-

- 1

7

:
:
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0

www.siriopoulos.tk
ACCA, 2009, INTERNATIONAL FINANCIAL ACCOUNTING, BPP Learning Media
Brigham, E., Houston J., 2009, Fundamentals of Financial Management, Concise 6e, South-Western
Berk, J., DeMarzo P., 2007, Corporate Finance, Pearson Education
CFA INSTITUTE, 2009, INTERNATIONAL FINANCIAL STATEMENT ANALYSIS, Wiley
, .,, . 2008, , ,
Rosili
, ., , 2002, ,

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Panel A.

23.543

96.86%

762

3.14%

24.305

100.00%

11.900

48.66%

4.113

16.82%

3.532

14.44%

258

1.05%

1.134

4.64%

1.300

5.32%

500

2.04%

600

2.45%

1.120.00

4.58%

24.457.00

100.00%

Panel .

2.606

77.38%

762

22.62%

3.368

100.00%

1.300

36.93%

500.00

14.20%

600

17.05%

1.120

31.82%

3.520

100.00%

2.210

9.37%

1.052

4.46%

/ ()

- 205

-0.87%

3.057

12.95%

- 55

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- 707

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(
)

23

0.10%

263

1.11%

10

0.04%

22

0.09%

2.613

11.07%

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- 12

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0.02%

2.606

11.04%

762

3.23%

- 1300

-5.51%

- 538

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- 600

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- 1120

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(
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:
(Free Cash Flow to the Firm, FCFF)
(Free Cash Flow to Equity, FCFE)


:
FCCF = CFO + Int(1-Tax rate) FCInv
,
CFO =
FCInv =
Int(1-Tax rate) =
FCCF
.

,
( + ):
FCC = CFO FCInv + Net borrowing Net debt repayment
FCC
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FCCF

2.606

: / (1- . )
{ 258 [1 - ( 1.139 / 3.349)}

170

:
( 1.300-762)

- 538

FCCF

2.238


FCC
[1300-762]

2.606

- 538

- 500

FCC

1.568