Consolidated cash flow statement CF

 

 

2016

 

2015

 

2014

Group

Note

SEKm

 

EURm 1)

 

SEKm

 

EURm 1)

 

SEKm

 

EURm 1)

1)

Translation to EUR is provided for the convenience of the reader. An average exchange rate of 9.46 (9.35; 9.09) was used.

2)

Translation to EUR is provided for the convenience of the reader. Closing exchange rate of 9.56 (9.13; 9.53) was used.

3)

Including dividend to non-controlling interests.

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

IS Profit before tax

 

10,360

 

1,096

 

9,992

 

1,069

 

9,488

 

1,044

T:1 Adjustment for non-cash items

 

7,025

 

743

 

6,604

 

706

 

4,944

 

544

 

 

17,385

 

1,839

 

16,596

 

1,775

 

14,432

 

1,588

Paid tax

B4

–3,799

 

–402

 

–2,208

 

–236

 

–2,101

 

–231

Cash flow from operating activities before changes in working capital

 

13,586

 

1,437

 

14,388

 

1,539

 

12,331

 

1,357

Cash flow from changes in working capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

1,076

 

114

 

–1,390

 

–149

 

–370

 

–41

Operating receivables

 

–236

 

–25

 

–1,129

 

–121

 

–162

 

–18

Operating liabilities

 

1,130

 

119

 

2,120

 

227

 

86

 

10

Cash flow from operating activities

 

15,556

 

1,645

 

13,989

 

1,496

 

11,885

 

1,308

 

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Company acquisitions

F6

–4,420

 

–467

 

–74

 

–8

 

–508

 

–56

Divestments

F6

489

 

52

 

329

 

35

 

206

 

23

T:2 Investments in intangible assets and property, plant and equipment

 

–9,388

 

–993

 

–7,591

 

–812

 

–5,733

 

–631

Sale of property, plant and equipment

 

206

 

21

 

304

 

33

 

179

 

20

Loans granted to external parties

 

 

 

 

 

–186

 

–21

Sale of securities

 

 

 

2,046

 

219

 

 

Repayment of loans to external parties

 

141

 

15

 

177

 

19

 

 

Cash flow from investing activities

 

–12,972

 

–1,372

 

–4,809

 

–514

 

–6,042

 

–665

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Private placement to non-controlling interests

 

435

 

46

 

 

 

 

Acquisition of non-controlling interests

 

–50

 

–5

 

–11

 

–1

 

–173

 

–19

Loans raised

 

16,165

 

1,710

 

11,100

 

1,187

 

3,485

 

383

Amortization of debt

 

–15,614

 

–1,651

 

–15,039

 

–1,608

 

–5,819

 

–640

Dividend 3)

 

–4,228

 

–447

 

–3,903

 

–417

 

–3,564

 

–392

Cash flow from financing activities

 

–3,292

 

– 347

 

–7,853

 

–839

 

–6,071

 

–668

Cash flow for the period

 

– 708

 

–74

 

1,327

 

143

 

–228

 

–25

Cash and cash equivalents, January 1

 

5,042

 

533

 

3,815

 

400

 

3,785

 

424

Exchange differences in cash and cash equivalents

 

148

 

10

 

–100

 

9

 

258

 

1

Cash and cash equivalents, December 31 2)

E2

4,482

 

469

 

5,042

 

552

 

3,815

 

400

For the Group’s liquidity reserve, refer to the risk section on page 81.

T:1 Adjustment for non-cash items

SEKm

2016

2015

2014

Depreciation/amortization and impairment of non-current assets

6,815

8,216

5,607

Fair-value measurement of forest assets

–689

–476

–615

Gain/loss on asset sales and swaps

19

21

–350

Gain on sale of securities

–970

Gain/loss on divestments

–265

–92

395

Unpaid relating to efficiency program

571

232

234

Payments relating to efficiency program already recognized

–262

–302

–396

Revaluation of previous share upon acquisition

–36

Provision for ongoing competition case

813

Other

23

–25

105

Total

7,025

6,604

4,944

T:2 Investments in intangible assets and property, plant and equipment

SEKm

2016

2015

2014

Measures to raise the capacity level of operations (Strategic capital expenditures)

–4,264

–3,125

–1,816

Measures to uphold capacity level (Current capital expenditures)

–5,388

–4,466

–3,917

Investments in finance leases

264

Total

–9,388

–7,591

–5,733

Interest paid, SEKm

2016

2015

2014

Interest paid

–889

–1,148

–1,290

Interest received

116

80

124

Total

–773

–1,068

–1,166