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By August 20, 2022essay代写



cash flow analysis资金流动分析

Net cash generated from operating activities经营活动产生的现金净额

Over the last year, net cash flow from operating activities increased from -£5.5m to £39.7m, in spite of the profit before tax was decreased from £33.2m (2008) to £25.2m (2009). The principal reason for the change in cash flow was due to the increase in cash generated from operations, which saw a generation of cash is £46.2m compares to £14.1m in the previous year.在过去的一年里,经营活动产生的现金流量净额增加 – 550万英镑英镑39.7百万,尽管利润税前下降至£33.2百万(2008)£25.2百万(2009)。现金流量变动的主要原因是由于操作,看到了一代人的现金产生的现金增加是46.2百万英镑比较14.1百万英镑在过去一年。

Analysis in cash flow from operation shows an increase in cash flow due to the profit for 2009 is £9.2m which compare the loss £12.3m in 2008, although the underlying profit before tax declined by 24% to £25.2m (2008: £33.2m), with a negligible net effect from foreign exchange movement.The obvious spread between two years is in the impairment of goodwill and intangible assets, which decreased 88% from £37m in 2008, and the net book value of goodwill and intangible asset at the end of 2009 is £148.9m and in 2008 is £155.2m. Following impairment testing, a £4.3m charge has been recognized through the income statement (2008 – £37.0m) relating to goodwill and intangibles on historical acquisitions where carrying values are no longer supported by the discounted cash flow analysis.

Due to the continued poor US market conditions, an impairment has been recognized of £4.3m in Savills America (2008 £7.7m). While it is assumed that the US market will slowly begin to recover, transaction activity may not pick up as soon as anticipated; therefore a more cautious approach to revenue and profit margins has been taken. Key assumptions include a pre-tax discount rate of 12.5%.

Profit on disposal of associate, joint ventures and available-for-sale investments in 2009 is nil (2008: £17.4m). It include that Savills represented Lend Lease Europe and Quintain in the sale of the share capital in their joint venture Meridian Delta Dome Limited (MDDL) to Trinity College Cambridge for £24m and Savills closed $162m Joint Venture capitalization for new cancer centre in Dallas, Texas.

In the current trade and other receivables, Savills cash generation decreased £70.6m from 2008(£71.6m) to 2009(£1.0m), the total trade receivables are £116.5m in 2009 and £122.7m in 2008, the net trade receivable in two years are -£9.4m and -£10m respectively, which less the provision for impairment of receivables. The individually impaired receivables mainly relate to receivables from clients that have been affected by the uncertain economic conditions where funding and completion have been delayed and cash flow has become uncertain.

In the contrary, the trade and payables was increased over £100m, it offset the adverse influence about cash generation which trade and receivables brought.On the comparison, the cash generated from operations went up from £14.1m to £46.2m in 2009.

Net cash generated from investment activities投资活动产生的现金净额

During last year, net cash spend in investment is £2.6m and £9.1m in 2008. Capital spent in the purchase of property, plant and equipment was £3.2m in 2009 (2008 -£8.5m). With the comparison, it demonstrated that Savills spent less money in the short leasing property which is £0.8m and equipment and motor vehicles owned is £2.4m in 2009 (2008 £3.2m, £5.3m). And proceed from fixed asset in 2 years are £0.5m and £0.2m respectively.在去年净投资现金支出是260万英镑,在2008年9.1百万英镑。购置物业,厂房及设备的资本花费在为2009年的320万英镑(2008 – 8.5百万英镑)。有了比较,它表明,第一太平戴维斯在短期租赁物业,这是的0.8百万英镑和拥有的设备及汽车在2009年是240万英镑(2008年320万英镑,530万英镑),花更少的钱。并继续从固定资产在2年内分别是50万英镑和0.2百万英镑。

Net cash generated from financial activities金融活动产生的现金净额

The dividend paid in 2009 is £8.5m decreased 66%, compared £25.1m in 2008 the main reason is board consider the preservation of cash to be of permanent importance both to safeguard the business against the risk of market deterioration and to enable the group to take opportunities as they present themselves. According to this part, net cash flow from financial activities increased £11.4m, although net cash generated from financial activities in two year are both negative.

At last, cash, cash equivalents and bank overdrafts at the end of year in both two years are £80.9m and £75.3m (2008). It represented that liquidity in Savills is stay on a health level.

Consolidated and Company statement of cash flows for the year ended 31 December 20092009年12月31日止年度的合并及公司现金流量表

Cash generated from operations经营业务产生之现金


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