Creative 2001 Annual Report Download - page 16

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16
Increase (decrease) in cash and cash equivalents (in US$’000)
Years ended June 30
2001 2000 1999
Cash flows from operating activities:
Net (loss) income $ (130,373) $ 161,012 $ 115,082
Adjustments to reconcile net (loss) income to net cash
provided by (used in) operating activities:
Depreciation and amortization 27,004 35,582 37,265
Deferred share compensation amortization 3,254 4,615 –
Minority interest in income 469 532 312
Equity share in loss (income) of unconsolidated investments 927 (74) (106)
Write off of investments and other non-current assets 17,438 9,793 –
Loss (gain) from investments, net 147,382 (94,712) (15,048)
Changes in assets and liabilities, net:
Accounts receivable 4,478 31,221 (14,214)
Inventory 75,066 (82,588) (3,708)
Marketable securities 17,575 (21,156) –
Other assets and prepaids 15,673 (15,252) (2,961)
Accounts payable (94,608) 81,633 11,122
Accrued and other liabilities (6,588) 48,259 (5,697)
Income taxes payable (749) 1,319 2,029
Net cash provided by operating activities 76,948 160,184 124,076
Cash flows from investing activities:
Capital expenditures, net (34,490) (21,588) (16,424)
Proceeds from sale of quoted investments 88,874 146,504 42,502
Purchase of investments (110,397) (228,273) (64,578)
(Increase) decrease in other non current assets, net (13,106) (994) 133
Net cash used in investing activities (69,119) (104,351) (38,367)
Cash flows from financing activities:
Increase (decrease) in minority shareholders’ loan
and equity balance 1,071 (114) (21)
Net proceeds from issuance of preference shares
to minority shareholders (670) 22,459 –
Proceeds from exercise of ordinary share options 9,265 16,953 5,202
Repurchase of ordinary shares (91,029) (102,189) (138,994)
Repayments of long-term obligations, net (4,497) (5,618) (5,124)
Dividends paid to ordinary shareholders (39,414) (20,557) (45,044)
Dividends paid to minority interest (155) – –
Net cash used in financing activities (125,429) (89,066) (183,981)
Net decrease in cash and cash equivalents (117,600) (33,233) (98,272)
Cash and cash equivalents at beginning of year 285,757 318,990 417,262
Cash and cash equivalents at end of year $ 168,157 $ 285,757 $ 318,990
Supplemental disclosure of cash flow information:
Interest paid $ 1,028 $ 1,069 $ 1,686
Income taxes paid $ 9,158 $ 4,209 $ 7,832
The accompanying notes are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS