Yuhe International Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2010	FY 2009	FY 2008	FY 2007
Period Ending	Mar '11 Mar 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007
Net Income	-31.2	-34.34	12.79	10.52	-0.01
Depreciation & Amortization	2.79	2.56	2.1	1.73	-
Loss (Gain) From Sale of Assets	-0.24	-0.24	-0.02	-0.08	-
Stock-Based Compensation	54.53	54.53	0.73	0.4	-
Provision & Write-off of Bad Debts	0.02	0.02	0.06	-0.81	-
Other Operating Activities	-0.44	-0.56	-0.68	-0.45	-
Change in Accounts Receivable	-0	-0	0	-0	-
Change in Inventory	-8.85	-6.07	0.1	-1.65	-
Change in Accounts Payable	3.21	-0.18	0.76	-0.41	-
Change in Unearned Revenue	1.25	1.36	0	0.46	-
Change in Other Net Operating Assets	1.93	0.32	4.76	-12.34	0
Operating Cash Flow	23.01	17.41	20.59	-2.64	-0.01
Operating Cash Flow Growth	26.40%	-15.41%	-	-	-
Capital Expenditures	-25.55	-25.3	-18.19	-4.58	-
Sale of Property, Plant & Equipment	-	-	0.03	0.12	-
Cash Acquisitions	-	-	-	-10.57	-
Sale (Purchase) of Intangibles	-	-	-5.96	-	-
Investment in Securities	0.3	0.3	-	-	-
Other Investing Activities	-0.02	-0.03	3.76	1.98	-2.4
Investing Cash Flow	-25.1	-24.87	-19.77	-13.05	-2.4
Short-Term Debt Issued	-	-	-	0.26	-
Long-Term Debt Issued	-	11.4	1.07	1.3	-
Total Debt Issued	11.4	11.4	1.07	1.56	0.01
Short-Term Debt Repaid	-	-	-0.21	-0.06	-
Long-Term Debt Repaid	-	-10.89	-1.07	-1.1	-
Total Debt Repaid	-10.89	-10.89	-1.28	-1.16	-
Net Debt Issued (Repaid)	0.52	0.52	-0.21	0.4	0.01
Issuance of Common Stock	29.21	28.98	-	30.15	4.92
Other Financing Activities	-1.9	-1.9	-	-2.64	-
Financing Cash Flow	27.83	27.6	-0.21	27.91	4.93
Foreign Exchange Rate Adjustments	0.59	0.36	0.03	0.14	-
Net Cash Flow	26.33	20.49	0.63	12.36	2.52
Free Cash Flow	-2.54	-7.89	2.4	-7.22	-0.01
Free Cash Flow Margin	-3.07%	-11.69%	5.08%	-20.86%	-
Free Cash Flow Per Share	-0.14	-0.47	0.15	-0.50	-0.00
Cash Interest Paid	0.94	0.93	1.41	1.2	-
Levered Free Cash Flow	41.4	38.38	-7.38	1.43	-
Unlevered Free Cash Flow	41.7	38.63	-7	1.87	-
Change in Working Capital	-2.45	-4.56	5.61	-13.95	0

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