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18
AbdulNafeaAlZararee,AbdulrahmanAl-Azzawi
ThecomputationoftheFCFEfortheHikmaPharmaceuticalfirm
for(2004-2010)
Table1showsthecomputationofFCFEforHikmapharmaceuticalmanufacturing
firminJordanfortheperiod2004-2010.Capitalexpenditureisthedifferencebetwe-
enpurchasesofproperty,plant&equipmentandthedepreciation.Thechangein
workingcapitalforeachyeariscalculatedbytakingthedifferenceineachofwor-
kingcapitalaccountsforeachyearfrom2004to2010.Theworkingcapitalaccounts
aretheaccountreceivable,inventoryandaccountpayable.Thechangeinworking
capitalisdefinedasthenetchangeinaccountreceivableplusinventoryminusacco-
untpayable.Incaseofnetincome,depreciation,capitalexpenditureandthechange
inworkingcapitalarejoinedtohaveFCFEbeforechangeindebt.Netcashflow
fromdebtequalsnewdebtfinancingminusolddebtretirementandtheresultadded
toFCFEbeforedebttocalculateFCFEafterdebt.
Table1.ComputingofFCFEforHikmapharmaceuticalfirm
FCFE(AD)
191.731
137.010
181.467
186.823
208.442
222.952
95.696
NCF(FD)
(13.581)
(12.620)
(31.956)
(39.125)
(46.566)
(5.429)
77.319
FCFE(BD)
101.125
150.591
194.087
218.779
247.567
269.518
114.412
121.875
129.513
120.855
118.200
117.597
68.166
73.318
ΔWC
(11.271)
(13.098)
(35.928)
CapExp
(6.538)
(4.227)
(1.707)
(5.921)
10.325
13.797
18.462
20.773
23.293
25.921
Depr
6.772
116.821
37.458
43.867
54.522
64.566
80.358
96.468
NI
2004
2005
2006
2007
2008
2009
2010
Year
Source:FinancialstatementsofthecompanywhichislistedonLondonStockExchange;Thetableis
createdbytheauthors;AmountinUSD(‘000).
TheFCFEfor2010is222.952$.However,becauseFCFEforHikmacompany
declinedin2006comparedwith2005andincreasedagainin2007,weusetheavera-
gevaluefortheperiod2004-2010of146.300$fortheanticipationofthefuturevalue
ofFCFEforthenextfiveyears(2011-2015).Thegrowthrate5.77%ofFCFEforthe
period2004-2010,isusedtoprojectFCFEfortheyears2011to2015aspresented
intheTable2.
Table2.ProjectedFCFE2011to2015forHikmaFirm
PV(FCFE)
128.899
136.336
144.203
152.524
161.325
154.741
162.669
173.113
183.102
193.667
FCFE
2011
2012
2013
2014
2015
Year
