C.A. Ron Santa Teresa Cash Flow Statement

Financials in millions VEF. Fiscal year is September - August.

Millions VEF. Fiscal year is Sep - Aug.

Fiscal Year	TTM	FY 2012	FY 2011	FY 2007	FY 2006	FY 2005
Period Ending	Nov '12 Nov 30, 2012	Aug '12 Aug 31, 2012	Aug '11 Aug 31, 2011	Aug '07 Aug 31, 2007	Aug '06 Aug 31, 2006	Aug '05 Aug 31, 2005
Net Income	-26.7	-21.44	10.83	2,193	-901.96	3,620
Depreciation & Amortization	21.92	21.87	25.17	7,221	6,132	5,557
Loss (Gain) From Sale of Assets	-0.09	-0.09	-0	-416.12	-337.86	113.9
Asset Writedown & Restructuring Costs	-0.14	-	-	-	585.48	-722.97
Loss (Gain) From Sale of Investments	-	-	-	-2,960	-934.43	-
Provision & Write-off of Bad Debts	0.41	-0.15	-0.02	-	-	-
Other Operating Activities	14.21	14.47	3.02	4,585	156.2	1,338
Change in Accounts Receivable	48.55	-0.61	0.25	-12,567	-3,651	-3,878
Change in Inventory	-2.4	38.86	-61.43	-7,383	-6,968	-8,500
Change in Accounts Payable	-13.23	10.63	2.89	3,659	4,088	3,049
Change in Income Taxes	-39.53	-35.67	-0.71	1,453	412.31	30.47
Change in Other Net Operating Assets	6.62	-25.18	-22.92	-479.95	-4,019	-871.01
Operating Cash Flow	9.61	2.69	-42.93	-4,571	-5,439	-265.06
Capital Expenditures	-22.98	-21.23	-4.76	-3,196	-860.27	-2,688
Sale of Property, Plant & Equipment	0.29	0.29	0.65	630.62	591.66	36.17
Other Investing Activities	0.1	0.1	0.43	-	-	-
Investing Cash Flow	-11.21	-20.83	-3.68	-2,566	-268.61	-2,652
Short-Term Debt Issued	-	-	-	-	5,796	-
Long-Term Debt Issued	-	18.7	44.89	7,086	4,015	5,481
Total Debt Issued	20.75	18.7	44.89	7,086	9,811	5,481
Short-Term Debt Repaid	-	-	-	-5,796	-	-
Total Debt Repaid	-	-	-	-5,796	-	-
Net Debt Issued (Repaid)	20.75	18.7	44.89	1,291	9,811	5,481
Common Dividends Paid	-3.21	-3.21	-2.06	-	-566.61	-1,018
Dividends Paid	-3.21	-3.21	-2.06	-	-566.61	-1,018
Financing Cash Flow	17.55	15.5	42.84	1,291	9,244	4,463
Miscellaneous Cash Flow Adjustments	-2.13	-2.13	-2.77	-	-	-
Net Cash Flow	13.82	-4.78	-6.55	-5,846	3,536	1,546
Free Cash Flow	-13.37	-18.54	-47.7	-7,767	-6,299	-2,953
Free Cash Flow Margin	-2.76%	-3.60%	-8.60%	-5.92%	-5.93%	-3.18%
Free Cash Flow Per Share	-	-0.01	-0.03	-0.03	-0.03	-0.01
Cash Interest Paid	18.38	18.38	14.76	2,211	1,893	-
Cash Income Tax Paid	8.96	8.96	11.37	3,171	1,418	-
Levered Free Cash Flow	-19.02	8.49	-	-11,640	3,913	-2,355
Unlevered Free Cash Flow	-5.33	22.19	-	-9,481	5,760	-697.68
Change in Working Capital	0	-11.97	-81.93	-15,194	-10,138	-10,170

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