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7
adidas Group
/
2012 Annual Report
Consolidated Financial Statements
194
2012
Consolidated Statement of Cash Flows
/
04.7
/
..
/
adidas AG Consolidated Statement of Cash Flows (IFRS) (€ in millions)
Note Year ending
Dec. 31, 2012
Year ending
Dec. 31, 2011 1)
Operating activities:
Income before taxes 851 869
Adjustments for:
Depreciation, amortisation and impairment losses 12, 13,15, 31 536 253
Reversals of impairment losses (2) (2)
Unrealised foreign exchange gains, net (26) (31)
Interest income 33 (35) (30)
Interest expense 33 97 108
Losses on sale of property, plant and equipment, net 12 12
Other non-cash income 30, 31 (3) (0)
Operating profit before working capital changes 1,430 1,179
Increase in receivables and other assets (135) (41)
Decrease/increase in inventories 23 (353)
Increase in accounts payable and other liabilities 94 449
Cash generated from operations before interest and taxes 1,412 1,234
Interest paid (90) (113)
Income taxes paid (380) (314)
Net cash generated from operating activities 942 807
Investing activities:
Purchase of trademarks and other intangible assets (58) (58)
Proceeds from sale of trademarks and other intangible assets 1 0
Purchase of property, plant and equipment (376) (318)
Proceeds from sale of property, plant and equipment 19 2
Acquisition of subsidiaries and other business units net of cash acquired 4 (57) (20)
Proceeds from disposal of subsidiaries net of cash 4 14 –
Proceeds from sale/purchase of short-term financial assets 195 (192)
Proceeds from sale/purchase of investments and other long-term assets 10 (10)
Interest received 35 30
Net cash used in investing activities (217) (566)
Financing activities:
Repayments of long-term borrowings (3) (57)
Proceeds from issue of a convertible bond 18 496 –
Dividend paid to shareholders of adidas AG 26 (209) (167)
Dividend paid to non-controlling interest shareholders (3) (3)
Acquisition of non-controlling interests 4 (8) –
Cash repayments of short-term borrowings (231) (273)
Net cash used in financing activities 42 (500)
Effect of exchange rates on cash (3) 15
Net increase/decrease of cash and cash equivalents 764 (244)
Cash and cash equivalents at beginning of the year 5 906 1,150
Cash and cash equivalents at end of the year 5 1,670 906
1) Restated according to IAS 8, see Note 03.
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