ANNUAL REPORT 2012

Financials

Consolidated statement of cash flows


EUR million 2012 2011
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxes 200.4 161.8
Adjustments for

Depreciation, amortization and impairment 21.9 21.5

Share of profit from associate -47.8 -42.7

Gain on sale of associate shares -87.0 -69.8

Investment income -0.1 5.5

Financial items 3.8 2.3

Change in fair value of biological assets -5.6 1.0

Change in provisions and other non-cash items 2.4 -3.0
Cash flow before changes in working capital 88.1 76.9




Changes in working capital

Change in current assets, non-interest bearing 10.6 -7.1

Change in inventories -5.0 10.0

Change in current liabilities, non-interest bearing -0.5 9.9
Cash flow from operating activities before financial items and taxes 93.2 89.6




Dividends received from associate 26.8 40.9
Financial items paid (net) -4.6 -5.9
Taxes paid -20.3 -17.2
Cash flow from operating activities (A) 95.0 107.4
CASH FLOW FROM INVESTING ACTIVITIES
Acquisitions and investments in financial assets -0.2 -0.2
Capital expenditure on fixed assets -32.7 -24.4
Proceeds from sale of fixed assets 0.9 0.6
Proceeds from sale of associate shares 126.4 109.7
Proceeds from sale of subsidiary shares
6.3
Cash flow from other investments 0.1 0.3
Cash flow from investing activities (B) 94.5 92.3




CASH FLOW FROM FINANCING ACTIVITIES
Change in current receivables 0.1 -0.4
Borrowings of non-current debt 0.1 1.3
Repayment of non-current debt -2.5 -0.1
Change in current debt -61.2 -41.9
Payment of finance lease liabilities -3.5 -2.5
Cash flow from other financing items 0.0 -0.2
Dividends paid -112.2 -155.6
Cash flow from financing activities (C) -179.2 -199.5




Change in cash and cash equivalents (A+B+C) 10.3 0.3




Cash and cash equivalents at beginning of period 6.1 5.8
Translation difference -0.1 0.0
Cash and cash equivalents at end of period 16.4 6.1








The notes are an integral part of these consolidated financial statements.