Zhaoheng Hydropower Ltd. (ZHYLF)

Zhaoheng Hydropower Income Statement

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

Fiscal Year	TTM	FY 2008	FY 2007	FY 2006
Period Ending	Mar 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
Revenue	15.38	13.49	9.28	6.92
Revenue Growth (YoY)	82.95%	45.27%	34.11%	-
Selling, General & Admin	1.96	1.78	1.27	1.46
Other Operating Expenses	4.29	3.47	1.85	1.79
Total Operating Expenses	6.25	5.25	3.12	3.25
Operating Income	9.13	8.23	6.16	3.67
Interest Expense	-5.05	-4.09	-0.99	-0.52
Interest Income	2.23	2.2	0.1	1.51
Net Interest Expense	-2.82	-1.89	-0.88	0.99
Other Non-Operating Income (Expenses)	0.11	0.03	0.22	-0.37
EBT Excluding Unusual Items	6.42	6.37	5.49	4.29
Gain (Loss) on Sale of Assets	0.04	0.04	-	-
Pretax Income	6.46	6.41	5.49	4.29
Income Tax Expense	0.48	0.42	0.41	0
Earnings From Continuing Ops.	5.98	5.99	5.08	4.29
Minority Interest in Earnings	0.03	0	-0.75	-0.72
Net Income	6.01	5.99	4.34	3.56
Net Income to Common	6.01	5.99	4.34	3.56
Net Income Growth	61.10%	38.23%	21.74%	-
Shares Outstanding (Basic)	72	72	72	-
Shares Outstanding (Diluted)	72	72	72	-
EPS (Basic)	0.08	0.08	0.06	-
EPS (Diluted)	0.08	0.08	0.06	-
EPS Growth	61.10%	38.22%	-	-
Free Cash Flow	1.39	-3.04	-8.4	21.26
Free Cash Flow Per Share	0.02	-0.04	-0.12	-
Profit Margin	39.06%	44.44%	46.71%	51.45%
Free Cash Flow Margin	9.03%	-22.51%	-90.54%	307.12%
EBITDA	11.7	10.26	7.15	6.25
EBITDA Margin	76.08%	76.11%	77.06%	90.25%
D&A For EBITDA	2.57	2.03	0.99	2.57
EBIT	9.13	8.23	6.16	3.67
EBIT Margin	59.37%	61.04%	66.36%	53.09%
Effective Tax Rate	7.47%	6.53%	7.52%	0.06%

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