FCFF — свободный денежный поток компании

FCFF — свободный денежный поток компании доступный для всех типов инвесторов (акционеры, держатели долга, держатели привилегированных акций). Обычно отсутсвует в отчетности компании в явном виде и вычисляется на основе других данных по формуле:

FCFF = Net Income + Depreciation and Amortization + Interest * (1-tax) — CAPEX — changes in Working Сapital

где:
Net Income — чистая прибыль
Depreciation and Amortization — амортизация финансовых и не финансовых активов
Interest — проценты к уплате
tax — ставка налога в процентном отношении / 100
CAPEX — чистые капитальные затраты
changes in Working Сapital — изменения оборотного капитала

FCFF часто спользуется для оценки стоимости компании по различным моделям, например, расширенная версия Gordon Growth Model.

Пример расчета FCFF для компании GAP (тикер GPS).

1. Сперва рассчитаем неизвестные значения для подстановки в формулу:
(1-tax): 1-(177/528)=1-0.335=0.6647 ( для вычисления налоговой ставки разделим Income taxes на Income before income taxes из таблицы №1, а далее вычтем полученый результат из единицы)
Interest: 76-30=46
Capex: 702+343-220=825 (из таблицы №3 сложим сумму покупки оборудования и зданий, и вычтем доход от продажи зданий)
changes in Working Capital: (13679-3209-7154) — (8049-2174-2322) = -237 (данные взяты из таблицы №2, Working Capital = Total Assets — Total Liabilities)

2. Теперь перейдем к расчетам по основной формуле:
+351 (Net Income, данные из таблицы №1)
+557 (Depreciation, Amortization, данные из таблицы №3)
+(46*0,6647) (Interest и tax мы вичислили выше, в 1 пункте)
-825 (Capex мы вичислили выше, в 1 пункте)
-(-237) (changes in Working Capital мы вичислили выше, в 1 пункте)
FCFF = 351 + 557 + 30.576 — 825 +237 = 350.576

Таблица 1:


                
                
                            
                            
                            
                    
        

                                                        CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions 12 Months Ended 



        
            Feb. 01, 2020 Feb. 02, 2019         
            
            Revenues  $ 16 383  $ 16 580         
            
            Cost of goods sold and occupancy expenses 10 250  10 258          
            
            Gross profit 6 133  6 322          
            
            Operating expenses 5 559  4 960          
            
            Operating income 574  1 362          
            
            Interest expense 76  73          
            
            Interest income -30  -33          
            
            Income before income taxes 528  1 322          
            
            Income taxes 177  319          
            
            Net income  $ 351  $ 1 003         
            
                    
            
            Weighted-average number of shares - diluted (in shares) 378  388          
            
            Earnings per share - basic (in dollars per share)  $ 0.93  $ 2.61         
            
            Earnings per share - diluted (in dollars per share) 0.93  2.59          
            
            Common Stock, Dividends, Per Share, Declared  $ 0.97  $ 0.97

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019
Revenues	$ 16 383	$ 16 580
Cost of goods sold and occupancy expenses	10 250	10 258
Gross profit	6 133	6 322
Operating expenses	5 559	4 960
Operating income	574	1 362
Interest expense	76	73
Interest income	-30	-33
Income before income taxes	528	1 322
Income taxes	177	319
Net income	$ 351	$ 1 003

Weighted-average number of shares - diluted (in shares)	378	388
Earnings per share - basic (in dollars per share)	$ 0.93	$ 2.61
Earnings per share - diluted (in dollars per share)	0.93	2.59
Common Stock, Dividends, Per Share, Declared	$ 0.97	$ 0.97

Таблица 2:


                
                
                            
                            
                            
                    
        

                                                        CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions Feb. 01, 2020 Feb. 02, 2019



        
            Current assets:         
            
            Cash and cash equivalents  $ 1 364  $ 1 081         
            
            Short-term Investments 290  288          
            
            Merchandise inventory 2 156  2 131          
            
            Other current assets 706  751          
            
            Total current assets 4 516  4 251          
            
            Property and equipment, net of accumulated depreciation of $5,839 and $5,755 3 122  2 912          
            
