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CONSOLIDATED STATEMENT OF CASH FLOWS

 Year ended December 31,
(EUR thousand)Notes20152016
Cash flows from operating activities
Net earnings from operations157,277135,471
Adjustments to reconcile net earnings to net cash from operating activities
Depreciation, amortization and impairments3,554,29051,690
Share-based compensation128,2138,387
Non-cash financing costs(17,105)(2,483)
Share in income of investments in associates6(16,108)(40,488)
Income tax(5,350)2,289
Changes in assets and liabilities
Accounts receivable(2,835)(43,352)
Inventories13,436(9,510)
Other current assets(4,860)(10,212)
Accounts payable and accrued expenses(2,976)7,045
Income tax paid(9,165)(7,425)
Net cash from operating activities174,81791,412
Cash flows from investing activities
Capital expenditures3(33,576)(26,890)
Proceeds from sale of property, plant and equipment34111,147
Capitalized development expenditure5(30,178)(27,327)
Purchase of intangible assets5(7,215)(7,024)
Dividend received from associates642,86522,083
Investments in associates6(900)
Net cash used in investing activities(28,593)(38,011)
Cash flows from financing activities
Debt issuance fees paid(810)
Purchase of treasury shares ASMI11(79,076)(97,024)
Proceeds from issuance of shares and exercise of stock options1211,32314,709
Dividends to common shareholders of ASMI(37,158)(42,673)
Net cash used in financing activities(104,911)(125,798)
Foreign currency translation effect on cash and cash equivalents19,8253,639
Net increase / (decrease) in cash and cash equivalents61,138(68,758)
Cash and cash equivalents at beginning of year10385,777446,915
Cash and cash equivalents at end of year10446,915378,157