Cash flow

Annual results Quarterly results

Table

SEKm	2011	2010	2009
Net sales	105,750	106,965	109,358
Operating expenses	-90,684	-91,144	-92,916
Operating surplus	15,066	15,821	16,442
Adjustment for significant non-cash items	-601	-724	-709
Operating cash surplus	14,465	15,097	15,733
Change in
Operating receivables	-894	-3,197	1,556
Inventories	-562	-1,866	2,210
Operating liabilities	211	4,021	-459
Change in working capital	-1,245	-1,042	3,307
Current capital expenditures, net	-3,747	-3,647	-4,037
Restructuring costs, etc.	-896	-653	-870
Operating cash flow	8,577	9,755	14,133
Financial items	-1,290	-1,116	-1,644
Income taxes paid	-961	-1,255	-1,003
Other	57	15	4
Cash flow from current operations	6,383	7,399	11,490
Strategic capital expenditures, restructuring costs and divestments
Acquisitions	-983	-493	-51
Strategic capital expenditures, non-current assets	-1,910	-2,427	-3,031
Total strategic capital expenditures	-2,893	-2,920	-3,082
Divestments	292	1,297	75
Cash flow from strategic restructuring costs, capital expenditures and divestments	-2,601	-1,623	-3,007
Cash flow before dividend	3,782	5,776	8,483
Sale of treasury shares	-	-	-
Dividend to shareholders	-2,898	-2,657	-2,498
Net cash flow	884	3,119	5,985
Net debt, 1 January	-34,406	-40,430	-47,002
Net cash flow	884	3,119	5,985
Remeasurements to equity	-3,505	695	-729
Currency effects	379	2,210	1,316
Net debt, 31 December	-36,648	-34,406	-40,430