MEDIZEN HUMANCARE Cash Flow Statement

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

Millions KRW. Fiscal year is Jan - Dec.

Fiscal Year	FY 2014	FY 2013
Period Ending	Dec '14 Dec 31, 2014	Dec '13 Dec 31, 2013
Net Income	-1,686	-1,160
Depreciation & Amortization	550.16	234.68
Other Operating Activities	37.58	0.44
Change in Accounts Receivable	-216.87	-0.52
Change in Inventory	-26.38	-17.36
Change in Accounts Payable	43.89	-0
Change in Other Net Operating Assets	394.19	-349.81
Operating Cash Flow	-903.67	-1,293
Capital Expenditures	-1,329	-9.29
Investment in Securities	-1,257	-29.75
Other Investing Activities	-182.46	-
Investing Cash Flow	-2,768	-39.04
Short-Term Debt Issued	-	150
Long-Term Debt Issued	-	1,200
Total Debt Issued	-	1,350
Short-Term Debt Repaid	-500	-
Total Debt Repaid	-500	-
Net Debt Issued (Repaid)	-500	1,350
Issuance of Common Stock	4,319	180
Financing Cash Flow	3,819	1,530
Miscellaneous Cash Flow Adjustments	0	-
Net Cash Flow	147.42	198.46
Free Cash Flow	-2,233	-1,302
Free Cash Flow Margin	-382.36%	-1364.69%
Free Cash Flow Per Share	-1086.98	-837.23
Levered Free Cash Flow	-1,650	-
Unlevered Free Cash Flow	-1,620	-
Change in Working Capital	194.82	-367.69

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