The Kyoto Hotel 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	FY 2007
Period Ending	Dec '11 Dec 31, 2011	Dec '10 Dec 31, 2010	Dec '09 Dec 31, 2009	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007
Net Income	-22	166	95.11	212.4	392.22
Depreciation & Amortization	786	771	805.67	797.56	730.04
Loss (Gain) From Sale of Assets	42	23	31.84	76.68	36.55
Loss (Gain) From Sale of Investments	37	-	-	-	-
Other Operating Activities	-273	-34	-13.19	-92.19	41.06
Change in Accounts Receivable	16	1	43.33	22.94	34.87
Change in Inventory	-1	7	5.27	10.17	2.16
Change in Accounts Payable	-31	74	-18.02	-29.01	-16.47
Change in Other Net Operating Assets	-177	-30	-252.01	-95.92	-7.26
Operating Cash Flow	377	978	698	902.62	1,213
Operating Cash Flow Growth	-61.45%	40.11%	-22.67%	-25.60%	16.23%
Capital Expenditures	-430	-191	-58.82	-387.69	-226.14
Sale (Purchase) of Intangibles	-1	-9	-0.99	-13.81	-13.33
Investment in Securities	-	-	15.6	-10.6	21.2
Other Investing Activities	-	-	1.65	9.19	1.12
Investing Cash Flow	-431	-200	-42.56	-402.91	-217.15
Long-Term Debt Issued	14,100	-	-	-	-
Short-Term Debt Repaid	-280	-80	-80	-70	-100
Long-Term Debt Repaid	-13,851	-694	-724.51	-674.2	-648.2
Total Debt Repaid	-14,131	-774	-804.51	-744.2	-748.2
Net Debt Issued (Repaid)	-31	-774	-804.51	-744.2	-748.2
Repurchase of Common Stock	-	-	-1.22	-4.71	-3.33
Common Dividends Paid	-30	-30	-30.36	-30.3	-
Other Financing Activities	-256	-51	-0	-0	-
Financing Cash Flow	-317	-855	-836.08	-779.21	-751.53
Miscellaneous Cash Flow Adjustments	-1	-	-	-	-0
Net Cash Flow	-372	-77	-180.63	-279.5	244.51
Free Cash Flow	-53	787	639.18	514.92	987.05
Free Cash Flow Growth	-	23.13%	24.13%	-47.83%	29.91%
Free Cash Flow Margin	-0.54%	7.94%	6.73%	4.91%	9.34%
Free Cash Flow Per Share	-5.16	76.54	62.16	50.04	95.87
Cash Interest Paid	393	453	473.71	500.09	515.77
Cash Income Tax Paid	285	32	51.4	223.63	4.15
Levered Free Cash Flow	-36.63	884.07	727.58	581.85	1,022
Unlevered Free Cash Flow	216.5	1,165	1,022	891.45	1,343
Change in Working Capital	-193	52	-221.43	-91.82	13.31

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