Vogel (6/14) - Free cash flow

I explain this in my free lectures, because it is something that the current examiner usually has in questions (and assumes, even if it isn't mentioned in the question). Investment to maintain operations means that there is a cash outflow. Since this is equal to the amount of the depreciation, it means that the depreciation is added back and then the same amount is subtracted - so the net effect is simply not to add back the depreciation and not to subtract the same amount.