Tian'an Pharmaceutical Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2007	FY 2006	FY 2005	FY 2004
Period Ending	Dec '07 Dec 31, 2007	Dec '06 Dec 31, 2006	Dec '05 Dec 31, 2005	Dec '04 Dec 31, 2004
Net Income	3.14	1.52	1.06	0.11
Depreciation & Amortization	0.5	0.47	0.32	0.21
Asset Writedown & Restructuring Costs	-	-	-0	0
Stock-Based Compensation	-	-	0	-
Provision & Write-off of Bad Debts	0.14	0	0	0
Change in Accounts Receivable	-1.48	-0.76	-0.31	-0.31
Change in Inventory	-0.09	-0.14	-0.31	-0.1
Change in Accounts Payable	-0.02	-	0.21	0.2
Change in Other Net Operating Assets	0.37	0.36	0.67	-2.03
Operating Cash Flow	2.56	1.46	1.74	-1.92
Operating Cash Flow Growth	75.30%	-16.07%	-	-
Capital Expenditures	-0.01	-0.05	-1.05	-0.3
Sale of Property, Plant & Equipment	-	0.01	-	0
Sale (Purchase) of Intangibles	-	-	-0.77	-
Investing Cash Flow	-0.01	-0.04	-1.82	-0.3
Issuance of Common Stock	-	-	1.86	-
Financing Cash Flow	-	-	1.86	-
Foreign Exchange Rate Adjustments	0.48	0.21	0.13	-
Miscellaneous Cash Flow Adjustments	0	-	-	-
Net Cash Flow	3.03	1.63	1.91	-2.22
Free Cash Flow	2.55	1.41	0.69	-2.22
Free Cash Flow Growth	81.09%	104.37%	-	-
Free Cash Flow Margin	23.98%	19.94%	19.63%	-362.22%
Free Cash Flow Per Share	0.18	0.10	0.05	-0.16
Cash Income Tax Paid	-	-	0.22	-
Levered Free Cash Flow	2.34	0.64	-0.14	-
Unlevered Free Cash Flow	2.43	0.64	-0.14	-
Change in Net Working Capital	0.44	0.85	-0.58	-

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