Zhaoheng Hydropower Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2008	FY 2007	FY 2006
Period Ending	Mar '09 Mar 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007	Dec '06 Dec 31, 2006
Net Income	6.01	5.99	4.34	3.56
Depreciation & Amortization	2.57	2.03	0.99	2.57
Loss (Gain) on Sale of Assets	-0.04	-0.04	-	-
Change in Accounts Receivable	-0.29	-1.68	2.63	-0.78
Change in Accounts Payable	-0.4	-0.39	-0.71	0.29
Change in Income Taxes	0.45	0.67	0.12	-0.07
Change in Unearned Revenue	-	-	-	-0.01
Change in Other Net Operating Assets	-0.79	-2.76	2.35	27.27
Other Operating Activities	0.02	-	-1.41	-
Operating Cash Flow	7.51	3.83	7.48	32.85
Operating Cash Flow Growth	25.29%	-48.84%	-77.23%	-
Capital Expenditures	-6.12	-6.86	-15.88	-11.59
Cash Acquisitions	-3.48	-1.02	-6.68	-
Divestitures	1.78	1.78	-	-
Sale (Purchase) of Intangibles	-0.11	-0.02	-0.03	-
Other Investing Activities	1.51	4.44	-8.59	-24.06
Investing Cash Flow	-6.42	-1.68	-31.18	-35.65
Short-Term Debt Issued	-	-	-	0
Long-Term Debt Issued	-	-	21.4	8.12
Total Debt Issued	-	-	21.4	8.12
Long-Term Debt Repaid	-	-1.44	-	-
Net Debt Issued (Repaid)	-5.09	-1.44	21.4	8.12
Common Dividends Paid	-	-	-2.62	-2.95
Financing Cash Flow	-5.09	-1.44	18.78	5.17
Foreign Exchange Rate Adjustments	3.56	4.1	1.1	1.54
Net Cash Flow	-0.44	4.81	-3.83	3.91
Free Cash Flow	1.39	-3.04	-8.4	21.26
Free Cash Flow Margin	9.03%	-22.51%	-90.54%	307.12%
Free Cash Flow Per Share	0.02	-0.04	-0.12	-
Cash Interest Paid	4.92	3.97	0.99	1.02
Cash Income Tax Paid	0.6	0.53	0.41	0.41
Levered Free Cash Flow	3.24	-2.64	-7.98	-
Unlevered Free Cash Flow	6.39	-0.08	-7.37	-
Change in Working Capital	-1.02	-4.16	4.4	26.7

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