Incredible Claims. Sadly, some Suckers will part with their money due to Ignorance and Greed

Received this in my comment column.  I have deleted the name of the company, so that we may examine the claims made in this letter.

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SC revokes SJ Asset Mgmt licence

SC revokes SJ Asset Mgmt licence


Written by Joseph Chin
Wednesday, 28 July 2010 20:56


KUALA LUMPUR: The Securities Commission has revoked SJ Asset Management Sdn Bhd's (SJAM) licence to undertake fund management activities.

The SC said on Wednesday, July 28 that the move, which took immediate effect, came after the SC found that SJAM breached regulatory requirements in relation to the safeguarding of clients' assets and the company had engaged in deceitful and improper business practices.

"The SC also found that SJAM had furnished false and misleading information and documents to the regulator.

"The SC is working closely with the police and regulatory counterparts in other countries as part of its investigations into the affairs of SJAM," said the SC in a statement posted on its website.

The SC said that it had on Tuesday, petitioned to the High Court for the winding up of SJAM.

It said the winding-up of SJAM will enable liquidators to effectively deal with the rights and entitlements of all creditors including the clients of SJAM. The liquidators would also determine an appropriate basis of returning the clients assets to the entitled clients.


http://www.theedgemalaysia.com/business-news/170769-sc-revokes-sj-asset-mgmt-licence.html


Read also: http://whereiszemoola.blogspot.com/2010/07/some-comments-on-sj-asset-managements.html


Comment:

It takes 30 years to build a reputation and only 5 minutes to destroy one.
It is extremely difficult to have total absolute trust in anybody when it comes to your money.
Be very careful and wary always.

Maybank sees solid deal flow, eyes new market

Maybank sees solid deal flow, eyes new market
UPDATED @ 01:19:39 PM 27-07-2010 July 27, 2010


KUALA LUMPUR, July 27 — Maybank expects to see a 50 per cent rise in the value of its investment banking deals this year as the stable global economy galvanises fund-raising activities, a senior official said.

Maybank, Malaysia’s largest listed firm, said a healthy flow of initial public offerings and bond issuance would contribute to a strong rise in its equity and debt capital market pipeline from US$3.01 billion (RM9.61 billion) in 2009.

“We’ll see at least 50 per cent growth value wise,” Tengku Zafrul Tengku Aziz said in an interview.

“We have seen positive growth in both the debt capital market and equity capital market. So I think going forward, you will see the similar pattern, we believe that both the debt capital market and the equity capital market will show positive growth in the next six months.”

Maybank Investment’s recent deals include shopping mall operator CapitaMalls Malaysia Trust’s US$266 million IPO and property developer Sunway REIT US$455 million listing exercise.

The investment banking arm of Maybank is also advising on the upcoming listing of shipping firm MISC’s heavy engineering arm which is expected to raise over US$300 million.

Maybank Investment handled US$713 million in equity deals in the year to July 26, making it No. 6 in terms of Southeast Asian bookrunners, behind top-ranked Malaysian bank CIMB Group and JP Morgan, according to Thomson Reuters data.

The bank said it arranged RM7.25 billion of debt deals and RM2.36 billion of equity transactions last year.

Zafrul said prospects for next year were less clear but the investment bank planned to enter the Indonesia and Singapore markets by mid-2011 and was open to taking an equity stake to expand its regional footprint there.

“We are looking at all possible options,” said Zafrul who used to head Citi’s Malaysian investment banking business. “There are three options — to find a partner, to start from scratch, or to do a joint venture.”

He said Maybank Investment had yet to identify potential partners in these markets.

He said the bank planned to boost its staff strength of 580 to keep pace with business growth but did not give projections.

“We are looking at other capabilities such as structured products, futures - these are areas which we have not gone into but plan to go into.”

Maybank is due to report its fourth quarter earnings in August. Twenty-two analysts tracked by Thomson Reuters I/B/E/S expect it to post a net profit of RM3.7 billion ($1.16 billion) for the full year, surpassing its best ever full-year net profit of RM3.18 billion reported in fiscal 2007.

In May, the bank posted a January-March net profit of RM1.03 billion, its best-ever quarterly performance.

Shares of Maybank, which has a market value of US$17 billion, are up 12.24 per cent so far this year, outperforming the 6.2 per cent gain in the broader market index but lagging top dealmaker CIMB’s 16.8 per cent increase. — Reuters


http://www.themalaysianinsider.com/business/article/maybank-sees-solid-deal-flow-eyes-new-market/

An idea known as SATISFICING

Satisficing is simply an approach that means we take the best answer we can come up with, given the range of information we have available to us.

