Spreadsheet: richard_shapiro__32125__TRAssumptions&SIRESERatesCase
Sheet: NewCaseCFlow

Transredes S.A., 10/05/01 Rates
Cashflow Statement (US$ Thousands)
 |  | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006
CASH - OPENING BALANCE |  | 14740 | 36373 | 10176.92836402572 | 13968.87455641498 | 29334.94013377363 | 33268.45826654263 | 34968.7414171385
CASH FROM OPERATIONS ACTIVITY
 | Net Income | -17451.644 | 11816.3578972906 | 16078.08455591192 | 20100.39485604434 | 24092.01844925567 | 53495.44942609795 | 72228.85931401433
 | Depreciation & Amortiz | 19734 | 22522.04578705491 | 23769.71136419777 | 26108.70572268965 | 29168.57305217361 | 26017.0161703173 | 27445.99546343156
 | Currency (Gain)/Loss & Other Inc. [NAME] | -3451 | 0 | 0 | 0 | 0 | 0 | 0
 | Deferred Revenues & Interest | -41452 | -15640.05698966004 | 8057.641783444096 | 7642.095135322663 | 7353.161514151438 | 7926.50969065503 | 8392.010780188992
 | Book Income Tax | -7606 | 2835.211308223579 | 2075.97015822429 | 2890.847881648584 | 3157.490421490231 | 8089.740782260495 | 10728.77941694266
 | Equity Investment Income | 2442 | 1388.364545205898 | -5587.304823095977 | -2735.440595809914 | -1805.334156059662 | -5329.879080328064 | -7029.039448374406
 | Total Cash from Operations | -47784.644 | 22921.92254811495 | 44394.1030386821 | 54006.60299989532 | 61965.90928101128 | 90198.83698900271 | 111766.6055262032
 | Fiscal Credit Notes | 5619 | 27 | 0 | 0 | 0 | 0 | 0
 | All Other Wkng Cap Acc | 55696.56495 | -16892.80974090891 | 1283.748707803234 | 257.9496550932254 | -1048.313672936662 | -2594.085932599481 | -1902.903534801074
 | Total from Working Capital | 61315.56495 | -16865.80974090891 | 1283.748707803234 | 257.9496550932254 | -1048.313672936662 | -2594.085932599481 | -1902.903534801074
 | Dividends Paid | 0 | -5774.116142840936 | -22510.28278379166 | -19165.8030493226 | -26770.52449029881 | -51423.89479058269 | -66271.95022104945
CASH PROVIDED BY OPERATING ACTIVITY |  | 13530.92095 | 281.9966643650987 | 23167.56896269368 | 35098.74960566594 | 34147.07111777581 | 36180.85626582053 | 43591.75177035262
CASH USED IN INVESTMENT ACTIVITY
 | Capital Expenditures-TRSA | -35408 | -72686.82426257596 | -39121.08053431303 | -62943.23891508662 | -56439.86308281887 | -36667.02131694162 | -17119.53298713432
 | Investments in Equity Companies | 37926 | -3545 | -3250 | -3250 | -2250 | 0 | 0
 | Loans to Equity Invest. Companies | 5100 | 3535.755962236624 | 0 | 1760.161009649026 | 14778.73015867875 | 9570.872959408418 | 977.484182302655
 | Total Used in Capex & Investments | 7618 | -72696.06830033934 | -42371.08053431303 | -64433.0779054376 | -43911.13292414012 | -27096.1483575332 | -16142.04880483167
CASH FROM FINANCING ACTIVITY
 | New Loans & Bond (***) | 17000 | 80000 | 39121.08053431303 | 62943.23891508662 | 56439.86308281887 | 36667.02131694162 | 17119.53298713432
 | Debt - Principal Payment Old Debt (a) | -16516.03023581736 | -33782 | -16125.62277030434 | -14330.73698452493 | -12535.85119874551 | -8201.027821411126 | -5419.735691576738
 | Debt - Principal Payment New Loans & Bond (b) |  | 0 | 0 | -3912.108053431303 | -30206.43194493996 | -35850.41825322185 | -39517.12038491601
 | Debt - Principal Payment Total (a+b) | -16516.03023581736 | -33782 | -16125.62277030434 | -18242.84503795623 | -42742.28314368548 | -44051.44607463298 | -44936.85607649275
 | New Shares Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Redemption of Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Cash (Used) / Obtained from Financing Activity | 483.9697641826424 | 46218 | 22995.45776400869 | 44700.39387713039 | 13697.57993913339 | -7384.424757691362 | -27817.32308935842
INCREASE / (DECREASE) IN CASH |  | 21632.89071418264 | -26196.07163597424 | 3791.946192389336 | 15366.06557735874 | 3933.518132769088 | 1700.283150595973 | -367.620123837467
CAPITAL REDUCTION |  |  | -4.638422979041934e-11 | -7.639755494892597e-11 | -9.094947017729282e-11 | -8.731149137020111e-11 | -1.01863406598568e-10 | -1.600710675120354e-10
CASH - CLOSING BALANCE |  | 36372.89071418264 | 10176.92836402572 | 13968.87455641498 | 29334.94013377363 | 33268.45826654263 | 34968.7414171385 | 34601.12129330088
[NAME] |  | 0 | 0 | 0 | 0 | 0 | 0 | 0