紫同学2018-04-01 09:59:35

42. Based on Exhibits 5–7, in comparison to Company X, Company Y has a higher: A. debt/capital ratio. B. debt/EBITDA ratio. C. free cash flow after dividends/debt ratio. 选A。 C is correct because Company Y has a higher ratio of free cash flow after dividends to debt than Company X, not lower, as shown in the following table. Free cash flow after dividends as a % of debt = FCF after dividends Debt Company X Company Y Cash flow from operations £3.3 £14.0 Less Net capital expenditures –0.8 –1.1 ?? Dividends –0.3 –6.1 Free cash flow after dividends £2.2 £6.8 固收课后题reading 55 第42题，答案讲解中，在计算自由现金流时，这个值：Net capital expenditures –0.8 –1.1 ??，是如何求出来的，没看懂。麻烦老师讲解一下。谢谢。