Bizarrely the satisficing theories suggests that while a certain amount of information about a certain topic will lead us to improved solutions, beyond this point our decision making accuracy goes down!

If true, it again means there’s a limit to the effectiveness of stock analysis – although that’s still no excuse for simply sticking pins into the price pages of the Financial Times.


http://monevator.com/2010/07/27/behavioural-finance/

Hopefully, Integrity Triumphs

No one’s above law, says Tee Keat

By Debra Chong

July 29, 2010

KUALA LUMPUR, July 29 — Former MCA president Datuk Seri Ong Tee Keat said today the rule of law must be upheld, even as his party senior, Tun Dr Ling Liong Sik was marched into the dock for his role in the multi-billion Port Klang Free Zone (PKFZ) scandal.

“Certainly we need to uphold the rule of law. Nobody should be above the law,” Ong responded immediately to reporters here after learning Dr Ling had just been charged.

“I’m not interested in specific personalities,” he said, adding that he prayed the interest of the general public, especially taxpayers, would be protected.

Dr Ling led the MCA for 17 years, from 1986 to 2003, and is still regarded as a powerhouse in the ruling Barisan Nasional’s (BN) Chinese party.

While Dr Ling pleaded not guilty, the charge will likely jeopardize the MCA’s current efforts to garner the confidence and support from the ethnic Chinese community.

The PKFZ project was mooted during Dr Ling’s term as Transport Minister and the cost of the project, initially estimated at fewer than RM2 billion, more than doubled to RM4.6 billion by 2007.

The cost are reckoned to balloon further to as much as RM12.5 billion, due to interest costs from deferred payments if the trans-shipment hub fails to perform.

Ong acknowledged as much even as he tried to defend his party against its detractors, likely whooping in delight at the latest prosecution development.

“It’s unfair to co-relate an individual’s deed with partisan deeds,” said Ong, after speaking at the 15th Malaysian Law Conference here this afternoon.

http://www.themalaysianinsider.com/malaysia/article/no-ones-above-law-says-tee-keat/

-----

MCA in shock over Dr Ling’s PKFZ charge
By Clara Chooi July 29, 2010

KUALA LUMPUR, July 29 – Today’s prosecution of Tun Dr Ling Liong Sik over his role in the Port Klang Free Zone (PKFZ) scandal, has sent shockwaves through the MCA, leaving party leaders stuttering in response.
MCA’s usually calm and collected president Datuk Seri Dr Chua Soi Lek himself appeared shaken by the news and admitted that it was unexpected.

“MCA leaders are shocked by this,” he told reporters who surrounded him for a response after he opened the Perak MCA Youth convention at the state liaison body’s headquarters in Ipoh.

He added, however, that he was confident that Dr Ling, 66, who had served as the party’s president from 1986 to 2003, would be given a fair trial.

When contacted later in the evening, MCA secretary-general and Transport Minister Datuk Seri Kong Cho Ha fell silent for several moments when informed of the news.

When asked if he was surprised, Kong said: “Of course I am. Why do you only call me when there is bad news?”

He added that he was “concerned” about Dr Ling’s prosecution, especially since the latter was a prominent figure in the MCA.

Dr Ling was slapped with charges under Section 418 and alternatively, under Section 417 of the Penal Code, for an offence concerning land valuation.

Section 418 concerns “cheating with knowledge that wrongful loss may be thereby caused to a person whose interest the offender is bound to protect” and Section 417 concerns the punishment for cheating.

If convicted under Section 418, Dr Ling faces a maximum jail term of seven years, or a fine, or both, and if convicted under Section 417, he faces a lesser sentence of five years jail, or fine or both.

He claimed trial to the charges and the case has been fixed for mention on September 3.

Dr Ling, believed to be the first Tun in the country to face such prosecution, is the most influential personality to date to be brought to book over the controversial PKFZ scandal.

When contacted, many MCA leaders chose to keep mum over the issue, pleading for more time to study the charges before issuing any comment.

MCA vice-president Datuk Donald Lim told The Malaysian Insider that the matter should only be addressed by the president.

“I would rather not comment. I just heard about it too,” he said.

A fellow vice-president Gan Ping Sieu also declined comment but chose instead to seek information from The Malaysian Insider over the details of the charges against Dr Ling.

