Creative 2002 Annual Report Download - page 24

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22
Increase (decrease) in cash and cash equivalents (in US$’000)
Years ended June 30
2002 2001 2000
Cash flows from operating activities:
Net (loss) income $ (19,727) $ (130,373) $ 161,012
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation and amortization 29,869 27,004 35,582
Deferred share compensation amortization 2,759 3,254 4,615
Write off of acquired in-process technology 26,080 – –
Minority interest in income 1,843 469 532
Equity share in loss (income) of unconsolidated investments 1,220 927 (74)
Write off of investments and other non-current assets 49,303 214,754 9,793
Gain from investments, net (5,341) (49,934) (94,712)
Changes in assets and liabilities, net:
Accounts receivable 18,243 4,478 31,221
Inventory 50,589 75,066 (82,588)
Marketable securities 2,193 17,575 (21,156)
Other assets and prepaids 1,360 15,673 (15,252)
Accounts payable (33,659) (94,608) 81,633
Accrued and other liabilities (29,431) (6,588) 48,259
Income taxes payable (6,076) (749) 1,319
Net cash provided by operating activities 89,225 76,948 160,184
Cash flows from investing activities:
Capital expenditures, net (8,132) (34,490) (21,588)
Proceeds from sale of quoted investments 13,936 88,874 146,504
Purchase of new subsidiaries (net of cash acquired) (25,806) – –
Purchase of investments (9,152) (110,397) (228,273)
Increase in other non current assets, net (20,629) (13,106) (994)
Net cash used in investing activities (49,783) (69,119) (104,351)
Cash flows from financing activities:
Increase (decrease) in minority shareholders’ loan
and equity balance 229 1,071 (114)
Net proceeds from issuance of preference shares
to minority shareholders – (670) 22,459
Buyout of subsidiary’s preference shares issued to minority interest (10,019) – –
Proceeds from exercise of ordinary share options 8,195 9,265 16,953
Repurchase of ordinary shares (18,013) (91,029) (102,189)
Repayments of long-term obligations, net (3,050) (4,497) (5,618)
Dividends paid to ordinary shareholders (18,024) (39,414) (20,557)
Dividends paid to minority interest – (155) –
Net cash used in financing activities (40,682) (125,429) (89,066)
Net decrease in cash and cash equivalents (1,240) (117,600) (33,233)
Cash and cash equivalents at beginning of year 168,157 285,757 318,990
Cash and cash equivalents at end of year $ 166,917 $ 168,157 $ 285,757
Supplemental disclosure of cash flow information:
Interest paid $ 752 $ 1,028 $ 1,069
Income taxes paid $ 11,711 $ 9,158 $ 4,209
Non cash transaction:
Buyout of a subsidiary’s preference shares $ 11,789 $ – $ –
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS