Tài liệu Nothing But Net 2009 Internet Investment Guide 32 docx

311

Global Equity Research

05 January 2009

Imran Khan

(1-212) 622-6693

imran.t.khan@jpmorgan.com

Table 218: SINA Annual Cash Flow Statement

$ in millions

2007 2008E 2009E 2010E

Net Income 58 89 112 139

Add Non cash Expenses/(income)

Depreciation and Amortization 15 16 21 27

Extraordinaries 0 0 1 3

Other Non-Cash Items/Share base comps 9 15 16 16

Changes in Working Capital:

(Increase)/Decrease Receivables -12 -19 -17 -24

(Increase)/Decrease Inventories 0 0 0 0

(Increase)/Decrease Other Current Assets 1 -17 -6 -8

Increase/(Decrease) Payables -1 5 1 2

Increase/(Decrease) Other Current Liabilities 17 8 17 23

Net Cash from Operations 87 95 145 178

Cash Flow from Investing

Purchase of Property, Plant & Equipment -13 -12 -30 -35

Purchase/Sale of Other LT assets (Goodwill) -1 0 0 0

Others (incl Chg in short-term investment ) -6 0 0 0

Net Cash from Investing Activities -19 -12 -30 -35

Cash Flow from Financing

Issuance/Repayment of Debt -1 0 0 0

Change in other LT liabilities 1 -1 0 0

Change in Common Equity - net 20 10 11 11

Payment of Cash Dividends 0 0 0 0

Other Financing Charges, Net 21 0 -1 -3

Net Cash from Financing Activities 41 8 9 8

Net Change in Cash and Cash Equivalents 108 92 124 152

Cash at End of Period 272 363 487 639

Source: Company reports and J.P. Morgan estimates.