Volvo 2003 Annual Report Download - page 75

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73
Cash-flow statements
SEK M 2001 2002 2003
Operating activities
Operating income 10,455 (3,763) (2,173)
Depreciation and amortization 17 2 1
Other items not affecting cash Note 20 16,309 (815) 288
Changes in working capital:
Increase (–)/ decrease (+ ) in receivables (219) 50 18
Increase (+ )/ decrease (–) in liabilities and provisions 65 (36) (29)
Interest and similar items received 662 504 131
Interest and similar items paid (410) (263) (175)
Other financial items (206) (8) (124)
Income taxes paid (530) 210 (6)
Cash flow from operating activities 26,143 (4,119) (2,069)
Investing activities
Investments in fixed assets (9) (1) 0
Disposals of fixed assets 0 3 7
Shares and participations in Group companies, net Note 20 15,849 (1,544) (1,033)
Shares and participations in non-Group companies, net Note 20 3,181 66 (1)
Cash flow after net investments 45,164 (5,595) (3,096)
Financing activities
Increase (+ )/ decrease (–) in loans Note 20 (15,659) (775) (1,078)
Loans granted, net Note 20 60 891 (591)
Dividend to AB Volvo shareholders (3,356) (3,356) (3,356)
Repurchase of own shares (8,336) – –
Change in liquid funds 17,873 (8,835) (8,121)
Liquid funds at January 1 717,880 9,045
Liquid funds at December 31 17,880 9,045 924
Liquid funds
Liquid funds include cash and bank balances and deposits at Volvo Treasury.
Changes in Shareholders’ equity
Restricted equity Unrestricted Total share-
Share capital Legal reserves equity holders’ equity
Balance at December 31, 2000 2,649 7,241 52,486 62,376
Cash dividend — — (3,356) (3,356)
Repurchase of own shares — — (8,336) (8,336)
Issue of shares to Renault SA — — 10,356 10,356
Net income 2001 — — 11,114 11,114
Balance at December 31, 2001 2,649 7,241 62,264 72,154
Cash dividend — — (3,356) (3,356)
Net income 2002 — — (2,485) (2,485)
Balance at December 31, 2002 2,649 7,241 56,423 66,313
Cash dividend — — (3,356) (3,356)
Net income 2003 — — (2,189) (2,189)
Balance at December 31, 2003 2,649 7,241 50,878 60,768
The distribution of share capital by class of shares is shown in Note 21 to the consolidated financial statements.