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Consolidated statement of cash flows
MEUR 2017 2016 Note
Cash flow from operating activities:
Profit for the financial period 383 357
Adjustments for:
Depreciation, amortisation and impairment 134 138 8
Financial income and expenses 47 53 10
Gains and losses on sale of intangible assets and property, plant and equipment and other changes -17 -6
Share of result of associates and joint ventures -13 -14 15
Income taxes 122 123 11
Cash flow before changes in working capital 657 650
Changes in working capital:
Receivables, non-interest-bearing, increase (-) / decrease (+) -264 89
Inventories, increase (-) / decrease (+) -27 162 17
Liabilities, non-interest-bearing, increase (+) / decrease (-) 189 -167
Changes in working capital -102 84
Cash flow from operating activities before financial items and taxes 555 734
Financial items and taxes:
Interest income 1
Interest expenses -6 -13
Other financial income and expenses -2 19
Income taxes paid -119 -127
Financial items and paid taxes -126 -121
Cash flow from operating activities 430 613
Cash flow from investing activities:
Acquisitions -191 -81 2
Investments in associates and joint ventures -9 15
Investments in property, plant and equipment and intangible assets -64 -55 13 14
Proceeds from sale of property, plant and equipment and intangible assets 17 18
Proceeds from sale of other investments 2 1 16
Loan receivables, increase (-) / decrease (+), and other changes 1
Cash flow from investing activities -235 -126
Cash flow after investing activities 195 487
Cash flow from financing activities:
Proceeds from non-current debt 90 131
Repayments and other changes in non-current debt -101 -91 24
Loan receivables, increase (-) / decrease (+) 2 -4
Current loans, increase (+) / decrease (-) -5 -125
Dividends paid -264 -250
Cash flow from financing activities -278 -339
Change in cash and cash equivalents, increase (+) / decrease (-) -83 148
Cash and cash equivalents at the beginning of the financial period 472 334
Exchange rate changes -10 -9
Cash and cash equivalents at the end of the financial period 379 472
The notes are an integral part of these consolidated financial statements.

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