Siemens 2006 Annual Report Download - page 156

Consolidated Financial Statements
152
Consolidated Statements of Cash Flow
For the fiscal years ended September 30, 2006 and 2005 (in millions of €)
The accompanying notes are an integral part of these consolidated financial statements.
Siemens
2006 2005
Cash flows from operating activities
Net income 3,033 2,248
Adjustments to reconcile net income to cash provided
Minority interest 213 158
Amortization, depreciation and impairments 3,012 3,426
Deferred taxes (378) (628)
Losses (gains) on sales and disposals of businesses and real estate, net (77) (226)
(Gains) on sales of investments, net (188) (49)
(Gains) on sales and impairments of marketable securities, net (382) (239)
(Income) loss from equity investees, net of dividends received (160) (277)
Change in current assets and liabilities
(Increase) decrease in inventories, net (2,313) (717)
(Increase) decrease in accounts receivable, net (881) 27
Increase (decrease) in outstanding balance of receivables sold (153) (7)
(Increase) decrease in other current assets 466 248
Increase (decrease) in accounts payable 259 89
Increase (decrease) in accrued liabilities 85 (144)
Increase (decrease) in other current liabilities 1,758 39
Supplemental contributions to pension trusts – (1,496)
Change in other assets and liabilities 687 669
Net cash provided by (used in) operating activities – continuing and discontinued operations 4,981 3,121
Net cash provided by (used in) operating activities – continuing operations 5,174 4,217
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment (3,970) (3,544)
Acquisitions, net of cash acquired (2,055) (2,450)
Purchases of investments (389) (652)
Purchases of marketable securities (1,489) (34)
(Increase) decrease in receivables from financing activities (469) (511)
Increase (decrease) in outstanding balance of receivables sold by SFS – –
Proceeds from sales of long-term investments, intangibles and property, plant and equipment 1,317 977
Proceeds from sales and dispositions of businesses (260) 34
Proceeds from sales of marketable securities 2,701 356
Net cash provided by (used in) investing activities – continuing and discontinued operations (4,614) (5,824)
Net cash provided by (used in) investing activities – continuing operations (4,435) (5,706)
Cash flows from financing activities
Purchase of common stock (421) (219)
Proceeds from re-issuance of treasury stock 313 173
Proceeds from issuance of debt 6,701 –
Repayment of debt (1,710) (848)
Change in short-term debt (1,762) 711
Dividends paid (1,201) (1,112)
Dividends paid to minority shareholders (118) (108)
Intracompany financing – –
Net cash provided by (used in) financing activities 1,802 (1,403)
Effect of exchange rates on cash and cash equivalents (76) 37
Net increase (decrease) in cash and cash equivalents 2,093 (4,069)
Cash and cash equivalents at beginning of period 8,121 12,190
Cash and cash equivalents at end of period 10,214 8,121
Supplemental disclosure of cash paid for:
Interest 596 441
Income taxes 1,191 1,093