            Operating Lease, Right-of-Use Asset 5 402  0          
            
            Other long-term assets 639  886          
            
            Total assets 13 679  8 049          
            
            Current liabilities:         
            
            Accounts payable 1 174  1 126          
            
            Accrued expenses and other current liabilities 1 067  1 024          
            
            Operating Lease, Liability, Current 920  0          
            
            Income taxes payable 48  24          
            
            Total current liabilities 3 209  2 174          
            
            Long-term liabilities:         
            
            Long-term debt 1 249  1 249          
            
            Operating Lease, Liability, Noncurrent 5 508  0          
            
            Lease incentives and other long-term liabilities 397  1 073          
            
            Total long-term liabilities 7 154  2 322          
            
            Stockholders' equity:         
            
            Common stock $0.05 par value, Authorized 2,300 shares 19  19          
            
            Additional Paid in Capital 0  0          
            
            Retained earnings 3 257  3 481          
            
            Accumulated other comprehensive income 40  53          
            
            Total stockholders' equity 3 316  3 553          
            
            Total liabilities and stockholders' equity  $ 13 679  $ 8 049

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Feb. 01, 2020	Feb. 02, 2019
Current assets:
Cash and cash equivalents	$ 1 364	$ 1 081
Short-term Investments	290	288
Merchandise inventory	2 156	2 131
Other current assets	706	751
Total current assets	4 516	4 251
Property and equipment, net of accumulated depreciation of $5,839 and $5,755	3 122	2 912
Operating Lease, Right-of-Use Asset	5 402	0
Other long-term assets	639	886
Total assets	13 679	8 049
Current liabilities:
Accounts payable	1 174	1 126
Accrued expenses and other current liabilities	1 067	1 024
Operating Lease, Liability, Current	920	0
Income taxes payable	48	24
Total current liabilities	3 209	2 174
Long-term liabilities:
Long-term debt	1 249	1 249
Operating Lease, Liability, Noncurrent	5 508	0
Lease incentives and other long-term liabilities	397	1 073
Total long-term liabilities	7 154	2 322
Stockholders' equity:
Common stock $0.05 par value, Authorized 2,300 shares	19	19
Additional Paid in Capital	0	0
Retained earnings	3 257	3 481
Accumulated other comprehensive income	40	53
Total stockholders' equity	3 316	3 553
Total liabilities and stockholders' equity	$ 13 679	$ 8 049

Таблица 3:


                
                
                            
                            
                            
                    
        

                                                        CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions 12 Months Ended 



        
            Feb. 01, 2020 Feb. 02, 2019         
            
            Cash flows from operating activities:         
            
            Net income  $ 351  $ 1 003         
            
            Adjustments to reconcile net income to net cash provided by operating activities:         
            
            Depreciation and amortization 557  578          
            
            Amortization Lease Incentives 0  -61          
            
            Operating Lease, Impairment Loss 239  0          
            
            Share-based compensation 68  91          
            
            Other Asset Impairment Charges 98  14          
            
            Gain (Loss) on Disposition of PPE, Excluding Oil, Gas  and Timber Property 70  4          
            
            Non-cash and other items -10  -10          
            
            Gain (Loss) on Disposition of Property Plant Equipment -191  0          
            
            Deferred income taxes -81  65          
            
            Changes in operating assets and liabilities:         
            
            Merchandise inventory 4  -154          
            
            Other current assets and other long-term assets 105  -18          
            
            Accounts payable 66  -78          
            
            Accrued expenses and other current liabilities 110  -196          
            
            Income taxes payable, net of prepaid and other tax-related items 86  113          
            
            Lease incentives and other long-term liabilities 0  30          
            
            ChangeOperatingLeaseAssetAndLiabilitiesNet -61  0          
            
            Net cash provided by operating activities 1 411  1 381          
            
            Cash flows from investing activities:         
            