“What did they involve? What were the specific charges,” he asked, before saying that he would need more time before speaking on it.

Another vice-president Datuk Chor Chee Heung told The Malaysian Insider that careless comments on such a shocking piece of news should not be made.

“I barely just heard about it myself. I do not know the details, so it would be unfair to make any comment for now. It is a big issue,” he pointed out.

Other MCA leaders could not be reached via the telephone.

On micro-blogging site Twitter, MCA Youth chief Datuk Wee Ka Siong, who is usually active, was uncharacteristically quiet. His last post was at about 4pm, on an unrelated matter.

MCA presidential council member Chua Tee Yong tweeted that the PKFZ case needed transparency if the government wanted to revive the people’s trust in them.

“Give a chance 2 clear d air instd of guessg and hypthosg,” he said in his tweet.

The PKFZ project, Malaysia’s biggest port investment, was initially kickstarted in the early 2000 with a budget of RM1.8 billion.

The amount ballooned, however, allegedly due to mismanagement and corruption, and is estimated to likely cost a whopping RM12.5 billion now, including interest charges.

http://www.themalaysianinsider.com/malaysia/article/mca-in-shock-over-dr-lings-pkfz-charge

Wanted Very Badly: Malaysian Politicians with Integrity and who Love ALL fellow Malaysians

"When we take over the government, we would make Malaysia the most democratic nation in the world. We would respect human rights. No more cases like Anwar (Ibrahim) who was jailed for six years because justice was denied.

"With this democracy, we would empower the people, strengthen the economy and boost the confidence of the world in our country. Believe me, if this happens we would be better and far richer than Singapore.

Chinese voters want fairness, says PKR's Chua

THU, 29 JUL 2010 14:21

By Fazy Sahir

FMT EXCLUSIVE KUALA LUMPUR: Alleging that the Barisan Nasional-led government was similar to the rule of former Indonesian and the Philippine presidents Suharto and Ferdinand Marcos, former health minister and MCA vice-president Chua Jui Meng says the rakyat, especially the Malaysian Chinese, despised the unfair race-based policies implemented by the ruling government.

He said this was one of the main reasons why the Malaysian Chinese community almost entirely turned its back against the ruling BN at the historic 2008 general election.

The BN-led government had also failed to be democratic, respect human rights, ensure a sustainable economic climate, was unable to provide equal education opportunites for all races in the country, practises selective prosecution in weeding out corruption and, above all, failed to be fair in administering the nation.

"The main point is that they (the Malaysian Chinese community) wants justice and fairness from the government. They want the government to care for the people, especially the poor. For the Chinese, they will donate money and this is their culture.

"These donations are to assist the poor. This is what they (the Malaysian Chinese) want the government to do. Is this difficult for them (BN) to do after the country's independence some 50 years ago? The government has based itself on wrong policies," he told FMT in an interview.

A good majority of the Malaysian Chinese community had traditionally supported the ruling coalition until the 2008 general election. The historic polls revealed a massive decline in the Chinese and Indian support for the ruling coalition.

This resulted in the BN losing the state governments of Selangor, Perak, Penang and Kedah to add to Kelantan, which was already in the hands of the opposition. The BN also lost its long-guarded two-thirds majority in Parliament.

'Forever borrowing money'
Chua, who joined Parti Keadilan Rakyat late last year after being in the MCA for 35 years, likened the country's administration to that of former Indonesian and the Philippines presidents Suharto and Ferdinand Marcos.

"We are forever borrowing money. The situation now is worse than the rule of Suharto and Marcos. The Philippines does not have any oil revenue, but the economy during Marcos' rule was bad because he stole billions from the people.

"Here everyday we have an expose like Felda. If the case is brought to court, there will be a lot more revealed. The profits reaped by Felda is a lot more than that of Sime Darby or IOI Bhd but profits per hectare had declined. It's finished...we have just made the Malays (Felda settlers) poor for another year,” he said in the interview, which covered various issues, at a modest restaurant in Damansara.

Chua said the statement by Minister in the Prime Minister's Department Idris Jala that the government would go bankrupt because of the decline in taxes collected from Petronas, Sime Darby and Felda also raises questions.

"This should not be the case for a country which produces oil like Malaysia. Look at the increasing coffers of Saudi Arabia, Brunei or Norway. What about us? Has our treasury recorded an increase?" he asked.

He said while China was moving fast economically with a 30% annual growth, Malaysia was still dragging its feet in catching up.

