BPI Energy Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is August - July.

Millions USD. Fiscal year is Aug - Jul.

Fiscal Year	FY 2007	FY 2006	FY 2005	FY 2004
Period Ending	Jul '07 Jul 31, 2007	Jul '06 Jul 31, 2006	Jul '05 Jul 31, 2005	Jul '04 Jul 31, 2004
Net Income	-20.64	-8.84	-5.4	-0.79
Depreciation & Amortization	12.56	0.57	0.26	0.08
Loss (Gain) From Sale of Assets	-	-	0.02	-
Loss (Gain) From Sale of Investments	-	-0.13	-0.04	-0
Stock-Based Compensation	1.65	1.38	3.35	0.19
Other Operating Activities	-	0.01	-0.7	-0.3
Change in Accounts Receivable	0.01	-0.07	-0.04	-
Change in Accounts Payable	0.26	0.01	0.08	0.01
Change in Other Net Operating Assets	0.68	0.51	-	-0.09
Operating Cash Flow	-5.49	-6.56	-2.48	-0.91
Capital Expenditures	-10.44	-15.07	-5.42	-1.61
Cash Acquisitions	-	-	-0.86	-
Investment in Securities	-	0.55	0.04	-0.18
Other Investing Activities	-	-	-0.1	-
Investing Cash Flow	-10.44	-14.52	-6.34	-1.79
Long-Term Debt Issued	9.06	-	-	-
Long-Term Debt Repaid	-0.14	-0.18	-0.04	-0.03
Net Debt Issued (Repaid)	8.92	-0.18	-0.04	-0.03
Issuance of Common Stock	-	33.28	15.14	3.52
Repurchase of Common Stock	-0.14	-	-	-
Other Financing Activities	-0.84	-	-	-
Financing Cash Flow	7.95	33.11	15.09	3.5
Net Cash Flow	-7.99	12.03	6.28	0.8
Free Cash Flow	-15.93	-21.63	-7.89	-2.51
Free Cash Flow Margin	-1323.42%	-1920.87%	-6687.29%	-
Free Cash Flow Per Share	-0.23	-0.34	-0.21	-0.10
Cash Interest Paid	0.01	0.02	0.01	0
Levered Free Cash Flow	-10.38	-17.75	-4.06	-1.7
Unlevered Free Cash Flow	-10.37	-17.73	-4.04	-1.69
Change in Working Capital	0.95	0.45	0.05	-0.09

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