Consolidated statement of cash flows
MEUR 2012 2011
Cash flow from operating activities:
Profit for the financial period 344 293
Adjustments for:
Depreciation, amortisation and impairment 139 113
Financial income and expenses 30 16
Selling profit and loss of fixed assets and other changes -16 -6
Share of result of associates and joint ventures -9 -8
Income taxes 109 136
Cash flow before changes in working capital 596 544
Changes in working capital:
Assets, non-interest-bearing, increase (-) / decrease (+) -233 3
Inventories, increase (-) / decrease (+) -6 33
Liabilities, non-interest-bearing, increase (+) / decrease (-) -37 -125
Changes in working capital -276 -88
Cash flow from operating activities before financial items and taxes 320 456
Financial items and taxes:
Interest and other financial income 14 25
Interest and other financial expenses -71 -49
Income taxes paid -110 -199
Financial items and paid taxes -167 -224
Cash flow from operating activities 153 232
Cash flow from investing activities:
Acquisitions -392 -75
Investments in associates and joint ventures -7 -16
Investments in available-for-sale financial assets -3
Investments in property, plant and equipment and intangible assets -111 -90
Proceeds from sale of property, plant and equipment and intangible assets 12 9
Proceeds from sale of shares in associates and joint ventures 23
Proceeds from sale of available-for-sale financial assets 3 3
Loan receivables, increase (-) / decrease (+) and other changes 2
Dividends received 2 3
Cash flow from investing activities -471 -166
Cash flow after investing activities -318 66
Cash flow from financing activities:
Proceeds from non-current borrowings 158
Repayments and other changes in non-current loans -92 -50
Loan receivables, increase (-) / decrease (+) 4 2
Current loans, increase (+) / decrease (-) 69 79
Dividends paid -186 -279
Cash flow from financing activities -47 -247
Change in cash and cash equivalents, increase (+) / decrease (-) -365 -181
Cash and cash equivalents at the beginning of the financial period 592 776
Exchange rate changes -2 -3
Cash and cash equivalents at the end of the financial period 225 592

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