Cash Flow Statement Analysis

This assignment requires an analysis of cash flow statements provided for a company across several periods. Students need to examine the operating, investing, and financing activities reported in each statement and identify trends or patterns over time. Specific details about the company (name, industry) are missing from the provided data.

Running Head: Finance for strategic managers
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Finance for strategic managers

Finance for strategic managers
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Contents
Introduction.......................................................................................................................3
Activity 1..........................................................................................................................3
Financial information requirement...............................................................................3
Business risk identification...........................................................................................4
Summary for strategic business decision......................................................................5
Activity 2..........................................................................................................................6
Purpose, content and structure of published accounts..................................................6
Interpretation of financial information.........................................................................8
Financial ratios..............................................................................................................9
Activity 3........................................................................................................................10
Long term and short term financial requirement........................................................10
Comparison among short term and long term finance................................................11
Cash flow....................................................................................................................11
Activity 4........................................................................................................................12
Corporate governance.................................................................................................12
Appraising strategic capital........................................................................................13
Conclusion......................................................................................................................15
References.......................................................................................................................16
Appendix.........................................................................................................................18

Finance for strategic managers
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Introduction:
This report has been prepared to evaluate the importance of financial statement and
evaluation in an organization. Financial statement assist the companies to make a better
conclusion about the strategies, polices, changes and the profitability level of the company. It
makes it easy for all the stakeholders and the employees of the company to analyze the
performance of the company. And at the same time, financial statement also makes it easy for
the company to evaluate the cash position of the company. Financial information is quite
compulsory for the company to make better strategies and the policies for the company.
For this report, financial information which is required by the business to maintain the
performance has been evaluated firstly. Further, the business risk of the company has been
identified and it has been evaluated that how it make an impact on the financial position of
the company. In addition, it has been evaluated that how financial information is important in
making the strategic business decision.
More, the financial accounts of Unilever plc have been identified to evaluate the
importance, structure, purpose, and content of financial accounts through evaluating the ratio
analysis study. In activity 3, long term and short term funds have been evaluated which are
required by the business to maintain the performance and the capital structure of the business.
It also explains about the cash flow position of the company. Lastly, activity 44 explains
about the corporate governance and investment appraisal method.
Activity 1:
Financial information requirement:
Financial information could be collected by an organization through its financial
statements. Financial information is useful for the creditors, financial analyst, investors,
managers, suppliers etc of the company to interpret the financial performance of the company
and make a better conclusion about the company. Financial information is mainly required by
the company for the following reasons:
Financial condition:
Financial condition of an organization could be evaluated and analyzed through the
financial information’s only. Financial condition makes to easy for all the related parties of
the company to evaluate the safety and profitability and make conclusion about the company.

Finance for strategic managers
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Financial condition is also important for the company to evaluate the investment position of
the company (Higgins, 2012).
Operating results:
Further, operating results of an organization could be evaluated and analyzed through
the financial information and financial statement of the company. Operating results makes it
easy for the management and the stakeholders of the company to analyze the financial
position, condition, turnover, revenue etc of the company. Operating results is also important
for the company to evaluate the uncertainties of cash flow in the company.
Cash flows:
More, cash flows of an organization presents about the liquidity position and the
profitability position of the company. This evaluation could be done only with the help of
financial statement of the company (Garrison, Noreen, Brewer and McGowan, 2010). Cash
flows makes to easy for the management of the company to evaluate the liquid position and
make better decision.
Shareholder’s equity:
Lastly, shareholder equity could also be evaluated through preparing the balance sheet
of the company. It makes it easy for the company to figure the total cost and the risk of the
company.
Business risk identification:
Business risk of an organization could be of any type. Business risk is a possibility for
the company that the company could lower the anticipated profits or face loss in the market.
There are various factors which impact on the business risk of a company such as input cost,
unit price per unit, competition, government regulations, economic climate etc. Financial
information and financial statement plays an important role in identifying and evaluating the
business risk (Davies and Crawford, 2011).
Financial statement and information assist the company to evaluate the systematic and
unsystematic risk of the company and at the same time, it makes a direct impact on the
financial decision and performance of the company. Such as, in case of investment analysis,
business risk assist the company to evaluate the required rate of return and thus it becomes
easy for them to identify the performance of the company. Further, business risk evaluation

