Volvo 2002 Annual Report Download - page 34

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32/33
The Volvo Group
Notes to consolidated financial statements
Consolidated cash-flow statements
SEK M 2000 2001 2002
Operating activities
Operating income 6,668 (676) 2,837
Depreciation and amortization Note 8 6,251 9,961 10,844
Other items not affecting cash Note 28 (426) 539 1,955
Changes in working capital:
(Increase)/decrease in receivables (1,450) 2,645 3,649
(Increase)/decrease in inventories (1,458) 2,813 53
Increase/(decrease) in liabilities and provisions (356) 992 (2,692)
Interest and similar items received 1,262 1,494 942
Interest and similar items paid (1,325) (1,862) (1,047)
Other financial items (57) (191) (170)
Income taxes paid (1,084) (1,572) (1,069)
Cash flow from operating activities 8,025 14,143 15,302
Investing activities
Investments in fixed assets (5,419) (8,090) (6,665)
Investments in leasing assets (5,684) (5,852) (5,179)
Disposals of fixed assets and leasing assets 2,107 2,578 3,162
Customer-financing receivables, net Note 28 (4,509) (3,719) (5,739)
Shares and participations, net Note 28 (1,654) 3,936 (88)
Acquired and divested subsidiaries
and other business units, net Note 2, 28 (1) (15,160) 13,002 1,855 (159) (14,668)
Cash flow after net investments (7,135) 15,998 634
Financing activities
Increase (decrease) in bond loans and other loans Note 28 8,162 6,164 (111)
Loans to external parties, net Note 28 305 213 1,692
Dividend to AB Volvo shareholders (3,091) (3,356) (3,356)
Repurchase of own shares (11,808) (8,336) –
Dividends to minority shareholders (9) – (13)
Other – (6,441) 132 (5,183) 12 (1,776)
Change in liquid funds, excluding
translation differences (13,576) 10,815 (1,142)
Translation difference on liquid funds 275 600 (663)
Change in liquid funds (13,301) 11,415 (1,805)
Liquid funds, January 1 29,269 15,968 27,383
Liquid funds, December 31 15,968 27,383 25,578
The effects of major acquisitions and divestments of subsidiaries in each year
have been excluded from other changes in the balance sheet in the cash-flow
statement. The effects of currency movements in translation of foreign Group
companies have also been excluded since these effects do not affect cash
flow. Liquid funds include cash and bank balances and marketable securities.