Formula systems (1985) ltd (FORTY)
CashFlow / Yearly
Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities:
Net income

39,440

56,100

50,354

94,685

106,461

46,172

63,131

35,002

33,030

Adjustments to reconcile net income to net cash provided by operating activities:
Equity in losses (gains) of companies accounted for at equity

1,124

349

-142

-

-

-

-

-

-

Depreciation and amortization

43,646

32,370

30,896

-

-

-

-

-

-

Changes in value of debentures

5,277

1,371

195

-

-

-

-

-

-

Increase (decrease) in employee benefit liabilities

752

-1,656

-522

-

-

-

-

-

-

Loss (gain) from sale of property, plants and equipment

-26

3,147

-

-

-

-

-

-

-

Stock-based compensation expenses

4,552

4,394

4,866

-

-

-

-

-

-

Changes in value of short-term and long term loans from banks and others and deposits, net

6,731

500

-120

-

-

-

-

-

-

Changes in deferred taxes, net

-12,819

211

2,134

-

-

-

-

-

-

Change in liability in respect of business combinations

1,531

2,023

654

-

-

-

-

-

-

Loss (gain) from sale and increase in value of marketable securities classified as trading

-149

136

114

-

-

-

-

-

-

Amortization of premium and accrued interest on marketable securities

-716

260

230

-

-

-

-

-

-

Realized loss (gain) from sale of available for sale securities

94

-16

300

-

-

-

-

-

-

Change in redeemable non-controlling interests' put option

0

1,779

905

-

-

-

-

-

-

Change in value of dividend preference derivative in TSG

-260

-

-

-

-

-

-

-

-

Decrease (increase) in inventories

1,037

923

-2,387

-

-

-

-

-

-

Increase in trade receivables

-38,223

-30,086

-17,668

-

-

-

-

-

-

Decrease (increase) in other current and long-term accounts receivable

641

-513

-4,154

-

-

-

-

-

-

Increase in trade payables

6,086

5,423

9,982

-

-

-

-

-

-

Increase in other accounts payable and employees and payroll accrual

7,199

8,673

10,793

-

-

-

-

-

-

Increase (decrease) in deferred revenues

15,718

-2,681

1,693

-

-

-

-

-

-

Net cash provided by operating activities

80,981

74,955

87,119

-

-

-

-

-

-

Cash flows from investing activities:
Payments for business acquisitions, net of cash acquired (Appendix C)

119,103

44,832

17,000

-

-

-

-

-

-

Payments to former shareholders of consolidated companies

6,225

1,784

0

-

-

-

-

-

-

Purchase of intangible assets

0

391

211

-

-

-

-

-

-

Purchase of property and equipment

9,573

9,137

6,766

-

-

-

-

-

-

Proceeds from sale of (investment in) marketable securities, net

40,622

8,450

-690

-

-

-

-

-

-

Proceeds from sale of property, plants and equipment

0

2,347

-

-

-

-

-

-

-

Investment in and loans to affiliates and other companies

25

25,813

0

-

-

-

-

-

-

Change in restricted cash in other accounts receivable

1,992

-544

-888

-

-

-

-

-

-

Change in short-term and long-term deposits, net

-888

2,665

3,942

-

-

-

-

-

-

Capitalization of software development and other costs

9,338

9,769

9,879

-

-

-

-

-

-

Net cash used in investing activities

-102,538

-78,808

-31,492

-

-

-

-

-

-

Cash flows from financing activities:
Exercise of employees stock options in subsidiaries

3,240

931

1,987

-

-

-

-

-

-

Dividend paid to non-controlling interests and redeemable non-controlling interests in subsidiaries

31,231

24,131

19,088

-

-

-

-

-

-

Dividend to Formula's shareholders

12,081

10,014

12,890

-

-

-

-

-

-

Short-term bank credit, net

-21,176

20,720

2,862

-

-

-

-

-

-

Repayment of long-term loans from banks and others

46,065

37,415

26,902

-

-

-

-

-

-

Receipt of long term loans

-52,734

-49,582

-32,160

-

-

-

-

-

-

Proceeds from issuance of debentures, net

78,229

-

58,556

-

-

-

-

-

-

Repayment of long-term liabilities to office of the chief scientist

502

510

555

-

-

-

-

-

-

Repayment of debentures

3,656

0

0

-

-

-

-

-

-

Purchase of non-controlling interests

0

-3,166

-5,396

-

-

-

-

-

-

Impairment and write down of other investments and fixed assets

-

-

-

-

-

-

-

-

59

Impairment of available for sale marketable securities

-

-

-

-

-

700

714

292

143

Gain derived from deconsolidation of subsidiary, consolidation of newly-consolidated subsidiaries and equity in Gains of affiliated companies

