Alvarion Cash Flow Statement

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

Millions ILS. Fiscal year is Jan - Dec.

Fiscal Year	FY 2012	FY 2011	FY 2010
Period Ending	Dec '12 Dec 31, 2012	Dec '11 Dec 31, 2011	Dec '10 Dec 31, 2010
Net Income	-208.75	-129.03	-348.71
Depreciation & Amortization	14.83	16.97	11.65
Loss (Gain) From Sale of Assets	1.63	9.62	0.62
Stock-Based Compensation	3.5	6.37	6.26
Other Operating Activities	122.71	88.71	376.2
Change in Accounts Receivable	32.39	16.79	21.6
Change in Inventory	4.25	27.28	-20.48
Change in Accounts Payable	-34.53	-41.5	27.08
Change in Other Net Operating Assets	-23.09	-10.58	-23.75
Operating Cash Flow	-97.86	-68.83	-79.46
Capital Expenditures	-2.97	-6.3	-8.79
Sale of Property, Plant & Equipment	0.04	0.57	0.02
Cash Acquisitions	-10.15	-93.92	-
Investment in Securities	21.21	58.44	94.05
Other Investing Activities	-18.62	-6.46	-33.8
Investing Cash Flow	-10.49	-47.66	51.49
Long-Term Debt Issued	-	114.45	-
Long-Term Debt Repaid	-70.94	-11.38	-
Net Debt Issued (Repaid)	-70.94	103.07	-
Issuance of Common Stock	0	0.02	0.21
Other Financing Activities	0	0.02	0.19
Financing Cash Flow	-70.94	103.1	0.4
Net Cash Flow	-179.28	-13.39	-27.56
Free Cash Flow	-100.83	-75.12	-88.24
Free Cash Flow Margin	-54.06%	-27.25%	-33.22%
Free Cash Flow Per Share	-16.11	-12.06	-14.19
Cash Interest Paid	5.37	0.21	-
Cash Income Tax Paid	0.77	1.91	2.03
Levered Free Cash Flow	-29.7	89.26	38.78
Unlevered Free Cash Flow	-22.58	92.15	41.19
Change in Working Capital	-20.98	-8	4.45

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