| TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||||||||||
| (dollars in thousands) | ||||||||||||||||
| Three months ended | ||||||||||||||||
| June 30, | March 31, | |||||||||||||||
| 2016 | 2016 | |||||||||||||||
| CASH FLOWS - OPERATING ACTIVITIES | ||||||||||||||||
| Net profit for the period | $ | 40,347 | $ | 64,548 | ||||||||||||
| Adjustments to reconcile net profit for the period | ||||||||||||||||
| to net cash provided by operating activities: | ||||||||||||||||
| Income and expense items not involving cash flows: | ||||||||||||||||
| Depreciation and amortization | 48,117 | 48,582 | ||||||||||||||
| Effect of indexation, translation and fair value measurement on debt | 6,700 | 1,401 | ||||||||||||||
| Other income, net | (4,362 | ) | -- | |||||||||||||
| Gain from acquisition | (10,158 | ) | (41,140 | ) | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||||
| Trade accounts receivable | (1,916 | ) | (8,519 | ) | ||||||||||||
| Other receivables and other current assets | (5,476 | ) | 822 | |||||||||||||
| Inventories | (6,300 | ) | (9,224 | ) | ||||||||||||
| Trade accounts payable | 130 | 10,145 | ||||||||||||||
| Deferred revenue and customers' advances | 8,294 | 15,030 | ||||||||||||||
| Other current liabilities | 11,194 | (1,953 | ) | |||||||||||||
| Deferred tax liability, net | (4,789 | ) | (2,250 | ) | ||||||||||||
| Net cash provided by operating activities | 81,781 | 77,442 | ||||||||||||||
| CASH FLOWS - INVESTING ACTIVITIES | ||||||||||||||||
| Investments in property and equipment, net | (54,323 | ) | (57,533 | ) | ||||||||||||
| Deposits and other investments, net | 19,600 | 10,000 | ||||||||||||||
| Net cash used in investing activities | (34,723 | ) | (47,533 | ) | ||||||||||||
| CASH FLOWS - FINANCING ACTIVITIES | ||||||||||||||||
| Debt received, net of repayment | 27,444 | 6,746 | ||||||||||||||
| Exercise of warrants and options, net | 360 | 5,881 | ||||||||||||||
| Di vidend payment to Panasonic | -- | (2,563 | ) | |||||||||||||
| Net cash provided by financing activities | 27,804 | 10,064 | ||||||||||||||
| EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE | 11,623 | 9,029 | ||||||||||||||
| I NCREASE IN CASH AND CASH EQUIVALENTS | 86,485 | 49,002 | ||||||||||||||
| C ASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 224,577 | 175,575 | ||||||||||||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | 311,062 | 224,577 | ||||||||||||||
| SHORT TERM DEPOSITS | -- | 20,000 | ||||||||||||||
| C ASH AND SHORT TERM DEPOSITS - END OF PERIOD | $ | 311,062 | $ | 244,577 | ||||||||||||
