Question

	1989	1990	1991
Sales
Tobacco	7,560	8,294	8,983
Food	10,438	11,383	12,092
Total	17,998	19,677	21,075
Cash Flow
Tobacco operating EBIT	2,022	2,360	2,786
+ Food operating EBIT	1,163	1,255	1,348
= Total EBIT	3,185	3,615	4,134
- Corporate expenses	287	279	296
= EBIT
- Taxes (@rate 35.5%)
= EBIAT
+ Depreciation	783	767	794
- Increased working capital	150	158	165
- Capital Expenditure	1,708	1,462	1,345
Total free cash flows

Answer 1