Actions Semiconductor Reports Fourth Quarter and Full Year 2015 Results

 

ACTIONS SEMICONDUCTOR CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)


Three months ended


Year ended


Year ended


December 31,


December 31,


December 31,


2015


2015


2014


(unaudited)


  (unaudited)  


  (audited)  

Operating activities:






Net loss

(7,186)


(28,435)


(30,363)

Adjustments to reconcile net loss to net cash provided by operating activities:






  Depreciation of property, plant and equipment

454


1,904


1,949

  Amortization of land use right

8


36


36

  Amortization of acquired intangible assets

760


4,526


4,991

  Utilization of subsidy from local authorities of Zhuhai, the People's Republic of China ("PRC")

-


(1,159)


-

  Loss (Gain) on disposal of property, plant and equipment 

2


4


(1)

  Loss on disposal of intangible assets

-


-


420

  Share of net loss (income) of equity method investees

388


317


(564)

  Share-based  compensation

143


382


45

  Deferred tax

(228)


(147)


(3,576)

  Impairment loss recognised in respect of other investments

-


117


-

  Impairment loss recognised in respect of intangible assets

-


4,467


820

  Changes in operating assets and liabilities:






    Accounts receivable

(171)


(2,030)


2,907

    Amount due from a related party

290


424


(349)

    Inventories

4,367


1,329


5,904

    Amount due from an equity method investee

22


24


(3)

    Prepaid expenses and other current assets

2,203


(3,080)


(750)

    Accounts payable

(4,894)


(1,258)


(173)

    Amount due to a related party

73


139


259

    Accrued expenses and other current liabilities

943


(480)


(415)

    Income tax recoverable

-


186


(122)

    Income tax payable

-


-


1

    Rental deposit (paid) received 

-


(4)


5

    Note Receivables

-


161


(161)







Net cash used in operating activities

(2,826)


(22,577)


(19,140)







Investing activities:






  Investment in an equity method investee

-


-


(9,016)

  Proceeds from redemption of marketable securities

1,169


35,438


159,296

  Purchase of marketable securities

(573)


(10,151)


(54,290)

  Proceeds from disposal of property, plant and equipment

-


16


20

  Purchase of property, plant and equipment

(127)


(762)


(1,156)

  Purchase of intangible assets

(461)


(3,589)


(8,044)

  (Increase) decrease in time deposits

(154)


(184)


318

  Deposit paid for acquisition of intangible assets

-


-


(457)

  Increase in restricted deposits

(6,536)


(42,700)


(24,974)

  Proceeds from disposal of intangible assets

-


-


24







Net cash (used in) provided by investing activities

(6,682)


(21,932)


61,721







Financing activities:






  Advance subsidy from local authorities of Zhuhai, the PRC

128


1,357


232

  Distribution of government grant to third party

(296)


(296)


-

  Proceeds from exercise of share-based awards

1


763


2,542

  Repurchase of ordinary shares

(23)


(34,020)


(28,902)

  Raise of short-term bank loans

-


36,000


31,500

  Repayment of short-term bank loans

-


-


(22,000)

Net cash (used in) provided by financing activities

(190)


3,804


(16,628)







Net (decrease) increase in cash and cash equivalents

(9,698)


(40,705)


25,953







Cash and cash equivalents at the beginning of the period

46,564


78,177


53,263







Effect of exchange rate changes on cash

(604)


(1,210)


(1,039)

Cash and cash equivalents at the end of the period

36,262


36,262


78,177


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