Consolidated statement of cash flow
1 January – 31 December Note ‘10 ‘09
SEKm 18
Operating activities
Earnings before tax 328.0 125.2
Adjustment for items not included in cash flow:
-- Depreciation/amortization and impairment of assets 194.7 173.0
-- Provisions -8.3 -35.5
-- Unrealized exchange rate differences -12.7 -9.1
-- Capital gains 1.3 10.0
-- Change in provision for synthetic option 19.2 -
Change in the value of derivatives -3.7 -
Negative goodwill - -1.4
Participations in profit/loss of associated companies -1.7 -0.7
Participations in taxes of associated companies 0.1 0.1
Income tax paid -28.9 -52.0
Cash flow from operating activities before changes in working capital 488.0 209.6
Cash flow from changes in working capital
Increase (-)/decrease (+) in inventories -15.6 138.2
Increase (-)/decrease (+) in operating receivables -17.0 9.2
Increase (+)/decrease (-) in operating liabilities -72.1 152.8
Cash flow from operating activities 383.3 509.8
Investing activities
Acquisition of tangible fixed assets -59.5 -71.7
Divestment of tangible fixed assets 6.3 12.6
Acquisition of intangible assets -8.1 -12.6
Divestment of intangible assets 0.1 -
Acquisitions of subsidiary companies/businesses, net effect on liquidity 4 -0.1 -126.6
Divestments of subsidiary companies/businesses, net effect on liquidity 4 - -
Acquisition of financial assets -1.2 -
Divestment of financial assets - 11.7
Cash flow from investing activities -62.5 -186.6
Consolidated statement of cash flow
Financing activities
New share issue - 592.8
Option premium - -23.1
Acquisition of non-controlling holdings -33.0 -
Dividend to non-controlling holdings -3.8 -
Loans raised 55.4 157.1
Amortization of loans -419.4 -764.4
Cash flow from financing activities -400.8 -37.6
Cash flow for the year -80.0 285.6
Cash and equivalents at the beginning of the year 618.1 341.2
Exchange rate difference in cash and equivalents -20.9 -8.7
Cash and equivalents at the end of the year 517.2 618.1
Interest paid -108.1 -212.5
Interest received 8.1 7.5