o
nsol
id
ated
Statement of Cash Flows
i millic
n s of
Note
2012
2011
2010
perai
ties
N
et profit att
ribut
able to eqi
Jity holders of the Group (Group share in net profit)
105
475
574
N
et profit att
ribut
able to nor
l-controlling interests
(2)
1
A
djustme nts
for!
Impairment 28
Allowance for losses on accounts receivable
Share-based compensation 21.3
Income taxes 22
Changes in operating assets and liabilities
Inventories
291
(147)
(108)
Receivables
74
(10)
(39)
P repaid expenses and other assets
(31)
(15)
(10)
Acco u nts payable
54
(24)
98
Accrued expenses and other liabilities
2
(4)
16
Provisions
38
4
(24)
Interest paid
(229)
(196)
(202)
Interest received
10
11
11
Income taxes paid
(106)
(77)
(58)
et cash provided by operating activities
1 408
1 106
1 317
ïvesting activities
Business acquisitions, net of cash and cash equivalents acquired
4.1
(12)
(591)
(19)
Business disposals, net of cash and cash equivalents disposed
5.1
3
P urchase of tangible assets (capital expenditures)
8, 9
(596)
(675)
(568)
P urchase of intangible assets (capital expenditures)
7
(92)
(87)
(92)
Sale of tangible and intangible assets
39
11
14
Sale and maturity of (investment in) debt securities, net
(1)
72
(13)
P urchase of other financial assets
(21)
(2)
Sale and maturity of other financial assets
22
28
15
Settlem ent of derivatives instrum ents
(2)
et cash used in investing activities
(637)
(1 265)
(665)
ash flow before financing activities
771
(159)
652
inancing activities
P roceeds from the exercise of share warrants and stock options
16
(1)
13
32
P urchase of call option on own equity instruments
16
(6)
Treasury shares purchased
16
(20)
(26)
P urchase of non-controlling interests
4.2
(23)
(10)
(47)
Dividends paid
17
(180)
(173)
(161)
Dividends paid by subsidiaries to non-controlling interests
(1)
Escrow maturities
2
2
Borrowing under long-term loans, net of financing costs
621
408
(1)
Repaym ent of long-term loans
(564)
(224)
(42)
Repayment of lease obligations
(54)
(53)
(49)
Borrowings (repayments) of short-term loans, net
(60)
(85)
(49)
Settlem ent of derivative instrum ents
(1)
2
(1)
let cash used in financing activities
(262)
(146)
(343)
Effect of foreign currency translation
(8)
(21)
10
let (decrease) increase in cash and cash equivalents
501
(326)
319
Cash and cash equivalents at beginning of period
15
432
758
439
Cash and cash equivalents at end of period
15
933(1)
432
758
(1) Includes €1 million in assets classified as held for sale
650 586 575
288 135 14
3 11 6
13 13 16
22 156 245
259 204 216
(17) (23) (12)
(16) 7 (2)
74 DELHAIZE GROUP FINANCIAL STATEMENTS'12