Finance for strategic managers
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become important as they considers the stock position, financial position, liquidity level and
other position which could occur the position of risk and loss in the organization
(Damodaran, 2011). Following are some examples which assist that how the business risks
assist the company in financial decisions:
Name of Company $m
invested
Beta
Fire $2 0.85
Water $3 1.25
Air $5 1.6
TOTAL $10
Calculation of cost of equity (CAPM)
Fire Water Air
RF 4.00% 4.00% 4.00%
RM 12.00% 12.00% 12.00%
Beta 0.85 1.25 1.6
Required rate of return 10.80% 14.00% 16.80%
(Bromwich and Bhimani, 2005)
The above table assist the company to evaluate that which project proposal is best in
terms of risk ad return. Thus, financial information is quite useful for the company to
evaluate the performance and the position.
Summary for strategic business decision:
Financial decisions are crucial for every business. A better financial decision could be
planned and made by a company after evaluating and solving the perfect strategies and
policies of the company. Strategic decisions are quite major conclusion which is usually
taken by the higher management level to administer the performance and the position of the
company. Basically, for preparing the strategies for business decision and the performance of
the company, financial information is required by a business such as the profitability level of
the company, competitor’s position in the market, financial strength of the company, capital
structure of the company, financial risk and return of the company, costly financial fund of
the company etc. (Arnold, 2013).

Finance for strategic managers
6
Profitability level of the company assists the management to evaluate the exact
position of the company and thus while making the strategies they could consider the future
performance of the company and make a better policy according to that. At the same time,
risk and return of the company helps the managers to make strategy about the investment
proposal (Ackert and Deaves, 2009). Capital structure is concerned by the chief financial
officer of the company to make strategies about the financial funds. On the other hand,
financial accounts are analyzed by the strategies manager while evaluating the new strategies
for the company.
Thus, through the above study, it has been evaluated that the financial information
and accounts are crucial for every business as it assist the company to evaluate all the related
factors and make better decision about the position of the company. A better financial
decision could be planned and made by a company after evaluating and solving the perfect
strategies and policies of the company.
Activity 2:
In this activity, the financial accounts of Unilever plc have been identified to evaluate
the importance, structure, purpose, and content of financial accounts through evaluating the
ratio analysis study. The information about the financial statement, its purpose, content,
structure, information, interpretation, ratios etc are as follows:
Purpose, content and structure of published accounts:
Company leaders and the managers make the financial statements and evaluate them
for keeping the information in a systematic manner and make a better conclusion about
various financial problems. Basically, companies prepare the financial statement monthly,
quarterly or annual basis. Financial statements include income statement, balance sheet,
changes in equity and cash flow statement (Baker and Nofsinger, 2010).
Main purpose of income statement is to offer the information about the total turnover,
cost of goods sold, operating expenses and net profit of the company in a systematic way. On
the other hand, balance sheet assists the management and stakeholders of the company to
evaluate about the long term resources of the company, operation cycle of the company,
capital structure of the company etc. In addition, the cash flow statement and the changes in
equity statement is prepared by the companies to measure the liquidity level and the funds of

Finance for strategic managers
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the company. Mainly, these financial documents allow the managers and the company to
evaluate the current situation of the company and make changes.
Further, the content and the structure of the financial statement are as follows:
Income Statement Balance sheet Cash flow statement
Revenue Assets
Cash Flows From Operating
Activities
Gross profit Current assets Net income
Operating expenses Cash Depreciation & amortization
Operating income
Cash and cash
equivalents Deferred income taxes
Interest Expense Short-term investments Stock based compensation
Other income (expense) Total cash Change in working capital
Income before taxes Receivables Inventory
Provision for income taxes Inventories Other working capital
Net income from continuing
operations Deferred income taxes Other non-cash items
Other Other current assets
Net cash provided by
operating activities
Net income Total current assets
Cash Flows From Investing
Activities
Net income available to
common shareholders Non-current assets
Investments in property, plant,
and equipment
Earnings per share
Property, plant and
equipment
Property, plant, and equipment
reductions
Basic
Gross property, plant and
equipment Acquisitions, net
Diluted
Accumulated
Depreciation Purchases of investments
Weighted average shares
outstanding
Net property, plant and
equipment Sales/Maturities of investments
Basic
Equity and other
investments Purchases of intangibles
Diluted Goodwill Other investing activities
EBITDA Intangible assets
Net cash used for investing
activities
Deferred income taxes
Cash Flows From Financing
Activities
Prepaid pension benefit Debt repayment
Other long-term assets Dividend paid
Total non-current
assets Other financing activities
Total assets
Net cash provided by (used
for) financing activities
Liabilities and Effect of exchange rate changes

