Wednesday, August 23, 2006

Tesco Cash Flows 1998-2006

Here is a look at the Statement of Cash Flows (using Reuters data) from 1998-2006. Note that the CFFO has exceeded net income consistently. Capex has been expansionary in the last five years resulting in capex greater than CFFO. However, assuming that maintenance capex would approximate depreciation, the business would have generated free cash flow through this period.

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