| OPERATING ACTIVITIES |
|
|
|
| Profit after financial items |
|
475 |
408 |
| Adjustment for items not included in cash flow |
28 |
110 |
101 |
| Income tax paid |
|
-121 |
-166 |
| Cash flow from operating activities before changes in working capital |
|
464 |
343 |
| Cash flow from changes in working capital |
|
|
|
| Changes in inventories |
|
26 |
20 |
| Changes in operating receivables |
|
-76 |
49 |
| Changes in operating liabilities |
|
65 |
-73 |
| Cash flow from operating activities |
|
479 |
339 |
| |
|
|
|
| INVESTING ACTIVITIES |
|
|
|
| Acquisition of property, plant and equipment |
|
-51 |
-35 |
| Disposal of property, plant and equipment |
|
4 |
2 |
| Acquisition of intangible non-current assets |
|
-7 |
-7 |
| Acquisition of operations, net liquidity effect |
28 |
-205 |
-311 |
| Cash flow from investing activities |
|
-259 |
-351 |
| |
|
|
|
| FINANCING ACTIVITIES |
|
|
|
| Repurchase of treasury shares |
|
-15 |
– |
| Exercised and issued call options |
|
30 |
24 |
| Borrowings |
|
110 |
310 |
| Repayments on loans |
|
-169 |
-110 |
| Other financing |
|
-6 |
-1 |
| Dividend paid to equity holders of the Parent Company |
|
-176 |
-174 |
| Dividend paid to non-controlling interests |
|
-3 |
-4 |
| Cash flow from financing activities |
|
-229 |
45 |
| |
|
|
|
| Cash flow for the year |
|
-9 |
33 |
| |
|
|
|
| Cash and cash equivalents at beginning of year |
|
72 |
50 |
| Exchange differences on cash and cash equivalents |
|
6 |
-11 |
| Cash and cash equivalents at year-end |
|
69 |
72 |