MagnaChip Reports Fourth Quarter and Full Year 2015 Financial Results

 

 


MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of US dollars)

(Unaudited)



Three Months
Ended



Year Ended


December 31,

2015



December 31,

2015



December 31,

2014

Cash flow from operating activities











Net income (loss)

$

22,854



$

(84,867)



$

(117,232)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
   activities











Depreciation and amortization


6,424




26,490




29,989

Provision for severance benefits


1,116




15,289




17,703

Bad debt expenses (reversal of allowance)


18




(3)




3,718

Amortization of debt issuance costs and original issue discount


169




660




614

Loss (gain) on foreign currency, net


(18,746)




46,984




32,760

Gain on disposal of investments








(1,524)

Impairment charges








10,269

Stock-based compensation


398




2,768




2,072

Other


2,768




2,437




1,375

Changes in operating assets and liabilities











Accounts receivable, net


(5,373)




3,299




(1,668)

Inventories, net


1,627




12,929




(3,380)

Other receivables


(28,578)




(21,463)




(5,052)

Other current assets


10,670




11,339




9,308

Deferred tax assets


5




372




1,458

Accounts payable


6,289




(12,605)




(1,526)

Other accounts payable


(693)




(10,892)




(13,046)

Accrued expenses


31,052




(1,679)




208

Deferred revenue


9,372




8,136




(825)

Other current liabilities


160




(1,210)




2,004

Other non-current labilities


2,915




3,105




1,963

Payment of severance benefits


(3,489)




(11,394)




(6,650)

Other


187




328




(7)












Net cash provided by (used in) operating activities


39,145




(9,977)




(37,469)












Cash flow from investing activities











Proceeds from settlement of hedge collateral





10,841




Payment of hedge collateral





(17,182)




Proceeds from disposal of plant, property and equipment


7,504




9,886




20

Proceeds from disposal of investments








2,003

Purchase of plant, property and equipment


(2,100)




(6,350)




(17,419)

Payment for intellectual property registration


(192)




(742)




(958)

Collection of guarantee deposits


513




636




Payment of guarantee deposits


(5)




(675)




(323)

Other


16




195




(21)












Net cash provided by (used in) investing activities


5,736




(3,391)




(16,698)












Cash flow from financing activities











Proceeds from issuance of common stock


2




3,436




68

Net cash provided by financing activities


2




3,436




68

Effect of exchange rates on cash and cash equivalents


(22,511)




(1,620)




2,927












Net increase (decrease) in cash and cash equivalents


22,372




(11,552)




(51,172)












Cash and cash equivalents











Beginning of the period


68,510




102,434




153,606












End of the period

$

90,882



$

90,882



$

102,434













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