使用原書 Table 2.8 建立 2021E–2025E Cash Flow from Investing Activities。
原書對 Proceeds from Property and Equipment Sales 與 Business Acquisitions 暫設 0;Marketable Securities 則採歷史數字循環法,而 CAPEX 使用 11.1% of Revenue。
| US$ millions | 2021E | 2022E | 2023E | 2024E | 2025E |
|---|---|---|---|---|---|
| CAPEX | (54,423.4) | (64,546.2) | (72,816.7) | (79,244.2) | (84,062.9) |
| Property & Equipment Proceeds | 0 | 0 | 0 | 0 | 0 |
| Business Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Marketable Securities | 8,240 | 22,681 | 8,240 | 22,681 | 8,240 |
| Purchases of Marketable Securities | (7,100) | (31,812) | (7,100) | (31,812) | (7,100) |
Total CFI = CAPEX + Proceeds + Acquisitions + Securities Sales/Maturities + Securities Purchases。所有流出保留負號。
| 年份 | Total CFI |
|---|---|
| 2021E | (53,283.4) |
| 2022E | (73,677.2) |
| 2023E | (71,676.7) |
| 2024E | (88,375.2) |
| 2025E | (82,922.9) |
CFI 的波動不只來自 CAPEX,marketable securities 的買賣也會造成顯著年度差異。這類項目與 available cash、市場環境相關,不能單純視為營運成本率。
請根據 2021E–2025E Investing Cash Flow,說明 CAPEX 與 Marketable Securities 各自如何影響年度 CFI 波動,且不要自行新增 acquisition 假設。
**問題:**若 2022E Business Acquisitions 改為 (2,461),其他項目不變,Total CFI 為多少?