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Consolidated statement of cash flows
MEUR 2018 2017 Note
Cash flow from operating activities:
Profit for the financial period 386 375
Adjustments for:
Depreciation, amortisation and impairment 130 134 8
Financial income and expenses 39 47 10
Gains and losses on sale of intangible assets and property, plant and equipment and other changes -26 -17
Share of result of associates and joint ventures -13 -13 15
Income taxes 116 117 11
Other non-cash flow adjustments -7
Cash flow before changes in working capital 625 643
Changes in working capital:
Receivables, non-interest-bearing, increase (-) / decrease (+) -22 -284
Inventories, increase (-) / decrease (+) -130 -27 17
Liabilities, non-interest-bearing, increase (+) / decrease (-) 117 223
Changes in working capital -35 -87
Cash flow from operating activities before financial items and taxes 589 555
Financial items and taxes:
Interest income 6 1
Interest expenses -14 -6
Other financial income and expenses -7 -2
Income taxes paid -104 -119
Financial items and taxes -119 -126
Cash flow from operating activities 470 430
Cash flow from investing activities:
Acquisitions -191 -191 2
Investments in associates and joint ventures -1 15
Other investments -3 16
Investments in property, plant and equipment and intangible assets -110 -64 13 14
Reduction of share capital in associates and joint ventures 13
Proceeds from sale of property, plant and equipment and intangible assets 11 17 15
Proceeds from sale of shares in subsidiaries 41 3
Proceeds from sale of other investments 2 16
Loan receivables, increase (-) / decrease (+), and other changes 1 1
Cash flow from investing activities -240 -235
Cash flow after investing activities 230 195
Cash flow from financing activities:
Proceeds from non-current debt 279 90
Repayments and other changes in non-current debt -84 -101 26
Loan receivables, increase (-) / decrease (+) -4 2
Current loans, increase (+) / decrease (-) -35 -5
Dividends paid -274 -264
Cash flow from financing activities -118 -278
Change in cash and cash equivalents, increase (+) / decrease (-) 112 -83
Cash and cash equivalents at the beginning of the financial period 379 472
Exchange rate changes -5 -10
Cash and cash equivalents at the end of the financial period 487 379
The notes are an integral part of these consolidated financial statements.

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