Volvo 2003 Annual Report Download - page 37

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35
Consolidated cash-flow statements
SEK M 2001 2002 2003
Operating activities
Operating income (676) 2,837 2,504
Depreciation and amortization Note 12 9,961 10,844 10,169
Other items not affecting cash Note 28 539 1,955 4,929
Changes in working capital:
(Increase)/ decrease in receivables 2,645 3,649 517
(Increase)/ decrease in inventories 2,813 53 1,433
Increase/ (decrease) in liabilities and provisions 992 (2,692) (1,507)
Interest and similar items received 1,494 942 1,437
Interest and similar items paid (1,862) (1,047) (1,160)
Other financial items (191) (170) (62)
Income taxes paid (1,572) (1,069) (1,165)
Cash flow from operating activities 14,143 15,302 17,095
Investing activities
Investments in fixed assets (8,090) (6,665) (6,005)
Investments in leasing assets (5,852) (5,179) (5,333)
Disposals of fixed assets and leasing assets 2,578 3,162 2,935
Customer-financing receivables, net Note 28 (3,719) (5,739) (4,316)
Shares and participations, net Note 28 3,936 (88) (61)
Acquired and divested subsidiaries
and other business units, net Note 2, 28 13,002 1,855 (159) (14,668) (39) (12,819)
Cash flow after net investments 15,998 634 4,276
Financing activities
Increase (decrease) in bond loans and other loans Note 28 6,164 (111) 1,868
Loans to external parties, net Note 28 213 1,692 933
Dividend to AB Volvo shareholders (3,356) (3,356) (3,356)
Repurchase of own shares (8,336) – –
Dividends to minority shareholders – (13) (9)
Other 132 (5,183) 12 (1,776) 63 (501)
Change in liquid funds, excluding
translation differences 10,815 (1,142) 3,775
Translation difference on liquid funds 600 (663) (618)
Change in liquid funds 11,415 (1,805) 3,157
Liquid funds, January 1 15,968 27,383 25,578
Liquid funds, December 31 27,383 25,578 28,735
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.