Page 85 - New8814 GP 2011_AR-fnl

Basic HTML Version

F-5
F-5
GREEN PLAINS RENEWABLE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
2011
2010
2009
Cash flows fromoperating activities:
Net income
38,213
$
48,162
$
20,154
$
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
50,076
37,355
28,635
Amortization of debt issuance costs
2,449
1,476
778
Loss on sale of property and equipment
106
-
-
Deferred income taxes
22,710
16,520
-
Stock-based compensation expense
3,429
2,124
1,208
Undistributed equity in loss of affiliates
779
169
-
Allowance for doubtful accounts
142
79
55
Changes in operating assets and liabilities before
effects of business combinations:
Accounts receivable
(17,059)
(30,023)
13,493
Inventories
(38,837)
(83,497)
(35,724)
Deposits
5,412
2,073
(2,740)
Derivative financial instruments
26,429
(46,424)
424
Prepaid expenses and other assets
(1,354)
860
4,537
Accounts payable and accrued liabilities
23,408
74,642
18,830
Unearned revenues
(7,128)
13,046
5,130
Other
114
(1,746)
(1,353)
Net cash provided by operating activities
108,889
34,816
53,427
Cash flows from investing activities:
Purchases of property and equipment
(42,483)
(20,030)
(13,788)
Acquisition of businesses, net of cash acquired
(8,115)
(41,871)
(3,101)
Other
(3,923)
(665)
(895)
Net cash used by investing activities
(54,521)
(62,566)
(17,784)
Cash flows from financing activities:
Proceeds from the issuance of long-termdebt
138,088
128,982
30,661
Payments of principal on long-termdebt
(206,866)
(75,058)
(37,730)
Proceeds from short-termborrowings
3,525,923
2,133,335
679,720
Payments on short-termborrowings
(3,543,798)
(2,076,537)
(667,334)
Proceeds from issuance of common stock
-
79,732
-
Payments for repurchase of common stock
(28,201)
-
-
Acquisition of noncontrolling interest
(3,125)
-
-
Change in restricted cash
8,164
(15,229)
(12,323)
Payments of loan fees
(3,648)
(4,249)
(1,328)
Other
878
200
176
Net cash provided (used) by financing activities
(112,585)
171,176
(8,158)
Net change in cash and equivalents
(58,217)
143,426
27,485
Cash and cash equivalents, beginning of period
233,205
89,779
62,294
Cash and cash equivalents, end of period
174,988
$
233,205
$
89,779
$
Continued on the following page
Year EndedDecember 31,