Here, I think, it's the cash flow of Comgas either by prior accountancy and by IFRS.
In either one, dividends paid exceed free cash flow generated. That can explain why net debt grew 35% over 2010.
Thursday, February 16, 2012
Comgas Cash Flow
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2 comments:
There should not be big differences between CFO in the old brazilian accounting standards and the IFRS. By definition, cash is cash. I don't know of any important reclassification between operational, investiment and financial cash flow due to the change in accounting standards that could cause the differences shown in your calculations.
In fact, CGAS 2011's CFO should be week, due to the variation in the regulatory account (wich increased a lot in 2011). From the adoption of the IFRS on, the CGAS's CFO will be much closer to the Earnings than before.
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