intergrand (12/02)(a)

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September 15, 2018 at 5:04 pm #474671
vinty
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Why advertising cost in Germany of 1 million euro per year is not included in the calculation to calculate free cashflows?thanks in advance.
September 16, 2018 at 12:03 am #474715
John Moffat
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Because they are not spending or saving 1M. Just because it would be the equivalent of spending that much in Germany does not mean that they would have spent that much.

There is no cash flow occurring.
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