Finance for strategic managers
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stockholders' equity
Liabilities Net change in cash
Current liabilities Cash at beginning of period
Short-term debt Cash at end of period
Capital leases Free Cash Flow
Accounts payable Operating cash flow
Taxes payable Capital expenditure
Accrued liabilities Free cash flow
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Capital leases
Deferred taxes liabilities
Accrued liabilities
Pensions and other
benefits
Minority interest
Other long-term
liabilities
Total non-current
liabilities
Total liabilities
Stockholders' equity
Common stock
Additional paid-in
capital
Retained earnings
Accumulated other
comprehensive income
Total stockholders'
equity
Total liabilities and
stockholders' equity
(Besley and Brigham, 2008)
Interpretation of financial information:
Further, the interpretation of financial accounts has been done to analyze the financial
information from them. The income statement of an organization offers the information about
the total turnover, cost of goods sold, operating expenses and net profit of the company in a
systematic way. On the other hand, balance sheet offers the information to management and
stakeholders of the company about the long term resources of the company, operation cycle

Finance for strategic managers
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of the company, capital structure of the company etc. In addition, the cash flow statement and
the changes in equity statement is prepared by the companies to measure the liquidity level
and the funds of the company (Bierman, 2010).
Financial ratios:
Following is the calculations of financial ratios of Unilever plc:
Description Formula Unilever plc
2017 2016 2015
Profitabilit
y
Return on
equity Net profit/revenues 9.83% 9.21% 10.68%
Return on
assets Net profit/Equity 31.70% 31.80% 37.88%
Profit
margin Net profit / Sales 9.83% 9.21% 10.68%
Asset
turnover
total assets / total sales
*365 390.73 358.33 361.92
Price
earnings
ratio
Market value per share /
Earnings per share 37.59
Liquidity
Cash ratio
cash equivalents + cash /
current liabilities 0.675 0.634 0.629
Capital
intensity
ratio Total assets /sales 1.07 0.98 0.99
Quick Ratio
Current assets-
Inventory/current
liabilities (0.04) 0.17 0.17
Solvency
Times
interest
earned EBIT / Interest expenses 92.80 93.79 85.27

Finance for strategic managers
10
Long term
debt ratio
Long term debt/ total
assets 0.19 0.21 0.23
Equity
multiplier
Total assets /
stockholder's equity 3.45 3.39 3.52
(Brealey, Myers and Marcus, 2007)
These ratios express about the financial position such as liquidity level, solvency
level, efficiency level, debt level, profitability level etc of the company. Through the
evaluation on the financial data of the company, it has been found that the profitability level
of the company expresses about the competitive position of the company and explains that
the performance of the company would be better in next few years. The position of the
company has been lowered in 2016 due to some economical changes (Brewer, Garrison and
Noreen, 2005).
Further, the calculation of financial ratio on liquidity position of the company
explains that the cash position and working capital position of the company is way better but
the short term debt obligation of the company is required to be better. So, it is suggested to
the company to improve the current asset’s level.
More, the solvency ratios explain that the working capital turnover and cash turnover
of the company is quite similar in last 3 years. But the industry level suggests the company to
reduce the cash turnover days so that the less working capital is required by the company to
manage the performance of the company.
Activity 3:
Long term and short term financial requirement:
A company is always required some sources through which it could enhance the short
term as well as long term funds. Short term financial funds are required by the company to
manage the operations and the daily activities of the company. These funds could be
generated by the company through overdraft agreement, customer advances, receivable
financing and selling goods on instalment. These funds are important for the company to
evaluate on the basis of its needs and the requirements (Brigham and Ehrhardt, 2013).
At the same time, long term financial funds are required by the company to invest into
the long term projects and the resources of the company. These funds could be generated by

