Consolidated statement of cash flows

  Year ended 31 December
  2012
MSEK
2013
MSEK
Operating activities    
Net income 1,735 1,910
     
Adjustments to reconcile net income to net cash from operating activities 3,301 4,030
Cash flow from operations before changes in working capital 5,036 5,940
     
Changes in working capital (2) (923)
Cash flow from operating activities 5,034 5,017
     
Investing activities    
Investments in intangible assets (388) (147)
Proceeds from sale of tangible fixed assets 1,198 534
Investments in tangible fixed assets (10,529) (7,022)
Acquisition of subsidiary, net of acquired cash (187) (13)
Investments in associated companies (73)  
Proceeds from sale of securities 4,456 7,505
Investments in securities (6,008) (5,084)
Increase in other long-term assets (67) (392)
Decrease in other long-term assets 30 12
Other investments 15 24
Cash flow from investing activities (11,553) (4,583)
     
Financing activities    
Proceeds from issuance of debt 7,622 3,676
Principal payments on debt (3,103) (4,946)
Net change in borrowings on line-of-credit agreements 3,943 1,228
Principal payments on capitalised lease obligations (1,331) (238)
Net change in restricted cash accounts (275) 484
Dividends paid (260) (189)
Other financing activities (107) (34)
Cash flow from financing activities 6,489 (19)
     
Effect of exchange rate differences on cash and cash equivalents 24 57
Net change in cash and cash equivalents (6) 472
     
Cash and cash equivalents at beginning of year 1,587 1,581
Cash and cash equivalents at year-end 1,581 2,053