| SEKm | 2011 | 2010 |
| Operations | ||
| Income after financial items | 2,904 | 3,633 |
| Depreciation and amortization | 265 | 255 |
| Capital gain/loss included in operating income | –31 | 66 |
| Taxes paid | –285 | –5 |
| Cash flow from operations, excluding change in operating assets and liabilities | 2,853 | 3,949 |
| Change in operating assets and liabilities | ||
| Change in inventories | 89 | –38 |
| Change in trade receivables | –154 | –85 |
| Change in current intra-group balances | 934 | 861 |
| Change in other current assets | 270 | –124 |
| Change in other current liabilities and provisions | –176 | 473 |
| Cash flow from operating assets and liabilities | 963 | 1,087 |
| Cash flow from operations | 3,816 | 5,036 |
| Investments | ||
| Change in shares and participations | –3,661 | –1,441 |
| Capital expenditure in intangible assets | –402 | –448 |
| Capital expenditure in property, plant and equipment | –81 | –114 |
| Other | –789 | –21 |
| Cash flow from investments | –4,933 | –2,024 |
| Total cash flow from operations and investments | –1,117 | 3,012 |
| Financing | ||
| Change in short-term investments | 908 | 1,936 |
| Change in short-term borrowings | –56 | –628 |
| Change in intra-group borrowings | –3,519 | –868 |
| New long-term borrowings | 3,495 | — |
| Amortization of long-term borrowings | –960 | –1,014 |
| Dividend | –1,850 | –1,138 |
| Sale of shares | 39 | 97 |
| Cash flow from financing | –1,943 | –1,615 |
| Total cash flow | –3,060 | 1,397 |
| Liquid funds at beginning of year | 5,266 | 3,869 |
| Liquid funds at year-end | 2,206 | 5,266 |
