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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.

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