TowerJazz Reports Best Results in the History of the Company


  
TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(dollars in thousands) 
            
         Year ended 
         December 31, 
         2016   2015  
            
CASH FLOWS - OPERATING ACTIVITIES     
            
Net profit (loss) for the period
$ 209,166  $ (29,127 ) 
            
Adjustments to reconcile net profit (loss) for the period
     
  to net cash provided by operating activities:
     
  Income and expense items not involving cash flows:
     
  Depreciation and amortization
  197,606   168,032  
  Financing expense associated with debentures series F
  150   87,973  
  Effect of indexation, translation and fair value measurement on debt
  8,292   16,078  
  Other expense (income), net
  (9,322 )  190  
  Gain from acquisition
  (50,471 )  --     
  Changes in assets and liabilities:
     
  Trade accounts receivable
  (30,104 )  (11,115 ) 
  Other current assets
   (265 )  (14,978 ) 
  Inventories
  (22,069 )   (17,908 )  
  Trade accounts payable
  5,550     (26,163 )  
  Deferred revenue and customers' advances 
  23,581     32,725    
  Other current liabilities
  (145 )   8,454    
  Long-term employee related liabilities
  (798 )   (2,036 )  
  Deferred tax liability, net 
  (3,703 )   (16,912 )  
  Nishiwaki employees related retirement payments in connection with its operation cessation         --       (24,907 )  
  Net cash provided by operating activities
  327,468     170,306    
                       
CASH FLOWS - INVESTING ACTIVITIES          
                       
  Investments in property and equipment, net   (209,624 )   (165,489 )  
  Deposits and investments, net   (17,101 )   (30,000 )  
  Net cash used in investing activities
  (226,725 )   (195,489 )  
                       
CASH FLOWS - FINANCING ACTIVITIES          
                       
  Debt received, net of repayment   37,091     903    
  Exercise of warrants and options, net   38,803     14,424    
  Dividend payment to Panasonic             (2,563 )   (1,570 )  
  Net cash provided by financing activities
  73,331     13,757    
                       
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE   5,635     (166 )  
                       
                       
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   179,709     (11,592 )  
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD   175,575     187,167    
                       
CASH AND CASH EQUIVALENTS - END OF PERIOD   355,284     175,575    
                       
Short-term deposits
  34,093     30,000    
                       
CASH AND SHORT TERM DEPOSITS - END OF PERIOD $ 389,377   $ 205,575    
                       
 CONTACTS:  
Noit  Levi  |  TowerJazz  |  +972  4  604  7066  |  Noit.levi@towerjazz.com
GK  Investor  Relations  |  Gavriel  Frohwein,  (646)  688  3559  |  towerjazz@gkir.com 



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