Annual Report 2019

Consolidated statement of cash flows
MEUR		2019	2018	Note
Cash flow from operating activities:
Profit for the financial period		218	386
Adjustments for:
Depreciation, amortisation and impairment		180	130		9
Financial income and expenses		47	39		11
Gains and losses on sale of intangible assets and property, plant and equipment and other changes		-15	-26
Share of result of associates and joint ventures		9	-13		17
Income taxes		97	116		12
Other non-cash flow adjustments		3	-7
Cash flow before changes in working capital		540	625
Changes in working capital:
Receivables, non-interest-bearing, increase (-) / decrease (+)		9	-22
Inventories, increase (-) / decrease (+)		-213	-130		19
Liabilities, non-interest-bearing, increase (+) / decrease (-)		74	117
Changes in working capital		-130	-35
Cash flow from operating activities before financial items and taxes		410	589
Financial items and taxes:
Interest income		4	6
Interest expenses		-13	-14
Other financial income and expenses		-27	-7
Income taxes paid		-141	-104
Financial items and paid taxes		-178	-119
Cash flow from operating activities		232	470
Cash flow from investing activities:
Acquisitions		-4	-191		2
Investments in associates and joint ventures			-1		17
Other investments		-2	-3		18
Investments in property, plant and equipment and intangible assets		-116	-110	14	15
Reduction of share capital in associates and joint ventures			13
Proceeds from sale of property, plant and equipment and intangible assets		25	11	14	15
Proceeds from sale of shares in subsidiaries		1	41		3
Loan receivables, increase (-) / decrease (+), and other changes			1
Cash flow from investing activities		-95	-240
Cash flow after investing activities		137	230
Cash flow from financing activities:
Proceeds from non-current debt		150	279
Repayments and other changes in non-current debt		-105	-84		28
Loan receivables, increase (-) / decrease (+)		2	-4
Current loans, increase (+) / decrease (-)		-18	-35
Dividends paid		-284	-274
Cash flow from financing activities		-256	-118
Change in cash and cash equivalents, increase (+) / decrease (-)		-119	112
Cash and cash equivalents at the beginning of the financial period		487	379
Exchange rate changes			-5
Cash and cash equivalents at the end of the financial period*		369	487
* Cash and cash equivalents at the end of the financial period include the cash and cash equivalents pertaining to assets held for sale.
The notes are an integral part of these consolidated financial statements.