Cash flow statement – the Group

MSEK	Note	2016	2015
Current operations	43
Pre-tax profit		2,050	906
Adjustments for non-cash items		872	1,486
Income tax paid		-19	-38
Cash flow from current operations before working capital changes		2,903	2,354
Cash flow from changes in working capital
Increase (-) /Decrease (+) project and development properties		-146	-39
Increase (-) /Decrease (+) inventories		-158	158
Increase (-) /Decrease (+) current receivables		-2,133	199
Increase (+) /Decrease (-) current liabilities		2,989	153
Cash flow from changes in working capital		552	471
Cash flow from current operations		3,455	2,825
Investment operations
Acquisition of subsidiaries/businesses, net effect on liquid funds		-137	-30
Sale of subsidiaries/businesses, net effect on liquid funds		5	75
Acquisition of intangible fixed assets		-2	-1
Acquisition of tangible fixed assets		-847	-597
Sale of tangible fixed assets		107	207
Acquisition of financial assets		-688	-993
Sale of financial assets		758	301
Cash flow from investment operations		-804	-1,038
Cash flow before financing		2,651	1,787
Financing operations
Change in used loan facility		-1,500	1,200
Raised loans		1,027	797
Loan amortization		-634	-2,564
Raised bonds		349	300
Bond amortization		-999	-599
Leasing liabilities amortization		-212	-169
Change in issued commercial papers		123	36
Dividend distributed to shareholders in parent company		-767	-664
Cash flow from financing operations		-2,613	-1,663
Cash flow for the year		38	124
Cash at the beginning of the year		873	812
Exchange rate differences in cash		151	-63
Cash at year-end		1,062	873