He said all the policies formulated by the government, including the Ninth Malaysia Plan, did not produce the desired results because there was no quality in the administration of the prime minister, deputy prime minister or the Cabinet as they only thought about their cronies and not the well-being of the country.

"If we allow BN to enslave the people, we will continue to be left behind. Don't talk about South Korea or China; we would be even worse than the economies of Indonesia, the Philippines and Thailand," said Chua, who holds the record for being the longest-serving health minister, from 1990 to 2004.

Opposition's vision

He said the mindset of the Chinese has changed and that the community was looking forward to a brighter better future for the generations to come.

"Their mindset has changed as they have seen the light. The Chinese voters read news from the Internet for more information. They do not want to be fooled by the BN again," he said.

On the opposition coalition made up of PAS, DAP and PKR, Chua, who was stripped of his "Datuk Seri" title by the Johor Sultan more than a month ago, said the best approach would be to explain the opposition's vision to the nation.

"When we take over the government, we would make Malaysia the most democratic nation in the world. We would respect human rights. No more cases like Anwar (Ibrahim) who was jailed for six years because justice was denied.

"With this democracy, we would empower the people, strengthen the economy and boost the confidence of the world in our country. Believe me, if this happens we would be better and far richer than Singapore.

"After 53 years of BN rule, Singapore is 500% richer than us. This is because Singapore does not tolerate corruption. BN, on the other hand, likes corruption. We want to take care of the poor regardless of whether they are Malays, Indians, or Bumiputeras from Sabah and Sarawak."

http://www.freemalaysiatoday.com/fmt-english/politics/pakatan-rakyat/8544-chinese-voters-want-fairness-says-pkrs-chua

****Desired Characteristics for Potential Investment (Investment Philosophy of Magellan Infrastructure Fund)

Magellan Infrastructure Fund - Investment Philosophy


The Magellan Funds have two principal Investment Objectives:

• to minimise the risk of permanent capital loss; and
• to achieve superior risk adjusted investment returns over the medium to long-term.

Our Investment Philosophy is simple to state. We aim to find outstanding companies at attractive prices. We consider outstanding companies to be those that have sustainable competitive advantages which translate into returns on capital materially in excess of their cost of capital for a sustained period of time. While we are extremely focused on fundamental business value, we are not typical value investors. Securities that appear undervalued on the basis of a low price to earnings multiple or a price to book multiple will often prove to be poor investments if the underlying business is fundamentally weak and exhibits poor returns on capital. We will buy companies that have both low and higher price to earnings and price to book multiples provided that the business is outstanding and the shares are trading at an appropriate discount to our assessment of intrinsic value.

An outstanding company will usually have some or (ideally) all of the following characteristics:

WIDE ECONOMIC MOAT
An economic moat refers to the protection around an economic franchise which enables a company to earn returns materially in excess of the cost of capital for a sustained period of time.

Outstanding companies are unusual as capitalism is very efficient at competing away excess returns, in most cases. A company’s economic moat will usually be a function of some form of sustainable competitive advantage.

A strong indicator as to whether a company possesses an economic moat is the historical returns on capital (both including and excluding intangible assets) it has achieved. If a company has earned returns materially above the cost of its capital for a sustained period, it is a good indication that a company may have an economic moat. In some cases, a company may be developing a strong economic moat, but its historical returns on capital are low reflecting the investment in building a business with long-term sustainable competitive advantages. The key lesson is that historical returns on capital do not necessarily indicate whether a business has a wide economic moat and it is critical to fully understand the competitive advantages and threats which protect and threaten a company’s economic franchise.

Identification of companies with wide economic moats involves consideration and assessment of the barriers to entry, the risks of substitutes, the negotiating power of buyers and suppliers to a company and intensity of rivalry amongst competitors.

The following are illustrations of sustained competitive advantages:

• Where it is very expensive for consumers to shift from the incumbent provider (that is, where there is a low threat of substitutes) because of, for example, cost, inconvenience and/or regulatory restrictions.
• Where the leading market participant has material economies of scale which gives it a significant cost advantage over competitors or new entrants.
• Where the business has a strong and unique brand name or is protected by long-term intellectual property rights such as copyright, patents, trademarks and/or regulatory approvals.
• Where a company has a very strong network (ideally monopoly or proprietary). For example, where it is the vital intermediary between buyers and sellers, a market maker or even a ring road that tolls workers and businesses use as they move people and goods. We are particularly interested in networks where access, pricing and volume are subject to market forces and are not regulated in a materially adverse manner.
• Where the use of psychological imperatives (such as, safety, exclusivity and quality) drives customer loyalty and enables companies to charge a premium for their products or services.

