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Capex vs operating cash flow<br />

Cash flow largely providing funds for growth projects<br />

million $<br />

5000<br />

4000<br />

Capex<br />

• Cumulative cash flow well<br />

above capital requirements<br />

3000<br />

Actual cash flow<br />

• Some debt required in the<br />

short-term<br />

2000<br />

1000<br />

0<br />

2006 2007 2008 2009 2010 2011 2012

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