CCSE:TDV.D Cash Flow Statement

Financials in millions VEF. Fiscal year is January - December.

Millions VEF. Fiscal year is Jan - Dec.

Fiscal Year	FY 2011	FY 2010	FY 2009	FY 2008	FY 2007
Period Ending	Dec '11 Dec 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007
Net Income	2,440	2,407	2,130	1,461	1,021
Depreciation & Amortization	1,178	1,159	1,159	1,088	965.78
Stock-Based Compensation	-	-	0.08	0.13	-
Provision & Write-off of Bad Debts	261.26	247.97	227.54	247.2	117.52
Other Operating Activities	44.43	427.63	347.17	65.92	891.1
Change in Accounts Receivable	-686.57	-522.98	-889.65	-612.72	-522.75
Change in Inventory	-768.95	-16.3	-124.25	-299.99	224.59
Change in Accounts Payable	210.97	1,093	-337.47	632.46	-272.51
Change in Unearned Revenue	640.61	415.69	286.75	108.86	99.31
Change in Income Taxes	718.55	206.15	279.89	57.96	-289.67
Change in Other Net Operating Assets	-876.45	-1,128	-153.37	-193.87	-117.42
Operating Cash Flow	3,160	4,288	2,925	2,552	2,115
Operating Cash Flow Growth	-26.30%	46.59%	14.64%	20.67%	12.15%
Capital Expenditures	-1,901	-1,295	-1,134	-1,272	-1,251
Sale of Property, Plant & Equipment	122.77	167.92	62.99	55.41	35.1
Sale (Purchase) of Intangibles	-143.55	-158.89	-185.97	-175.08	-320.66
Sale (Purchase) of Real Estate	-	-0.11	-1.99	-	-
Investing Cash Flow	-1,922	-1,286	-1,259	-1,391	-1,536
Long-Term Debt Repaid	-	-	-13.04	-21.79	-28.91
Net Debt Issued (Repaid)	-	-	-13.04	-21.79	-28.91
Repurchase of Common Stock	-	-0.07	-0.49	-0.92	-6.78
Common Dividends Paid	-1,484	-1,053	-743.62	-610.51	-916.09
Other Financing Activities	-16.29	-11.98	-6.38	-4.82	-2.27
Financing Cash Flow	-1,500	-1,215	-763.53	-738.04	-954.04
Foreign Exchange Rate Adjustments	47.51	15.51	0.04	-	-
Net Cash Flow	-213.81	1,802	902.95	422.21	-375.68
Free Cash Flow	1,259	2,993	1,791	1,280	863.93
Free Cash Flow Growth	-57.92%	67.07%	39.96%	48.15%	2.48%
Free Cash Flow Margin	7.75%	21.63%	15.17%	12.93%	10.38%
Free Cash Flow Per Share	1.60	3.80	2.29	1.63	1.11
Cash Interest Paid	-	-	-	-	3
Cash Income Tax Paid	1,088	771.84	610.78	402.34	396.85
Levered Free Cash Flow	144.14	1,499	512.79	836.32	-483.86
Unlevered Free Cash Flow	144.15	1,499	515.7	839.89	-482
Change in Working Capital	-761.84	48.06	-938.1	-307.29	-878.46

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