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Consolidated statement of cash flows
MEUR 2016 2015 Note
Cash flow from operating activities:
Net profit for the financial period 357 451
Adjustments for:
Depreciation, amortisation and impairment 138 124 8
Financial income and expenses 53 34 10
Gains and losses on sale of intangible assets and property, plant and equipment and other changes -6 -27
Share of result of associates and joint ventures -14 -17 15
Income taxes 123 124 11
Cash flow before changes in working capital 650 688
Changes in working capital:
Receivables, non-interest-bearing, increase (-) / decrease (+) 89 -193
Inventories, increase (-) / decrease (+) 162 79 17
Liabilities, non-interest-bearing, increase (+) / decrease (-) -167 -229
Changes in working capital 84 -343
Cash flow from operating activities before financial items and taxes 734 346
Financial items and taxes:
Interest and other financial income 36 45
Interest and other financial expenses -31 -29
Income taxes paid -127 -108
Financial items and paid taxes -121 -91
Cash flow from operating activities 613 255
Cash flow from investing activities:
Acquisitions -81 -258 2
Investments in associates and joint ventures -9 -9 15
Investments in property, plant and equipment and intangible assets -55 -79 13 14
Proceeds from sale of property, plant and equipment and intangible assets 18 13
Proceeds from sale of available-for-sale financial assets 1 1 16
Disposal of discontinued operations, net of cash 44
Cash flow from investing activities -126 -288
Cash flow after investing activities 487 -33
Cash flow from financing activities:
Proceeds from non-current debt 131 50 25
Repayments and other changes in non-current debt -91 -112 25
Loan receivables, increase (-) / decrease (+) -4 -16
Current loans, increase (+) / decrease (-) -125 110
Dividends paid -250 -242
Cash flow from financing activities -339 -210
Change in cash and cash equivalents, increase (+) / decrease (-) 148 -243
Cash and cash equivalents at the beginning of the financial period 334 571
Exchange rate changes -9 5
Cash and cash equivalents at the end of the financial period 472 334
The notes are an integral part of these consolidated financial statements.

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