GROUP CONSOLIDATED STATEMENT OF CASH FLOWS

    1 January–31 December  
    2016 2017
  Note  MSEK  MSEK
Cash flow from operating activities      
Profit for the year   2,518 488
Adjustmets to reconcile profit for the year to net cash provided by operating activities:      
Depreciation, amortisation and impairment 3 7,011 5,802
Change in fair value of investment properties   –1,503 –940
Share of strategic associates result   –66 –74
Gain on sale of non-current assets 4 –474 –1,073
Gains/losses on sale of securities net   –387 –565
Exchange differences, unrealised    –175 665
Deferred income taxes    –230 606
Other non-cash items    –52 231
Pensions    –395 –269
Dividends from operational associates   131 60
Investments and disposals of operational associates   –155 288
Net cash flow from trading securities   –36 17
Cash flow from operating activities before changes in working capital   6,187 5,236
       
Changes in working capital      
Trade and other receivables   –379 833
Prepayments and accrued income    27 184
Inventories    –152 40
Trade payables    –13 9
Accruals and deferred income    –772 –809
Income tax payable    –239 45
Other current liabilities    179 –54
Cash flow from operating activities   4,838 5,484
       
Investing activities      
Capital expenditure on intangible assets   –121 –163
Sale of property, plant and equipment 4 2,710 3,340
Capital expenditure on property, plant and equipment   –7,055 –7,054
Purchase of operations, net of cash acquired 29 –722 –471
Sale of operations, net of cash sold companies 29 273 547
Dividends from strategic associates   28 48
Investments and disposals of strategic associates   –310 –108
Sale of securities   2,861 5,333
Purchase of securities   –2,432 –4,814
Increase in other non-current assets   –336 –227
Decrease in other non-current assets   83 167
Other investing activities 30 –3 3
Cash flow from investing activities   –5,024 –3,399
       
Financing activities      
Proceeds from issuance of short and long-term debt   2,453 2,351
Principal payments on short and long-term debt   –3,044 –6,839
Net change in borrowings on line-of-credit agreements   410 4,036
Principal payments on capitalised lease obligations   –55 –398
Net change in restricted cash accounts   –28 –33
Dividends   –425 –205
Other financing activities 30 –143 –47
Cash flow from financing activities   –832 –1,135
       
Effect of exchange rate changes on cash and cash equivalents   29 –24
Net change in cash and cash equivalents   –989 926
Cash and cash equivalents at beginning of year 18 2,311 1,322
Cash and cash equivalents at end of year 18 1,322 2,248