Just as your pulse is checked during a routine physical, free cash flow is used as an indicator of a company's health. It equals the cash brought in from operations minus the money needed to pay the bills. Think about leftover money in your checking account after you pay this month's bills.

Investors and analysts see this leftover money as a gauge of a company's ability to perform. It is available for transactions such as handing out dividends and working on new products.

Some argue free cash flow is wrongly overshadowed by the emphasis often placed on earnings. Earnings numbers can be manipulated and don't always tell the whole story -- and earnings don't mean much if there's nothing left over after a company pays its expenses. Even if you bring in a six-figure salary, but no money left after paying the bills, are you in great financial shape?

You don't have to be Einstein to figure out free cash flow. To calculate the number, subtract the company's expenditures and dividends from its operating cash flow.

If the free cash flow is written in red ink, it doesn't necessarily signal curtains. This is common for young companies looking to grow. It also could be a result of heavy investments, which in the long run could be worth a standing ovation.

Home / Markets / Industries / Finance

Wednesday, June 11, 2008

AXA IM UK Ltd/AXA Framlington IM Ltd :Rule 8.3 Cable & Wireless

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Jun 11, 2008 (Hugin via COMTEX) ----FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the City Code on Takeovers and Mergers)

1. KEY INFORMATION

+-------------------------------------------------------------------+ | Name of person dealing (Note 1) | AXA Investment Managers UK | | | Limited/AXA Framlington | | | Investment Management Limited | |-----------------------------------+-------------------------------| | Company dealt in | Cable and Wireless | |-----------------------------------+-------------------------------| | Class of relevant security to | Ordinary shares | | which the dealings being | | | disclosed relate (Note 2) | | |-----------------------------------+-------------------------------| | Date of dealing | 10/06/08 | +-------------------------------------------------------------------+

2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)

+-------------------------------------------------------------------------------------------+ | | Long | Short | | | | | |---------------+--------------------------+------------------------------------------------| | |Number |Number | | | (%) | (%) | |---------------+--------------------------+------------------------------------------------| |(1) Relevant |25,344,226 | | |securities | (1.02%) | | | | | | |---------------+--------------------------+------------------------------------------------| |(2) Derivatives| | | |(other than | | | |options) | | | | | | | |---------------+--------------------------+------------------------------------------------| |(3) Options and| | | |agreements to | | | |purchase/sell | | | | | | | |---------------+--------------------------+------------------------------------------------| |Total |25,344,226 | | | | (1.02%) | | +-------------------------------------------------------------------------------------------+

(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)

+--------------------------------------------------------------------------+ |Class of | Long | Short | |relevant | | | |security: | | | | | | | |---------------+----------------------------+-----------------------------| | |Number |Number | | | (%) | (%) | |---------------+----------------------------+-----------------------------| |(1) Relevant | | | |securities | | | | | | | |---------------+----------------------------+-----------------------------| |(2) Derivatives| | | |(other than | | | |options) | | | | | | | |---------------+----------------------------+-----------------------------| |(3) Options and| | | |agreements to | | | |purchase/sell | | | | | | | |---------------+----------------------------+-----------------------------| |Total | | | | | | | +--------------------------------------------------------------------------+

+---------------------------------------+ | Class of relevant security: | Details | | | | |-----------------------------+---------| | | | +---------------------------------------+

3. DEALINGS (Note 4)

(a) Purchases and sales

+--------------------------------------------------------------------------------+ |Purchase/sale|Number of securities |Price| | | |per | | | |unit | | | |(Note| | | |5) | |-------------+------------------------------------------------------------+-----| | | 8,200 | | |Buy | |1.65p| |-------------+------------------------------------------------------------+-----| | | 50,000 | | |Buy | |1.65p| +--------------------------------------------------------------------------------+

(b) Derivatives transactions (other than options)

+-------------------------------------------------------------------+ | Product | Long/short (Note | Number of securities | Price per | | name, | 6) | (Note 7) | unit (Note | | e.g. CFD | | | 5) | |----------+------------------+------------------------+------------| | | | | | +-------------------------------------------------------------------+

+------------------------------------------------------------------------------------+ |Product |Writing, |Number of |Exercise|Type, e.g.|Expiry|Option money | |name, |selling, |securities to which|price |American, |date |paid/received | |e.g. call|purchasing, |the option relates | |European | |per unit (Note| |option |varying etc.|(Note 7) | |etc. | |5) | | | | | | | | | |---------+------------+-------------------+--------+----------+------+--------------| | | | | | | | | +------------------------------------------------------------------------------------+

(ii) Exercising

+-------------------------------------------------------------------+ | Product name, e.g. | Number of securities | Exercise price per | | call option | | unit (Note 5) | | | | | |--------------------+----------------------+-----------------------| | | | | | | | | +-------------------------------------------------------------------+

(d) Other dealings (including new securities) (Note 4)

+-------------------------------------------------------------------+ | Nature of transaction | Details | Price per unit (if applicable) | | (Note 8) | | (Note 5) | | | | | |-----------------------+---------+---------------------------------| | | | | | | | | +-------------------------------------------------------------------+

4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

+-------------------------------------------------------------------+ | Full details of any agreement, arrangement or understanding | | between the person disclosing and any other person relating to | | the voting rights of any relevant securities under any option | | referred to on this form or relating to the voting rights or | | future acquisition or disposal of any relevant securities to | | which any derivative referred to on this form is referenced. If | | none, this should be stated. | |-------------------------------------------------------------------| | | | | | | +-------------------------------------------------------------------+

Is a Supplemental Form 8 attached? (Note 9) NO

+-------------------------------------------------------------------+ | Date of disclosure | 11/06/2008 | |---------------------------------------------------+---------------| | Contact name | Kyere Tabiri | |---------------------------------------------------+---------------| | Telephone number | 0207 003 1510 | |---------------------------------------------------+---------------| | If a connected EFM, name of offeree/offeror with | N/A | | which connected | | |---------------------------------------------------+---------------| | If a connected EFM, state nature of connection | N/A | | (Note 10) | | +-------------------------------------------------------------------+

Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk

---END OF MESSAGE---

SOURCE: AXA Investment Managers UK Ltd

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