| |
Consolidated Statements of Cash Flows
for the years ended December 31 |
| |
Note |
2004 |
2003 1) |
2002 1) |
|
€(000) |
€(000) |
€(000) |
| Net income |
|
1,310,521 |
1,077,063 |
508,614 |
| Minority interest |
|
4,852 |
6,912 |
6,155 |
| Extraordinary gain |
|
0 |
0 |
-5,776 |
| Income before minority interests |
|
1,315,373 |
1,083,975 |
508,993 |
| Adjustments to reconcile income from operations to net cash provided by operating activities |
|
|
|
|
| Depreciation and amortization |
|
209,669 |
215,517 |
221,214 |
| Losses from equity investments, net |
(10) |
342 |
234 |
394,589 |
| Gains on disposal of property, plant, and equipment and marketable equity securities, net |
|
-13,485 |
-3,987 |
-3,903 |
| Write-downs of financial assets, net |
|
17,800 |
15,421 |
126,407 |
| Impacts of hedging |
|
-7,428 |
2,967 |
58,909 |
| Change in accounts receivable and other assets |
|
-164,798 |
55,425 |
138,181 |
| Change in deferred stock compensation |
|
186 |
101,173 |
23,949 |
| Change in reserves and liabilities |
|
435,033 |
-36,529 |
64,057 |
| Change in deferred taxes |
|
17,977 |
107,156 |
103,761 |
| Change in other non-fixed assets |
|
-3,545 |
20,122 |
60,278 |
| Change in deferred income |
|
19,821 |
-56,558 |
-15,949 |
| Net cash provided by operating activities |
(28) |
1,826,945 |
1,504,916 |
1,680,486 |
| Acquisition of minorities in subsidiaries |
|
-168,103 |
-8,971 |
0 |
| Purchase of intangible assets and property, plant, and equipment |
|
-211,863 |
-270,202 |
-308,747 |
| Purchase of financial assets |
|
-42,749 |
-29,308 |
-43,491 |
| Change in the scope of consolidation |
|
0 |
-2,535 |
1,612 |
| Proceeds from disposal of fixed assets |
|
116,735 |
35,275 |
45,003 |
| Investment in Commerce One |
|
0 |
0 |
-1,920 |
| Change in liquid assets (maturities exceeding 3 months) and marketable securities |
|
-580,658 |
-868,721 |
-18,844 |
| Net cash used in investing activities |
|
-886,638 |
-1,144,462 |
-326,387 |
| Dividends paid |
|
-248,716 |
-186,346 |
-182,319 |
| Change in treasury stock |
|
-107,535 |
-88,154 |
-279,265 |
| Change in bonds, net |
|
19,172 |
13,110 |
6,850 |
| Other changes to additional paid-in capital |
|
4,530 |
-2,041 |
-10,494 |
| Proceeds from line of credit and long-term debt |
|
3,909 |
775 |
1,571 |
| Principal payments made on line of credit and long-term debt |
|
-491 |
-3,963 |
-428,896 |
| Effect of STAR hedge |
|
-43,041 |
-38,800 |
-43,331 |
| Net cash used in financing activities |
|
-372,172 |
-305,419 |
-935,884 |
| Effect of foreign exchange rates on cash |
|
-39,395 |
-65,694 |
-162,005 |
| Net increase in cash and cash equivalents |
|
528,740 |
-10,659 |
256,210 |
| Cash and cash equivalents at the beginning of the year |
|
984,395 |
995,054 |
738,844 |
| Cash and cash equivalents at the end of the year |
(20) |
1,513,135 |
984,395 |
995,054 |
1) See Note 20
See Notes to Consolidated Financial Statements. |
|