-

-

-

90,859

60,684

3,744

25,870

-1,070

-335

Impairment of other investments

-

-

-

464

0

0

-

-

-

Depreciation and amortization

-

-

-

8,962

24,349

25,650

14,363

15,451

14,605

Changes in value of debentures

-

-

-

0

670

2,070

2,496

1,728

0

Decrease (increase) in accrued severance pay, net

-

-

-

134

1,645

1,132

-

-

-

Increase (decrease) in accrued severance pay, net

-

-

-

-

-

-

-3,025

148

1,618

Gain from sale of operation and subsidiaries

-

-

-

-

-

136

630

146

4,389

Loss (gain) from sale of property, plants and equipment

-

-

-

0

-15

0

2

-1

2,219

Stock-based compensation expenses

-

-

-

4,983

3,978

4,920

4,623

1,464

1,641

Changes in financial liabilities, net

-

-

-

-

-

-

-

325

-202

Loss from repurchase of convertible debt, net

-

-

-

-

-

-

-

-

-2

Changes in value of long term loans and deposits, net

-

-

-

6,168

-21

-360

-133

-64

210

Changes in deferred taxes, net

-

-

-

-14,393

-728

923

3,798

3,355

-665

Change in liability in respect of business combinations

-

-

-

3,344

845

-429

-1,292

-265

-458

Gain from sale and increase in value of marketable securities classified as trading

-

-

-

397

472

376

-1,421

-630

2,609

Amortization of premium and accrued interest on marketable securities

-

-

-

0

0

-

-

-

-

Realized gain from sale of available for sale securities

-

-

-

0

0

31

0

0

-

Cancelation of redeemable non-controlling interests put option

-

-

-

0

0

-

-

-

-

Increase in inventories

-

-

-

153

128

-346

-2,938

3,007

-340

Increase in trade receivables

-

-

-

13,595

5,658

-76

21,795

9,500

-13,057

Increase in other current and long-term accounts receivable

-

-

-

5,678

9,113

-2,506

9,924

1,129

-12,478

Increase in trade payables

-

-

-

5,331

3,324

3,421

-10,584

5,666

1,604

Increase in other accounts payable and employees and payroll accrual

-

-

-

848

2,515

-7,448

4,386

925

-12,875

Increase in deferred revenues

-

-

-

7,335

5,035

208

-86

5,351

1,345

Net cash provided by operating activities

-

-

-

16,673

68,551

73,068

25,833

50,949

55,640

Payments for business acquisitions, net of cash acquired (Appendix C)

-

-

-

8,412

13,253

20,047

40,188

14,378

1,262

Purchase of controlling interest in an affiliated company, net of cash acquired (Appendix D)

-

-

-

42,442

0

14,052

-16,599

0

3,482

Changes due to deconsolidation and realization of investments in previously-consolidated subsidiaries (Appendix E)

-

-

-

37,374

31,105

0

0

0

-

Proceeds from sale of activity in a consolidated company

-

-

-

-

-

136

0

146

105

Proceeds from sale of activity in a consolidated company

-

-

-

-

-

-

-

-

105

Changes in restrictions on short term deposit

-

-

-

87

193

0

0

-400

-4,040

Purchase of property and equipment

-

-

-

4,038

6,868

4,994

8,907

5,348

2,713

Proceeds from sale of (investment in) marketable securities, net

-

-

-

218

-1,519

2,507

21,500

12,246

3,064

Proceeds from sale of property, plants and equipment

-

-

-

0

102

0

43

446

5,666

Investment in and loans to affiliates and other companies

-

-

-

7,613

0

364

8,765

1,160

0

Dividends from affiliated company

-

-

-

1,891

0

0

-

-

-

Payments to former shareholders of consolidated company

-

-

-

-

-

-

-

-

6,455

Changes in short term deposits, net

-

-

-

6,141

597

-5,235

5,179

-13,445

11,945

Proceeds from long term bank deposits

-

-

-

-

-

-

-

-

139

Capitalization of software development and other costs

-

-

-

703

9,899

8,433

9,744

9,186

6,960

Net cash used in investing activities

-

-

-

-19,817

-63,332

-11,908

-67,839

-3,389

-12,839

Exercise of employees stock options in subsidiaries

-

-

-

166

3,036

1,508

890

1,850

1,224

Dividend paid to non-controlling interests and redeemable non-controlling interests in subsidiaries

