Please refer to the 20 10 annual report of Sany Heavy Industry to calculate the free cash flow of Sany Heavy Industry in 20 10.

Briefly calculate the free cash flow of Sany Heavy Industry (unit million yuan)

Net operating profit after tax = net profit+financial expenses.

=6 164+298=6462

These two items are in the consolidated income statement.

For details of depreciation and amortization, please refer to Notes VII. IX. Fixed assets, VII. Accumulation and amortization of intangible assets, VII. 1 13 provision for asset impairment. The fixed assets mentioned this year are written in its summary; The amount of intangible assets recovered this year is listed as "the increase in the current period" in the cumulative amortization table, and the total column; The increase of asset impairment reserve is "current added value" minus "transfer-out/write-off" in the total column. If it's too much trouble, these three items can be found in the table of item 1 in Note 53, "Adjusting net profit to operating cash flow". Supplementary information on consolidated cash flow statement of financial statements (page 129- 130).

Depreciation and amortization = depreciation of fixed assets+amortization of intangible assets+increase of asset impairment reserve this year.

=485+ 127+37=649

I tend to use "net cash flow from investment activities" as capital expenditure, because Sany Heavy Industry made a merger on 20 10, and paid a lot of money for the investment of subsidiaries, so "net cash paid by subsidiaries" cannot be ignored.

In the consolidated cash flow statement.

Capital expenditure =6774

Increase of working capital = increase of receivable items+decrease of payable items+increase of inventory.

There are a lot of accounts payable and receivable items in the consolidated balance sheet, including notes receivable, accounts receivable, prepayments, other receivables, notes payable, accounts payable, accounts received in advance, employee salaries payable, taxes payable and other payables. Subtract their data of 20 10 from their data of 2009, and the change value is working capital expenditure. It is best to adopt the form of "adjusting net profit to operating cash flow", including the decrease of accounts receivable and the increase of accounts payable, and pay attention to symbols.

Increase in working capital = 3225-4793+1725 =157

Free cash flow = 6462+649-(6774+157) =180.

Free cash flow is 65.438+0.8 billion yuan, which is still very low compared with debt interest (298 million yuan) and dividend (570 million yuan).

Structurally, Sany Heavy Industry can free up funds to expand investment and expand the scale of fixed assets by 50%. In addition to increasing short-term loans, the accounts payable increased by 4.8 billion through a substantial increase, which reduced the financing cost. However, this debt should be paid slowly. It is expected that it will take some time for Sany Heavy Industry to pay off its debts. In the future, its operating cash flow is not optimistic, and the possibility of further mergers and acquisitions is reduced.

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