Reebok 2009 Annual Report Download - page 173
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CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Cash Flows 169
N
°-
05
ADIDAS AG CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS)
€ IN MILLIONS
Note Year ending
Dec. 31, 2009 Year ending
Dec. 31, 2008
Operating activities:
Income before taxes 358 904
Adjustments for:
Depreciation and amortisation 11, 13, 14, 30 299 234
Unrealised foreign exchange losses/(gains), net 15 (46)
Interest income 32 (16) (37)
Interest expense 32 138 178
Losses/(gains) on sale of property, plant and equipment, net 23 (7)
Other non-cash expense/(income) 29, 30 5 (21)
Operating profit before working capital changes 822 1,205
Decrease/(increase) in receivables and other current assets 464 (236)
Decrease/(increase) in inventories 617 (324)
(Decrease)/increase in accounts payable and other current liabilities (312) 374
Cash generated from operations before interest and taxes 1,591 1,019
Interest paid (131) (176)
Income taxes paid (262) (346)
Net cash from operating activities 1,198 497
Investing activities:
Purchase of trademarks and other intangible assets (46) (60)
Proceeds from sale of other intangible assets 10 8
Purchase of property, plant and equipment (195) (316)
Proceeds from sale of property, plant and equipment 16 27
Acquisition of further investments in subsidiaries 4 (14) (6)
Acquisition of subsidiaries and other business units net of cash acquired 4, 36 (8) (50)
Proceeds from sale/(purchase) of short-term financial assets 60 (59)
Purchase of investments and other long-term assets (1) (25)
Interest received 16 37
Net cash used in investing activities (162) (444)
Financing activities:
(Repayments of)/proceeds from long-term borrowings (508) 588
Proceeds from issue of a Eurobond 497 —
Dividend paid to shareholders of adidas AG 26 (97) (99)
Dividend paid to minority shareholders — (0)
Exercised share options 0 0
Repurchase of adidas AG shares — (409)
Cash repayments of short-term borrowings (404) (186)
Net cash used in financing activities (512) (106)
Effect of exchange rates on cash 7 2
Net increase/(decrease) in cash and cash equivalents 531 (51)
Cash and cash equivalents at beginning of year 5 244 295
Cash and cash equivalents at year-end 5 775 244
Rounding differences may arise in percentages and totals.
The accompanying Notes are an integral part of these consolidated financial statements.