Parent company cash flow statement


MEUR		Jan 1–Dec 31 2011	Jan 1–Dec 31 2010

Cash flows from operating activities

Profit before extraordinary items		217	271
Depreciation, amortization and write-downs		140	138
Other non-cash income and expenses		4	0
Financial income and expenses		70	29
Divesting activities, net		0	-1
Operating cash flow before change in working capital		431	437

Change in working capital
	Decrease (+)/increase (-) in interest-free receivables	-165	-73
	Decrease (+)/increase (-) in inventories	-155	140
	Decrease (-)/increase (+) in interest-free liabilities	179	584
	Change in working capital	-141	651

Cash generated from operations		290	1,088

Interest and other financial expenses paid, net		-68	-49
Dividends received		3	21
Income taxes paid		-82	-18
Realized foreign exchange gains and losses		8	-10
Group contributions, net		-8	-103
Net cash from operating activities		143	929

Cash flows from investing activities
Capital expenditure		-94	-83
Proceeds from sale of fixed assets		1	3
Investments in shares in subsidiaries		-830	-755
Investments in shares in other shares		0	-3
Proceeds from shares in subsidiaries		600	-
Change in other investments, increase (-)/decrease (+)		25	-26
Net cash used in investing activities		-298	-864

Cash flow before financing activities		-155	65

Cash flows from financing activities
Proceeds from long-term liabilities		514	1,204
Payments of long-term liabilities		-308	-888
Change in short-term liabilities		-12	-113
Dividends paid		-90	-64
Cash flow from financing activities		104	139

Net increase (+)/decrease (-) in cash and cash equivalents		-51	204

Cash and cash equivalents at the beginning of the period		282	78
Cash and cash equivalents at the end of the period		231	282
Net increase (+)/decrease (-) in cash and cash equivalents		-51	204