| Cash Flow for Blue SquareIsrael Ltd. (BSI) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 39,059 | 50,630 | 19,573 | 13,968 | (1,616) | | Depreciation & Amortization | 34,510 | 31,042 | 30,276 | 33,729 | 33,292 | | Deferred Income Taxes | (537) | 2,063 | 3,932 | 2,198 | (3,800) | | Operating Losses | 15,809 | (16,389) | 5,830 | 6,170 | 17,695 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (16,864) | (21,201) | 4,055 | 954 | (5,050) | | Decrease in Inventories | (4,123) | (6,133) | (9,318) | (3,089) | 12,419 | | Decrease in Other Current Assets | - | - | - | - | - | | Increase in Payables | 8,125 | 23,887 | (8,726) | 26,483 | 6,343 | | Increase in Other Current Liabilities | - | - | - | - | - | | Decrease in Other Working Capital | - | - | - | - | - | | Other Non-Cash Items | - | - | - | - | - | | Net Cash from Continuing Operations | 75,979 | 63,899 | 45,623 | 80,412 | 59,283 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 75,979 | 63,899 | 45,623 | 80,412 | 59,283 | | | | Sale of Property, Plant, Equipment | 4,279 | 2,236 | 2,004 | 2,659 | 6,767 | | Sale of Short Term Investments | - | - | - | 3,649 | - | | | Purchase of Property, Plant, Equipment | (53,544) | (26,933) | (19,368) | (20,626) | (31,807) | | Acquisitions | (42,090) | 114 | (686) | - | - | | Purchase of Short Term Investments | (33,207) | (15,378) | - | - | (2,653) | | Other Investment Changes, Net | 90,508 | 18 | (105,806) | (1,500) | (198) | | Cash from Investing Activities | (33,952) | (37,265) | (123,856) | (15,817) | (27,891) | | | Issuance of Debt | 70,887 | 186,141 | 138,783 | 98,454 | 115,264 | | Issuance of Capital Stock | - | 34,925 | - | - | - | | | Repayment of Debt | (60,740) | (192,745) | (32,052) | (90,620) | (66,389) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | (72,803) | (26,036) | (24,276) | (76,097) | (67,650) | | Other Financing Charges, Net | (13,184) | (592) | - | - | (1,255) | | Cash from Financing Activities | (75,840) | 1,693 | 82,456 | (68,262) | (20,031) | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | (33,813) | 28,327 | 4,223 | (3,667) | 11,361 | | | Cash at Beginning of Year | 48,480 | 15,804 | 10,301 | 14,593 | 3,143 | | Cash at End of Period | 14,667 | 44,131 | 14,523 | 10,926 | 14,504 | | | |