Each of these sustained competitive advantages is relatively unusual and it is particularly valuable where a strong competitive advantage prevails over a long period of time. Market-based monopolies and proprietary networks can provide the strongest and most sustainable competitive advantages, but are extraordinarily rare.

RE-INVESTMENT POTENTIAL
We seek companies that have a moderate to high potential to continue to re-invest capital into the business at high incremental returns.

We believe that conventional investment analysis fails to properly assess the potential of a business to deploy material amounts of additional capital into the business at attractive rates of return. This is a fundamental driver of value over time.

The most attractive types of companies are either:

• Companies with wide economic moats which can continue to grow materially with very limited additional capital.
• These companies will exhibit rising returns on capital employed. These types of businesses are extraordinarily rare and extremely valuable.
• Companies with wide economic moats which have opportunities to deploy material amounts of capital into the business at high incremental rates of return. Examples include a strong retail franchise with substantial roll-out opportunity, or a retail banking or financial services franchise that can continue to grow its lending activities at attractive margins.

These types of businesses are rare and can be very valuable compounding machines. It is more usual to find businesses with wide economic moats which can only deploy very modest amounts of capital and exhibit modest growth potential. These businesses, while attractive, are less likely to be compounding machines than those with material high return re-investment opportunities.

We are therefore very focused on assessing a company’s ability to continue to re-invest free cash flow at high rates of return. It is factors such as, store roll out potential, global expansion potential, the size of the market and market share potential, and market growth rates, which will drive this re-investment potential.

We judge re-investment potential as low, medium or high depending on the level of re-investment over the medium term as a percentage of net income, and the rate of return expected to be achieved.

LOW BUSINESS RISKS
The purpose of assessing business risk is to determine the predictability of cash flow and earnings projections. Businesses which are difficult to predict or could exhibit large variations in cash flows and earnings have high inherent business risk.

We assess business risk taking into account factors such as cyclicality, operating leverage, operating margin, financial leverage, competitive strength, regulatory and political environment and profitability.

We assign each company a risk assessment: low, medium and high. This is not an attempt to measure the volatility of the shares, but rather the predictability and strength of the underlying business.

LOW AGENCY RISK
We term the risk surrounding the deployment of the free cash flow generated by a business as €˜agency risk’.

A fundamental assumption inherent in a standard discounted cash flow valuation (DCF) is that free cash flows are returned to shareholders or are re-invested at the cost of capital. The reality is that this assumption is often flawed as free cash flow is often not returned to shareholders but, rather, cash is re-invested by companies at returns below the cost of capital. In these cases, businesses can end up being worth substantially less than implied by a DCF analysis. We term the risk surrounding the deployment of the free cash flow generated by a business as agency risk.

A company which can deploy a substantial amount of free cash flow back into the business at attractive returns for a sustained period of time will almost certainly carry lower agency risk than a company which has limited opportunities to re-invest capital at attractive returns, unless the company is explicit about returning excess cash flow to shareholders via dividends and/or share buy-backs.

In assessing agency risk, we look at factors, including the structure and level of incentives offered to senior management, the level of share ownership by senior management and directors, the track record of management in pursuing acquisitions, the desire of management to grow their empire and the track record of management and the Board in acting in a shareholder friendly manner, including returning free cash flow to shareholders via share buy-backs and/or dividends.

The assessment criteria we apply in evaluating potential investments are depicted in the diagram here.



An ideal investment will normally have a number of combined favourable attributes operating together which would illustrate what Charlie Munger of Berkshire Hathaway describes as a Lollapalooza effect (which is a term for factors which will reinforce and greatly amplify each other).

MARGIN OF SAFETY
We will only purchase an investment when there is a sufficient margin of safety. The margin of safety is the discount we require before buying shares of a company. The bigger the assessed discount, the wider is our margin of safety.

The available margin of safety, we believe, is driven, in part, by prevailing market psychology. While not a driver of a company’s quality or intrinsic value, the markets can have a profound, albeit rarely long-term, effect on the pricing of a company’s shares. When short-term issues or concerns are worrying investors or other factors are resulting in excess enthusiasm (that is, irrational exuberance), shares will often be mis-priced relative to intrinsic value. While our process can make us appear to be out of step with trends, investing contrary to consensus thinking has the potential to provide investment opportunities. Understanding where current market sentiment lies and assessing the company within the context of whether the concern or excitement is being appropriately priced, is an important step in investing.

