Creative 2000 Annual Report Download - page 18

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18
Increase (decrease) in cash and cash equivalents (in US$’000) Years ended June 30
2000 1999 1998
Cash flows from operating activities:
Net income $ 161,012 $ 115,082 $ 134,774
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 35,582 37,265 34,629
Deferred share compensation amortization 4,615 – –
Write off of acquired in-process technology – – 60,300
Minority interest in income (loss) 532 312 (1,779)
Equity share in income of unconsolidated investments (74) (106) (278)
Write off of investment and other non-current assets 9,793 – –
Gain from investments, net (94,712) (15,048) (18,469)
Other charges for write down of intangibles – – 3,175
Changes in assets and liabilities, net of effects of acquisitions (Note 15):
Accounts receivable 31,221 (14,214) 18,901
Inventory (82,588) (3,708) (49,407)
Marketable securities (21,156) – –
Other assets and prepaids (15,252) (2,961) 7,853
Accounts payable 81,633 11,122 (51,727)
Accrued and other liabilities 48,259 (5,697) (36,078)
Income taxes payable 1,319 2,029 13,020
Net cash provided by operating activities 160,184 124,076 114,914
Cash flows from investing activities:
Capital expenditures, net (21,588) (16,424) (18,127)
Proceeds from sale of quoted investments 146,504 42,502 33,202
Purchase of new subsidiaries (net of cash acquired) – – (126,366)
Purchase of investments (228,273) (64,578) (21,368)
(Increase) decrease in other assets, net (994) 133 651
Net cash used in investing activities (104,351) (38,367) (132,008)
Cash flows from financing activities:
Decrease in minority shareholders’ loan and equity balance (114) (21) (1,471)
Proceeds from issuance of preference shares to minority shareholders 22,459 – –
Proceeds from exercise of ordinary share options 16,953 5,202 19,218
Repurchase of ordinary shares (102,189) (138,994) –
Repayments of long-term obligations, net (5,618) (5,124) (1,334)
Dividends paid (20,557) (45,044) –
Net cash (used in) provided by financing activities (89,066) (183,981) 16,413
Net decrease in cash and cash equivalents (33,233) (98,272) (681)
Cash and cash equivalents at beginning of year 318,990 417,262 417,943
Cash and cash equivalents at end of year $ 285,757 $ 318,990 $ 417,262
Supplemental disclosure of cash flow information:
Interest paid $ 361 $ 1,686 $ 2,959
Income taxes paid $ 4,209 $ 7,832 $ 6,785
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOW S