Subject(Financial Management) Lecture 3

*본문은 2011년 2학기 국민대학교 권용재 교수님 수업 재무관리를 요약한 내용입니다*

Cash Flow (현금흐름은 재무제표로부터 도출할 수 있는 가장 중요한 정보중 하나)
  Cash Flow From Asset(CFFA) = Operating Cash Flow(OCF) - Net Capital Spending(NCS) - Changes in NWC
  영업현금흐름; OCF = EBIT + depreciation - taxes
          = (Sales - CoGS - depreciation) + depreciation - taxes
  순 자본유출; NCS = ending net fixed asset - beginning net fixed asset + depreciation
    NCS는 음수가 나올 수 있다.
  Change in NWC = ending NWC - beginning NWC
  CFFA = OCF - NCS - Change in NWC
  CF to Creditors;채권자 and Stockholders;주주
    CF to Creditors = interest paid - net new borrowing
    CF to Stockholders = dividends - net new equity raised

Examples
1. Compute the CFFA

•Current Accounts

–2007: CA = $4,400; CL = $1,500

–2006: CA = $3,500; CL = $1,200

•Fixed Assets and Depreciation

–2007: NFA = $3,400; 2006: NFA = $3,100

–Depreciation Expense = $400

•Long-term Debt and Equity (R.E. not given)

–2007: LTD = $4,000; Common stock & APIC = $400

–2006: LTD = $3,950; Common stock & APIC = $400

•Income Statement

–EBIT = $2,000; Taxes = $300

–Interest Expense = $350; Dividends = $500

2. CFFA, CF to creditors, CF to stockholders for 2008?

                                                 2007                       2008

Sales                                       $3,790                    $3,990

CoGS                                        2,043                      2,137

Depreciation                               975                      1,018

Interest                                        225                         267

Dividends                                    200                         225

Current assets                         2,140                      2,346

Net fixed assets                       6,770                      7,087

Current liabilities                        994                      1,126

Long-term debt                        2,869                      2,956

(Corporate tax rate = 34%)

*본문은 2011년 2학기 국민대학교 권용재 교수님 수업 재무관리를 요약한 내용입니다*