Volvo 2009 Annual Report Download - page 33

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Consolidated cash-flow statements
Industrial operations Customer Finance Eliminations Volvo Group Total
SEK bn 2008 2009 2008 2009 2008 2009 2008 2009
Operating activities
Operating income 14.5 (16.3) 1.4 (0.7) 0.0 0.0 15.9 (17.0)
Depreciation and amortization 11. 8 12.4 2.6 2.8 (0.9) 0.0 13.5 15.2
Other non-cash items (0.7) 2.3 0.4 2.0 0.1 0.1 (0.2) 4.4
Change in working capital (10.9) 4.7 (12.3) 11. 8 (0.1) 0.4 (23.3) 16.9
Financial items and income taxes paid (5.0) (4.7) (0.2) 0.1 0.0 0.0 (5.2) (4.6)
Cash flow from operating activities 9.7 (1.6) (8.1) 16.0 (0.9) 0.5 0.7 14.9
Investing activities
Investments in xed assets (12.6) (10.3) (0.1) 0.0 0.0 (0.2) (12.7) (10.5)
Investment in leasing assets (0.4) (0.2) (5.4) (4.0) 0.4 0.0 (5.4) (4.2)
Disposals of xed assets and leasing vehicles 0.6 0.7 2.3 3.1 0.0 0.0 2.9 3.8
Operating cash flow (2.7) (11.4) (11.3) 15.1 (0.5) 0.3 (14.5) 4.0
Investments and divestments of shares, net 0.0 0.0
Acquired and divested operations, net (1.3) 0.2
Interest-bearing receivables including marketable securites 10.9 (8.9)
Cash-flow after net investments (4.9) (4.7)
Financing activities
Change in loans, net 18.2 12.6
Payment to AB Volvo shareholders (11.1) (4.1)
Payment to minority shareholders (0.1) 0.0
Other 0.1 (0.1)
Change in cash and cash equivalents excluding
translation differences 2.2 3.7
Translation difference on cash and cash equivalents 1.0 (0.2)
Change in cash and cash equivalents 3.2 3.5
Acquisitions and divestments
Investments and divestments in shares and
participation had an impact on cash flow of
SEK 0.0 billion (0.0).
Acquired and divested companies 2009
had a positive impact on cash flow of SEK 0.2
billion (negative 1.3).
Financing and dividend
Net borrowings increased cash and cash
equivalents by SEK 12.6 billion during 2009.
In 2009, SEK 4.1 billion, corresponding to
SEK 2.00 per share, was paid to AB Volvo’s
shareholders.
Change in cash and cash equivalents
The Group’s cash and cash equivalents
increased by SEK 3.5 billion during the year
and amounted to SEK 21.2 billion at Decem-
ber 31, 2009.
29