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STATEMENT OF CASH FLOWS. OPERATING ACTIVITIES Direct Cash receipts from customers - Cash paid to suppliers & employees = Cash from operations or Indirect Net profit before tax (I/S) +/- non cash items +/- changes in working capital =Cash from operations FINANCING ACTIVITIES

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## STATEMENT OF CASH FLOWS

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**STATEMENT OF CASH FLOWS**• OPERATING ACTIVITIES Direct Cash receipts from customers - Cash paid to suppliers & employees = Cash from operations or Indirect Net profit before tax (I/S) +/- non cash items +/- changes in working capital =Cash from operations • FINANCING ACTIVITIES • INVESTING ACTIVITIES Statement of Cash Flows**SASOL – 2010A direct statement of cash flow**Statement of Cash Flows**TRUWORTHS – 2010An indirect statement of cash flows**Statement of Cash Flows**CASH FLOW versus PROFIT**• John Carolin (unpublished M.Com thesis – The informational content of cash flow numbers versus accrual- based income numbers) • Research generally supports the “conventional wisdom that accrual based earnings are superior to operating cash flows” • In South Africa “EPS dominates CFO in explaining the variation of cumulative abnormal returns (1988 – 2002). CFO does have statistically significant incremental information” Statement of Cash Flows**NZF 2009 ????**Statement of Cash Flows

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