AAK Annual Report 2018

Consolidated Cash Flow Statement SEK million Note Jan–Dec 2018 Jan–Dec 2017 OPERATING ACTIVITIES Operating profit 1,956 1,786 Depreciation and amortization 552 491 Other non-cash items 29 -278 -263 Cash flow before interest and tax 2,230 2,014 Interest received and other financial income 26 25 Interest paid and other financial expenses -128 -139 Tax paid -483 -413 Cash flow before changes in working capital 1,645 1,487 Changes in inventory 63 21 Changes in accounts receivable -208 -341 Changes in accounts payable -538 -18 Changes in other working capital items 128 -50 Changes in working capital -555 -388 Cash flow from operating activities 1,090 1,099 INVESTING ACTIVITIES Acquisition of intangible assets -23 -37 Acquisition of property, plant and equipment -702 -780 Proceeds from sale of property, plant and equipment 2 7 Cash flow from investing activities -723 -810 FINANCING ACTIVITIES Loans raised 29 1,751 2,377 Amortization of loans 29 -1,462 -2,410 Dividends paid -412 -370 Subscription warrants - 37 Cash flow from financing activities -123 -366 Cash flow for the year 244 -77 Cash and cash equivalents at beginning of year 480 586 Exchange rate difference for cash equivalents 13 -29 Cash and cash equivalents at year-end 19 737 480 57