Reebok 2011 Annual Report Download - page 184
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adidas Group
2011 Annual Report
CONSOLIDATED FINANCIAL STATEMENTS
180
2011
04.7 Consolidated Statement of Cash Flows
.. adidas AG Consolidated Statement of Cash Flows (IFRS) (€ in millions)
Note Year ending
Dec. 31, 2011
Year ending
Dec. 31, 2010
Operating activities:
Income before taxes 927 806
Adjustments for:
Depreciation, amortisation and impairment losses 11, 13, 14, 30 253 270
Reversals of impairment losses (2) (7)
Unrealised foreign exchange gains, net (31) (19)
Interest income 32 (30) (23)
Interest expense 32 108 112
Losses on sale of property, plant and equipment, net 12 5
Other non-cash income 29, 30 (0) (0)
Operating profit before working capital changes 1,237 1,144
Increase in receivables and other assets (116) (100)
Increase in inventories (349) (561)
Increase in accounts payable and other liabilities 447 757
Cash generated from operations before interest and taxes 1,219 1,240
Interest paid (113) (111)
Income taxes paid (314) (235)
Net cash generated from operating activities 792 894
Investing activities:
Purchase of trademarks and other intangible assets (58) (42)
Proceeds from sale of trademarks and other intangible assets 0 17
Purchase of property, plant and equipment (318) (227)
Proceeds from sale of property, plant and equipment 2 1
Acquisition of subsidiaries and other business units net of cash acquired 3 (20) –
Purchase of short-term financial assets (192) (146)
(Purchase of)/proceeds from investments and other long-term assets (10) 44
Interest received 30 23
Net cash used in investing activities (566) (330)
Financing activities:
(Repayments of)/proceeds from long-term borrowings (48) 33
Proceeds from issue of a Eurobond – 0
Dividend paid to shareholders of adidas AG 25 (167) (73)
Dividend paid to non-controlling interest shareholders (3) (0)
Cash repayments of short-term borrowings (273) (198)
Net cash used in financing activities (491) (238)
Effect of exchange rates on cash 15 55
Net (decrease)/increase of cash and cash equivalents (250) 381
Cash and cash equivalents at beginning of the year 4 1,156 775
Cash and cash equivalents at end of the year 4 906 1,156
Rounding differences may arise in percentages and totals.
The accompanying notes are an integral part of these consolidated financial statements.
Consolidated Statement of Cash Flows
04.7