| | |
|
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 | | |
| | | | | | | | | | | | |
