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

Based on the information provided input this data into this consolidated statement of cash flows:

input the information from the tables into the blank statement in the correct fields. once completed analyze the statment of cash flows.

Hydrogenics Corporation (HYGS/NASDAQ) Annual Consolidated Statement of Cash Flows Amount Rounded to: Thousands Results for the Years Ending Dec 31, 2013 Dec 31, 2012 $ (8,908) S (12,797) (8.908) (12,797) Cash flows from operating activities: Income (loss) from continuing operations Adjustments to reconcile to net cash provided by operating activities Depreciation and amortization Stock-based compensation Restructuring and impairment charges Increase (decrease in provision for deferred income taxes (Gain) loss on sales of investments, acquisitions, and securities (Gain) loss on sales of property, plant, and equipment Other non-cash items, net Changes in assets and abilities (Increase) decrease in receivables (Increase) decrease in inventories (Increase) decrease in other current assets Increase (decrease) in accounts payable, accrued liabilities, and income taxes payable Increase (decrease) in deferred liabilities Other assets and liabilities, net Net cash provided by (used in ) operating activities Cash flows from investing activities: Purchases of property, plant, and equipment Sales of property, plant, and equipment Purchases of marketable securities and short-term investments Sales of marketable securities and short-term investments Acquisitions, net of cash acquired Other investing activities, net Net cash provided by (used in) investing activities Cash flows from financing activities Short-term borrowings, net Proceeds from long-term borrowings Payment of long-term borrowings Proceeds from sales of common stock Repurchase of common stock/treasury stock Dividends to shareholders Other financing activities, net Net cash provided by (used in) financing activities Net cash provided by used for discontinued operations Effect of exchange rate changes on cash, net Net increase (decrease) in cash and equivalents for period Cash and equivalents, beginning of period Cash and equivalents, end of period (12,797) (8.908) 13,020 4.112 $ (12.797) Supplemental disclosures of cash flow information: Cash paid during the year for Interest Income taxes (refunded) Hydrogenics Corporation This case is a continuation of Cases 2.4 and 3.4. (a) Open the financial statement analysis template that you saved from the Chapter 3 H ydrogenics Case. Click on the "Cover" tab at the bottom of the screen. Input the check figures for the Cash Flow section of this page. Click on the "Cash Flow" tab and input the data from the cash flow statement included for Hydrogenics in this case. Note 25 includes additional input needed for the operating activities area of the cash flow statement. Be sure to input the amount for interest paid at the bottom of the page (no amount is needed for income taxes paid). When you have finished inputting the data, review the cash flow statement to make sure there are no red blocks indicating that your numbers do not match the cover sheet information check figures! Make any necessary corrections before printing out your input and the summary analysis page that the template automatically creates for you. Save the template on your computer or a disk in order to use it with subsequent problems in later chapters. (b) 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 (HYGS/NASDAQ) Annual Consolidated Statement of Cash Flows Amount Rounded to: Thousands Results for the Years Ending Dec 31, 2013 Dec 31, 2012 $ (8,908) S (12,797) (8.908) (12,797) Cash flows from operating activities: Income (loss) from continuing operations Adjustments to reconcile to net cash provided by operating activities Depreciation and amortization Stock-based compensation Restructuring and impairment charges Increase (decrease in provision for deferred income taxes (Gain) loss on sales of investments, acquisitions, and securities (Gain) loss on sales of property, plant, and equipment Other non-cash items, net Changes in assets and abilities (Increase) decrease in receivables (Increase) decrease in inventories (Increase) decrease in other current assets Increase (decrease) in accounts payable, accrued liabilities, and income taxes payable Increase (decrease) in deferred liabilities Other assets and liabilities, net Net cash provided by (used in ) operating activities Cash flows from investing activities: Purchases of property, plant, and equipment Sales of property, plant, and equipment Purchases of marketable securities and short-term investments Sales of marketable securities and short-term investments Acquisitions, net of cash acquired Other investing activities, net Net cash provided by (used in) investing activities Cash flows from financing activities Short-term borrowings, net Proceeds from long-term borrowings Payment of long-term borrowings Proceeds from sales of common stock Repurchase of common stock/treasury stock Dividends to shareholders Other financing activities, net Net cash provided by (used in) financing activities Net cash provided by used for discontinued operations Effect of exchange rate changes on cash, net Net increase (decrease) in cash and equivalents for period Cash and equivalents, beginning of period Cash and equivalents, end of period (12,797) (8.908) 13,020 4.112 $ (12.797) Supplemental disclosures of cash flow information: Cash paid during the year for Interest Income taxes (refunded) Hydrogenics Corporation This case is a continuation of Cases 2.4 and 3.4. (a) Open the financial statement analysis template that you saved from the Chapter 3 H ydrogenics Case. Click on the "Cover" tab at the bottom of the screen. Input the check figures for the Cash Flow section of this page. Click on the "Cash Flow" tab and input the data from the cash flow statement included for Hydrogenics in this case. Note 25 includes additional input needed for the operating activities area of the cash flow statement. Be sure to input the amount for interest paid at the bottom of the page (no amount is needed for income taxes paid). When you have finished inputting the data, review the cash flow statement to make sure there are no red blocks indicating that your numbers do not match the cover sheet information check figures! Make any necessary corrections before printing out your input and the summary analysis page that the template automatically creates for you. Save the template on your computer or a disk in order to use it with subsequent problems in later chapters. (b) 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