promotion image of download ymail app
Promoted
b asked in 商業與財經投資 · 1 decade ago

[財報]Operating CF, Levered FCF

跟上市公司財報有關問題:

1. Operating Cash Flow,

2. Levered Free Cash Flow

3. Free Cash Flow

三者差異是什麼?

請用以下例子說明

http://finance.yahoo.com/q/ks?s=KO

Cash Flow Statement

Operating Cash Flow (ttm): 7.57B

Levered Free Cash Flow (ttm): 4.37B

Update:

To Sam:

數字已經提供了啊,

Operating Cash Flow (ttm): 7.57B (75.7億美元)

Levered Free Cash Flow (ttm): 4.37B (43.7億美元)

Update 2:

請問Sam跟霞飛,

在沒有長短債的情況下,

是不是表示

Levered Free Cash Flow==Free Cash Flow+股息+必要資本支出 ??

2 Answers

Rating
  • 霞飛
    Lv 7
    1 decade ago
    Favorite Answer

    其實

    Sam的回答已滿完整了

    總之

    Operating Cash Flow(營運現金流量)就是現金流量表中純益再加上營運活動中帳列支出但未有實際現金流出的減去帳列收入卻未有實際現金流入的所得之現金流量額

    Free Cash Flow(自由現金流量)則是營運現金流量再扣除資本支出與借款等理財活動的淨額所得之現金流量

    Levered Free Cash Flow(加計舉債因子後的自由現金流量)則為free cash flow再減去利息成本所得之現金流量

    以例子而言(相關數字以藍色表示)

    Operating Cash Flow7.57B就是以下total cash flow from operating activities的金額

    至於levered free cash flow 4.33B(你寫4.37B可能為筆誤)

    Cash Flow Statement

    Operating Cash Flow (ttm):

    7.57B

    Levered Free Cash Flow (ttm):

    4.33B

    先求出free cash flow

    operating cash flow-capx-net debt

    7571-2363-493+29=4744.......free cash flow

    free cash flow- debt interest=levered free cash flow

    4744-438=4306=4.31B

    很可惜

    和他寫的4.33B差了一點

    我也不知為何了

    不好意思

    View: Annual Data | Quarterly Data

    All numbers in thousands

    PERIOD ENDING

    31-Dec-08

    31-Dec-07

    31-Dec-06

    Net Income

    5,807,000

    5,981,000

    5,080,000

    Depreciation

    1,228,000

    1,163,000

    938,000

    Adjustments To Net Income

    1,224,000

    -

    554,000

    Changes In Accounts Receivables

    148,000

    (406,000)

    (214,000)

    Changes In Liabilities

    (734,000)

    914,000

    (99,000)

    Changes In Inventories

    (165,000)

    (258,000)

    (150,000)

    Changes In Other Operating Activities

    63,000

    (244,000)

    (152,000)

    Total Cash Flow From Operating Activities

    7,571,000

    7,150,000

    5,957,000

    Investing Activities, Cash Flows Provided By or Used In

    Capital Expenditures

    (1,968,000)

    (1,648,000)

    (1,407,000)

    Investments

    (240,000)

    349,000

    558,000

    Other Cashflows from Investing Activities

    (155,000)

    (5,420,000)

    (851,000)

    Total Cash Flows From Investing Activities

    (2,363,000)

    (6,719,000)

    (1,700,000)

    Financing Activities, Cash Flows Provided By or Used In

    Dividends Paid

    (3,521,000)

    (3,149,000)

    (2,911,000)

    Sale Purchase of Stock

    (493,000)

    (219,000)

    (2,268,000)

    Net Borrowings

    29,000

    4,341,000

    (1,404,000)

    2009-03-25 16:47:45 補充:

    至於interest expense在Income statement可找到

    我節錄如下用" "標出

    Earnings Before Interest And Taxes 7,877,000 8,329,000 6,798,000

    "Interest Expense 438,000" 456,000 220,000

    Income Before Tax 7,439,000 7,873,000 6,578,000

    2009-03-26 09:30:35 補充:

    公司若沒有長短債與優先股等

    那levered FCF = FCF

    至於Levered Free Cash Flow==Free Cash Flow+股息+必要資本支出 ??

    OCF = FCF + CAPX + NET DEBT

    OCF = FCF + CAPX 因為Net Debt = 0

    FCF是衡量公司可用以自由配發給的現金量

    基本上配發給普通股股東之股息不需扣除

    而LFCF與FCF只差籌資的利息(借款或優先股股息)

    • Commenter avatarLogin to reply the answers
  • sam
    Lv 5
    1 decade ago

    1. Operating Cash Flow

    來自營運活動現金流量,顧名思義,因營運活動所產生的現金流出及流入。

    2. Free Cash Flow

    自由現金流量,即來自營運活動現金流量扣除維持企業運作之必要資本支出(及股息)(不含長期投資)。

    3. Levered Free Cash Flow

    不知道怎麼翻譯,國內比較少見,意思是扣除借款利息後,可分配予股東之現金量(或餘額)。公司若有大額借款,則扣除利息支出後,可分配予股東的股息就相對減少。

    您的例子是COCA COLA公司,但是數字可能代不出來,還要進一步的資料,例如必要資本支出有多少??看不出來。

    • Commenter avatarLogin to reply the answers
Still have questions? Get your answers by asking now.