This book is the definitive guide to cash flow statement analysis and forecasting.   It takes the reader from an introduction about how cash flows move within a business, through to a detailed review of the contents of a cash flow statement. This is followed by detailed guidance on how to restate cash flows into a template format. This book is the definitive guide to cash flow statement analysis and forecasting. It takes the reader from an introduction about how cash flows move within a business, through to a detailed review of the contents of a cash flow statement. This is followed by detailed guidance on how to restate cash flows into a template format. Introduction ixSECTION ONE HISTORIC CASH FLOW ANALYSIS1 Understanding How Cash Flows in a Business 32 Understanding Cash Flows Properly 213 Start-up, Growth, Mature, Decline 474 Restating the Cash Flows of a Real Business 595 Restating US GAAP Cash Flows 836 Analysing the Cash Flows of Mature Businesses 997 Analysing the Cash Flows of Growth Businesses 1358 Growth and Mature - Further Analysis Issues 1539 Analysing the Cash Flows of Start-up Businesses 17110 Analysing the Cash Flows of Decline Businesses 17911 What to do about Bad Cash Flows 18512 Cash Versus Profit as a Measure of Performance 19113 Cash Flow Analysis and Credit Risk 20114 Cash Flow Analysis and Performance Measurement 21515 Analysing Direct Cash Flow Statements 22316 Generating a Cash Flow Summary from Profit and Loss Account and Balance Sheet Data 23117 Summarising Historic Free Cash Flow 247SECTION TWO FORECASTING CASH FLOWS18 Introduction 25519 Spreadsheet Risk 26320 Good Practice Spreadsheet Development 27521 The Use of Assumptions in Spreadsheet Models 295Index 305