PANDORA TV Cash Flow Statement

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

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	FY 2013	FY 2012	FY 2008	FY 2007
Period Ending	Dec '13 Dec 31, 2013	Dec '12 Dec 31, 2012	Dec '08 Dec 31, 2008	Dec '07 Dec 31, 2007
Net Income	839.27	473.06	-9,420	-8,005
Depreciation & Amortization	672.24	581.56	892.86	1,011
Loss (Gain) From Sale of Assets	-0.27	-220.9	1.34	4.04
Asset Writedown & Restructuring Costs	-	-	-	18.75
Loss (Gain) From Sale of Investments	-	400.97	160.36	-
Provision & Write-off of Bad Debts	5.35	-91.17	354.78	19.92
Other Operating Activities	438.03	277.66	205.41	167.67
Change in Accounts Receivable	479.9	325.24	809.46	-2,273
Change in Accounts Payable	-302.58	-544.76	-	-
Change in Unearned Revenue	-10.54	-78.65	-	-
Change in Other Net Operating Assets	-1,015	-42.64	-358.53	1,789
Operating Cash Flow	1,106	1,080	-7,354	-7,268
Operating Cash Flow Growth	2.37%	-	-	-
Capital Expenditures	-66.3	-252.1	-58.71	-2,290
Sale of Property, Plant & Equipment	0.27	272.8	2.1	25
Cash Acquisitions	361.16	-	-	-
Sale (Purchase) of Intangibles	-1,062	-827	-426.34	-50.5
Investment in Securities	-302.6	-1,670	-87.54	-1,902
Other Investing Activities	-6.45	-1,901	-109	-32.88
Investing Cash Flow	-1,076	-4,377	-702.13	-4,604
Short-Term Debt Issued	2,240	66	3,893	1,885
Long-Term Debt Issued	-	3,263	-	-
Total Debt Issued	2,240	3,329	3,893	1,885
Short-Term Debt Repaid	-1,041	-	-4,465	-314.25
Long-Term Debt Repaid	-545.66	-	-	-
Total Debt Repaid	-1,587	-	-4,465	-314.25
Net Debt Issued (Repaid)	653.34	3,329	-571.25	1,571
Issuance of Common Stock	-	-	8,223	10,961
Repurchase of Common Stock	-	-	-	-136.15
Other Financing Activities	250	300	0	-
Financing Cash Flow	903.34	3,629	7,652	12,396
Miscellaneous Cash Flow Adjustments	0	-0	-	-
Net Cash Flow	933.64	332.69	-404.41	525.15
Free Cash Flow	1,040	828.27	-7,413	-9,558
Free Cash Flow Growth	25.53%	-	-	-
Free Cash Flow Margin	9.45%	8.02%	-99.41%	-111.52%
Free Cash Flow Per Share	210.60	168.09	-1774.55	-2288.94
Levered Free Cash Flow	-156.02	-	-4,393	-
Unlevered Free Cash Flow	149.9	-	-4,187	-
Change in Working Capital	-848.63	-340.81	450.93	-484.12

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