-

-

-

12,131

16,648

12,940

9,418

13,959

8,400

Dividend to Formula's shareholders

-

-

-

11,629

5,444

-76

9,731

19,986

29,964

Short-term bank credit, net

-

-

-

5,572

2,301

422

5,043

-229

-247

Repayment of long-term loans from banks and others

-

-

-

25,119

17,586

12,982

6,461

7,574

8,616

Proceeds from long term loans

-

-

-

91,706

21,493

41,505

45,420

0

0

Proceeds from issuance of Series A and Series B debentures

-

-

-

0

0

-

-

-

-

Purchase of non-controlling interests and redeemable non-controlling interests

-

-

-

1,727

4,447

19,166

-

-

-

Proceeds from (repayment) of short-term loans

-

-

-

-

-

-

-

-3,381

1,580

Issuance in a subsidiary to non-controlling interest

-

-

-

-

-

-

-

-20,290

0

Purchase of non-controlling interests and redeemable non-controlling interests

-

-

-

-

-

-

-5,187

-3,768

-3,774

Cash paid in conjunction with acquisitions of activities

-

-

-

14,840

3,863

3,669

0

0

-

Proceeds from SWAP transactions

-

-

-

-

-

-

-

2,423

1,061

Repayment of capital lease

-

-

-

445

456

188

213

0

0

Repayment of debenture

-

-

-

0

16,792

33,015

0

15,927

5,824

Distribution to ultimate parent for a business acquisition under common control

-

-

-

0

0

-

-

-

-

Net cash provided by (used in) financing activities

-

-

-

31,553

-38,406

-38,449

20,343

-40,261

-52,960

Effect of exchange rate changes on cash and cash equivalents

-

-

-

-3,116

4,072

355

-673

3,004

-238

Increase (decrease) in cash and cash equivalents

-

-

-

25,293

-29,115

23,066

-22,336

10,303

-10,397

Cash paid in respect of Interest

-

-

-

5,400

4,808

4,251

1,628

3,847

4,064

Cash paid in respect of Income tax

-

-

-

14,467

14,371

17,986

13,843

7,356

4,444

Dividend payable to Formulas shareholders

-

-

-

7,876

0

0

-

-

6,694

Assets retirement obligation

-

-

-

-

-

-

-

-

275

Purchase of property and equipment

-

-

-

0

2,780

0

2,696

0

0

Receivables from sale of property

-

-

-

-

-

-

-

-

450

Cash paid in conjunction with acquisitions of activities

-2,592

-1,160

-1,280

-

-

-

-

-

-

Repayment of capital lease

480

443

399

-

-

-

-

-

-

Distribution to ultimate parent for a business acquisition under common control

0

-1,440

-8,482

-

-

-

-

-

-

Net cash provided by (used in) financing activities

16,420

-7,046

20,573

-

-

-

-

-

-

Effect of exchange rate changes on cash and cash equivalents

12,912

-81

-6,990

-

-

-

-

-

-

Increase (decrease) in cash and cash equivalents

7,775

-10,980

69,210

-

-

-

-

-

-

Supplemental cash flow information:
Cash paid (received) in respect of:
Interest paid

6,448

6,770

6,158

-

-

-

-

-

-

Interest received

-145

-2,334

-1,688

-

-

-

-

-

-

Taxes paid (received), net

19,680

19,176

23,014

-

-

-

-

-

-

Non-cash activities:
Dividend payable to Formula's shareholders

0

7,070

0

-

-

-

-

-

-

Purchase of property and equipment

0

-2,260

0

-

-

-

-

-

-

Deferred payment to former shareholders of consolidated companies

652

0

0

-

-

-

-

-

-

Dividend payable to redeemable non-controlling interests

692

0

0

-

-

-

-

-

-

Working capital (other than cash and cash equivalents)

-

-

-

18,720

-12,114

0

-7,796

0

-2,259

Marketable securities

-

-

-

0

0

-

-

-

-

Property and equipment

-

-

-

1,849

4,085

0

1,220

0

144

Other assets, deferred expenses and long term payables

-

-

-

-3,954

571

0

3,527

0

1,337

Long-term liabilities

-

-

-

0

0

-

-

-

-

Deferred tax liability (asset), net

-

-

-

1,578

0

0

-

-

-

Goodwill and intangible assets

-

-

-

94,135

160,960

0

42,269

0

206

Liabilities to banks

-

-

-

3,172

0

0

-

-

-

Redeemable non-controlling interests at loss of control date

-

-

-

-2,806

0

0

-

-

-

Non-controlling interests at loss of control date

-

-

-

65,769

84,228

0

10,916

0

0

Investment in affiliated company presentation due to loss of control

-

-

-

168,810

158,592

-

71,366

0

0

Adjustment to other comprehensive (loss) gain

-

-

-

10,491

-2,951

0

0

-

-230

Gain from realization of investments in subsidiaries

-

-

-

83,520

61,164

0

26,463

0

4,284

Total

-

-

-

-37,374

-31,105

0

-16,599

0

-

Total

-

-

-

-

-

-

-

-

3,482