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Analyze the statement of cash flows for Hydrogenics. Be sure to analyze the cash flows from operating activities, as well as the overall cash inflows
Analyze the statement of cash flows for Hydrogenics. Be sure to analyze the cash flows from operating activities, as well as the overall cash inflows and cash outflows for the firm.
Hydrogenics Corporation
Consolidated Statements of Cash Flows
Years ended December 31,
(in thousands of US dollars)
2013 | 2012 | |
---|---|---|
Cash and cash equivalents provided by (used in): | ||
Operating activities | ||
Net loss for the year | $ (8,908) | $ (12,797) |
(Increase) decrease in restricted cash | 1,758 | (1,607) |
Items not affecting cash: | ||
Loss on disposal of assets | 3 | 7 |
Amortization and depreciation | 712 | 870 |
Other finance losses, net (note 17) | 2,065 | 438 |
Unrealized foreign exchange (gains) losses | (120) | (257) |
Stock-based compensation (note 13) | 631 | 577 |
Portion of borrowings recorded as a reduction from research and product development expenses or fixed assets (note 11) | (934) | (981) |
Accreted non-cash interest (note 11) | 349 | 288 |
Payment of post-retirement benefit liability (note 11) | (97) | (100) |
Liabilities for compensation indexed to share price | 4,223 | 768 |
Net change in non-cash working capital (note 25) | (8,879) | 11,631 |
Cash used in operating activities | (9,197) | (1,163) |
Investing activities | ||
Proceeds from disposal of property, plant and equipment | - | 26 |
Purchase of property, plant and equipment | (939) | (424) |
Purchase of intangible assets | (32) | (2) |
Cash used in investing activities | (971) | (400) |
Financing activities | ||
Payment of repayable government contributions (note 11) | (393) | (308) |
Proceeds of borrowings, net of transaction costs (note 11) | 1,782 | 1,621 |
Proceeds of operating borrowings | 1,412 | 1,182 |
Repayment of operating borrowings | (1,412) | (1,182) |
Common shares issued and warrants exercised, net of issuance costs (note 12) | 7,280 | 5,178 |
Cash provided by financing activities | 8,669 | 6,491 |
Effect of exchange rate fluctuations on cash and cash equivalents held | 302 | 307 |
Increase (decrease) in cash and cash equivalents during the year | (1,197) | 5,235 |
Cash and cash equivalents - Beginning of year | 13,020 | 7,785 |
Cash and cash equivalents - End of year | $ 11,823 | $ 13,020 |
Supplemental disclosure | ||
Income taxes paid | $- | $- |
Interest paid | 8 | 3 |
The accompanying notes form an integral part of these consolidated financial statements. |
Note 25. Consolidated Statements of Cash Flows
Components of the net change in non-cash working capital are as follows:
2013 | 2012 | |
---|---|---|
(Increase) decrease in current assets | ||
Trade and other receivables | $ 384 | $ (1,632) |
Grants receivable | 17 | 108 |
Inventories | (973) | (2,678) |
Prepaid expenses and other current assets | (64) | (289) |
Increase (decrease) in current liabilities | ||
Trade, other payables and provisions | (1,614) | 984 |
Deferred revenue | (6,629) | 15,138 |
Subtotal | $ (8,879) | $ 11,631 |
Liabilities for compensation indexed to share price | 4,223 | 768 |
$ (4,656) | $ 12,399 |
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