By: musicwhiz To continue my analysis of Ezra’s 1H FY 2008 financials, I shall touch on the Cash Flow Statement in this section as well as give general comments on the company’s plans and prospects. A little will be mentioned on EOC (48.9% owned by Ezra) as well with regards to their expansion and latest news and how the earnings will flow up to the Group level. Cash Flow Statement Analysis As Ezra fleet comes on-stream, the Group is increasingly capturing mid-term charter contracts for their new vessels at higher rates than previously. This, coupled with their charters for their older AHT and AHTS, form a good base for which cash inflows can flow into the company, thereby forming a core cash flow base. I would therefore expect to see strong cash inflows from operating activities every period, notwithstanding the fact that sometimes credit may be extended to customers in order to maintain good relations, and this may cause a temporary decline in cash using the indirect method of preparing the cash flow statement. There may also be periods of time where recognition of revenue is out of sync with the actual receipt of cash, hence this is more of a timing issue (an accounting problem) rather than a case of cash flow difficulties. Read more... Further Reading: Ezra - 1H FY 2008 Results Review and Analysis (Part 1)