Volvo 2005 Annual Report Download - page 88

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The Volvo Group
The effects of major acquisitions and divestments of subsidiaries in
each year have been excluded from other changes for the balance
sheet items in the cash-fl ow statement. The effects of currency
movements in translation of foreign Group companies have also
been excluded since these effects do not affect cash fl ow. Cash and
cash equivalents include cash and bank balances.
Consolidated cash-fl ow statements
84 Volvo Group 2005
SEK M 2004 2005
Operating activities
Operating income 14,679 18,151
Depreciation and amortization Note 14 10,003 9,894
Other items not affecting cash Note 30 (30) 415
Changes in working capital:
(Increase)/decrease in receivables (4,017) (1,253)
(Increase)/decrease in customer fi nance receivables Note 30 (7,382) (7,773)
(Increase)/decrease in inventories (2,243) (2,438)
Increase/(decrease) in liabilities and provisions 4,797 (983)
Interest and similar items received 1,047 2,430
Interest and similar items paid (335) (2,341)
Other fi nancial items (25) (70)
Income taxes paid (1,194) (2,023)
Cash fl ow from operating activities 15,300 14,009
Investing activities
Investments in fi xed assets (7,405) (10,271)
Investments in leasing assets (4,360) (4,549)
Disposals of fi xed assets and leasing assets 2,444 2,646
Shares and participations, net Note 30 15,064 336
Acquired and divested subsidiaries and
other business units, net Note 4, 30 (141) 650
Interest-bearing receivables including
marketable securities (6,413) (811) (1,359) (12,547)
Cash fl ow after net investments 14,489 1,462
Financing activities
Increase (decrease) in bond loans and other loans Note 30 (8,840) 3,564
Cash dividend to AB Volvo shareholders’ (3,356) (5,055)
Repurchase of own shares (2,532) (1,764)
Dividends to minority shareholders (9) (28)
Other 38 (14,699) 15 (3,268)
Change in cash and cash equivalents,
excluding translation differences (210) (1,806)
Translation difference on cash and cash equivalents (205) 1,128
Change in cash and cash equivalents (415) (678)
Cash and cash equivalents, January 1 Note 22 9,206 8,791
Cash and cash equivalents, December 31 Note 22 8,791 8,113