Rokko Butter Cash Flow Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2011	FY 2010	FY 2009	FY 2008
Period Ending	Dec '11 Dec 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008
Net Income	3,370	1,911	2,294	1,647
Depreciation & Amortization	945	882.03	766.05	721.16
Loss (Gain) From Sale of Assets	9	35.1	53.19	22.16
Asset Writedown & Restructuring Costs	-	-	5.62	-
Loss (Gain) From Sale of Investments	-	-8.16	54.04	20.75
Other Operating Activities	-976	-978.78	1,335	-422.35
Change in Accounts Receivable	-24	-193.92	-130.33	709.61
Change in Inventory	96	-262.45	312.61	98.17
Change in Accounts Payable	-151	212.9	-855.75	-147.01
Change in Other Net Operating Assets	51	-244.34	473.93	-116.69
Operating Cash Flow	3,320	1,353	4,308	2,533
Operating Cash Flow Growth	145.33%	-68.59%	70.07%	785.59%
Capital Expenditures	-1,453	-1,144	-957.73	-1,668
Sale of Property, Plant & Equipment	1	-	-	-
Sale (Purchase) of Intangibles	-	-96.06	-60.88	-
Investment in Securities	1,098	-957.87	-212.15	344.76
Other Investing Activities	1	1.38	-	-
Investing Cash Flow	-2,350	-2,198	-2,226	-2,329
Short-Term Debt Issued	-	-	-	1,080
Long-Term Debt Issued	-	-	-	1,500
Total Debt Issued	-	-	-	2,580
Short-Term Debt Repaid	-	-90	-	-1,780
Long-Term Debt Repaid	-	-	-1,447	-53
Total Debt Repaid	-	-90	-1,447	-1,833
Net Debt Issued (Repaid)	-	-90	-1,447	747
Issuance of Common Stock	-	453.46	-	-
Repurchase of Common Stock	-1	-3.42	-5.4	-35.46
Common Dividends Paid	-211	-199.65	-150.99	-1.47
Other Financing Activities	-	-0	-	-0
Financing Cash Flow	-212	160.38	-1,603	710.07
Foreign Exchange Rate Adjustments	-	-0.37	1.48	-0
Miscellaneous Cash Flow Adjustments	-1	-	0	-
Net Cash Flow	757	-684.6	479.9	913.99
Free Cash Flow	1,867	209.27	3,350	865.11
Free Cash Flow Growth	792.13%	-93.75%	287.27%	-
Free Cash Flow Margin	4.95%	0.57%	9.34%	2.53%
Free Cash Flow Per Share	88.08	10.35	166.34	42.80
Cash Interest Paid	17	18.53	49.63	40.78
Cash Income Tax Paid	976	2,415	317.38	12.17
Levered Free Cash Flow	767.75	337.32	2,677	252.8
Unlevered Free Cash Flow	778.37	348.88	2,705	282.59
Change in Working Capital	-28	-487.81	-199.55	544.07

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