            Purchases of property and equipment -702  -705          
            
            Payments to Acquire Buildings -343  0          
            
            Proceeds from Sale of Buildings 220  0          
            
            Payments to Acquire Short-term Investments -293  -464          
            
            Sales and maturities of short-term investments 293  177          
            
            Payments to Acquire Businesses, Net of Cash Acquired -69  0          
            
            Insurance proceeds related to loss on property and equipment 0  0          
            
            Other 0  -9          
            
            Net cash used for investing activities -894  -1 001          
            
            Cash flows from financing activities:         
            
            Payments of debt 0  0          
            
            Proceeds from issuances under share-based compensation plans 25  46          
            
            Withholding tax payments related to vesting of stock units -21  -23          
            
            Repurchases of common stock -200  -398          
            
            Cash dividends paid -364  -373          
            
            Other 0  -1          
            
            Net cash used for financing activities -560  -749          
            
            Effect of Exchange Rate on Cash, Cash Equivalents, and Restricted Cash 4  -10          
            
            Net increase (decrease) in Cash, Cash Equivalents, and Restricted Cash -39  -379          
            
            Cash, Cash Equivalents, and Restricted Cash at beginning of period 1 420  1 799          
            
            Cash, Cash Equivalents, and Restricted Cash end of period 1 381  1 420          
            
            Non-cash investing activities:         
            
            Purchases of property and equipment not yet paid at end of period 85  93          
            
            Supplemental disclosure of cash flow information:         
            
            Cash paid for interest during the period 76  76          
            
            Cash paid for income taxes during the period, net of refunds 176  143          
            
            Operating Lease, Payments  $ 1 244  $ 0

FCFF — свободный денежный поток компании

Пример расчета FCFF для компании GAP (тикер GPS).

Об авторе

Hypersphere

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019
Cash flows from operating activities:
Net income	$ 351	$ 1 003
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	557	578
Amortization Lease Incentives	0	-61
Operating Lease, Impairment Loss	239	0
Share-based compensation	68	91
Other Asset Impairment Charges	98	14
Gain (Loss) on Disposition of PPE, Excluding Oil, Gas and Timber Property	70	4
Non-cash and other items	-10	-10
Gain (Loss) on Disposition of Property Plant Equipment	-191	0
Deferred income taxes	-81	65
Changes in operating assets and liabilities:
Merchandise inventory	4	-154
Other current assets and other long-term assets	105	-18
Accounts payable	66	-78
Accrued expenses and other current liabilities	110	-196
Income taxes payable, net of prepaid and other tax-related items	86	113
Lease incentives and other long-term liabilities	0	30
ChangeOperatingLeaseAssetAndLiabilitiesNet	-61	0
Net cash provided by operating activities	1 411	1 381
Cash flows from investing activities:
Purchases of property and equipment	-702	-705
Payments to Acquire Buildings	-343	0
Proceeds from Sale of Buildings	220	0
Payments to Acquire Short-term Investments	-293	-464
Sales and maturities of short-term investments	293	177
Payments to Acquire Businesses, Net of Cash Acquired	-69	0
Insurance proceeds related to loss on property and equipment	0	0
Other	0	-9
Net cash used for investing activities	-894	-1 001
Cash flows from financing activities:
Payments of debt	0	0
Proceeds from issuances under share-based compensation plans	25	46
Withholding tax payments related to vesting of stock units	-21	-23
Repurchases of common stock	-200	-398
Cash dividends paid	-364	-373
Other	0	-1
Net cash used for financing activities	-560	-749
Effect of Exchange Rate on Cash, Cash Equivalents, and Restricted Cash	4	-10
Net increase (decrease) in Cash, Cash Equivalents, and Restricted Cash	-39	-379
Cash, Cash Equivalents, and Restricted Cash at beginning of period	1 420	1 799
Cash, Cash Equivalents, and Restricted Cash end of period	1 381	1 420
Non-cash investing activities:
Purchases of property and equipment not yet paid at end of period	85	93
Supplemental disclosure of cash flow information:
Cash paid for interest during the period	76	76
Cash paid for income taxes during the period, net of refunds	176	143
Operating Lease, Payments	$ 1 244	$ 0