대한항공,아시아나항공,대한항공재무분석,아시아나항공재무분석,항공사재무분석,재무분석사례

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대한항공,아시아나항공,대한항공재무분석,아시아나항공재무분석,항공사재무분석,재무분석사례

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본문내용

1) 대한항공
법인세차감전순이익=6138.3억원
2억 * 10% + 6136.3억 * 22% = 1350.2억
c.f. 손익계산서상 법인세 = 1521.3억
2) 아시아나 항공
법인세차감전순이익=3500.0억원
2억 * 10% + 3498억 * 22% = 769.8억
c.f. 손익계산서상 법인세 = 1308.6억
법인세율


Operating Cash Flow
(= NI + Depreciation + Interest)
= 4,617.0 + 109.9 + 5,650.7
= 10,377.6(억)
Net Captital Spending
[=Ending net fixed assets ? (Beginning net fixed assets ? Depreciation)]
= 151,791.2 - (144,232.1 - 109.9) = 7,669(억)
CFFA (대한항공)-1


Change in Net Working Capital
(=Ending NWC-Beginning NWC)
= (26,351.9 - 60,332.1) - (24,960.6 - 46,149.3)
= -12,791.5(억)
CFFA
(=OCF - Net Capital Spending - Changes in Net Working Capital)
= 10,377.6 - 7,669.0 - (-12,791.5)
= 15500.1(억)
CFFA (대한항공)-2


Cash Flow to creditors
(=interest paid-new borrowing)
= 5,650.7 - (82,820.7 - 92,472.9) = 15,302.9(억)
Cash Flow to Stockholders
(=dividends-net equity issued)
= 0 (없음)
CF to Creditors & Stockholders


Operating Cash Flow
(=NI + Depreciation + Interest)
= 2,191.3 + 56.9 + 1739.6
= 3,987.8(억)
Net Captital Spending
[=Ending net fixed assets-(Beginning net fixed assets-Depreciation)]
= 50,442.3 - (48,761.3-56.9) = 1,737.9(억)

참고 자료

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