| Cash Flow for AEterna Zentaris Inc. (AEZS) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (32,296) | 33,390 | 10,571 | (4,800) | (21,851) | | Depreciation & Amortization | 5,566 | 9,429 | 7,603 | 7,482 | 7,314 | | Deferred Income Taxes | (1,868) | (29,262) | 2,183 | (4,512) | 1,449 | | Operating Losses | 669 | (2,571) | (8,707) | 21,712 | 3,791 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 1,371 | 2,623 | (2,996) | (7,710) | (831) | | Decrease in Inventories | 148 | 660 | (2,816) | (1,399) | 2,849 | | Decrease in Other Current Assets | - | - | - | - | - | | Increase in Payables | 5,340 | 1,955 | 9,160 | (3,539) | (3,015) | | Increase in Other Current Liabilities | (1,250) | (5,271) | (1,322) | 3,241 | (213) | | Decrease in Other Working Capital | - | - | - | - | - | | Other Non-Cash Items | (2,893) | (867) | - | - | - | | Net Cash from Continuing Operations | (25,921) | 10,374 | 12,934 | 10,670 | (11,251) | | Net Cash from Discontinued Operations | 391 | (2,417) | - | - | - | | Cash from Operating Activities | (25,530) | 7,957 | 12,934 | 10,670 | (11,251) | | | | Sale of Property, Plant, Equipment | 729 | - | - | - | - | | Sale of Short Term Investments | 33,405 | 49,264 | 28,847 | 30,947 | 59,427 | | | Purchase of Property, Plant, Equipment | (3,769) | (1,899) | (1,746) | (1,770) | (927) | | Acquisitions | - | (32) | (92,641) | (41,315) | (14,656) | | Purchase of Short Term Investments | (6,180) | (79,300) | (28,903) | (20,668) | (38,399) | | Other Investment Changes, Net | - | - | (705) | (137) | (488) | | Cash from Investing Activities | 26,423 | (18,650) | (95,549) | (33,631) | 4,958 | | | Issuance of Debt | - | - | 147,297 | 33,238 | 25,089 | | Issuance of Capital Stock | 33 | 81 | 38,106 | 2,875 | 28,429 | | | Repayment of Debt | (751) | (749) | (92,061) | (6,506) | (35,794) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | (366) | (112) | (4,417) | (1,415) | (3,816) | | Cash from Financing Activities | (1,314) | (8,574) | 88,925 | 28,193 | 13,908 | | | | Effect of Exchange Rate Changes | 1,337 | 1,356 | (2,781) | (133) | 85 | | Net Change in Cash | 916 | (17,911) | 3,529 | 5,100 | 7,701 | | | Cash at Beginning of Year | 9,356 | 27,267 | 23,738 | 18,680 | 9,699 | | Cash at End of Period | 10,272 | 9,356 | 27,267 | 23,779 | 17,400 | | | |
