See the cash flow statement below for H. J. Heinz (HNZ) (all values in thousands of dollars)
a. What were Heinz's cumulative earnings over these four quarters? What were its cumulative cash flows from operating activities?
|
Period Ending
|
29-Oct-08
|
30-Jul-08
|
30-Apr-08
|
30-Jan-08
|
|
Net income
|
276,710
|
228,964
|
194,062
|
218,532
|
|
Operating Activities, Cash Flows Provided By or Used In
|
|
Depreciation
|
69,997
|
75,733
|
74,570
|
73,173
|
|
Adjustments to net income
|
14,359
|
(13,142)
|
48,826
|
(47,993)
|
|
Changes In accounts receivables
|
(38,869)
|
(53,218)
|
100,732
|
(84,711)
|
|
Changes in liabilities
|
82,816
|
(111,577)
|
201,725
|
39,949
|
|
Changes in inventories
|
(195,186)
|
(114,121)
|
85,028
|
57,681
|
|
Changes in other operating activities
|
17,675
|
(26,574)
|
12,692
|
(2,097)
|
|
Total Cash Flow From Operating Activities
|
227,502
|
(13,935)
|
717,635
|
254,534
|
|
Investing Activities, Cash Flows Provided By or Used In
|
|
Capital expenditures
|
(82,584)
|
(41,634)
|
(100,109)
|
(69,170)
|
|
Investments
|
(5,465)
|
5,465
|
(93,153)
|
(48,330)
|
|
Other cashflows from investing activities
|
(108,903)
|
732
|
(58,069)
|
20,652
|
|
Total Cash Flows From Investing Activities
|
(196,952)
|
(35,437)
|
(251,331)
|
(96,848)
|
|
Financing Activities, Cash Flows Provided By or Used In
|
|
Dividends paid
|
(131,483)
|
(131,333)
|
(119,452)
|
(121,404)
|
|
Sale purchase of stock
|
78,774
|
1,210
|
(76,807)
|
(79,288)
|
|
Net borrowings
|
515,709
|
114,766
|
(283,696)
|
64,885
|
|
Other cash flows from financing activities
|
(282)
|
2,000
|
(46,234)
|
39,763
|
|
Total Cash Flows From Financing Activities
|
462,718
|
(13,357)
|
(526,189)
|
(96,044)
|
|
Effect of exchange rate changes
|
(119,960)
|
(610)
|
32,807
|
6,890
|
|
Change In Cash and Cash Equivalents
|
$373,308
|
(63,339)
|
(27,078)
|
$68,532
|
b. What fraction of the cash from operating activities was used for investment over the four quarters?
c. What fraction of the cash from operating activities was used for financing activities over the four quarters?