Adidas 2001 Annual Report Download - page 67

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62 Consolidated
Accounts
(euros in thousands) 2001 2000
Operating activities:
Income before taxes 376,344 346,620
Adjustments for:
Depreciation and amortization (incl. goodwill) 148,037 132,704
Unrealized foreign exchange losses, net 15,277 7,616
Interest income (12,061) (12,979)
Interest expense 107,772 108,517
Gains on sales of property, plant and equipment, net (4,063) (4,440)
Operating profit before working capital changes 631,306 578,038
Increase in receivables and other current assets (128,157) (115,767)
Decrease/(Increase) in inventories 32,165 (230,394)
Increase in accounts payable and other current liabilities 71,161 8,014
Cash provided by operations 606,475 239,891
Interest paid (110,400) (105,313)
Income taxes paid (112,015) (144,993)
Net cash provided by/(used in) operating activities 384,060 (10,415)
Investing activities:
Purchase of goodwill and other intangible assets (42,338) (24,562)
Purchase of property, plant and equipment (159,733) (124,815)
Proceeds from sale of property, plant and equipment 23,293 14,141
Acquisition of subsidiaries net of cash acquired (19,519) 0
Decrease in investments and other non-current assets 9,300 1,808
Interest received 12,061 12,979
Net cash used in investing activities (176,936) (120,449)
Financing activities:
(Decrease)/Increase in long-term borrowings (47,667) 132,967
Dividends of adidas-Salomon AG (41,721) (41,736)
Dividends to minority shareholders (51,349) (2,692)
Capital contributions by minority shareholders 0 4,970
(Decrease)/Increase in short-term borrowings (88,283) 71,517
Net cash (used in)/provided by financing activities (229,020) 165,026
Effect of exchange rates on cash 2,185 1,436
(Decrease)/Increase in cash and cash equivalents (19,711) 35,598
Cash and cash equivalents at beginning of year 104,706 69,108
Cash and cash equivalents at end of year 84,995 104,706
The accompanying Notes are an integral part of these consolidated financial statements.
Consolidated Statement of Cash Flows (IAS)