Food Lion 2010 Annual Report Download - page 84

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CONSOLIDATED BALANCE SHEET
CONSOLIDATED INCOME
STATEMENT CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY CONSOLIDATED STATEMENT
OF CASH FLOWS NOTES TO THE FINANCIAL
STATEMENTS
80
CONSOLIDATED BALANCE SHEET
CONSOLIDATED INCOME
STATEMENT CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY CONSOLIDATED STATEMENT
OF CASH FLOWS NOTES TO THE FINANCIAL
STATEMENTS
CONSOLIDATED BALANCE SHEET CONSOLIDATED INCOME
STATEMENT CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT
OF CASH FLOWS
NOTES TO THE FINANCIAL
STATEMENTS
Consolidated Statement of Cash Flows
(in millions of EUR) 2010 2009 2008
Operating activities
Group share in net profit 574 514 467
Net profit attributable to non-controlling interests 1 6 12
Adjustments for:
Depreciation and amortization - continuing operations 575 515 474
Depreciation and amortization - discontinued operations - - 2
Impairment - continuing operations 14 22 20
Impairment - discontinued operations - - 8
Allowance for losses on accounts receivable and inventory obsolescence 6 20 15
Share-based compensation 16 20 21
Income taxes 245 227 217
Finance costs 216 209 214
Income from investments (12) (14) (14)
Other non-cash items (2) 3 (6)
Changes in operating assets and liabilities:
Inventories (108) 32 (16)
Receivables (39) (8) (52)
Prepaid expenses and other assets (10) 3 (26)
Accounts payable 98 58 (97)
Accrued expenses and other liabilities 16 20 28
Provisions (24) (13) (25)
Interest paid (202) (199) (198)
Interest received 11 9 13
Income taxes paid (58) (248) (130)
Net cash provided by operating activities 1 317 1 176 927
Investing activities
Business acquisitions, net of cash and cash equivalents acquired(1) (19) (47) (88)
Business disposals, net of cash and cash equivalents disposed - 8 -
Purchase of tangible and intangible assets (capital expenditures) (660) (520) (714)
Sale of tangible and intangible assets 14 10 30
Net investment in debt securities (13) (5) 7
Purchase of other financial assets (2) (9) -
Sale and maturity of other financial assets 15 8 7
Net cash used in investing activities (665) (555) (758)
Cash flow before financing activities 652 621 169
Financing activities
Proceeds from the exercise of share warrants and stock options 32 16 7
Treasury shares purchased (26) (10) (6)
Purchases of non-controlling interests(1) (47) (108) (12)
Dividends paid (161) (148) (143)
Dividends paid by subsidiaries to non-controlling interests (1) (4) (4)
Escrow maturities 2 5 9
Borrowing under long-term loans (net of financing costs) (1) 230 80
Repayment of long-term loans (42) (327) (110)
Repayment of lease obligations (49) (45) (39)
Net borrowings (repayments) of short-term loans (49) (91) 109
Settlement of derivative instruments (1) (14) 4
Net cash used in financing activities (343) (496) (105)
Effect of foreign currency translation 10 (7) 8
Net increase in cash and cash equivalents 319 118 72
Cash and cash equivalents at beginning of period 439 321(2) 249
Cash and cash equivalents at end of period 758 439 321(2)
(1) Reclassification of cash flows resulting from the acquisition of non-controlling interests from “Investing” to “Financing” due to a change in IFRS (see Note 2.2).
(2) EUR 1 million included in assets classified as held for sale.