Reebok 2015 Annual Report Download - page 192

CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statement of Cash Flows
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CONSOLIDATED STATEMENTOF
CASH FLOWS
ADIDASAG CONSOLIDATED STATEMENTOF CASH FLOWS IFRS€ IN MILLIONS
Note Year ending
Dec. 31, 2015
Year ending
Dec. 31, 2014
Operating activities:
Income before taxes 1,039 835
Adjustments for:
Depreciation, amortisation and impairment losses 12, 13, 14, 31, 33 393 405
Reversals of impairment losses 30 (1) (1)
Unrealised foreign exchange losses, net 36 32
Interest income 33 (20) (17)
Interest expense 33 65 62
Losses on sale of property, plant and equipment, net 15 16
Other non-cash income 30, 31 (1) (1)
Payment for external funding of pension obligations (CTA) – (65)
Operating profit before working capital changes 1,527 1,267
Increase in receivables and other assets (183) (36)
Increase in inventories (639) (76)
Increase/(decrease) in accounts payable and other liabilities 823 (117)
Cash generated from operations before interest and taxes 1,527 1,037
Interest paid (55) (59)
Income taxes paid (386) (284)
Net cash generated from operating activities – continuing operations 1,086 694
Net cash generated from operating activities – discontinued operations 3 7
Net cash generated from operating activities 1,090 701
Investing activities:
Purchase of trademarks and other intangible assets (49) (49)
Proceeds from sale of trademarks and other intangible assets 0 1
Purchase of property, plant and equipment (464) (499)
Proceeds from sale of property, plant and equipment 6 4
Acquisition of subsidiaries and other business units net of cash acquired 4 (214) (6)
Proceeds from disposal of discontinued operations net of cash disposed 164 –
(Purchase of)/proceeds from sale of short-term financial assets (0) 37
Purchase of investments and other long-term assets (48) (36)
Interest received 20 17
Net cash used in investing activities – continuing operations (584) (531)
Net cash used in investing activities – discontinued operations (6) (6)
Net cash used in investing activities (591) (537)
Financing activities:
Repayments of long-term borrowings (10) –
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 (303) (314)
Dividend paid to non-controlling interest shareholders (6) (4)
Repurchase of treasury shares 26 (301) (300)
Proceeds from short-term borrowings 35 68
Repayments of short-term borrowings 18 (103) (56)
Net cash used in financing activities (691) (118)
Effect of exchange rates on cash (126) 50
(Decrease)/increase of cash and cash equivalents (318) 96
Cash and cash equivalents at beginning of the year 5 1,683 1,587
Cash and cash equivalents at end of period 5 1,365 1,683
Rounding differences may arise in percentages and totals.
The accompanying notes are an integral part of these consolidated financial statements.