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Net operating working capital

For the current year, Net operating working capital (NOWC) = Operating current assets - Operating current liabilities... [Pg.103]

FCF = (Operating profit x [1 - Tax rate] + Depreciation) - Capital expenditure - Change in net operating working capital... [Pg.108]

The change in net operating working capital is expressed as the change in operating current assets - the change in operating current liabilities. [Pg.108]

See also in sourсe #XX -- [ Pg.103 ]



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