Good evening everyone,

I have an interesting question about calculating CAPEX from a bank's Cash Flow Statement, in order to calculate free cash flow. And I'm hoping someone wiser than me might be able to help.

I can see that the bank's cash from operating activities is 6,176.

Under cash from investment activities, I see the following items:

1. Available for sale, equity instruments: 188
2. Proceeds of disposal, associated companies: (18)
3. Proceeds of disposal, PPE, intangibles, and investment properties: 254
4. Acquisition of PPE, intangibles, and investment properties: (807)

This gives a total of (383) cash from investment activities.

For the purposes of calculating free cash flow, would I only count items 3 and 4 (give that they relate to the operation of bank? Or would I count 1 and 2 as well?

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