Cash flow statement

SEKm 2012 2011
Operations    
Income after financial items 1,112 2,904
Depreciation and amortization 220 265
Capital gain/loss included in operating income 2 –31
Share-based compensation –157 11
Taxes paid –424 –285
Cash flow from operations, excluding change in operating assets and liabilities 753 2,864
     
Change in operating assets and liabilities    
Change in inventories –10 89
Change in trade receivables –55 –154
Change in current intra-group balances –1,368 934
Change in other current assets 77 270
Change in other current liabilities and provisions 199 –176
Cash flow from operating assets and liabilities –1,157 963
Cash flow from operations –404 3,827
     
Investments    
Change in shares and participations –185 –3,661
Capital expenditure in intangible assets –266 –402
Capital expenditure in property, plant and equipment –54 –81
Other 207 –789
Cash flow from investments –298 –4,933
Total cash flow from operations and investments –702 –1,106
     
Financing    
Change in short-term investments 90 908
Change in short-term borrowings –368 –56
Change in intra-group borrowings 2,693 –3,519
New long-term borrowings 2,802 3,495
Amortization of long-term borrowings –3,087 –960
Dividend –1,860 –1,850
Sale of shares 212 28
Cash flow from financing 482 –1,954
Total cash flow  –220 –3,060
Liquid funds at beginning of year 2,206 5,266
Liquid funds at year-end 1,986 2,206