Siemens 2011 Annual Report Download - page 257

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D. Consolidated Statements of Cash Flow
For the fiscal years ended September ,  and 
(in millions of €) Note  
Cash flows from operating activities
Income from continuing operations 7,011 4,262
Adjustments to reconcile net income to cash provided
Amortization, depreciation and impairments  2,638 3,743
Income taxes 2,231 1,712
Interest (income) expense, net (491) (286)
(Gains) losses on sales and disposals of businesses, intangibles and property, plant and equipment, net (209) (261)
(Gains) losses on sales of investments, net (1,019) (72)
(Gains) losses on sales and impairments of current available-for-sale financial assets, net (1) 13
(Income) losses from investments
21 54
Other non-cash (income) expenses 70 (57)
Change in current assets and liabilities
(Increase) decrease in inventories (1,135) 54
(Increase) decrease in trade and other receivables (609) (53)
(Increase) decrease in other current assets (428) (155)
Increase (decrease) in trade payables 668 (15)
Increase (decrease) in current provisions 56 551
Increase (decrease) in other current liabilities 748 997
Change in other assets and liabilities (350) (206)
Additions to assets held for rental in operating leases (582) (622)
Income taxes paid (1,617) (1,877)
Dividends received 267 529
Interest received 787 686
Net cash provided by (used in) operating activities – continuing operations 8,056 8,997
Net cash provided by (used in) operating activities – discontinued operations (289) 352
Net cash provided by (used in) operating activities – continuing and discontinued operations 7,767 9,349
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment (2,171) (1,954)
Acquisitions, net of cash acquired (300) (434)
Purchases of investments  (889) (398)
Purchases of current available-for-sale financial assets (102) (138)
(Increase) decrease in receivables from financing activities (1,770) (192)
Proceeds and (payments) from sales of investments, intangibles and property, plant and equipment  2,108 585
Proceeds and (payments) from disposals of businesses 177 172
Proceeds from sales of current available-for-sale financial assets 38 44
Net cash provided by (used in) investing activities – continuing operations (2,909) (2,315)
Net cash provided by (used in) investing activities – discontinued operations (1,135) (532)
Net cash provided by (used in) investing activities – continuing and discontinued operations (4,044) (2,847)
Cash flows from financing activities
Proceeds from re-issuance of treasury stock and proceeds (payments) relating to other transactions with owners (764) 147
Proceeds from issuance of long-term debt 23 113 –
Repayment of long-term debt (including current maturities of long-term debt) (2,046) (45)
Change in short-term debt and other financing activities 227 (725)
Interest paid (475) (437)
Dividends paid 27 (2,356) (1,388)
Dividends paid to non-controlling interest holders (158) (191)
Financing discontinued operations (1,408) (187)
Net cash provided by (used in) financing activities – continuing operations (6,867) (2,826)
Net cash provided by (used in) financing activities – discontinued operations 1,424 180
Net cash provided by (used in) financing activities – continuing and discontinued operations (5,443) (2,646)
Effect of exchange rates on cash and cash equivalents 5167
Net increase (decrease) in cash and cash equivalents (1,715) 4,023
Cash and cash equivalents at beginning of period 14,227 10,204
Cash and cash equivalents at end of period 12,512 14,227
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period 44 119
Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) 12,468 14,108
1 Amortization, depreciation and impairments, in fiscal , include €, million related to the goodwill impairment at Healthcare’s Diagnostics Division.
 Investments include equity instruments either classified as non-current available-for-sale financial assets, accounted for using the equity method or classified as held for disposal.
Purchases of investments includes certain loans to Investments accounted for using the equity method.
3 Discontinued operations are financed principally through Corporate Treasury. The item Financing discontinued operations includes these intercompany financing transactions.
The accompanying Notes are an integral part of these Consolidated Financial Statements.