Adidas 2002 Annual Report Download - page 118

Download and view the complete annual report

Please find page 118 of the 2002 Adidas annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

Consolidated Statement of Cash Flows
116 FINANCIAL ANALYSIS CONSOLIDATED FINANCIAL STATEMENTS (IFRS)
CONSOLIDATED STATEMENT OF CASH FLOWS € in thousands
Year ending December 31
2002 2001
Operating activities:
Income before taxes 390,114 376,344
Adjustments for:
Depreciation and amortization (incl. goodwill) 159,527 148,037
Unrealized foreign exchange losses, net 65,436 15,277
Interest income (8,784) (12,061)
Interest expense 81,568 107,772
Gains on sales of property, plant and equipment, net (6,569) (4,063)
Operating profit before working capital changes 681,292 631,306
Increase in receivables and other current assets (176,339) (128,157)
Decrease in inventories 1,942 32,165
Increase in accounts payable and other current liabilities 273,898 71,161
Cash provided by operations 780,793 606,475
Interest paid (79,149) (110,400)
Income taxes paid (167,581) (112,015)
Net cash provided by operating activities 534,063 384,060
Investing activities:
Purchase of goodwill and other intangible assets (150,647) (42,338)
Purchase of property, plant and equipment (114,133) (159,733)
Proceeds from sale of property, plant and equipment 10,937 23,293
Acquisition of subsidiaries net of cash acquired (19,623) (19,519)
Acquisition of a 10% participation in FC Bayern München AG (76,972) 0
Decrease in investments and other long-term assets 16,757 9,300
Interest received 8,784 12,061
Net cash used in investing activities (324,897) (176,936)
Financing activities:
Increase/(Decrease) in long-term borrowings 144 (47,667)
Dividends of adidas-Salomon AG (41,721) (41,721)
Dividends to minority shareholders (3,341) (51,349)
Share options exercised by employees 4,534 0
Decrease in short-term borrowings (166,369) (88,283)
Net cash used in financing activities (206,753) (229,020)
Effect of exchange rates on cash (11,452) 2,185
Decrease in cash and cash equivalents (9,039) (19,711)
Cash and cash equivalents at beginning of year 84,995 104,706
Cash and cash equivalents at end of year 75,956 84,995
The accompanying notes are an integral part of these consolidated financial statements.