO
What are the major determinants of
CFO?
Is CFO higher or lower than NI?
How consistent is CFO?
Analysis
3. Analyze CFI
What is cash being spent on?
Is the company investing in PP&E?
What acquisitions have been made?
4. Analyze CFF
How is the company financing CFI and
CFO?
Is the company raising or repaying
capital?
What dividends are being returned to
owners?
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CFO
Cash return on assets
Ave total assets
CFO
Cash return on equity
Ave equity
CFO
Cash to income
Operating income
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CFO
Dividend payment
Dividends paid
CFO
Investing and financing
Cash outflows for CFI
& CFF
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