Finance for strategic managers
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the company through long term loan from banks, retained earnings, debenture issues, equity
issues, government grants etc. These funds are important for the company to evaluate on the
basis of its needs and the requirements. Thus, it explains that the organization is firstly
required to evaluate that why the funds are required and for how much time it is required.
Then they should enhance the funds through the important and significant funds (Hillier,
Grinblatt and Titman, 2011).
Comparison among short term and long term finance:
Following table expresses about the few short term and long term sources which are
used by the comapny to manage the financing position of the company:
(Horngren, 2009)
Cash flow:
Cash flow is one of the important financial statements of a business. It explains about
the cash position of the company. Cash flow statement briefs that how much cash flow has

Finance for strategic managers
12
been occurred due to operational activities, investing activities and financial activities of the
business. Though, this statement only brief about the cash position but the organization is
required to follow some techniques through which the cash flow position of the company
could be managed. Few techniques of managing the cash flow position of a company are as
follows:
1. Keep track on the activities of the company
2. Cut out the inefficiencies of the business
3. Invest into the people and resources continuously
4. Speed up the level of the payments (Horngren et al, 2015)
5. Use the invoice financing
These are few techniques which could be used by the business to manage the cash flow
position of the company. Further, it has been evaluated that the cash flow of a business is
quite crucial to be managed. Following are few of the importance of cash flow management:
1. Cash ensures the flexibility of the business.
2. It assists the company to improve the performance in the market.
3. Cash helps the company to grow up faster.
4. Cash is the most crucial element of a business.
5. Cash helps the company to strategies the new policies and achieve the goals.
Thus, it has been evaluated that the cash flow management must be done by every
business in an efficiency way to manage and administer the performance of the company.
Activity 4:
This activity explains about the organizational structure, corporate governance, legal
requirements, regulatory requirements and investment appraisal method.
Corporate governance:
Ownership
structure
Corporate
governance
Legal
requirements
Regulatory
requirements
Sole
proprietorship
In sole
proprietorship,
the owner is the
one who handles
Sole proprietor is
not required to
manage the legal
obligations.
There is no
regulatory
requirement for
sole proprietor.

Finance for strategic managers
13
all the activities
of the company.
Partnership In partnership,
patterns are the
managers and the
handles all the
activities of the
company.
Partners are
required to
register their
firm according to
the partnership
act.
They are
required to
follow the
partnership act
rules.
Limited
partnership
In limited
partnership,
patterns are the
managers and the
handles all the
activities of the
company.
Partners are
required to
register their
firm according to
the partnership
act.
They are
required to
follow the
partnership act
rules.
Limited liability
company
A set of people
handles the
activities and
operations of the
company.
Company is
required to
register itself
according to the
company's act
(Kaplan and
Atkinson, 2015).
Company's act
rules and
regulations are
required to be
followed.
Corporation A set of people
handles the
activities and
operations of the
company.
Company is
required to
register itself
according to the
company's act.
Company's act
rules and
regulations are
required to be
followed.
Non profit
corporation
Trust handles the
activities (Jiashu,
2009).
Company is
required to
register itself
according to the
company's act.
Government set
the rules and
assign non
executive
directors.
Cooperative Members of the
firm manage the
functions of the
company.
Company is
required to
register itself
according to the
company's act.
Company's act
rules and
regulations are
required to be
followed
(Kinsky, 2011).
Appraising strategic capital:
An organization always invests its funds into new projects and the operations to
enhance the level of the fund. Various opportunities are always available for a company and
for the better opportunity, capita; investment appraisal techniques are used by the companies.
These techniques takes the concern of project cash outflows, cash inflows, time etc and

