Cash flow statement – the Group

MSEK Note 2017 2016
Current operations 44
Pre-tax profit 2,445 2,050
Adjustments for non-cash items 988 872
Income tax paid -651 -19
Cash flow from current operations before working capital changes 2,782 2,903
Cash flow from changes in working capital
Increase (-) /Decrease (+) project and development properties -425 -146
Increase (-) /Decrease (+) inventories -174 -158
Increase (-) /Decrease (+) current receivables -386 -2,133
Increase (+) /Decrease (-) current liabilities 1,042 2,989
Cash flow from changes in working capital 57 552
Cash flow from current operations 2,839 3,455
Investment operations
Acquisition of subsidiaries/businesses, net effect on liquid funds -160 -137
Sale of subsidiaries/businesses, net effect on liquid funds 4 5
Acquisition of intangible fixed assets -56 -2
Acquisition of tangible fixed assets -1,256 -847
Sale of tangible fixed assets 109 107
Acquisition of investment property -265
Acquisition of financial assets -388 -688
Sale of financial assets 1,468 758
Cash flow from investment operations -544 -804
Cash flow before financing 2,295 2,651
Financing operations
Change in used loan facility -1,500
Raised loans 952 1,027
Loan amortization -933 -634
Raised bonds 349
Bond amortization -349 -999
Leasing liabilities amortization -229 -212
Change in issued commercial papers -1,129 123
Dividend distributed to shareholders in parent company -1,062 -767
Cash flow from financing operations -2,750 -2,613
Cash flow for the year -455 38
Cash at the beginning of the year 1,062 873
Exchange rate differences in cash -12 151
Cash at year-end 595 1,062