| Cash Flow for Netease.com Inc. (NTES) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 173,291 | 159,247 | 115,485 | 53,324 | 39,010 | | Depreciation & Amortization | 13,587 | 10,042 | 5,069 | 3,195 | 2,106 | | Deferred Income Taxes | (7,823) | (1,512) | - | 1,168 | (879) | | Operating Losses | 217 | 24 | 1,477 | 968 | 604 | | Extraordinary Losses | N/A | - | - | - | - | | | Decrease in Receivables | (4,079) | (8,916) | (2,093) | 914 | - | | Decrease in Inventories | N/A | - | - | - | - | | Decrease in Other Current Assets | N/A | - | (2,470) | - | 3,100 | | Increase in Payables | 130 | 5,781 | 1,589 | 726 | 1,497 | | Increase in Other Current Liabilities | (3,216) | 25,320 | 18,464 | 12,897 | 137 | | Decrease in Other Working Capital | N/A | - | 40 | - | - | | Other Non-Cash Items | 19,327 | 15,764 | 2 | - | - | | Net Cash from Continuing Operations | 189,168 | 204,522 | 136,897 | 74,190 | 45,300 | | Net Cash from Discontinued Operations | N/A | - | - | - | - | | Cash from Operating Activities | N/A | 204,522 | 136,897 | 74,190 | 45,300 | | | | Sale of Property, Plant, Equipment | 8 | 19 | - | - | - | | Sale of Short Term Investments | 220,063 | 144,169 | 20,512 | 20,121 | - | | | Purchase of Property, Plant, Equipment | (9,804) | (18,261) | (11,475) | (7,265) | (3,362) | | Acquisitions | N/A | - | - | - | - | | Purchase of Short Term Investments | (87,267) | (277,406) | (209,719) | - | (40,124) | | Other Investment Changes, Net | (3,874) | (4,623) | 99 | (71) | (44) | | Cash from Investing Activities | 118,783 | (156,103) | (200,584) | 12,785 | (43,530) | | | Issuance of Debt | N/A | - | - | - | 100,000 | | Issuance of Capital Stock | 5,927 | 5,654 | 13,097 | 3,714 | 1,820 | | | Repayment of Debt | N/A | - | (24) | - | - | | Repurchase of Capital Stock | (137,601) | (111,916) | - | - | (4,610) | | Payment of Cash Dividends | N/A | - | - | - | - | | Other Financing Charges, Net | 14 | 29 | - | 157 | (2,804) | | Cash from Financing Activities | (131,660) | (106,233) | 13,072 | 3,871 | 94,406 | | | | Effect of Exchange Rate Changes | (1,319) | (3,598) | (3,678) | - | (2) | | Net Change in Cash | 174,971 | (61,412) | (54,292) | 90,845 | 96,174 | | | Cash at Beginning of Year | 165,393 | 216,007 | 263,177 | 165,721 | 67,668 | | Cash at End of Period | 340,364 | 154,595 | 208,885 | 256,566 | 163,842 | | | |
