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CU7010598KRA Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Step 8 - Interest Income/Expense - Answer Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Step 14 - Cash Reconciliation - Answer Cash: Marketable Securities: 1996 ($MM) 1995 ($MM) Change ($MM) $76.9 $7.0 $81.6 $1.6 ($4.7) $5.4 Change in cash position $0.7MM The Balance Sheet for the New England Razor Company shows a net change in cash of $0.7MM. Agenda The importance of cash flow Types of cash flow Applications Cash flow steps Exercise Key takeaways CU7010598KRA Key Takeaways “Cash is King” cash flow is a very useful measure of a company’s performance earnings can be very different from cash flow Operating cash flow + investing cash flow + financing cash flow = net cash flow The major components of operating cash flow are: profit before income and tax non-cash expenses/income (mainly depreciation) change in non-cash working capital The major component of investing cash flow is: capital expenditures The major components of financing cash flow are: debt-related transactions equity-related transactions long-term asset and liability transactions Financial statements often have some unusual features, but 95% of the cash flow can usually be understood by looking at the items listed above The value of cash flow analysis is in understanding the components or drivers of cash flow Takeaway Slides (p. 1) Cash Flow Cash is King Cash Flow Cookbook + +/ - +/ - - +/ - 1. Profit before interest and