| Cash Flow for Pan American Silver Corp. (PAAS) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 88,860 | 58,206 | (28,594) | 19,902 | (6,794) | | Depreciation & Amortization | 28,992 | 17,520 | 13,095 | 10,869 | 3,325 | | Deferred Income Taxes | (1,448) | (3,343) | (816) | - | - | | Operating Losses | (9,320) | (8,995) | 30,449 | (18,555) | 4,664 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 82 | (38,629) | (1,585) | (13,970) | (2,479) | | Decrease in Inventories | (26,939) | (3,864) | (4,838) | 2,652 | (1,975) | | Decrease in Other Current Assets | - | - | - | - | - | | Increase in Payables | 9,117 | 16,059 | 4,466 | 6,416 | (4,191) | | Increase in Other Current Liabilities | (20,568) | 24,716 | (690) | (3,832) | 1,716 | | Decrease in Other Working Capital | - | - | - | - | - | | Other Non-Cash Items | (1,145) | 5,400 | - | - | - | | Net Cash from Continuing Operations | 67,361 | 65,898 | 10,763 | 3,133 | (3,826) | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 67,361 | 65,898 | 10,763 | 3,133 | (3,826) | | | | Sale of Property, Plant, Equipment | 10,267 | 2,000 | 50 | 23,747 | 2,393 | | Sale of Short Term Investments | 24,931 | - | 44,100 | 5,147 | - | | | Purchase of Property, Plant, Equipment | (117,170) | (96,999) | (59,638) | (17,043) | (17,513) | | Acquisitions | (6,245) | (168) | - | (36,214) | - | | Purchase of Short Term Investments | - | (65,570) | - | - | (74,609) | | Other Investment Changes, Net | (11,272) | - | - | - | (1,505) | | Cash from Investing Activities | (99,489) | (160,737) | (15,488) | (24,363) | (91,235) | | | Issuance of Debt | 879 | - | - | - | 95,753 | | Issuance of Capital Stock | 5,164 | 153,611 | 6,361 | 62,437 | 8,350 | | | Repayment of Debt | - | (48) | (690) | (26,873) | (1,764) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | (2,347) | - | - | - | - | | Other Financing Charges, Net | - | (7,669) | - | (180) | (3,272) | | Cash from Financing Activities | 3,696 | 145,894 | 5,671 | 35,384 | 99,067 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | (28,432) | 51,056 | 946 | 14,154 | 4,006 | | | Cash at Beginning of Year | 80,347 | 29,291 | 28,345 | 14,191 | 10,185 | | Cash at End of Period | 51,915 | 80,347 | 29,291 | 28,345 | 14,192 | | | |
