What university do you go to? http://wwwxnxx.site/sitemaps/2.html wwxxxww xxxc On a through-the-cycle basis, FCF is both a key indicator of financial strength and a measure of a company's ability to manage periods of volatility without eroding credit quality. Persistent negative flows significantly lessen flexibility, for example by preventing a company reducing its debt. Our latest forecast indicates that some companies have reached the limit of their ability to minimise capex while remaining competitive or are facing significant investor opposition to dividend cuts. But in the medium term we expect FCF to improve as the European economy slowly returns to sustainable growth, and we believe further cuts to capex and dividends could still be found if conditions rapidly deteriorated.