1995 ANNUAL REPORT
SGS-THOMSON Microelectronics N.V.
Consolidated Statements of Cash Flows
| Twelve months ended December 31, | |||
| (Currency--thousands of U.S. dollars) | 1993 | 1994 | 1995 |
| Net Profit (loss) | 160,087 | 362,494 | 525,894 |
| Add (deduct): | |||
| Depreciation and amortization of fixed assets | 229,404 | 287,985 | 392,390 |
| Other non-cash items | 35,581 | 94,108 | 23,246 |
| Minority interest in net income of subsidiaries | -- | -- | 584 |
| Change in: | |||
| Trade receivable | (61,106) | (71,290) | (126,603) |
| Inventories | (2,382) | (35,031) | (91,412) |
| Trade payables | 21,689 | 78,144 | 17,005 |
| Other assets and liabilities, net | 77,585 | 11,718 | 84,025 |
| Net cash from operating activities | 460,858 | 728,128 | 825,129 |
| Payments for purchase of tangible assets (Note 10) | (445,881) | (779,696) | (1,001,936) |
| Proceeds from sales of tangible assets | 5,775 | 1,455 | - |
| Payment for purchases of intangible assets | (11,103) | (5,951) | 2,868 |
| Net cash used in operational investing activities | (451,209) | (784,192) | (999,068) |
| Net operating cash-flows | 9,649 | (56,064) | (173,939) |
| Investment in marketable debt securities (net) | (63,910) | 59,618 | 5 |
| Net cash used in investing activities | (515,119) | (724,574) | (999,063) |
| Proceeds from issuance of long-term debt | 44,707 | 13,702 | 11,741 |
| Repayment of long-term debt | (151,789) | (148,554) | (96,202) |
| Increase (decrease) in short-term facilities | (162,724) | 101,224 | 165,298 |
| Capital increase | 500,000 | 202,836 | 391,321 |
| Net cash from financing activities | 230,194 | 169,208 | 472,158 |
| Effect of changes in exchange rates | (11,880) | 20,936 | (1,412) |
| Net cash total | 164,053 | 193,698 | 296,812 |
| Cash and cash equivalents at beginning of the period | 99,483 | 263,536 | 457,234 |
| Cash and cash equivalents at end of the period | 263,536 | 457,234 | 754,046 |
The accompanying notes are an integral
part of these financial statements.
