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During 2013, operating cash fl ow in the Industrial Operations
amounted to a positive SEK 1.5 billion (negative 4.8).
CASH-FLOW STATEMENT
The operating cash-fl ow affected by
an increase in working capital
CONSOLIDATED CASH-FLOW STATEMENTS
Industrial operations Customer Finance Eliminations Volvo Group Total
SEK M 2013 2012 2013 2012 2013 2012 2013 2012
Operating activities   
Operating income 5,624 16,130 1,522 1,492 (8) 0 7,138 17,622
Depreciation tangible assets Note 13 6,205 5,928 16 20 – – 6,221 5,948
Amortization intangible assets Note 12 5,021 3,168 34 23 – – 5,055 3,191
Depreciation leasing vehicles Note 13 3,247 2,890 2,899 2,726 – – 6,146 5,616
Other non-cash items Note 29 1,496 796 890 565 30 69 2,416 1,430
Total change in working capital whereof (1,956) (9,184) (8,774) (14,574) (35) 1,818 (10,765) (21,940)
Change in accounts receivable (4,799) (1,227) (120) 79 –– (4,919) (1,148)
Change in customer fi nancing receivables (91) 228 (8,923) (14,812) 284 1,883 (8,730) (12,701)
Change in inventories (3,209) 627 114 258 (168) 0 (3,263) 885
Chan ge in trad e pa yabl es 7,905 (7,552) 60 (81) (1) 0 7,96 4 (7,633)
Other changes in working c ap ital (1,762) (1,260) 95 (18) (150) (65) (1,817) (1, 343)
Interest and similar items received 362 527 – –  2 6  364 533
Interest and similar items paid (2,404) (2,825) – – (33) (75) (2,437) (2,900)
Other fi nancial items (225) (319) – – – – (225) (319)
Income ta xes paid (2,641) (4,668) (181) (697) (1) (1) (2,823) (5,366)
Cash fl ow from operating activities 14,729 12,443 (3,594) (10,445) (45) 1,817 11,090 3,815
Investing activities
Investments in tangible assets (8,307) (9,308) (26) (29) 52 (1) (8,281) (9,338)
Investments in intangible assets (3,903) (5,281)  (18) (19)  (1) 0 (3,922) (5,300)
Investment in leasing vehicles (1,529) (3,566)  (6,784) (6,496)  51 76 (8,262) (9,986)
Disposals of fi xed assets and leasing vehicles 556 911 2,848 2,205 (1) (6)  3,403 3,110
Operating cash fl ow 1,546 (4,801) (7,574) (14,784) 56 1, 8 8 6 (5,972) (17,699)
Investments and divestments of shares, net Note 5, 29   (14)(1,186)
Acquired and divested operations, net Note 3, 29   9323,390
Interest-bearing receivables incl marketable securities   5103,678
Cash-fl ow after net investments (4,544) (11,817)
Financing activities
Change in loans, net Note 29   12,955 14,075
Dividend to AB Volvo shareholders   (6,084) (6,083)
Dividend to minority shareholders   (162) 0
Other   56 2
Change in cash and cash equivalents excl.
translation differences 2,221 (3,823)
Translation difference on cash and cash equivalents   (460) (797)
Change in cash and cash equivalents 1,761 (4,620)
Cash and cash equivalents, beginning of year Note 18 25,20729,557
Cash and cash equivalents, end of year Note 18 26,968 25,207
114
FINANCIAL INFORMATION 2013
114