There are some exceptional businesses where the Lollapalooza effect is truly at work and the moat is so wide and the risks are so low that we will invest with a very modest margin of safety. It is more usual to find companies which do not have all the reinforcing factors at play which results in a higher level of risk and requires a higher margin of safety.

Coca Cola Business at a Glance

http://www.cokecce.com/crs-reports/2009/g_business_glance.html

The company’s intrinsic value is the net present value of projected future cash flows.

http://rcrawford.wordpress.com/2008/08/05/teva-pharma-teva-august-4-2008/
The company’s intrinsic value is the net present value of projected future cash flows.
We will take the free cash flow rate and project it out over the next decade, followed by an assumed 5% growth rate in the second decade.



Valuing a firm using Free Cash Flows

Free Cash Flow Yield trumps Dividends as a driver of returns

The chart below was adapted from research conducted by Empirical Research Partners – it depicts relative returns for U.S. large cap stocks sorted by dividend growth, share repurchases, and price/free cash flow over the 35-year period from 1970-2005.

You will notice the following:

• Strategies focused only on dividend growth have only modestly outperformed the S&P 500 Index.
• Companies that pay no dividends at all have the worst return records.
• Strategies focused on price/free cash flow were the most effective at outperforming the S&P 500 Index.

Even in today’s severely compromised market environment, companies are fiercely protective of their free cash flow. Despite the downturn, free cash flow has held up remarkably well due to a couple of factors: a low capital expenditure base and aggressive management of working capital.

https://www.phn.com/Default.aspx?tabid=1103

How Most People Prioritize Payments

http://www.wow-tube.ru/index.php?key=wealth+create

ALL WOW VIDEOS - WEALTH CREATE

Financial Strategies that a Company can Use Productively

http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=4868746&SessionID=nrPGHF6350xDtA7

Working Capital (Cash Conversion Cycle)

http://www.qfinance.com/cash-flow-management-best-practice/how-to-better-manage-your-financial-supply-chain?full

Cash Flow Problems

http://www.2-small-business.com/blog/archives/2009/05/fivetried_and_t.shtml
So, what should you do to ensure that you maintain a good cash flow?

Value Created by Free Cash Flow

Apple has grown their free cash flow at 7112% over the last 6 years or annualized at 104%.
http://seekingalpha.com/article/177496-a-complete-look-at-apple-s-financials

MTS generated significant cash flow during the year, with free cash flow of $2.1 billion in 2008, up from $964 million in 2007. In addition, net cash flow from operations increased by 32% in the year to $4.4 billion.
http://annualreview2008.mtsgsm.com/business_review/financial_review/earnings_per_ads/


http://www.faqs.org/sec-filings/091109/TRIMAS-CORP_8-K/a09-33130_1ex99d2.htm







http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHTML1?ID=5792754&SessionID=6vfWWWQXC55Y9l7

Using Free Cash Flow = Cash flows from Operating Activities + Cash flows from Investing Activities

Cash Flows

Consolidated

(millions of yen)

	2005/3	2006/3	2007/3	2008/3	2009/3	2010/3
Cash flows from operating activities	14,116	22,474	19,352	24,778	11,939	27,537
Cash flows from investing activities	-(minus)3,833	-(minus)18,845	-(minus)10,109	-(minus)19,147	-(minus)14,393	-(minus)9,949
Free cash flow *1	10,283	3,629	9,243	5,631	2,454	17,588
Cash flows from financing activities	-(minus)471	-(minus)7,471	-(minus)13,231	-(minus)8,828	11,939	-(minus)30,347
Net increase(decrease) in cash and cash equivalents	9,892	-(minus)3,186	-(minus)2,939	-(minus)2,503	5,538	-(minus)11,458
Cash and cash equivalents at beggining of period	21,787	31,679	28,702	25,763	23,261	29,202
Cash and cash equivalents at end of period	31,679	28,702	25,763	23,261	29,202	17,768

*1 Free cash flow = Cash flows from operating activities+ Cash flows from investing activities

Free Cash Flow
(Cash flows from operating activities, Cash flows from investing activities, Free cash flow)

http://www.nisshinbo.co.jp/english/ir/briefing/cf.html

http://www.smallbusinessarena.com/cash-flow-statement-cash-flow-101/