Volvo 2003 Annual Report Download - page 11

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9
Operating cash flow, excluding
Financial Services
SEKbn 2001 2002 2003
Operating income (1.0) 2.3 1.6
Depreciation and amortization 7.0 7.8 7.2
Other 3.7 0.3 4.1
Cash flow from
operating activities 9.7 10.4 12.9
Net investments in fixed
assets and leasing assets (7.1) (5.3) (5.3)
Customer finance
receivables, net 0.8 0.0 0.0
Operating cash flow 3.4 5.1 7.6
Condensed cash-flow statements,
Financial Services
SEKbn 2001 2002 2003
Cash flow from operating
activities 4.5 4.9 4.1
Net investments in
credit portfolio, etc (9.8) (9.2) (7.3)
Cash flow after net
investments,
Financial Services (5.3) (4.3) (3.2)
Future capital expenditures, approved 1
SEK bn
Trucks 4.7
Buses 0.2
Construction Equipment 0.9
Volvo Penta 0.0
Volvo Aero 0.1
Other 0.5
Total 6.4
1In property, plant and equipment.
Consolidated cash-flow statements
SEK bn 2001 2002 2003
Operating income (1.0) 2.3 1.6
Add depreciation and amortization 7.0 7.8 7.2
Other non-cash items 0.0 1.0 4.1
Change in working capital 6.0 0.4 0.7
Financial items and income taxes paid (2.3) (1.1) (0.7)
Cash flow from operating activities 9.7 10.4 12.9
Investing activities
Investments in fixed assets (7.7) (6.3) (5.8)
Investment in leasing assets (0.5) (0.1) (0.1)
Disposals of fixed assets and leasing assets 1.1 1.1 0.6
Customer Finance receivables, net 0.8 0.0 0.0
Investments in shares, net 3.2 (0.1) (0.1)
Acquired and divested operations 14.7 (0.1) 0.0
Cash flow after net investments
excl Financial Services 21.3 4.9 7.5
Cash flow after net investments,
Financial Services (5.3) (4.3) (3.2)
Cash flow after net investments,
Volvo Group total 16.0 0.6 4.3
Financing activities
Change in other loans, net 6.2 (0.1) 1.9
Loans to external parties, net 0.2 1.7 0.9
Repurchase of own shares (8.3) — –
Dividend to AB Volvo’s shareholders (3.4) (3.4) (3.4)
Other 0.1 0.1 0.1
Change in liquid funds
excl translation differences 10.8 (1.1) 3.8
Translation differences on liquid funds 0.6 (0.7) (0.6)
Change in liquid funds 11.4 (1.8) 3.2