Finance for strategic managers
14
explains the company that which opportunity is better for the company and why (Madhura,
2011). Few of the investment appraisal techniques of the company are as follows:
Net present value:
Net present value technique takes the concern of cash outflow, cash inflow, time,
discount rate etc. the formula of NPV is as follows:
(Juan García-Teruel and Martinez-Solano, 2007)
It assists the company to evaluate the total profit through the project or investment
opportunity.
Internal rate of return:
Internal rate of return technique takes the concern of cash outflow, cash inflow, time,
discount rate etc. the formula of IRR is as follows:
(Nobes and Parker, 2008)
It assists the company to evaluate the total internal rate of return of the project which
is compared with the total cost of capital of the company.
Payback period:
Payback period technique takes the concern of cash outflow, cash inflow, time etc. the
formula of payback period is as follows:

Finance for strategic managers
15
It assists the company to evaluate the total time in which the invested amount would
be got back by the company.
Accounting rate of return:
Accounting rate of return technique takes the concern of cash outflow, cash inflow,
time etc. the formula of ARR is as follows:
(Weygandt, Kimmel and Kieso, 2009)
It assists the company to evaluate the total rate of return of the company.
Profitability index:
Profitability index technique takes the concern of cash outflow, cash inflow, time etc.
the formula of PI is as follows:
Profitability Index = (PV of future cash flows) ÷ Initial investment (Williams et al, 2005)
It assists the company to identify the total level of the project.
Conclusion:
The above study explains that the financial skills and information is quite required by
an organization to manage the performance and make better and quick decision about the
financial activities of the company. It explains that every company must adopt and manage
the financial accounts so that the activities and operations of the company could be easier.

Finance for strategic managers
16
References:
Ackert, L. and Deaves, R. 2009. Behavioral Finance: Psychology, Decision-Making, and
Markets. Cengage Learning.
Arnold, G., 2013. Corporate financial management. Pearson Higher Ed.
Baker, H.K. and Nofsinger, J.R. 2010. Behavioral Finance: Investors, Corporations, and
Markets. John Wiley & Sons.
Besley, S. and Brigham, E.F., 2008. Essentials of managerial finance. Thomson South-
Western.
Bierman, H., 2010. An introduction to accounting and managerial finance: a merger of
equals. World Scientific.
Brealey, R., Myers, S.C. and Marcus, A.J., 2007. FundamentalsofCorporate Finance. Mc
Graw Hill, New York.
Brewer, P.C., Garrison, R.H. and Noreen, E.W., 2005. Introduction to managerial accounting.
McGraw-Hill Irwin.
Brigham, E.F. and Ehrhardt, M.C., 2013. Financial management: Theory & practice.
Cengage Learning.
Bromwich, M. and Bhimani, A., 2005. Management accounting: Pathways to progress. Cima
publishing.
Damodaran, A, 2011, Applied corporate finance,3rd edition, John Wiley & sons, USA
Davies, T. and Crawford, I., 2011. Business accounting and finance. Pearson.
Gapenski, L.C., 2008. Healthcare finance: an introduction to accounting and financial
management. Health Administration Press.
Garrison, R.H., Noreen, E.W., Brewer, P.C. and McGowan, A., 2010. Managerial
accounting. Issues in Accounting Education, 25(4), pp.792-793.
Higgins, R. C., 2012. Analysis for financial management. McGraw-Hill/Irwin.

Finance for strategic managers
17
Hillier, D., Grinblatt, M. and Titman, S., 2011. Financial markets and corporate strategy.
McGraw Hill.
Horngren, C.T., 2009. Cost accounting: A managerial emphasis, 13/e. Pearson Education
India.
Horngren, C.T., Sundem, G.L., Stratton, W.O., Burgstahler, D. and Schatzberg, J., 2005.
Introduction to management accounting. Upper Saddle River, New Jersey: Prentice Hall.
Jiashu, G., 2009. Study on Fair Value Accounting——on the essential characteristics of
financial accounting [J]. Accounting Research, 5, p.003.
Juan García-Teruel, P. and Martinez-Solano, P., 2007. Effects of working capital
management on SME profitability. International Journal of managerial finance, 3(2),
pp.164-177.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Kinsky, R. 2011. Charting Made Simple: A Beginner's Guide to Technical Analysis. John
Wiley & Sons.
Madura, J., 2011. International financial management. Cengage Learning.
Nobes, C. and Parker, R.H., 2008. Comparative international accounting. Pearson Education.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2009. Managerial accounting: tools for
business decision making. John Wiley & Sons.
Williams, J.R., Haka, S.F., Bettner, M.S. and Carcello, J.V., 2005. Financial and managerial
accounting. China Machine Press.

