Siemens 2005 Annual Report Download - page 140

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140
Consolidated Statements of Cash Flow
For the fiscal years ended September 30, 2005 and 2004 (in millions of €)
Management’s discussion and analysis
Siemens
2005 2004
Cash flows from operating activities
Net income 2,248 3,405
Adjustments to reconcile net income to cash provided
Minority interest 158 166
Amortization, depreciation and impairments 3,426 3,344
Deferred taxes (628) (309)
(Gains) on sales and disposals of businesses and real estate, net (226) (246)
(Gains) on sales of investments, net (49) (612)
(Gains) on sales and impairments of marketable securities, net (239) (47)
Loss (income) from equity investees, net of dividends received (277) (287)
Change in current assets and liabilities
(Increase) decrease in inventories, net (717) (941)
(Increase) decrease in accounts receivable, net 27 (866)
Increase (decrease) in outstanding balance of receivables sold (7) 133
(Increase) decrease in other current assets 248 661
Increase (decrease) in accounts payable 89 857
Increase (decrease) in accrued liabilities (144) 302
Increase (decrease) in other current liabilities 39 (323)
Supplemental contributions to pension trusts (1,496) (1,255)
Change in other assets and liabilities 669 1,098
Net cash provided by (used in) operating activities – continuing and discontinued operations 3,121 5,080
Net cash provided by (used in) operating activities – continuing operations 4,217 4,704
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment (3,544) (2,764)
Acquisitions, net of cash acquired (2,450) (1,477)
Purchases of investments (652) (374)
Purchases of marketable securities (34) (106)
(Increase) decrease in receivables from financing activities (511) (247)
Increase (decrease) in outstanding balance of receivables sold by SFS – –
Proceeds from sales of long-term investments, intangibles and property, plant and equipment 977 2,639
Proceeds from sales and dispositions of businesses 34 325
Proceeds from sales of marketable securities 356 186
Net cash provided by (used in) investing activities – continuing and discontinued operations (5,824) (1,818)
Net cash provided by (used in) investing activities – continuing operations (5,706) (1,689)
Cash flows from financing activities
Proceeds from issuance of common stock – 4
Purchase of common stock (219) –
Proceeds from re-issuance of treasury stock 173 –
Repayment of debt (848) (1,564)
Change in short-term debt 711 (469)
Dividends paid (1,112) (978)
Dividends paid to minority shareholders (108) (101)
Intracompany financing – –
Net cash provided by (used in) financing activities (1,403) (3,108)
Effect of exchange rates on cash and cash equivalents 37 (113)
Net increase (decrease) in cash and cash equivalents (4,069) 41
Cash and cash equivalents at beginning of period 12,190 12,149
Cash and cash equivalents at end of period 8,121 12,190
Supplemental disclosure of cash paid for:
Interest 441 385
Income taxes 1,093 746
The accompanying notes are an integral part of these consolidated financial statements.