Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
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Consolidated financial statements - CONSOLIDATED STATEMENTS OF CASH FLOWS<br />
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Consolidated statements<br />
of cash flows<br />
(thousands of Euro) Note December 31, <strong>2012</strong> December 31, 2011<br />
Income before provision for income taxes 856,357 695,272<br />
Stock based compensation 34 41,365 44,496<br />
Depreciation, amortization and impairment 10-11 358,281 323,889<br />
Net loss on disposals of fixed assets and other 10-11 32,700 16,570<br />
Financial expenses 138,140 121,067<br />
Other non-cash items (*) 14,237 (19,710)<br />
Changes in accounts receivable (34,568) (16,441)<br />
Changes in inventories (80,534) (30,520)<br />
Changes in accounts payable 61,472 51,053<br />
Changes in other assets/liabilities 39,393 (14,023)<br />
Total adjustments 570,485 476,381<br />
Cash provided by operating activities 1,426,842 1,171,653<br />
Interest paid (120,762) (122,520)<br />
Taxes paid (265,651) (228,235)<br />
Net cash provided by operating activities 1,040,429 820,898<br />
Additions of property, plant and equipment 10 (261,518) (228,634)<br />
Purchases of businesses - net of cash acquired (**) 4 (99,738) (123,600)<br />
Additions to intangible assets 11 (117,005) (107,646)<br />
Cash used in investing activities (478,261) (459,880)
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