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Appendix:
UNILEVER PLC ADR (UL) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. 2017-12 2016-12 2015-12 2014-12 2013-12
Revenue
5271300
0000
5327200
0000
4843600
0000
4979700
0000
5132400
0000
Gross profit
5271300
0000
5327200
0000
4843600
0000
4979700
0000
5132400
0000
Operating expenses
Operating income
5271300
0000
5327200
0000
4843600
0000
4979700
0000
5132400
0000
Interest Expense
5680000
00
3830000
00
5000000
00
5260000
00
Other income (expense)
-
4467600
0000
-
4605200
0000
-
4040700
0000
-
4218300
0000
-
4411500
0000
Income before taxes
7469000
000
7220000
000
7646000
000
7114000
000
6683000
000
Provision for income taxes
1922000
000
1961000
000
2131000
000
1851000
000
1735000
000
Net income from continuing
operations
5547000
000
5259000
000
5515000
000
5263000
000
4948000
000
Other
-
3630000
00
-
3500000
00
-
3440000
00
-
4210000
00
-
4680000
00
Net income
5184000
000
4909000
000
5171000
000
4842000
000
4480000
000
Net income available to
common shareholders
5184000
000
4909000
000
5171000
000
4842000
000
4480000
000
Earnings per share
Basic 1.83 1.73 1.82 1.71 1.58
Diluted 1.82 1.72 1.79 1.66 1.54
Weighted average shares
outstanding
Basic
2840200
000
2837572
254
2841208
791
2831578
947
2835443
038
Diluted
2853900
000
2854069
767
2888826
816
2916867
470
2909090
909
EBITDA
9501000
000
8885000
000
9461000
000
8765000
000
8408000
000
UNILEVER PLC ADR (UL) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. 2017-12 2016-12 2015-12 2014-12 2013-12
Assets
Current assets

Finance for strategic managers
19
Cash
Cash and cash equivalents
3382000
000
2285000
000
2465000
000
Short-term investments
5990000
00
7600000
00
4010000
00
Total cash
3981000
000
3045000
000
2866000
000
Receivables
3329000
000
4804000
000
5029000
000
4831000
000
4436000
000
Inventories
4278000
000
3937000
000
4436000
000
Deferred income taxes
3170000
00
2300000
00
2810000
00
2170000
00
2170000
00
Other current assets
1979000
000
7652000
000
7037000
000
9200000
0
1920000
00
Total current assets
1388400
0000
1268600
0000
1234700
0000
1212200
0000
1214700
0000
Non-current assets
Property, plant and equipment
Gross property, plant and
equipment
2120700
0000
Accumulated Depreciation
-
9534000
000
Net property, plant and
equipment
1167300
0000
9344000
000
9445000
000
Equity and other investments
6730000
00
5050000
00
5350000
00
Goodwill
1762400
0000
Intangible assets
9809000
000
2505900
0000
2217400
0000
2090400
0000
2171800
0000
Deferred income taxes
1354000
000
1185000
000
1286000
000
1084000
000
1113000
000
Prepaid pension benefit
6940000
00
9910000
00
6720000
00
Other long-term assets
7180000
00
1336800
0000
1222000
0000
5630000
00
5360000
00
Total non-current assets
4254500
0000
3961200
0000
3568000
0000
3339100
0000
3401900
0000
Total assets
5642900
0000
5229800
0000
4802700
0000
4551300
0000
4616600
0000
Liabilities and stockholders'
equity
Liabilities
Current liabilities
Short-term debt 5266000 4789000 5536000 4010000 2656000

