1.

Ending Cash 94,000

2.

1996 Sales Bad debt expense Net receivables Cash collections1 $ ----30 $ ---

1997 $ 140 7 40 $ 123

1998 $150 7 50 $133

1999 $165 8 60 $147

2000 $175 10 75 $150

2001 $195 10 95 $165

3. Cash Balance 12/31/01 $ 60

4.

Net income $

92

b. Change in cash $

16

c. Change in cash M

1996

1997

1998

1999

2000

8

1

15

(20)

16

Net Income: M

A. i Net change in cash $ 100 Ii Cash from operating $1.530 Net change in cash $ 100 6. . B CHANGE IN CASH $ 524 $ 524 9.1996 Net Income 42 1997 1998 1999 2000 40 36 37 9 Change in cash G 1996 1997 1998 1999 2000 2 4 3 19 35 Net Income: G 1996 Net Income 23 1997 1998 1999 2000 42 58 72 94 5.

361 700 578 Adjusted Change $ (601) (2) 326 658 (881) 408 10.582 4.829 530 900 1.154 6.222 5. c As Reported 1987 Receivables Inventory PPE Goodwill ST debt A/C payable Accrued liabilities LT debt 2.379 93 $ (3. b Increase in cash and equivalents $ 78 Philip Morris Companies.019 (181) 986 Less Kraft $ 758 1.277 6.232 1.414) $ (22.Net change in cash 92 $ 13. Worksheet for Statement of Cash Flows Indirect Method .064) 94 $ (15.259 1.230 2.379) Taxes paid (12.571 10.648 15.384 8.929 $ 2.065 4.440 791 As Reported 1988 $ 2.122 1.408) $ 10.740 10.777 Reported Change 1987-88 $ 157 1.066 11.071 1.848 17.052 1.041 9.293 3. Inc.989) $ (8.

1988 Cash flows from operating activities: Net income Adjustments to cash basis: Depreciation expense Amortization of goodwill Decrease in accounts receivable Decrease in inventory Decrease in deferred taxes Increase in accounts payable Increase in accrued liabilities Increase in income taxes payable Net cash flow from operating activities ($ Millions) $ 2.383) (12.) Decrease in investments Acquisition of Kraft Net cash used by investing activities $ (980) (783) 405 (11.Year Ended December 31.929 .041 362 $ 5.741) Cash flows from financing activities: Decrease in short-term debt Increase in long-term debt Decrease in stockholders' equity (repurchase) (540) $ (881) 9.337 654 125 601 2 (325) 408 1.205 Cash flows from investing activities: Increase in PPE (before depreciation) Increase in goodwill (before amort.

6 12. 1989 $ (250) 1990 $ 13 1991 $ 214 Equals: free cash flow .614 $ 78 Supplementary disclosure of cash flow information: Interest paid during year Income taxes paid during year 670 1. A 1989 $ 532 1990 $ 682 1991 $ 518 Adjusted cash from operations C 1989 Adjusted cash flow for investing $ (782) 1990 $ $ (669) 1991 $ (304) e.Dividends declared Increase in dividends payable Net cash provided by financing activities Net increase in cash (941) 47 7.353 Schedule of noncash investing and financing activities: $------- 11. a Cash from operations $ 411.

056 (84) 1998 Change in cash and equivalents 65 297 13 d Repsol Cash from Operations (€ Millions) Years ended 12/31 Operating activities: 3. c % change Sales 12.0 Cash from operations 56 685 7.62 14 a Cash flow from operations $ 700 14 b.685 714 Cash from operating activities Net change 13 A ii 3. 9 1998 1999 Difference 4. 2000 Net income $ 825 2001 $ 600 14.13 a.68% . 1998 1999 7.

12% Cost of goods sold -1. c % change Sales Cash collections Cash collections/sales -0.14% Cash collections/sales Cost of goods sold Cash inputs Cash inputs/COGS 19.71% 15 A Cash flow from operations $791 15 b 2000 Net income $ 840 2001 $ 792 15.73% SG&A Cash expenses Cash expenses/SG&A 19.79% 3.67% .05% 20.40% 15.Cash collections 12.

93% 16.0% 18.3% 0.0% 36.195 16.01% -5.0% 20.0% 35. A Cash flow from operations $1.52% SG&A* Cash expenses Cash expenses/SG&A 2. b % change Sales Cash collections Cash collections/sales Cost of goods sold Cash inputs Cash inputs/COGS SG&A* Cash expenses Cash expenses/SG&A Interest expense Interest paid Interest paid/Interest expense 20.1% .3% 30.0% 9.Cash inputs Cash inputs/COGS -4.

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