Adidas 2005 Annual Report Download - page 130
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126 Financial Analysis
Year ending Year ending
Dec. 31, 2005 Dec. 31, 2004
Consolidated Statement of Cash Flows € in thousands
Operating activities:
Income before taxes 655,323 525,769
Adjustments for:
Depreciation and amortization (incl. goodwill) 128,485 118,768
Unrealized foreign exchange (gains)/losses, net (60,546) 51,618
Interest income (36,431) (13,310)
Interest expense 73,769 70,564
Losses on sale of property, plant and equipment, net 2,736 1,705
Operating profi t before working capital changes 763,336 755,114
Increase in receivables and other current assets (303,485) (130,401)
Increase in inventories (141,552) (83,499)
Increase in accounts payable and other current liabilities 288,540 255,792
Cash provided by operations 606,839 797,006
Interest paid (67,583) (64,961)
Income taxes paid (159,403) (198,925)
Net cash provided by continuing operating activities 379,853 533,120
Net cash (used in)/provided by discontinued operating activities (27,794) 45,075
Net cash provided by total operating activities 352,059 578,195
Investing activities:
Purchase of goodwill and other intangible assets, net (20,574) (43,148)
Purchase of property, plant and equipment (187,510) (116,763)
Proceeds from the sale of property, plant and equipment 13,741 960
Acquisition of subsidiaries net of cash acquired 0 (9,809)
Disposal of discontinued operations net of cash 449,642 0
Decrease/(Increase) in short-term fi nancial assets 200,637 (168,357)
Increase in investments and other long-term assets (53,124) (41,634)
Interest received 36,787 13,908
Net cash provided by/(used in) investing activities 439,599 (364,843)