Letter To Shareholders - Mitac

MITAC INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
FOR THE YEARS ENDED DECEMBER 31,
(EXPRESSED IN THOUSANDS OF NEW TAIWAN DOLLARS)
2009 2008
Cash flows from investing activities:
Decrease in financial assets at fair value through profit or loss $ - $ 9,301
(Inecrease) decrease in other financial asstes ( 1,403 ) 537,129
Increase in available-for-sale financial assets ( 421 ) -
Increase in financial assets carried at cost – non-current ( 113,540 ) ( 78,554 )
Decrease in financial assets carried at cost – non-current with
net of cash from return of capital - 40,119
Proceeds from disposal of financial assets carried at cost –
non-current
8,577 -
Inecrease in long-term investments ( 150,000 ) -
Decrease in long-term investments – non-current with net of
cash received from return of capital
16,893 -
Proceeds from disposal of long-term investments 1,165,633 821,790
Acquisition of property, plant and equipment ( 192,628 ) ( 603,538 )
Proceeds from disposal of property, plant and equipment 240,438 118,087
Increase in deferred charges ( 542,986 ) ( 523,238 )
Decrease in refundable deposits, net 19,597 32,140
Purchase of net assets of Consumer Global Navigation Satellite
Systems Division owned by Magellan Navigation, Inc. and its
subsidiary ( 1,104,165 ) -
Net cash provided by (used in) investing activities ( 654,005 ) 353,236
Cash flows from financing activities:
Increase in short-term debts, net ( 761,413 ) ( 2,190,386 )
Decrease in commercial paper payable, net - ( 44,000 )
Repayment of bonds payable ( 1,500,000 ) ( 3,259,500 )
Repayment of long-term loans ( 50,000 ) -
Proceeds from long-term loans 1,550,000 -
Increase in deposit-in 2,723 10,859
Exercise of employee stock options 6,172 8,038
Employee bonuses paid - ( 305,006 )
Directors’ and supervisors’ remuneration - ( 6,000 )
Cash dividends paid ( 300,628 ) ( 1,994,753 )
Purchase of treasury stock - ( 237,557 )
Net cash used in financing activities ( 1,053,146 ) ( 8,018,305 )
Effects of changes in exchange rates ( 69,032 ) ( 218,973 )
Net decrease in cash and cash equivalents ( 1,117,776 ) ( 7,377,383 )
Cash and cash equivalents at beginning of year 7,033,906 14,411,289
Cash and cash equivalents at end of year $ 5,916,130 $ 7,033,906
Supplemental disclosures of cash flow information:
Cash paid for interest $ 72,068 $ 182,680
Cash paid for income tax $ 29,683 $ 749,939
Net assets acquired from Magellan Navigation, Inc. and its
subsidiary
Accounts receivable $ 2,032,736 $ -
Inventories 728,063 -
Property, plant and equipment 84,028 -
Intangible assets 2,047,056 -
Other assets 12,368 -
Accounts payable ( 2,762,214 ) -
Accrued expenses ( 1,037,872 ) -
Net cash paid for acquisition $ 1,104,165 $ -
Investing activities partially received in cash
Decrease in property and equipment $ 638,088 $ 118,087
Less: property and equipment receivables at end of year ( 397,650 ) -
Cash received $ 240,438 $ 118,087
The accompanying notes are an integral part of these consolidated financial statements.
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