Company: DSWL
Filing Date: 2025-07-29
Form Type: 20-F
Source: 0001174947-25-001096
Chunk: 79

Company: DESWELL INDUSTRIES INC
Filing Date: 2025-07-29
Form: 20-F
Item: Item 5
Chunk 79
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31, 2024, was $3,188,000, which was used to fund dividend payments to shareholders.

Fiscal year 2024

For the year ended March 31, 2024, net cash provided by operating activities totaled $13,208,000, including net income of $7,709,000 and depreciation and amortization expenses of $1,523,000. For the year ended March 31, 2023, net cash provided by operating activities totaled $12,998,000, including net income of $2,059,000 and depreciation and amortization expenses of $1,709,000. Accounts receivable decreased by $3,642,000 as compared to balances at March 31, 2023, primarily as a result of a decrease in sales during the fiscal year. Inventories decreased by $5,220,000

Table of Contents

over levels at March 31, 2023, mainly because of relatively higher levels of raw materials maintained during the fiscal year relating to decreased sales turnover. Accounts payable decreased by $1,739,000 over levels at March 31, 2023, primarily because of the decrease in materials purchases.

Net cash used in investing activities amounted to $16,430,000 for the year ended March 31, 2024 while net cash used in investing activities in fiscal year 2023 amounted to $1,115,000. Capital expenditures during these periods totaled $381,000 and $792,000, respectively.

In fiscal year 2024, there was an increase in fixed deposits with original maturity over three months of $10,926,000 and a decrease in fixed deposits over twelve months of $1,154,000. Also, during fiscal year 2024, we acquired marketable securities for $1,352,000 but there was no sale of marketable securities.

Net cash used in financing activities for the year ended March 31, 2024, was $3,188,000, which was mainly used to fund dividend payments to shareholders. Net cash used in financing activities for the year ended March 31, 2023, was $3,188,000, which was used to fund dividend payments to shareholders.

Restricted net assets

Our cash and cash equivalents at March 31, 2025 were unrestricted and held for working capital purposes. Our direct PRC subsidiaries are, however, subject to PRC restrictions on distributions to equity holders. Under existing PRC foreign exchange regulations,