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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. |
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