Consolidated cash flow statement

SEKm	Note	2011	2010
Operations
Operating income		3,017	5,430
Depreciation and amortization		3,173	3,328
Capital gain/loss included in operating income		–207	4
Restructuring provisions		110	294
Share-based compensation		29	73
Financial items paid, net		–214	–72
Taxes paid		–1,625	–1,316
Cash flow from operations, excluding change in operating assets and liabilities		4,283	7,741

Change in operating assets and liabilities
Change in inventories		269	–1,755
Change in trade receivables		244	–216
Change in other current assets		200	–977
Change in accounts payable		1,379	2,624
Change in operating liabilities and provisions		–976	263
Cash flow from change in operating assets and liabilities		1,116	–61
Cash flow from operations		5,399	7,680

Investments
Acquisition of operations	26	–6,377	—
Divestment of operations	26	821	7
Capital expenditure in property, plant and equipment	12	–3,163	–3,221
Capitalization of product development	13	–374	–396
Capitalization of computer software	13	–744	–688
Other		–212	–176
Cash flow from investments		–10,049	–4,474
Cash flow from operations and investments		–4,650	3,206

Financing
Change in short-term investments		1,444	1,306
Change in short-term borrowings		–619	–1,768
New long-term borrowings	18	3,503	380
Amortization of long-term borrowings	18	–1,161	–1,039
Dividend		–1,850	–1,138
Sale of shares		—	18
Cash flow from financing		1,317	–2,241

Total cash flow		–3,333	965
Cash and cash equivalents at beginning of period		10,389	9,537
Exchange-rate differences referring to cash and cash equivalents		–90	–113
Cash and cash equivalents at end of period		6,966	10,389