Reebok 2008 Annual Report Download - page 158
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154 Consolidated Financial Statements Consolidated Statement of Cash Flows
Consolidated statement of cash fl ows (IFRS)
€ in millions
Note Year ending Dec. 31, 2008 Year ending Dec. 31, 2007
Operating activities:
Income before taxes 904 815
Adjustments for:
Depreciation and amortisation 10, 12, 13, 25 234 215
Unrealised foreign exchange gains, net (46) (23)
Interest income 27 (37) (27)
Interest expense 27 178 166
Gains on sale of property, plant and equipment, net (7) (7)
Other non-cash income 24 (21) —
Operating profi t before working capital changes 1,205 1,139
Increase in receivables and other current assets (236) (66)
(Increase) /Decrease in inventories (324) 26
Increase in accounts payable and other current liabilities 374 97
Cash provided by operations before interest and taxes 1,019 1,196
Interest paid (176) (161)
Income taxes paid (346) (255)
Net cash provided by operating activities 497 780
Investing activities:
Purchase of trademarks and other intangible assets (60) (55)
Proceeds from sale of other intangible assets 8 10
Purchase of property, plant and equipment (316) (230)
Proceeds from sale of property, plant and equipment 27 30
Acquisition of further investments in subsidiaries 4 (6) (7)
Acquisition of subsidiaries and other business units net of cash acquired 4, 31 (50) (2)
Purchase of short-term fi nancial assets (59) (47)
Purchase of investments and other long-term assets (25) (11)
Interest received 37 27
Net cash used in investing activities (444) (285)