Wärtsilä Corporation Financial statements bulletin 2015

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Consolidated statement of cash flows
MEUR 2015 2014
Cash flow from operating activities:
Net profit for the financial period 451 351
Adjustments for:
Depreciation, amortisation and impairment 124 119
Financial income and expenses 34 28
Gains and losses on sale of intangible assets and property, plant and equipment and other changes -27 2
Share of result of associates and joint ventures -17 -24
Income taxes 124 99
Cash flow before changes in working capital 688 574
Changes in working capital:
Receivables, non-interest-bearing, increase (-) / decrease (+) -193 -52
Inventories, increase (-) / decrease (+) 79 206
Liabilities, non-interest-bearing, increase (+) / decrease (-) -229 -122
Changes in working capital -343 32
Cash flow from operating activities before financial items and taxes 346 606
Financial items and taxes:
Interest and other financial income 45 29
Interest and other financial expenses -29 -36
Income taxes paid -108 -147
Financial items and paid taxes -91 -154
Cash flow from operating activities 255 452
Cash flow from investing activities:
Acquisitions -258
Investments in associates and joint ventures -9
Investments in available-for-sale financial assets -1
Investments in property, plant and equipment and intangible assets -79 -99
Proceeds from sale of property, plant and equipment and intangible assets 13 14
Proceeds from sale of available-for-sale financial assets 1 16
Loan receivables, increase (-) / decrease (+), and other changes -1
Disposal of discontinued operations, net of cash 44
Dividends received 1
Cash flow from investing activities -288 -71
Cash flow after investing activities -33 381
Cash flow from financing activities:
Proceeds from non-current debt 50 100
Repayments and other changes in non-current debt -112 -81
Loan receivables, increase (-) / decrease (+) -16
Current loans, increase (+) / decrease (-) 110 -18
Dividends paid -242 -211
Cash flow from financing activities -210 -210
Change in cash and cash equivalents, increase (+) / decrease (-) -243 172
Cash and cash equivalents at the beginning of the financial period 571 388
Exchange rate changes 5 12
Net change in cash effect from discontinued operations 1
Cash and cash equivalents at the end of the financial period 334 571

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