Global PVQ SE Cash Flow Statement

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

Millions EUR. 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	-845.8	18.9	-1,343	190.6	148.4
Depreciation & Amortization	97	93.3	80	45.6	24.9
Other Amortization	0.3	0.2	1.1	0.1	0.1
Loss (Gain) From Sale of Assets	1.2	1.3	8.2	5.9	0.5
Asset Writedown & Restructuring Costs	398.5	42.1	160.5	-	-
Loss (Gain) From Sale of Investments	-	-	-	-	-44
Loss (Gain) on Equity Investments	1.6	4.9	904.2	17.7	-10.6
Other Operating Activities	52.2	-60.6	-65.5	-26.6	62.3
Change in Inventory	227.7	-68.9	-280	-213.2	-55.7
Change in Unearned Revenue	-	-	-	-	15.4
Change in Other Net Operating Assets	45.5	39	424.5	-211.1	64.4
Operating Cash Flow	-21.8	70.2	-109.9	-241.2	205.7
Operating Cash Flow Growth	-	-	-	-	771.61%
Capital Expenditures	-59.5	-114.2	-292.7	-324.9	-244.2
Sale of Property, Plant & Equipment	2.8	7.3	5.7	-	-
Cash Acquisitions	-	-	18.1	-	-3.5
Divestitures	-	-10.3	-	-	-
Sale (Purchase) of Intangibles	-7.5	-4.5	-17.5	-11.4	-8.1
Investment in Securities	-3.4	-88.9	-207	101.7	-166.2
Other Investing Activities	-19.2	86.8	548.5	22.8	8.8
Investing Cash Flow	-85.1	-22.2	45.4	-241	-423
Long-Term Debt Issued	-	247.8	625.4	221.4	492.5
Total Debt Issued	-	247.8	625.4	221.4	492.5
Long-Term Debt Repaid	-89.6	-375.9	-362.8	-5.6	-9.3
Net Debt Issued (Repaid)	-89.6	-128.1	262.6	215.8	483.2
Issuance of Common Stock	-	127.7	-	5.8	4.8
Common Dividends Paid	-1.6	-	-0.9	-0.9	-
Other Financing Activities	72.2	-87	1.3	18.9	-8
Financing Cash Flow	-19	-87.4	263	239.6	480
Foreign Exchange Rate Adjustments	1.3	24.4	0.5	5.1	4.1
Net Cash Flow	-124.6	-15	199	-237.5	266.8
Free Cash Flow	-81.3	-44	-402.6	-566.1	-38.5
Free Cash Flow Margin	-7.95%	-3.25%	-50.94%	-45.24%	-4.48%
Free Cash Flow Per Share	-0.53	-0.29	-3.05	-5.03	-0.35
Cash Interest Paid	34.5	28.6	25.4	9.7	1.3
Cash Income Tax Paid	3.6	4.4	0.5	65	53.3
Levered Free Cash Flow	13.43	-115	-177.76	-503.76	-141.59
Unlevered Free Cash Flow	53.36	-76.81	-125.7	-483.58	-126.09
Change in Working Capital	273.2	-29.9	144.5	-424.3	24.1

Updated Apr 17, 2012. Source: S&P Global Market Intelligence. Standard template. Financial Sources.