No.26 2003 3 Abstract The cash flow taken seriously in the cash flow management is free cash flow. It becomes the purpose of that management that free cash flow will be maximized in the future. The result of the practice of the cash flow management is disclosed by the financial statements and so on. The historical information of all the cash flow in the fiscal period is disclosed in the cash flow statement. That cash flow information is often used as an indicator of the amount, timing and certainty of future cash flows. 1990 CF CF 1980 CF 1 90 Return On Equity:ROE ROE 2-163 -
2000 3 Cash Flow Statements CFS CF CFS 3) 1. (1) 1960 1960 1973 1973 1991 90 10 4 1940 5) 6 1990-164 -
No.26 2003 3 CF 7 CEO CFO DCF CF CF 8 CF CF CF CF Value Based Management VBM CF DCF CF CF - 165 -
DCF CF CF 10 CF CF CF CF 11 10 1990 6468 1998 2000 17000 18000 2001 19565 1990 2 2001 5.2 2002 5.4 12 13 14 (2) - 166 -
No.26 2003 3 15 CFS CF CF CF Free Cash Flow FCF CF CF FCF FCF EBITDA Earnings Before Interest, Taxes and Depreciation & Amortization EBITDA NOPAT NOPAT Net Operating Profit After Tax EVA Economic Value Added 1 16 1 1,200,000 1,000,000 EBITDA 200,000 60,000 140,000 70,000 NOPAT 70,000 60,000 130,000 30,000 50,000 50,000 50 10 1998 47-167 -
EVA NOPAT EVA FCF FCF M&A FCF DCF CF Debt Equity 3 CF FCF 17 FCF CFS CFS CF CF FCF CF CF CF 18 FCF CF CF CF CF CF Weighted Average Cost of Capital : WACC WACC k t FCF FCF FCF 1 k FCF Market Value : MV FCF 1 k FCF 1 k = Σ t=1 FCFt/( 1+ k) t CF Rt Debt Value : DV Pt Shareholder Value : SV 19-168 -
No.26 2003 3 MV DV SV CF Rt K Pt Ks 20 FCF FCF EVA 3 CF WACC CF 1990 21 CF WACC 22 WACC CF DCF FCF WACC FCF FCF CF - 169 -
CF 23 WACC 4 2 24 WACC kb Tc B V V B P S kp P ks S B P WACC = kb (1 Tc ) + kp + ks V V S V 3 25 3.0 11.5 3 8.5-170 -
No.26 2003 3 26 CF DCF WACC 20 DCF WACC WACC WACC Adjusted Present Value APV DCF WACC APV 27 4 60 TIAA CREF P/L 28 AICPA 1994-171 -
29 FASB 2001 4 30 CF CF 1930 CF 1960 DCF CF CF 1970 80 M&A CF 31 1970 80 80 GDP 4.6 MADE IN JAPAN - 172 -
No.26 2003 3 M&A 80 CF CF 32) CF CF re-engineering 33 2. (1) IAS Framework for the Preparation and Presentation of Financial Statements CF 15 34 FASB Concepts Statement CF 35 CF CF - 173 -
36 CFS CFS 37 CF CFS CF 38 1998 3 CFS SFAS95 IAS7 1987 FASB 95 SFAS95 SFAS95 CFS CFS APB Accouting Principles Board 2 1963 3 1971 19 39 SFAS95 CFS par.5-174 -
No.26 2003 3 FASB CFS 1900 1920 funds flow statement 1971 APB 19 1987 FASB SFAS95 (statement of changes in financial position), CFS 40 SFAS95 CFS 100 100 4 41 IAS7 SFAS95 IAS7 CFS IAS7-175 -
43) CFS CF 44 (2) CF CFS CF CF CF CF FCF 45 CF CFS CF (3) CF CF CF - 176 -
No.26 2003 3 46 CFS CF CF CF CF 3 CF CF 47 CF CF Driver CF CF CF CF CF ROE CF CF CF CF 48-177 -
90 Balansed Score Card BSC 49 CF CF CF CF FCF CF CF CF CF SEC CF CF CF CF 50 CF CF CF CF CF SFAS95 CF par.119 2001 10 IASB 6 CF IASB 10 CF 51 CF CF CFS CF CF CF FCF FCF - 178 -
No.26 2003 3 CF CF CFS CFS CF FCF CFS CF CF CF CF CFS CF 50 8 1998 74 EVA 2002 1 13 203 213 53 2 2001 19 1940 1995 97 100 103 19 50 8 1998 67 M&A JICPA 2001 4 32 JICPA 2001 4 25 67 70 2002 11 4 23 70 2002 11 14 MBA 2001 243 50 10 1998 46 47 244 245 48 EVA 2002 4 5 2002 235 K G PM V L 2002 329 235 236 DCF 2001 189 190 236 237 191 DIAMOND 1997 8 9 53-179 -
DIAMOND 1997 8 9 81 2002 69 78 161 4 2002 92 93 DIAMOND 1997 8 9 17 18 24 25 JICPA 2001 4 26 2001 2001 25 26 FASB 2002 7 8 1998 7 67 235 236 236 2000 1 39 1993 19 37 4 39 2001 2001 85 85 86 51 7 1999 87 1999 96 97 50 8 1998 76 27 30 30 53 2 2001 50 1999 125 126 IASB 6 JICPA 2002 1 71-180 -