Consolidated Statement of Cash Flows
     
MEUR 2011 2010
     
Cash flow from operating activities:    
Profit for the financial period 293 397
Adjustments for:    
Depreciation, amortisation and impairment 113 116
Financial income and expenses 16 13
Selling profit and loss of fixed assets and other changes -6 -147
Share of result of associates and joint ventures -8 -5
Income taxes 136 151
Cash flow before changes in working capital 544 526
     
Changes in working capital:    
Assets, non-interest-bearing, increase (-) / decrease (+) 3 132
Inventories, increase (-) / decrease (+) 33 379
Liabilities, non-interest-bearing, increase (+) / decrease (-) -125 -141
Changes in working capital -88 370
     
Cash flow from operating activities before financial items and taxes 456 896
     
Financial items and taxes:    
Interest and other financial income 25 11
Interest and other financial expenses -49 -72
Income taxes paid -199 -173
Financial items and paid taxes -224 -233
     
Cash flow from operating activities 232 663
     
Cash flow from investing activities:    
Investments in shares and acquisitions -91 -6
Investments in property, plant and equipment and intangible assets -90 -92
Proceeds from sale of property, plant and equipment and intangible assets 9 9
Proceeds from sale of financial assets available-for-sale 3 173
Loan receivables, increase (-) / decrease (+) and other changes   -13
Dividends received 3 8
Cash flow from investing activities -166 79
     
Cash flow after investing activities 66 742
     
Cash flow from financing activities:    
Proceeds from non-current borrowings   37
Repayments and other changes in non-current loans -50 -78
Loan receivables, increase (-) / decrease (+) 2 2
Current loans, increase (+) / decrease (-) 79 -2
Dividends paid -279 -175
Cash flow from financing activities -247 -216
     
Change in cash and cash equivalents, increase (+) / decrease (-) -181 525
     
Cash and cash equivalents at the beginning of period 776 244
Exchange rate changes -3 7
Cash and cash equivalents at the end of period 592 776
     
     
The notes are an integral part of these consolidated financial statements.
     
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