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Location: AICPA Washington Office
(Reference: AICPA International Practices Task Force - December 2, 1997 meeting)
APPENDIX C
"FREE" CASH FLOW AS DEFINED BY FINANCE DIRECTORS
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Company |
Term used |
Approximate meaning |
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Bass PLC |
Normal cash flow |
Cash flow from operating activities less interest, less tax, less dividends, less net captital expenditure, less non-major acquisitions.
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The British Petroleum Company plc |
Free cash flow |
Cash flow from operating activities less interest, less tax, less dividends, less captital expenditure.
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British Aerospace PLC |
Operating cash flow |
Cash flow from operating activities less net captital expenditure, (excluding certain loans).
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Cadbury Schweppes plc |
Free cash flow |
Cash flow from operating activities (before post-acquisition restructuring costs) less interest, less tax, less dividends, less net captital expenditure.
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Hanson PLC |
Post-tax operational cash flow |
Cash flow from continuing operating activities less interest, less tax, less fixed assets acquired and sold.
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MAI plc |
Free cash flow |
Cash flow from operating activities (excluding certain advances) less interest, less tax, less dividends.
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Reckitt & Colman plc |
Net cash inflow arising from ordinary operations |
Cash flow from operating activities less interest, less tax, less dividends, less net captital expenditure.
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Stakis plc |
Free cash flow |
Cash flow from operating activities less interest, less tax, less dividends, less refurbishment captital expenditure, plus proceeds from fixed asset and other disposals, plus share issue proceeds. |
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