Volvo 2009 Annual Report Download - page 74

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Consolidated cash-flow statements
SEK M 2008 2009
Operating activities
Operating income 15,851 (17,013)
Depreciation and amortization Note 14 13,524 15,227
Other items not affecting cash Note 30 (133) 4,397
Changes in working capital:
(Increase)/decrease in receivables 3,209 10,271
(Increase)/decrease in customer finance receivables (10,174) 12,806
(Increase)/decrease in inventories (6,664) 15,225
Increase/(decrease) in liabilities and provisions (9,675) (21,387)
Interest and similar items received 1,100 353
Interest and similar items paid (1,302) (2,905)
Other financial items 109 (514)
Income taxes paid (5,076) (1,604)
Cash-flow from operating activities 769 14,856
Investing activities
Investments in fixed assets (12,664) (10,464)
Investments in leasing assets (5,440) (4,246)
Disposals of fixed assets and leasing assets 2,905 3,849
Shares and participations, net Note 30 (29) (38)
Acquired and divested subsidiaries and other business units, net Note 4, 30 (1,317) 149
Interest-bearing receivables including marketable securities 10,882 (5,663) (8,866) (19,616)
Cash-flow after net investments (4,894) (4,760)
Financing activities
Increase/(decrease) in bond loans and other loans Note 30 18,230 12,655
Cash payment to AB Volvo shareholders’ (11,15 0) (4,055)
Dividends to minority shareholders (54) (15)
Other 87,034 (58) 8,527
Change in cash and cash equivalents,
excluding translation differences 2,140 3,767
Translation difference on cash and cash equivalents 1,028 (245)
Change in cash and cash equivalents 3,168 3,522
Cash and cash equivalents, January 1 Note 22 14,544 17,712
Cash and cash equivalents, December 31 Note 22 17,712 21,234
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-flow statement. The effects of currency move-
ments in translation of foreign Group companies have also been
excluded since these effects do not affect cash flow. Cash and cash
equivalents include cash and bank balances but also bank certificates
which matures within 3 months from aquisition.
FINANCIAL INFORMATION 2009
70