Adidas 2000 Annual Report Download - page 68

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Consolidated Statements of Cash Flows (IAS)
64
The accompanying notes are an integral part of these consolidated financial statements.
(euros in thousands)
2000 1999
Operating activities:
Income before taxes 346,620 398,210
Adjustments for:
Depreciation and amortization (incl. goodwill) 132,704 119,203
Unrealized foreign exchange losses/(gains), net 7,616 (21,985)
Interest income (12,979) (7,725)
Interest expense 108,517 84,933
(Gains)/losses on sales of property, plant and equipment, net (4,440) 2,356
Operating profit before working capital changes 578,038 574,992
Increase in receivables and other current assets (115,767) (123,771)
Increase in inventories (230,394) (3,680)
Increase in accounts payable and other current liabilities 8,014 117,632
Cash provided by operations 239,891 565,173
Interest paid (105,313) (84,766)
Income taxes paid (144,993) (151,977)
Net cash (used in)/provided by operating activities (10,415) 328,430
Investing activities:
Purchase of goodwill and other intangible assets (24,562) (31,187)
Purchase of property, plant and equipment (124,815) (101,349)
Proceeds from sale of property, plant and equipment 14,141 18,112
Decrease/(increase) in investments and other long-term assets 1,808 (26,538)
Interest received 12,979 7,725
Net cash used in investing activities (120,449) (133,237)
Financing activities:
Increase in long-term borrowings, net 132,967 1,236,698
Dividends of adidas-Salomon AG (41,736) (38,258)
Dividends to minority shareholders (2,692) (551)
Capital contributions by minority shareholders 4,970 3,774
Increase/(decrease) in short-term borrowings, net 71,517 (1,382,239)
Net cash provided by/(used in) financing activities 165,026 (180,576)
Effect of exchange rates on cash 1,436 2,652
Net increase in cash and cash equivalents 35,598 17,269
Cash and cash equivalents at beginning of year 69,108 51,839
Cash and cash equivalents at end of year 104,706 69,108