Avoca LLC (AVOA)

Avoca LLC Cash Flow Statement

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

Fiscal Year	TTM	FY 2003	FY 2002	FY 2001	FY 2000	FY 1999
Period Ending	Sep 30, 2004	Dec 31, 2003	Dec 31, 2002	Dec 31, 2001	Dec 31, 2000	Dec 31, 1999
Net Income	3.25	2.64	1.63	3.56	1.42	0.8
Depreciation & Amortization	0.01	0.01	0.01	0	0	0
Other Operating Activities	-0	-0	0.01	-0	-0	-0
Change in Accounts Receivable	-0.19	-0.19	0.12	-0.09	-0.06	-0.07
Change in Accounts Payable	-0.01	-0.01	0.01	-0.01	0.01	0
Change in Income Taxes	-0	-0	-0.01	0.02	0.01	-0.02
Change in Other Net Operating Assets	0.07	0.02	0.01	0.02	-0.03	-0.01
Operating Cash Flow	3.14	2.46	1.77	3.5	1.34	0.7
Operating Cash Flow Growth	54.96%	39.14%	-49.33%	161.64%	89.56%	102.68%
Capital Expenditures	-	-	-0.03	-	-	-0
Investment in Securities	1.2	-1.3	0.66	-0.64	-0.87	0.01
Investing Cash Flow	1.2	-1.3	0.63	-0.64	-0.87	0.01
Common Dividends Paid	-2.37	-1.45	-2.33	-2.28	-0.71	-0.27
Financing Cash Flow	-2.37	-1.45	-2.33	-2.28	-0.71	-0.27
Net Cash Flow	1.97	-0.29	0.08	0.58	-0.23	0.45
Free Cash Flow	3.14	2.46	1.74	3.5	1.34	0.7
Free Cash Flow Growth	55.02%	41.28%	-50.10%	161.64%	90.24%	104.61%
Free Cash Flow Margin	62.54%	59.25%	66.77%	63.16%	56.04%	48.61%
Cash Income Tax Paid	1.18	1.18	0.77	1.69	0.68	0.46
Levered Free Cash Flow	2.78	3.08	0.68	4.26	1.82	1.11
Unlevered Free Cash Flow	2.78	3.08	0.68	4.26	1.82	1.11
Change in Net Working Capital	0.14	-0.73	0.74	-0.97	-0.5	-0.34

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