Volvo 2004 Annual Report Download - page 120

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118 Eleven-year summary
Operating cash flow excluding Financial Services
SEKbn 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Operating income 12.9 12.8 12.4 11.1 6.4 5.2 (1.0) 2.3 1.6 12.8
Depreciation and amortization 4.8 4.4 5.0 6.4 3.1 3.8 7.0 7.8 7.2 7.4
Other items not affecting cash (4.0) (5.5) (0.5) (1.6) 0.0 1.0 4.1 (0.4)
Change in working capital (6.3) (11.1) 3.4 0.7 (1.7) (3.0) 6.0 0.4 0.7 (1.5)
Financial items and income taxes (0.5) (2.3) (1.7) (0.8) (2.3) (1.1) (0.7) (0.2)
Cash flow from operating activities 11.4 6.1 16.3 10.4 5.6 3.6 9.7 10.4 12.9 18.1
Investments in fixed assets (6.4) (8.0) (9.5) (10.2) (4.7) (5.1) (7.7) (6.3) (5.8) (7.2)
Investments in leasing assets (0.8) (0.8) (0.5) (0.9) (0.5) (0.6) (0.5) (0.1) (0.1) (0.3)
Disposals of fixed assets and leasing assets 1.2 1.8 1.0 1.5 0.8 0.7 1.1 1.1 0.6 0.7
Customer-financing receivables, net – – 0.3 (0.3) 0.1 0.0 0.8 0.0 0.0 0.1
Operating cash flow 5.4 (0.9) 7.6 0.5 1.3 (1.4) 3.4 5.1 7.6 11.4
11999, excluding gain on sale of Volvo Cars of SEK 26.7 billion.
2Reported on a single line in 1994–1996.
Consolidated cash-flow statements
SEKbn 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Operating income 116.9 13.3 13.2 12.8 11.8 7.5 6.7 (0.7) 2.8 2.5 14.2
Depreciation and amortization 5.1 5.6 5.4 6.8 9.6 5.2 6.3 10.0 10.8 10.2 10.3
Other items not affecting cash 2(3.5) (4.9) (0.3) (0.4) 0.5 2.0 4.9 0.2
Change in working capital 2(8.9) (7.3) (11.2) 4.7 1.5 (1.0) (3.3) 6.4 1.0 0.4 (1.5)
Financial items and income tax 2(0.4) (2.0) (1.7) (1.3) (2.1) (1.3) (0.9) (0.5)
Cash flow from
operating activities 13.1 11.6 7.4 20.4 16.0 9.7 8.0 14.1 15.3 17.1 22.7
Investments in fixed assets (4.3) (6.5) (8.2) (9.9) (10.5) (4.9) (5.4) (8.1) (6.7) (6.0) (7.4)
Investments in leasing assets (2.5) (2.6) (3.9) (9.8) (12.7) (5.6) (5.7) (5.8) (5.2) (5.3) (4.4)
Disposals of fixed assets
and leasing assets 1.4 1.3 2.0 1.8 2.6 1.6 2.1 2.6 3.2 2.9 2.4
Customer financing receivables, net (1.5) (1.6) (4.8) (15.5) (12.8) (7.1) (4.5) (3.7) (5.7) (4.3) (7.4)
Shares and participations, net 8.2 2.0 14.1 10.7 5.5 (25.9) (1.6) 3.9 (0.1) (0.1) 15.1
Acquired and divested subsidiaries
and other business units, net – (4.4) (0.9) (1.3) (5.6) 31.0 0.0 13.0 (0.2) 0.0 (0,1)
Cash flow after net investments 14.4 (0.2) 5.7 (3.6) (17.5) (1.2) (7.1) 16.0 0.6 4.3 20.9
Increase (decrease) in loans (8.3) 1.5 6.8 5.6 19.5 16.3 8.1 6.2 (0.1) 1.9 (8.8)
Loans to external parties, net (0.9) (0.9) (1.9) (0.4) (0.3) (3.2) 0.3 0.2 1.7 0.9 0.0
Repurchase of own shares ––––––(11.8) (8.3) – – (2.5)
Cash dividend to AB Volvo’s shareholders (0.6) (1.5) (1.9) (2.0) (2.2) (2.6) (3.1) (3.4) (3.4) (3.4) (3.4)
Other (1.3) 0.7 (5.0) (5.9) (0.2) (0.1) 0.0 0.1 0.1 0.1 0.0
Change in liquid funds,
excluding translation differences 3.3 (0.4) 3.7 (6.3) (0.7) 9.2 (13.6) 10.8 (1.1) 3.8 6.2
Translation differences on liquid funds (0.3) (0.7) (0.3) 0.3 0.3 (0.2) 0.3 0.6 (0.7) (0.6) (0.2)
Change in liquid funds 3.0 (1.1) 3.4 (6.0) (0.4) 9.0 (13.3) 11.4 (1.8) 3.2 6.0