What am I missing on the FCInv portion. Why are they adding back depreciation. I know FCFE adds back Dep, but wasn’t aware you do it twice.
This question is tricky, but since they do not list the fixed assets as gross or net, you have to assume they are net. You can’t JUST report gross FA. A/D has to be somewhere, either listed or implicitly assumed to be embedded in Net fixed assets. When you’re given net fixed assets, FCinv is ending NFA - Beg NFA + depreciation, assuming no sales during the year.
Very tricky.
So if we are given NET we do what you say above.
If we are given GROSS we just take End FA - Beg FA, correct?