Financial Statements Bulletin 2019

Consolidated statement of cash flows
MEUR		2019	2018	10–12/2019	10–12/2018
Cash flow from operating activities:
Profit for the financial period		218	386	102	153
Adjustments for:
Depreciation, amortisation and impairment		180	130	39	37
Financial income and expenses		47	39	11	12
Gains and losses on sale of intangible assets and property, plant and equipment and other changes		-15	-26	-3	-22
Share of result of associates and joint ventures		9	-13	2	-3
Income taxes		97	116	51	41
Other non-cash flow adjustments		3	-7	1	-7
Cash flow before changes in working capital		540	625	202	211
Changes in working capital:
Receivables, non-interest-bearing, increase (-) / decrease (+)		9	-22	-187	-103
Inventories, increase (-) / decrease (+)		-213	-130	129	91
Liabilities, non-interest-bearing, increase (+) / decrease (-)		74	117	191	167
Changes in working capital		-130	-35	133	155
Cash flow from operating activities before financial items and taxes		410	589	335	366
Financial items and taxes:
Interest income		4	6	1	2
Interest expenses		-13	-14	-4	-4
Other financial income and expenses		-27	-7	-5	-10
Income taxes paid		-141	-104	-33	-5
Financial items and paid taxes		-178	-119	-41	-17
Cash flow from operating activities		232	470	295	349
Cash flow from investing activities:
Acquisitions		-4	-191		1
Investments in associates and joint ventures			-1
Other investments		-2	-3	-2
Investments in property, plant and equipment and intangible assets		-116	-110	-41	-49
Reduction of share capital in associates and joint ventures			13
Proceeds from sale of property, plant and equipment and intangible assets		25	11	11	2
Proceeds from sale of shares in subsidiaries		1	41		41
Loan receivables, increase (-) / decrease (+), and other changes			1
Cash flow from investing activities		-95	-240	-33	-5
Cash flow after investing activities		137	230	262	344
Cash flow from financing activities:
Proceeds from non-current debt		150	279
Repayments and other changes in non-current debt		-105	-84	-13	-26
Loan receivables, increase (-) / decrease (+)		2	-4	2	-4
Current loans, increase (+) / decrease (-)		-18	-35	-236	-34
Dividends paid		-284	-274	-16	-13
Cash flow from financing activities		-256	-118	-263	-77
Change in cash and cash equivalents, increase (+) / decrease (-)		-119	112	-1	267
Cash and cash equivalents at the beginning of the financial period		487	379	374	221
Exchange rate changes			-5	-5	-2
Cash and cash equivalents at the end of the financial period*		369	487	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.