Finance for strategic managers
20
000 000 000 000 000
Capital leases 9000000
Accounts payable
8591000
000
1378800
0000
1260600
0000
1173500
0000
1166800
0000
Taxes payable
1312000
000
1127000
000
1081000
000
1254000
000
1129000
000
Accrued liabilities
3655000
000
Other current liabilities
1723000
000
3150000
00
4190000
00
3830000
00
3620000
00
Total current liabilities
2055600
0000
2001900
0000
1964200
0000
1738200
0000
1581500
0000
Non-current liabilities
Long-term debt
1093300
0000
9854000
000
7186000
000
7491000
000
7565000
000
Capital leases
1340000
00
Deferred taxes liabilities
2061000
000
1524000
000
1393000
000
Accrued liabilities
1590000
00
Pensions and other benefits
3867000
000
3254000
000
3947000
000
2968000
000
4331000
000
Minority interest
6260000
00
6430000
00
6120000
00
4710000
00
5570000
00
Other long-term liabilities
1739000
000
3089000
000
2989000
000
1333000
000
1346000
000
Total non-current liabilities
1951900
0000
1684000
0000
1473400
0000
1378700
0000
1519200
0000
Total liabilities
4007500
0000
3685900
0000
3437600
0000
3116900
0000
3100700
0000
Stockholders' equity
Common stock
4840000
00
Additional paid-in capital
1340000
00
1380000
00
1400000
00
Retained earnings
2317900
0000
2046800
0000
2073100
0000
Accumulated other
comprehensive income
-
7443000
000
1543900
0000
1365100
0000
-
6262000
000
-
5712000
000
Total stockholders' equity
1635400
0000
1543900
0000
1365100
0000
1434400
0000
1515900
0000
Total liabilities and
stockholders' equity
5642900
0000
5229800
0000
4802700
0000
4551300
0000
4616600
0000

Finance for strategic managers
21
UNILEVER PLC ADR (UL) Statement of CASH FLOW
Fiscal year ends in December.
EUR. 2017-12 2016-12 2015-12 2014-12 2013-12
Cash Flows From Operating
Activities
Net income
5547000
000
5259000
000
5515000
000
5263000
000
4836000
000
Depreciation & amortization
1464000
000
1370000
000
1432000
000
1151000
000
1199000
000
Deferred income taxes
1851000
000
Stock based compensation
1980000
00
1500000
00
1880000
00
2280000
00
1530000
00
Change in working capital
5100000
0
7200000
00 8000000
2000000
00
8220000
00
Inventory
1900000
00
Other working capital
-
1390000
00
7200000
00 8000000
2000000
00
8220000
00
Other non-cash items
-
2130000
00
-
1690000
00
-
1600000
000
-
2399000
000
-
1740000
00
Net cash provided by operating
activities
7047000
000
7330000
000
5543000
000
6294000
000
6836000
000
Cash Flows From Investing
Activities
Investments in property, plant, and
equipment
-
1804000
000
-
2027000
000
-
2143000
000
Property, plant, and equipment
reductions
1580000
00
Acquisitions, net
-
1701000
000
9110000
00
Purchases of investments
-
2080000
00
Sales/Maturities of investments
1730000
00
Purchases of intangibles
-
2320000
00
Other investing activities
4260000
00
-
3539000
000
-
3410000
00
-
4500000
0
1388000
000

Finance for strategic managers
22
Net cash used for investing
activities
-
3188000
000
-
3539000
000
-
3410000
00
-
1161000
000
-
7550000
00
Cash Flows From Financing
Activities
Debt repayment
-
3500000
0
Dividend paid
-
4081000
000
-
3504000
000
-
3205000
000
Other financing activities
1043000
000
-
3032000
000
-
5190000
000
-
1886000
000
-
3417000
000
Net cash provided by (used for)
financing activities
-
3073000
000
-
3032000
000
-
5190000
000
-
5390000
000
-
6622000
000
Effect of exchange rate changes
2840000
00
-
5410000
00
-
1460000
00
8400000
0
-
2200000
00
Net change in cash
1070000
000
2180000
00
-
1340000
00
-
1730000
00
-
7610000
00
Cash at beginning of period
2128000
000
1910000
000
2044000
000
2217000
000
2978000
000
Cash at end of period
3198000
000
2128000
000
1910000
000
2044000
000
2217000
000
Free Cash Flow
Operating cash flow
7047000
000
7330000
000
5543000
000
6294000
000
6836000
000
Capital expenditure
-
2036000
000
-
2027000
000
-
2143000
000
Free cash flow
5011000
000
7330000
000
5543000
000
4267000
000
4693000
000