freezefox:之前有一篇中文既都講左類似既野。
成篇文頭三分二我都明。就係最尾個段唔係太明。
(2020-09-07 22:48) 
其實佢重點就係如果收購球員就要睇手上有幾多現金流
而cashflow有幾個因素影響，其中一個就係working capital (current asset-current liabilities)
If current liabilities inrease, a club is paying its suppliers more slowly, so is holding on to cash (positive for cash flow). On the other hand, if a club’s debtors increase, this means it collected less money from customers than it recorded as revenue (negative for cash flow).
上面呢段，我自己理解就係雖然過去三年利記收入同利潤都有增長
但似乎debtors找唔到數/利記未收到d數
所以入帳就入落asset instead of cash
者係你係賺錢，但d錢未入到你袋
debtors increase 者係未收到數，所以lead to negative cashflow
計埋libialities個邊net effect得16m
所以change in working capital 個effect on cashflow只係+16
而利記扣走買賣球員同main stand expansion
手上現金流就已經用得七七八八
#AFC and #THFC could absorb those cash outflows, as they had built up large cash balances in prior years. Even after #LFC £29m cash inflow, their £38m cash was still significantly lower than their rivals (as at end June 2019): #MUFC £308m, #AFC £167m, #MCFC £130m and #THFC £123m.
而呢段就指，即使近三季cahflow係positive，利記cash on hand都係38m
反而阿記同tot因為之前cash on hand多，即使近三季negative cashflow cash balance仍然高過利記，手上現金更多
結論係現階段除非學MC/車仔舉債(capital injection by owner老細揼水/external loan借錢)
一定要sell before buy (先賣球員籌錢)
但長遠計，佢都有分析利記財政環境係越來越好
至少肯定唔會breach FFP
[ 此帖被羅力亞在2020-09-08 00:30重新編輯 ]
