PHARMARESEARCH BIO Cash Flow Statement

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

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	FY 2014	FY 2014
Period Ending	Dec '14 Dec 31, 2014	Mar '14 Mar 31, 2014
Net Income	-883.52	-246.41
Depreciation & Amortization	4.69	3.19
Asset Writedown & Restructuring Costs	-	1
Other Operating Activities	412.29	61.33
Change in Accounts Receivable	73.33	-55
Change in Other Net Operating Assets	6.56	-16.1
Operating Cash Flow	-386.65	-251.99
Capital Expenditures	-29.1	-
Other Investing Activities	-42.67	-
Investing Cash Flow	-71.76	-
Short-Term Debt Issued	-	239.86
Long-Term Debt Issued	-	1,000
Total Debt Issued	-	1,240
Short-Term Debt Repaid	-	-292.96
Total Debt Repaid	-50.67	-292.96
Net Debt Issued (Repaid)	-50.67	946.9
Issuance of Common Stock	-	98.18
Financing Cash Flow	-50.67	1,045
Net Cash Flow	-509.08	793.09
Free Cash Flow	-415.75	-251.99
Free Cash Flow Margin	-233.32%	-78.46%
Free Cash Flow Per Share	-10393.76	-6299.54

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