LensCrafters 2011 Annual Report Download - page 180

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ANNUAL REPORT 2011> 104 |
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 (*)
(thousands of Euro) 2011 2010
Net income 458,300 407,259
Stock-based compensation 44,496 32,940
Depreciation and amortization 323,889 322,062
Net loss on disposals of fixed assets and other 16,570 4,990
Other non–cash items (**) (4,654) 4,524
Changes in accounts receivable (36,014) (1,606)
Changes in inventories (30,520) (36,544)
Changes in accounts payable 51,051 86,667
Changes in other assets/liabilities 17,807 (21,114)
Changes in income taxes payable (20,029) 32,455
Total adjustments 362,596 424,374
Cash provided by operating activities 820,896 831,633
Property, plant and equipment:
– Additions (228,635) (230,358)
– Disposals ––
Purchases of businesses – net of cash acquired (***) (123,600) (121,761)
Sales of businesses – net of cash disposed – 5,520
Investments in equity investees – (20,684)
Additions to intangible assets (107,646) –
Cash used in investing activities (459,881) (367,283)
Long-term debt:
– Proceeds 250,610 881,705
– Repayments (230,447) (930,362)
Increase (decrease) in short-term lines of credit 3,699 14,185
Exercise of stock options 18,210 22,416
Sale of treasury shares (10,473) 14,195
Dividends (206,617) (169,839)
Cash used in financing activities (175,018) (167,700)
Consolidated฀statement
of฀cash฀flows