James,
OK, let me take a stab. :-) I'd like to hear your comments on my attempt even if you think that I should not try to analyze another financial statement in my life and should quit investing tomorrow. :-0))))
OK, cash flow statement. Let's assume the "Net cash provided by operating activities" correct. Then, it seems that the net income could have been inflated with the last two lines ("Accounts payable and accrued expenses" and "Inventories, prepaid expenses and other current assets"). They changed significantly from 2000. I don't know why, so I can doubt them. If we set them to 0, the net income becomes approximately 150M loss or 20M gain if we add back the 170M loss on sale of assets (is this a one time loss?).
I don't think "Provision for doubtful accounts" change since 1999 is a red flag, since it corresponds with the similar change in AR. Maybe I am wrong.
I don't know what "provision for deferred income taxes" is but since it decreases net income, I don't change it. :-)
Now, for the free cash flow. It seems that from 670M "Net cash provided by operating activities" you have to subtract 440M "Purchases of property, plant and equipment". Then comes tough part - what else? I would guess "Purchase of limited partnership units" 48M, "Changes in other assets" - hell knows what that is - 80M, and possibly "Payment of cash distributions to limited partners" - 63M. Which gets to 39M "FCF".
BTW, which line(s) in the statement of cash flows account for the payment of interest on debt?
That's pretty much what I saw. If you don't want to spoil the fun of digging through 10K for others, you can comment on my observations through private message.
Thanks
Jurgis - did I get an F? |
