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