Adidas 1996 Annual Report Download - page 44

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ADIDAS AG AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
(in thousands of DM) 1996 1995 1994
Operating activities:
Income before taxes and minority interests 444,405 296,085 150,877
Adjustments for:
Depreciation and amortization 64,474 52,584 43,008
Unrealized foreign exchange (gains) losses, net (15,895) 1,460 2,997
Interest income (9,109) (9,310) (7,330)
Interest expense 43,108 47,247 38,130
(Gains) losses on sales of property and equipment (320) (613) 444
Operating profit before working capital changes 526,663 387,453 228,126
Increase in receivables and other current assets (149,129) (61,592) (52,310)
Increase in inventories (185,997) (127,373) (67,573)
Increase in accounts payable and other current liabilities 102,730 20,651 71,101
Cash provided by operations 294,267 219,139 179,344
Interest paid (48,181) (46,771) (38,460)
Income taxes paid (45,572) (41,387) (26,464)
Net cash provided by operating activities 200,514 130,981 114,420
Investing activities:
Purchase of investments (mainly goodwill) (81,133) (105,860) (20,803)
Purchase of property and equipment (73,907) (58,446) (39,966)
Proceeds from sale of property and equipment 10,358 9,791 5,922
(Increase) decrease in other long-term assets (17,861) 3,143 (5,473)
Acquisition of subsidiaries net of cash acquired (Note 17) 41,347 0 0
Interest received 9,109 9,310 7,330
Net cash used in investing activities (112,087) (142,062) (52,990)
Financing activities:
Decrease in long-term bank borrowings, net (14,837) (148,156) (73,525)
Dividends of adidas AG (Note 11) (11,338) 0 0
Dividends to minority shareholders (9,032) (4,280) (1,121)
Increase in short-term borrowings, net (10,692) 167,261 11,505
Net cash provided by (used in) financing activities (45,899) 14,825 (63,141)
Effect of exchange rates on cash 613 (1,588) (1,676)
Net change in cash and cash equivalents 43,141 2,156 (3,387)
Cash and cash equivalents at beginning of year 40,835 38,679 42,066
Cash and cash equivalents at end of year 83,976 40,835 38,679
44
See accompanying notes to the consolidated financial statements