Group CONSOLIDATED STATEMENT OF CASH FLOWS

    1 January–31 December
  Note 2015
MSEK
2016
MSEK
Cash flow from operating activities      
Profit for the year   3,988 2,518
Adjustmets to reconcile profit for the year to net cash provided by operating activities:      
Depreciation, amortisation and impairment 3 5,596 7,011
Change in fair value of investment properties   –749 –1,503
Share of strategic associates result   –60 –66
Gain on sale of non-current assets 4 –2,279 –474
Gains/losses on sale of securities net   35 –387
Exchange differences, unrealised   –888 –175
Deferred income taxes   223 –230
Other non-cash items   718 –52
Pensions   –232 –395
Dividends from operational associates   229 131
Investments and disposals of operational associates   –62 –155
Net cash flow from trading securities   100 –36
Cash flow from operating activities before changes in working capital   6,619 6,187
       
Changes in working capital      
Trade and other receivables   393 –379
Prepayments and accrued income   118 27
Inventories   85 –152
Trade payables   –138 –13
Accruals and deferred income   –1,286 –772
Income tax payable   –168 –239
Other current liabilities   60 179
Cash flow from operating activities   5,683 4,838
       
Investing activities      
Capital expenditure on intangible assets   –109 –121
Sale of property, plant and equipment 4 3,031 2,710
Capital expenditure on property, plant and equipment   –5,755 –7,055
Purchase of operations, net of cash acquired 29 –1,332 –722
Sale of operations, net of cash sold companies 29 2,379 273
Dividends from strategic associates   26 28
Investments and disposals of strategic associates   –38 –310
Sale of securities   2,865 2,861
Purchase of securities   –3,533 –2,432
Increase in other non-current assets   –117 –336
Decrease in other non-current assets   51 83
Other investing activities 30 1,024 –3
Cash flow from investing activities   –1,509 –5,024
       
Financing activities      
Proceeds from issuance of short and long-term debt   4,762 2,453
Principal payments on short and long-term debt   –3,842 –3,044
Net change in borrowings on line-of-credit agreements   –5,824 410
Principal payments on capitalised lease obligations   –177 –55
Net change in restricted cash accounts   –37 –28
Dividends   –244 –425
Other financing activities 30 –43 –143
Cash flow from financing activities   –5,405 –832
       
Effect of exchange rate changes on cash and cash equivalents   35 29
Net change in cash and cash equivalents   –1,195 –989
Cash and cash equivalents at beginning of year 18 3,506 2,311
Cash and cash equivalents at end of year 18 2,311 1,322