level 2, notes 4, page211 decrease, increase, interest, current, example

minminmin

如题 ，NTOES 第四本211页最下面两行， for example, a decrease in leverage through a repayment of debt will decrease FCFE in the current year and increase forecasted FCFE in the future years as interest expense is reduced. 前半句理解，后半句不懂

 

请指教！

 

此外，277页第13题，为什么underlying earnings要加上0.22和0.04这两项？

shenxincfa

FCFF不受任何融资行为的影响,FCFE=FCFF-INT*(1-t)...INT减少 FCFF不变FCFE增加

current year:FCFE=FCFF+NET BORROWING;NET BORROWING=ISSUE-REPAY,REPAY增加FCFF不变FCFE减少