Consolidated statement of cash flows

SEK million Note 2010 2009
Operating activities      
Profit before income tax   2,332 662
Adjustment for non-cash items      
  Depreciation and amortisation   1,229 1,089
  Impairment of non-current assets   222 –77
  Value change in current investments   –82 –63
  Profit from sale of non-current assets   –5 –179
  Other items not affecting cash flow   –90 –234
Income tax paid   –256 –136
Net cash flow from operating activities before change in working capital   3,350 1,062
       
Change in      
  Inventories (increase –)   –288 1,542
  Operating receivables (increase –)   –249 295
  Operating liabilities (increase +)   292 –327
Cash flow from operating activities   3,105 2,572
       
Investing activities      
Acquisition of subsidiaries  15 — –60
Sale of subsidiaries   0 217
Change in other financial assets   –43 –5
Investments in intangible assets   –37 —
Investments in property, plant and equipment   –1,660 –1,324
Sale of property, plant and equipment   16 38
Cash flow from investing activities   –1,724 –1,134
       
Cash flow after investing activities   1,381 1,438
       
Financing activities      
Capital contributed, paid-up   95 61
Capital contributed, paid out   –33 –39
Change in subordinated debentures   –1 0
Dividend paid   –305 –258
Change in loans from members   197 –160
Repayment of other loans   –32 –92
Change in current investments with maturity > 90 days   –1,033 –611
Cash flow from financing activities   –1,112 –1,099
       
CASH FLOW FOR THE YEAR 42 269 339
       
Cash and cash equivalents at beginning of year   1,223 854
Exchange gains/losses on cash and cash equivalents   –28 30
Cash and cash equivalents at end of year 30 1,464 1,223