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Consolidated Statement of Cash Flows
     
MEUR 2010 2009
     
Cash flow from operating activities:    
Profit before taxes 548 558
Adjustments:    
Depreciation, amortisation and impairment 116 165
Financial income and expenses 13 34
Selling profit and loss of fixed assets and other changes -147 -7
Share of result of associates and joint ventures -5 -6
Cash flow before changes in working capital 526 743
     
Changes in working capital:    
Assets, non-interest-bearing, increase (-) / decrease (+) 132 114
Inventories, increase (-) / decrease (+) 379 66
Liabilities, non-interest-bearing, increase (+) / decrease (-) -141 -358
Changes in working capital 370 -179
     
Cash flow from operating activities before financial items and taxes 896 564
     
Financial items and taxes:    
Interest and other financial income 11 15
Interest and other financial expenses -72 -72
Income taxes -173 -158
Financial items and taxes -233 -215
     
Cash flow from operating activities 663 349
     
Cash flow from investing activities:    
Investments in shares and acquisitions -6 -16
Investments in property, plant and equipment and intangible assets -92 -136
Proceeds from sale of property, plant and equipment and intangible assets 9 3
Proceeds from sale of financial assets available for sale 173 -21
Loan receivables, increase (-) / decrease (+) and other changes -13 -1
Dividends received 8 8
Cash flow from investing activities 79 -163
     
Cash flow after investing activities 742 187
     
Cash flow from financing activities:    
Proceeds from non-current borrowings 37 263
Repayments and other changes in non-current loans -78 -109
Loan receivables, increase (-) / decrease (+) 2 3
Current loans, increase (+) / decrease (-) -2 -141
Dividends paid -175 -156
Cash flow from financing activities -216 -140
     
Change in cash and cash equivalents,
increase (+) / decrease (-)
525 47
     
Cash and cash equivalents at beginning of period 244 197
Exchange rate changes 7  
Cash and cash equivalents at end of period 776 244