Change of Working Capital from a semi-annual to an annual model
Though I am pretty confident it can not be done, its worth asking.
I am annualizing a semi-annual model. Accounts paybel and Accaounts receivable reconcile (as in for example H12017 + H2 2017 are matching with the modelled total 2017). However, Change in Working Capital does not reconcile at all.
Has anyone done this exercise before and was able to find a way to reconcile it.
Thanks
Working Capital line items are just balance sheet accounts, so their value for the 2nd half of the year is the same as their value at year-end in an annual set-up. Change is just the change from one 2H to the next
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