Siemens 2012 Annual Report Download - page 229

135 D. Consolidated Financial Statements 239 E. Additional Information
140 D. Consolidated Statements of Changes in Equity
142 D. Notes to Consolidated Financial Statements
232 D. Supervisory Board and Managing Board
136 D. Consolidated Statements of Income
137 D. Consolidated Statements of Comprehensive Income
138 D. Consolidated Statements of Financial Position
139 D. Consolidated Statements of Cash Flow
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.     
      ,   
(in millions of €) Note  
Cash flows from operating activities
Net income 4,590 6,321
Adjustments to reconcile net income to cash provided by (used in) operating activities – continuing operations
(Income) loss from discontinued operations, net of income taxes 595 1,055
Amortization, depreciation and impairments 2,744 2,437
Income taxes 2,094 2,232
Interest (income) expense, net (507) (484)
(Gains) losses on sales and disposals of businesses, intangibles and property, plant and equipment, net (146) (209)
(Gains) losses on sales of investments, net  (211) (1,019)
(Gains) losses on sales and impairments of current available-for-sale financial assets, net 2(1)
(Income) losses from investments 373 (44)
Other non-cash (income) expenses 110 69
Change in assets and liabilities
(Increase) decrease in inventories (85) (1,126)
(Increase) decrease in trade and other receivables 157 (625)
Increase (decrease) in trade payables 197 651
Change in other assets and liabilities (2,218) (24)
Additions to assets held for rental in operating leases (375) (582)
Income taxes paid (1,462) (1,617)
Dividends received 303 267
Interest received 836 780
Net cash provided by (used in) operating activities – continuing operations 6,996 8,081
Net cash provided by (used in) operating activities – discontinued operations (24) (314)
Net cash provided by (used in) operating activities – continuing and discontinued operations 6,972 7,767
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment (2,206) (2,163)
Acquisitions, net of cash acquired (1,314) (303)
Purchases of investments  (234) (724)
Purchases of current available-for-sale financial assets (182) (102)
(Increase) decrease in receivables from financing activities (2,087) (1,770)
Proceeds and (payments) from sales of investments, intangibles and property, plant and equipment  753 2,108
Proceeds and (payments) from disposals of businesses 93 177
Proceeds from sales of current available-for-sale financial assets 142 38
Net cash provided by (used in) investing activities – continuing operations (5,034) (2,739)
Net cash provided by (used in) investing activities – discontinued operations (650) (1,305)
Net cash provided by (used in) investing activities – continuing and discontinued operations (5,685) (4,044)
Cash flows from financing activities
Purchase of common stock
26 (1,721) –
Proceeds from re-issuance of treasury stock and proceeds (payments) relating to other transactions with owners 297 (764)
Proceeds from issuance of long-term debt 22 5,113 113
Repayment of long-term debt (including current maturities of long-term debt) (3,218) (2,046)
Change in short-term debt and other financing activities (62) 227
Interest paid (503) (475)
Dividends paid 26 (2,629) (2,356)
Dividends paid to non-controlling interest holders (155) (158)
Financing discontinued operations  (712) (1,603)
Net cash provided by (used in) financing activities – continuing operations (3,591) (7,062)
Net cash provided by (used in) financing activities – discontinued operations 674 1,619
Net cash provided by (used in) financing activities – continuing and discontinued operations (2,916) (5,443)
Effect of exchange rates on cash and cash equivalents 68 5
Net increase (decrease) in cash and cash equivalents (1,561) (1,715)
Cash and cash equivalents at beginning of period 12,512 14,227
Cash and cash equivalents at end of period 10,950 12,512
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period 59 44
Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) 10,891 12,468
1 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.
2 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.