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This chapter is covered by the Auditors' Report.

Consolidated Statement of Cash Flows

January – December, SEK million Notes 2008 2007 2006
Operating activities
Net income 11,667 22,135 26,436 1)
       
Adjustments to reconcile net income to cash C25 14,318 7,172 6,060 1)
25,985 29,307 32,496
     
Changes in operating net assets
Inventories –3,927 –445 –2,553
Customer finance, current and non-current 549 365 1,186
Trade receivables –11,434 –7,467 –10,563
Provisions and post-employment benefits 3,830 –4,401 –3,729
Other operating assets and liabilities, net 8,997 1,851 1,652
–1,985 –10,097 –14,007
 
Cash flow from operating activities 24,000 19,210 18,489
       
Investing activities
Investments in property, plant and equipment C11 –4,133 –4,319 –3,827
Sales of property, plant and equipment 1,373 152 185
Acquisitions of subsidiaries and other operations C26 –74 –26,292 –18,078
Divestments of subsidiaries and other operations C25, C26 1,910 84 3,086
Product development C10 –1,409 –1,053 –1,353
Other investing activities 944 396 –1,070
Short-term investments –7,155 3,499 6,180
       
Cash flow from investing activities –8,544 –27,533 –14,877
       
Cash flow before financing activities 15,456 –8,323 3,612
       
Financing activities
Proceeds from issuance of borrowings 5,245 15,587 1,290
Repayment of borrowings –4,216 –1,291 –9,510
Sale of own stock and options exercised 3 94 124
Dividends paid –8,240 –8,132 –7,343
       
Cash flow from financing activities –7,208 6,258 –15,439
       
Effect of exchange rate changes on cash 1,255 406 58
       
Net change in cash 9,503 –1,659 –11,769
       
Cash and cash equivalents, beginning of period 28,310 29,969 41,738
       
Cash and cash equivalents, end of period C20 37,813 28,310 29,969
1) Net income includes net income attributable to minority interest. Prior to 2007, net income attributable to minority interest was reported within Adjustments to reconcile net income to cash. 2006 comparatives have been restated to reflect this change.