Cash flow statement


EUR million
2012 2011
Operating profit
237.9 239.9




Depreciation, amortisation and impairment
30.4 32.7
Other adjustments
1.0 3.1
Total adjustments to operating profit
31.4 35.8




Change in non-interest-bearing current receivables
12.6 -36.7
Change in inventories
-21.8 -19.2
Change in non-interest-bearing current liabilities
-18.6 7.9
Total change in working capital¹
-27.7 -48.0




Interest paid
-6.5 -6.5
Dividends received²
9.8 11.7
Interest received²
4.6 4.6
Income tax paid
-60.5 -71.9
Total net cash flow from operating activities
188.9 165.5




Investments in intangible assets
-6.3 -10.9
Investments in tangible assets
-32.1 -17.0
Sales of intangible assets
0.0
Sales of tangible assets
1.2 0.9
Investments in subsidiary shares
-0.0 -0.0
Sale of a subsidiary less cash and cash equivalents at sale date
0.3
Acquisition of an associate

-0.0
Sales of other investments
0.6
Loans granted
-0,0 -8.4
Repayments of loan receivables
1.2 1.6
Total net cash flow from investing activities
-35.4 -33.5
EUR million
2012 2011
Current loans raised
13.8 3.8
Repayments of current loans
-1.1 -2.5
Non-current loans raised
75.0 19.1
Repayments of non-current loans
-26.4 -40.1
Dividends paid and other distribution of profits
-200.1 -177.5
Group contributions received
10.5 12.5
Total cash flow from financing activities
-128.2 -184.6




Net change in cash and cash equivalents
25.3 -52.7




Cash and cash equivalents at 1 Jan³
94.4 147.1
Net change in cash and cash equivalents
25.3 -52.7
Cash and cash equivalents at 31 Dec³
119.8 94.4




¹ The change of the short-term loans and receivables between the parent company and the Finnish subsidiaries are recorded in the change of the parent company's working capital at their gross value.


² The dividends and interest paid by the subsidiaries are included in the cash flow from operating activities of the parent company.


³ Cash and cash equivalents include liquid securities with a very low fluctuation-in-value risk, as well as cash in hand and at bank.