Volvo 2010 Annual Report Download - page 74

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CONSOLIDATED CASH-FLOW STATEMENT
SEK M 2009 2010
Operating activities     
Operating income (17,013) 18,000
Depreciation and amortization Note 14 15,227 13,792
Other items not affecting cash Note 30 4,397 1,561
Changes in working capital:
(Increase)/decrease in receivables 10,271 (4,330)
(Increase)/decrease in customer finance receivables 12,806 (1,347)
(Increase)/decrease in inventories 15,225 (3,921)
Increase/(decrease) in liabilities and provisions (21,387) 14,399
Interest and similar items received 353 429
Interest and similar items paid (2,905) (2,732)
Other financial items (514) (604)
Income taxes paid (1,604) (2,590)
Cash-flow from operating activities 14,856 32,657
Investing activities
Investments in fixed assets (10,464) (10,334)
Investments in leasing assets (4,246) (4,811)
Disposals of fixed assets and leasing assets 3,849 3,067
Shares and participations, net Note 30 (38) (106)
Acquired and divested subsidiaries and other business units, net Note 4, 30 149 617
Interest-bearing receivables including marketable securities (8,866) (19,616) 6,813 (4,754)
Cash-flow after net investments  (4,760) 27,903
Financing activities
Increase/(decrease) in bond loans and other loans Note 30 12,655 (25,711)
Cashpayment to AB Volvo shareholders’ (4,055)  –
Dividends to minority shareholders (15) (75)
Other (58) 8,527 (25) (25,811)
Change in cash and cash equivalents,
excluding translation differences 3,767 2,092
Translation difference on cash and cash equivalents (245) (360)
Change in cash and cash equivalents 3,522 1,732
Cash and cash equivalents, January 1 Note 22 17,712 21,234
Cash and cash equivalents, December 31 Note 22 21,234 22,966
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 2010
70