05.3
Consolidated Statements of Cash Flows
| Table 05.3.1 | CONSOLIDATED STATEMENTS OF CASH FLOWS |
| $ in thousands | Note | 2008 | 2007 |
|---|---|---|---|
| Operating activities | |||
| Net income | 817,607 |
717,130 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|||
| Depreciation and amortization | 415,671 |
363,330 |
|
| Change in minority interest | 59,555 |
43,237 |
|
| Change in deferred taxes, net | 133,047 |
1,177 |
|
| (Gain) Loss on sale of fixed assets and investments | (21,064) |
3,616 |
|
| Compensation expense related to stock options | 31,879 |
24,208 |
|
| Changes in assets and liabilities, net of amounts from businesses acquired: |
|||
| Trade accounts receivable, net | (241,967) |
(62,735) |
|
| Inventories | (94,112) |
(72,825) |
|
| Prepaid expenses, other current and non-current assets | (101,263) |
(11,680) |
|
| Accounts receivable from / payable to related parties | 32,252 |
(22,265) |
|
| Accounts payable, accrued expenses and other current and non-current liabilities |
(17,040) |
113,960 |
|
| Income tax payable | 1,833 |
102,421 |
|
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,016,398 |
1,199,574 |
|
| See accompanying notes to consolidated financial statements. |
| Table 05.3.2 | CONSOLIDATED STATEMENTS OF CASH FLOWS |
| $ in thousands | Note | 2008 | 2007 | |||
|---|---|---|---|---|---|---|
| Investing activities | ||||||
| Purchases of property, plant and equipment | (687,356) |
(572,721) | ||||
| Proceeds from sale of property, plant and equipment | 13,846 |
29,668 | ||||
| Acquisitions and investments, net of cash acquired, and net purchases of intangible assets |
(276,473) |
(263,395) | ||||
| Proceeds from divestitures | 58,582 |
29,495 | ||||
| NET CASH USED IN INVESTING ACTIVITIES | (891,401) |
(776,953) |
||||
| Financing activities | ||||||
| Proceeds from short-term borrowings and other financial liabilities | 176,104 |
96,995 | ||||
| Repayments of short-term borrowings and other financial liabilities | (183,210) |
(107,793) | ||||
| Proceeds from short-term borrowings from related parties | 168,641 |
43,554 | ||||
| Repayments of short-term borrowings from related parties | (169,573) |
(46,071) | ||||
| Proceeds from long-term debt and capital lease obligations ( net of debt issuance costs of $ 16,703 in 2007) |
458,951 |
516,762 | ||||
| Repayments of long-term debt and capital lease obligations | (135,492) |
(486,513) | ||||
| Redemption of trust preferred securities | (678,379) |
– | ||||
| Increase of accounts receivable securitization program | 454,000 |
(181,000) | ||||
| Proceeds from exercise of stock options | 43,887 |
46,934 | ||||
| Repurchase of preferred stock | – |
(7,660) | ||||
| Dividends paid | (252,395) |
(188,407) | ||||
| Distributions to minority interest | (38,592) |
(27,469) | ||||
| NET CASH USED IN FINANCING ACTIVITIES | (156,058) |
(340,668) |
||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
7,955 |
3,727 |
||||
| Cash and cash equivalents | ||||||
| Net (decrease) increase in cash and cash equivalents | (23,106) |
85,680 | ||||
| Cash and cash equivalents at beginning of period | 244,690 |
159,010 | ||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 221,584 |
244,690 |
||||
| See accompanying notes to consolidated financial statements. | ||||||
