CCSE:IVC Cash Flow Statement

Financials in millions VEF. Fiscal year is July - June.

Millions VEF. Fiscal year is Jul - Jun.

Fiscal Year	TTM	FY 2008	FY 2007	FY 2006	FY 2005	FY 2004
Period Ending	Sep '08 Sep 30, 2008	Jun '08 Jun 30, 2008	Jun '07 Jun 30, 2007	Jun '06 Jun 30, 2006	Jun '05 Jun 30, 2005	Jun '04 Jun 30, 2004
Net Income	30.13	23.61	19,522	7,122	-3.13	2,022
Depreciation & Amortization	0.38	0.89	6,709	6,503	5,487	2,767
Other Amortization	8.79	8.79	4,642	4,489	-	-
Gain (Loss) on Sale of Investments	-3.52	-3.29	-	-	-	-
Asset Writedown	-	-	930.05	-	-	-
Income (Loss) on Equity Investments	-	-	-	-2,561	-	-
Change in Accounts Receivable	-92.6	-75.94	-3,938	-4,747	6,843	-9,169
Change in Accounts Payable	16.54	-3.56	9,055	339.29	20,794	-28,667
Change in Other Net Operating Assets	-118.18	74.86	-38,987	94,944	11,549	-6,620
Other Operating Activities	2.34	2.5	-16,788	-17,843	17,213	20,309
Operating Cash Flow	-152.84	41.55	21,942	91,483	62,262	-23,665
Operating Cash Flow Growth	-	-99.81%	-76.02%	46.93%	-	-
Acquisition of Real Estate Assets	-50.29	-37.83	-75,862	-25,773	-41,752	-112,467
Sale of Real Estate Assets	-0.05	-	11,775	2,078	-	74,932
Net Sale / Acq. of Real Estate Assets	-50.34	-37.83	-64,087	-23,695	-41,752	-37,535
Cash Acquisition	9.78	9.78	-	-	-	-
Investment in Marketable & Equity Securities	-	-	-4,895	-12,479	-8,062	-3,602
Investing Cash Flow	-40.57	-28.04	-68,982	-36,175	-49,813	-41,137
Short-Term Debt Issued	-	57.66	30,000	7,166	-	16,593
Long-Term Debt Issued	-	-	61,000	19,437	17,366	23,466
Total Debt Issued	317.86	57.66	91,000	26,603	17,366	40,060
Short-Term Debt Repaid	-	-	-10,000	-11,044	-14,051	-
Long-Term Debt Repaid	-	-53.11	-14,986	-65,400	-16,153	-
Total Debt Repaid	-108.35	-53.11	-24,986	-76,444	-30,204	-
Net Debt Issued (Repaid)	209.5	4.55	66,014	-49,842	-12,838	40,060
Issuance of Common Stock	0.11	0.11	-	-	-	-
Common Dividends Paid	-2.84	-2.84	-	-	-	-
Other Financing Activities	-13.42	-15.45	-483.56	-215.47	-154.1	-82.68
Miscellaneous Cash Flow Adjustments	-	-	-	-	-	25,648
Net Cash Flow	-0.06	-0.12	18,489	5,251	-543.06	823.02
Levered Free Cash Flow	-91.56	-91.47	10,571	-2,890	21,270	-29,871
Unlevered Free Cash Flow	-55.21	-58.56	30,385	14,592	32,991	-22,486
Change in Working Capital	-197.15	2.86	-27,791	88,658	38,026	-50,415

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.