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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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