Creative 2005 Annual Report Download - page 22

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22
Increase (decrease) in cash and cash equivalents (in US$’000) Years ended June 30
2005 2004 2003
Cash flows from operating activities:
Net income $ 588 $ 134,247 $ 23,377
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation of fixed assets 22,994 20,317 19,094
Amortisation of intangible assets 3,383 3,299 9,129
Deferred share compensation amortization 1,504 2,256 3,706
Minority interest in (income) loss (63) 418 (79)
Equity share in loss (gain) of unconsolidated investments 1,640 (287) 2,186
(Gain) loss on disposal of fixed assets (139) 395 (113)
Write downs of investments and other non-current assets 11,571 3,374 13,618
Gain from investments, net (85,755) (14,812) (7,777)
Profits arising from deemed disposal of other non-current assets – (23,053) –
Impairment of goodwill/ intangible assets 65,225 – –
Deferred income taxes, net (393) 4,707 (2,184)
Gain on disposal of interests in associated company (264) (38,110) –
Changes in assets and liabilities, net:
Accounts receivable (77,728) (24,181) 23,968
Inventory (211,987) (103,532) 28,182
Marketable securities – – 1,388
Other assets and prepaids (18,490) (18,011) 6,488
Accounts payable 64,891 33,194 (11,940)
Accrued and other liabilities 15,567 8,468 (3,125)
Income taxes (1,008) (9,404) (6,230)
Net cash (used in) provided by operating activities (208,464) (20,715) 99,688
Cash flows from investing activities:
Capital expenditures, net (34,191) (15,646) (15,695)
Proceeds from sale of fixed assets 347 161 2,605
Proceeds from disposal of interests in associated company 234 45,372 –
Proceeds from sale of quoted investments 98,129 23,777 11,248
Purchase of new subsidiaries (net of cash acquired) – (270) –
Purchase of investments (17,766) (11,700) (5,516)
Increase in other non current assets, net (4,281) (17,625) (4,914)
Net cash provided by (used in) investing activities 42,472 24,069 (12,272)
Cash flows from financing activities:
Increase (decrease) in minority shareholders’ loan
and equity balance 366 – (6,690)
Buyout of subsidiary’s minority interest – (84) (3,992)
Proceeds from exercise of ordinary share options 14,773 9,385 4,073
Proceeds from debt obligations 175,000 823 30,802
Repayments of debt obligations (3,542) (11,620) (21,697)
Repayments of capital leases (3,079) (2,642) (2,887)
Dividends paid to ordinary shareholders (41,357) (20,192) (19,824)
Dividends paid to minority interest – – (2,065)
Net cash provided by (used in) financing activities 142,161 (24,330) (22,280)
CONSOLIDATED STATEMENTS OF CASH FLOWS
The accompanying notes are an integral part of these consolidated financial statements.