You need to complete a DCF Valuation Analysis for company ABC. The file Question_6.xlsx has the data on the annual and semi-annual balance sheet of the company. The company closes the fiscal year at the end of December. You are specifically interested in assessing the effect that the net working capital of your company will have on the Free Cash Flow. Calculate the effect of Net Working Capital on the free cash flow generated by the company during the fiscal year 2018. [Hint: follow the calculation we have detailed in class. If you look at Factset they use a slightly different method, but for the exercise we will stick with what is detailed in the slides and book] Express your answer as a negative number if you think that the effect on the cash flow is negative (reduction in cash flow) and express your number as a positive number if you think that the effect on the cash flow is positive. Express your answer in millions of dollars with zero decimal points and without the dollar sign. For example a negative cash flow of 150m$ should be written as -150.

A B C D E F G Balance Sheet JUN 19 DEC '18 DEC '18 JUN '18 DEC '17 DEC '16 181 Days 365 Days 184 Days 181 Days 365 Days 366 Days Assets Cash & Short-Term Investments 6,861 13,465 13,465 5,989 11,634 8,560 Short-Term Receivables 3,275 3,070 3,070 2,925 3,293 3,292 Inventories 3,584 3,447 3,447 3,543 3,472 2,937 Other Current Assets 2,759 186 186 2, 146 288 273 4 00 Total Current Assets 16,479 20, 168 20, 168 14,603 18,687 15,062 Net Property, Plant & Equipment 56,349 56,361 56,361 57,742 62,093 58,855 10 Total Investments and Advances 4,216 4,858 4,858 4,512 4.808 5,802 11 Long-Term Note Receivable 1,542 369 369 1,705 527 386 12 Intangible Assets 3,564 3,458 3,458 3,953 3,763 3,519 13 Deferred Tax Assets 3, 141 3,137 3,137 3,299 3,386 3,721 14 Other Assets 1,461 2,598 2,598 3,777 2,462 1,918 15 Total Assets 86,752 90,949 90,949 89,591 95,726 89,263 16 Liabilities & Shareholders' Equity 17 ST Debt & Curr. Portion LT Debt 2,003 312 312 710 $52 717 18 Accounts Payable 6,380 3,180 3,180 6,406 3,255 2,787 19 Income Tax Payable 1,415 2,329 2,329 1,674 2,490 1,292 20 Other Current Liabilities 1,099 4,750 4,750 1, 167 4,941 4,578 21 Total Current Liabilities 10,897 10,571 10,571 9,957 11,238 9,374 22 23 Long-Term Debt 13,321 12,440 12,440 13,016 14,624 16,913 24 Provision for Risks & Charges 13,410 12,552 12,552 12,507 13,367 12,479 25 Deferred Tax Liabilities 3,524 3,673 3,673 3,815 3,615 3, 109 26 Other Liabilities 1,300 1,814 1,814 1,680 1,682 1,567 27 Total Liabilities 42,452 41,050 41,050 40,975 44,526 43,442 28 29 Non-Equity Reserves 0 76 76 0 85 91 30 31 Common Equity 39,565 43,686 43,686 42,333 44,711 39,290 32 Total Shareholders' Equity 39,565 43,686 43,686 42,333 44,711 39,290 33 Accumulated Minority Interest 4.735 6,137 6.137 6.283 6,404 6,440 34 Total Equity 44,300 49,823 49,823 48,616 61,115 45,730 35 Total Liabilities & Shareholders' Equity 86,752 90,949 90,949 89,591 95,726 89,263 36 37 Data +