Viewtran Group Cash Flow Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2013	FY 2012	FY 2011	FY 2010	FY 2009
Period Ending	Dec '13 Dec 31, 2013	Dec '12 Dec 31, 2012	Dec '11 Dec 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009
Net Income	14.84	24.13	-156.61	112.38	80.22
Depreciation & Amortization	29.68	31.38	34.81	27.95	34.35
Loss (Gain) From Sale of Assets	0.13	-1.77	0.21	0.44	0.18
Asset Writedown & Restructuring Costs	-	-	236.95	21.42	-
Stock-Based Compensation	50.3	65.94	66.72	100.93	59.05
Provision & Write-off of Bad Debts	2.52	-	2.33	0	35.99
Other Operating Activities	4.34	20.4	2.66	-48.33	-8.29
Change in Accounts Receivable	-330.29	70.58	-282.94	-77.07	-155.56
Change in Inventory	159.56	-351.3	-84.33	-109.27	-50.31
Change in Accounts Payable	132.45	34.99	57.97	-15.92	-26.38
Change in Income Taxes	3.81	-7.91	0.55	3.09	2.36
Change in Other Net Operating Assets	211.89	-126.71	-25.45	-37.89	-5.11
Operating Cash Flow	312.76	-240.81	-147.13	-22.26	-33.51
Capital Expenditures	-20.68	-8.16	-10.04	-6.9	-2.43
Sale of Property, Plant & Equipment	0.49	2.71	-	-	-
Cash Acquisitions	-	-	-140.42	-65.28	-89.22
Divestitures	151.22	42.74	-	-	-
Other Investing Activities	-385.67	-127.38	-113.9	-220.36	-
Investing Cash Flow	-254.64	-90.1	-264.35	-292.54	-91.64
Short-Term Debt Issued	87.99	134.66	381.82	400.47	119.49
Total Debt Issued	87.99	134.66	381.82	400.47	119.49
Net Debt Issued (Repaid)	87.99	134.66	381.82	400.47	119.49
Issuance of Common Stock	-	-	-	-	2.05
Repurchase of Common Stock	-113.7	-49.19	-93.53	-48.19	-15.62
Other Financing Activities	-	0.24	-	-	-
Financing Cash Flow	-25.71	85.71	288.29	352.28	105.91
Foreign Exchange Rate Adjustments	-26.89	-2.32	-4.09	-5.16	0.18
Net Cash Flow	5.52	-247.53	-127.29	32.33	-19.06
Free Cash Flow	292.08	-248.98	-157.16	-29.15	-35.94
Free Cash Flow Margin	54.74%	-1219.63%	-1110.76%	-1.13%	-1.71%
Free Cash Flow Per Share	8.82	-6.85	-4.24	-0.76	-0.95
Cash Interest Paid	16.73	26.74	20.15	9.41	1.96
Cash Income Tax Paid	6.53	17.92	15.72	14.08	11.35
Levered Free Cash Flow	999.82	-105.89	-377.77	-379.65	-74.36
Unlevered Free Cash Flow	999.82	-105.11	-377.23	-373.77	-73.14
Change in Working Capital	177.42	-380.34	-334.19	-237.05	-235

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