Nokia 2003 Annual Report Download - page 113

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Nokia Corporation and Subsidiaries
Consolidated Cash Flow Statements
Financial year ended
December 31
Notes 2003 2002 2001
EURm EURm EURm
Cash flow from operating activities
Net profit ............................................... 3,592 3,381 2,200
Adjustments, total ...................................... 33 2,953 3,151 4,132
Net profit before change in net working capital ................. 6,545 6,532 6,332
Change in net working capital ............................. 33 (203) 955 978
Cash generated from operations ............................. 6,342 7,487 7,310
Interest received ....................................... 256 229 226
Interest paid .......................................... (33) (94) (155)
Other financial income and expenses ........................ 119 139 99
Income taxes paid ...................................... (1,440) (1,947) (933)
Net cash from operating activities .......................... 5,244 5,814 6,547
Cash flow from investing activities
Acquisition of Group companies, net of acquired cash
(2003: EUR 0 million, 2002: EUR 6 million, 2001: EUR 12 million) . . . (7) (10) (131)
Purchase of non-current available-for-sale investments ........... (282) (99) (323)
Purchase of shares in associated companies .................... (61) ——
Additions to capitalized development costs ..................... (218) (418) (431)
Long-term loans made to customers .......................... (97) (563) (1,129)
Proceeds from repayment and sale of long term loans receivable . . . 315 314 —
Proceeds from (+)/payment of (–) other long-term receivables ...... (18) (32) 84
Proceeds from (+)/payment of (–) short-term loans receivable ...... 63 (85) (114)
Capital expenditures ...................................... (432) (432) (1,041)
Proceeds from disposal of shares in Group companies, net of
disposed cash .......................................... —93 —
Proceeds from sale of non-current available-for-sale investments .... 381 162 204
Proceeds from sale of fixed assets ............................ 19 177 175
Dividends received ....................................... 24 25 27
Net cash used in investing activities ........................ (313) (868) (2,679)
Cash flow from financing activities
Proceeds from stock option exercises ......................... 23 163 77
Purchase of treasury shares ................................ (1,355) (17) (21)
Capital investment by minority shareholders ................... —26 4
Proceeds from long-term borrowings ......................... 8100 102
Repayment of long-term borrowings ......................... (56) (98) (59)
Proceeds from (+)/repayment of (–) short-term borrowings ........ (22) (406) (602)
Dividends paid .......................................... (1,378) (1,348) (1,396)
Net cash used in financing activities ........................ (2,780) (1,580) (1,895)
Foreign exchange adjustment .............................. (182) (163) (43)
Net increase in cash and cash equivalents .................... 1,969 3,203 1,930
Cash and cash equivalents at beginning of period ............. 9,351 6,125 4,183
Cash and cash equivalents at end of period .................. 11,320 9,328 6,113
Change in net fair value of current available-for-sale investments . (24) 23 12
As reported on balance sheet .............................. 11,296 9,351 6,125
F-4