SAP AG Annual Report 2008 - Consolidated Statements Of Cash Flows

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Consolidated Statements of Cash Flow

Our Financial Statements

Consolidated Statement of Cash Flows (IFRS) for the years ended December 31,
€ millions	2008	2007
Profit after taxes	1,848	1,908
Adjustments to reconcile profit after taxes to net cash provided by operating activities:
Depreciation and amortization	539	262
Gains/losses from at-equity investments	-1	1
Losses on disposal of intangible assets and property, plant, and equipment	11	1
Gains on disposal of investments	-15	-2
Writedowns of financial assets	15	8
Allowances for doubtful accounts	76	0
Impacts of hedging for cash-settled share-based payment plans	40	32
Share-based compensation including income tax benefits	19	13
Excess tax benefit from share-based compensation	-7	0
Deferred income taxes	-91	8
Change in accounts receivable	-48	-521
Change in other assets	-12	-277
Change in accrued and other liabilities	-277	375
Change in deferred income	61	124
Net cash provided by operating activities	2,158	1,932

Acquisition of minority interests in subsidiaries	0	-48
Business combinations, net of cash and cash equivalents acquired	-3,773	-672
Repayment of acquirees' debt in business combinations	-450	0
Purchase of intangible assets and property, plant, and equipment	-339	-400
Proceeds from disposal of intangible assets and property, plant, and equipment	44	27
Cash transferred to restricted cash	-451	-550
Use of restricted cash	1,001	0
Purchase of investments	-380	-768
Sales of investments	579	1,025
Purchase of other financial assets	-16	-20
Sales of other financial assets	16	15
Net cash used in investing activities	-3,769	-1,391

Dividends paid	-594	-556
Purchase of treasury stock	-487	-1,005
Proceeds from reissuance of treasury stock	85	156
Proceeds from issuance of common stock (share-based compensation)	13	44
Excess tax benefit from share-based compensation	7	0
Proceeds from short-term and long-term debt	3,859	47
Repayments of short-term and long-term debt	-1,571	-48
Proceeds from the exercise of equity-based derivative instruments (STAR hedge)	24	75
Purchase of equity-based derivative instruments (hedge for cash-settled share-based payment plans)	-55	0
Net cash provided by/used in financing activities	1,281	-1,287

Effect of foreign exchange rates on cash and cash equivalents	-1	-45
Net change in cash and cash equivalents	-331	-791
Cash and cash equivalents at the beginning of the period	1,608	2,399
Cash and cash equivalents at the end of the period	1,277	1,608

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Consolidated Statement of Cash Flows (IFRS)

for the years ended December 31,

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