Britannia Bulk Holdings Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2007	FY 2006	FY 2005	FY 2004	FY 2003
Period Ending	Jun '08 Jun 30, 2008	Dec '07 Dec 31, 2007	Dec '06 Dec 31, 2006	Dec '05 Dec 31, 2005	Dec '04 Dec 31, 2004	Dec '03 Dec 31, 2003
Net Income	69.19	46.02	2.39	8.25	7.58	-0
Depreciation & Amortization	33.51	22.51	4.51	9.34	1.11	-
Other Amortization	8.34	2.96	7.2	-	-	-
Change in Accounts Receivable	-30.88	-36.44	3.97	-3.14	-4.48	0.02
Change in Inventory	-11.37	-12.04	0.09	-0.19	-0.6	-
Change in Accounts Payable	44.54	22.63	4.88	-2.1	4.74	-
Change in Unearned Revenue	18.49	12.34	-1.34	4.5	1.07	-
Change in Income Taxes	1.48	0.93	0.17	0.23	0.05	-
Change in Other Net Operating Assets	-27.57	-6.82	-8.92	-2.52	-6.55	-0.02
Operating Cash Flow	93.17	52.13	13.03	14.41	2.92	-
Operating Cash Flow Growth	322.01%	299.94%	-9.55%	393.16%	-	-
Capital Expenditures	-158.56	-80.37	-142.32	-27.75	-24.89	-
Cash Acquisitions	-	-0.16	-	-0.1	-	-
Investing Cash Flow	-158.56	-80.53	-142.32	-27.85	-24.89	-
Short-Term Debt Issued	-	-	-	-	15.82	-
Long-Term Debt Issued	-	75.95	173.2	19.5	15.96	-
Total Debt Issued	245.95	75.95	173.2	19.5	31.78	-
Short-Term Debt Repaid	-	-	-0.13	-0.67	-	-
Long-Term Debt Repaid	-	-	-26.2	-9.26	-	-
Total Debt Repaid	-252.07	-	-26.33	-9.93	-	-
Net Debt Issued (Repaid)	-6.13	75.95	146.87	9.57	31.78	-
Issuance of Common Stock	111.89	-	0.01	1.16	-	-
Repurchase of Common Stock	-4.92	-7.68	-	-	-	-
Other Financing Activities	-7.02	-1.83	-6.83	-0.22	-0.49	-
Financing Cash Flow	93.83	66.44	140.06	10.51	31.29	-
Net Cash Flow	28.44	38.04	10.77	-2.93	9.33	-
Free Cash Flow	-65.39	-28.25	-129.29	-13.34	-21.97	-
Free Cash Flow Margin	-6.32%	-4.97%	-67.51%	-7.23%	-52.14%	-
Free Cash Flow Per Share	-3.41	-1.46	-6.55	-1.03	-46.59	-
Cash Interest Paid	22.39	21.21	1.12	1.17	0.27	-
Cash Income Tax Paid	1.1	0.49	0.48	0.05	-	-
Levered Free Cash Flow	-52.56	78.79	-259.68	-14.19	-	-
Unlevered Free Cash Flow	-46.15	90.45	-257.3	-13.35	-	-
Change in Net Working Capital	3.65	-106.47	133.9	1.04	-	-

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