Consolidated statement of cash flows

    1 January–31 December
    2014 2015
  Note  MSEK   MSEK 
Cash flow from operating activities      
Profit for the year   2,391 3,988
Adjustmets to reconcile profit for the year to net cash provided by operating activities:      
Depreciation, amortisation and impairment 4,992 5,596
Change in fair value of investment properties   –362 –749
Share of stretegic associates result   5 –60
Gain on sale of non-current assets 4 –212 –2,279
Gains/losses on sale of securities net   –84 35
Exchange differences, unrealised    –378 –888
Deferred income taxes    –41 223
Other non-cash items    652 718
Pensions    –120 –232
Dividends from operational associates   37 229
Investments and disposals of operational associates   –90 –62
Net cash flow from trading securities   70 100
Cash flow from operating activities before changes in working capital   6,860 6,619
       
Changes in working capital      
Trade and other receivables   633 393
Prepayments and accrued income    43 118
Inventories    –115 85
Trade payables    257 –138
Accruals and deferred income    1,657 –1,286
Income tax payable    186 –168
Other current liabilities    –1 60
Cash flow from operating activities   9,520 5,683
       
Cash flow from investing activities      
Capital expenditure on intangible assets   –156 –109
Sale of property, plant and equipment 4 734 3,031
Capital expenditure on property, plant and equipment   –5,696 –5,755
Purchase of operations, net of cash acquired 29 –27 –1,332
Sale of operations, net of cash sold companies 29   2,379
Dividends from strategic associates   25 26
Investments and disposals of strategic associates     –38
Sale of securities   5,375 2,865
Purchase of securities   –8,059 –3,533
Increase in other non-current assets   –568 –117
Decrease in other non-current assets   131 51
Other investing activities 30 6 1,024
Cash flow from investing activities   –8,235 –1,509
       
Cash flow from financing activities      
Proceeds from issuance of short and long-term debt   15,668 4,762
Principal payments on short and long-term debt   –8,535 –3,842
Net change in borrowings on line-of-credit agreements   –6,621 –5,824
Principal payments on capitalised lease obligations   –249 –177
Net change in restricted cash accounts   510 –37
Dividends   –220 –244
Other financing activities 30 –518 –43
Cash flow from financing activities   35 –5,405
       
Effect of exchange rate changes on cash and cash equivalents   133 35
Net change in cash and cash equivalents   1,453 –1,195
Cash and cash equivalents at beginning of year 19 2,053 3,506
Cash and cash equivalents at end of year 19 3,506 2,311

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Group summary