Reebok 2014 Annual Report Download - page 198

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adidas Group
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2014 Annual Report
Consolidated Financial Statements
194
2014
Consolidated Statement of Cash Flows
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adidas AG Consolidated Statement of Cash Flows (IFRS) (€ in millions)
Note Year ending
Dec. 31, 2014
Year ending
Dec. 31, 2013
Operating activities:
Income before taxes 835 1,113
Adjustments for:
Depreciation, amortisation and impairment losses 12, 13, 14, 31, 33 405 340
Reversals of impairment losses 30 (1) (2)
Unrealised foreign exchange losses, net 32 10
Interest income 33 (17) (25)
Interest expense 33 62 73
Losses on sale of property, plant and equipment, net 16 6
Other non-cash income 30, 31 (1) (1)
Payment for external funding of pension obligations (CTA) (65) –
Operating profit before working capital changes 1,267 1,515
Increase in receivables and other assets (36) (302)
Increase in inventories (76) (299)
(Decrease)/increase in accounts payable and other liabilities (117) 151
Cash generated from operations before interest and taxes 1,037 1,065
Interest paid (59) (68)
Income taxes paid (284) (390)
Net cash generated from operating activities – continuing operations 694 608
Net cash generated from operating activities – discontinued operations 7 26
Net cash generated from operating activities 701 634
Investing activities:
Purchase of trademarks and other intangible assets (49) (52)
Proceeds from sale of trademarks and other intangible assets 1 1
Purchase of property, plant and equipment (499) (422)
Proceeds from sale of property, plant and equipment 4 4
Acquisition of subsidiaries and other business units net of cash acquired 4 (6) –
Proceeds from sale of short-term financial assets 37 226
Purchase of investments and other long-term assets (36) (20)
Interest received 17 25
Net cash used in investing activities – continuing operations (531) (237)
Net cash used in investing activities – discontinued operations (6) (6)
Net cash used in investing activities (537) (243)
Financing activities:
Proceeds from issue of Eurobonds 18 990 –
Repayment of Eurobond 18 (500) –
Repayments of finance lease obligations (2) (2)
Dividend paid to shareholders of adidas AG 26 (314) (282)
Dividend paid to non-controlling interest shareholders (4) (1)
Repurchase of treasury shares 26 (300) –
Proceeds from short-term borrowings 68 67
Repayments of short-term borrowings 18 (56) (221)
Net cash used in financing activities (118) (439)
Effect of exchange rates on cash 50 (35)
Increase/(decrease) of cash and cash equivalents 96 (83)
Cash and cash equivalents at beginning of the year 5 1,587 1,670
Cash and cash equivalents at end of period 5 1,683 1,587
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