| Cash Flow for YPF Sociedad Anonima (YPF) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | 1,297,000 | 1,453,000 | 1,761,000 | 1,653,000 | 1,585,000 | | Depreciation & Amortization | 1,314,000 | 1,212,000 | 893,000 | 837,000 | 792,000 | | Deferred Income Taxes | - | - | - | - | - | | Operating Losses | 591,000 | 70,000 | 266,000 | 387,000 | 119,000 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | (42,000) | (90,000) | (150,000) | 774,000 | (475,000) | | Decrease in Inventories | (278,000) | (125,000) | (60,000) | (121,000) | (24,000) | | Decrease in Other Current Assets | - | - | - | - | - | | Increase in Payables | 213,000 | (32,000) | 331,000 | 107,000 | 7,000 | | Increase in Other Current Liabilities | - | - | - | (699,000) | 538,000 | | Decrease in Other Working Capital | (293,000) | (199,000) | (318,000) | - | - | | Other Non-Cash Items | (22,000) | 324,000 | - | - | - | | Net Cash from Continuing Operations | 2,780,000 | 2,614,000 | 2,723,000 | 2,887,000 | 2,544,000 | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | 2,780,000 | 2,614,000 | 2,723,000 | 2,887,000 | 2,544,000 | | | | Sale of Property, Plant, Equipment | - | - | - | 83,000 | - | | Sale of Short Term Investments | - | - | - | - | - | | | Purchase of Property, Plant, Equipment | (1,957,000) | (1,631,000) | (1,228,000) | (972,000) | (829,000) | | Acquisitions | - | - | - | - | - | | Purchase of Short Term Investments | - | - | - | - | - | | Other Investment Changes, Net | - | - | (1,000) | 8,000 | (13,000) | | Cash from Investing Activities | (1,964,000) | (1,666,000) | (1,076,000) | (876,000) | (844,000) | | | Issuance of Debt | 448,000 | 224,000 | 83,000 | 95,000 | 33,000 | | Issuance of Capital Stock | - | - | - | - | - | | | Repayment of Debt | (591,000) | (217,000) | (243,000) | (427,000) | (554,000) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | (749,000) | (769,000) | (1,610,000) | (1,800,000) | (1,024,000) | | Other Financing Charges, Net | - | - | - | - | - | | Cash from Financing Activities | (892,000) | (762,000) | (1,769,000) | (2,132,000) | (1,545,000) | | | | Effect of Exchange Rate Changes | - | - | - | - | (2,000) | | Net Change in Cash | (76,000) | 186,000 | (123,000) | (122,000) | 153,000 | | | Cash at Beginning of Year | 345,000 | 168,000 | 293,000 | 422,000 | 280,000 | | Cash at End of Period | 269,000 | 354,000 | 170,000 | 301,000 | 433,000 | | | |
