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38
Cash flow statements
Group Parent Company
SEK M
Operating activities
Note 2005 2004 2005 2004
Operating earnings 2 503.6 430.6 –56.7 –83.0
Depreciation/amortization 4 87.6 99.3 0.7 0.9
Adjustment for expenses not included in cash fl ow 2 40.1 16.1 – –
Interest received 14.2 11.1 93.8 42.1
Interest paid and other fi nancial expenses –38.3 –46.0 –31.5 –23.1
Income tax paid
Cash fl ow from operating activities before
–74.7 –15.3 –3.4 0.0
changes in working capital 532.5 495.8 2.9 –63.1
Changes in working capital 5.6 59.9 –30.6 1.4
Repayments in England of non-allocated receipts –11.1 –70.4 – –
Cash fl ow from operating activities 527.0 485.3 –27.7 –61.7
Investing activities
Purchases of tangible fi xed assets –34.7 –37.1 –0.3 –0.1
Purchases of intangible fi xed assets –62.2 –34.5 –0.4 –0.4
Debt purchases –821.7 –266.8 – –
Amortization of purchased debt 327.3 186.4 – –
Purchases of subsidiaries and other companies 33 –0.1 –27.8 – –
Other cash fl ow from investing activities 0.0 2.8 0.0 1.6
Cash fl ow from investing activities –591.4 –177.0 –0.7 1.1
Financing activities
Borrowing 1,348.8 0.0 1,348.8 0.0
Amortization of loans –830.5 –218.5 0.0 –131.6
Net loans to subsidiaries – – –731.6 199.9
Share redemption –590.5 – –590.5 –
Expenses for share redemption –6.0 – –6.0 –
Share dividend to minority owners –12.9 – – –
Cash fl ow from fi nancing activities –91.1 –218.5 20.7 68.3
Change in liquid assets –155.5 89.8 –7.7 7.7
Opening balance of liquid assets 338.3 243.2 7.7 0.0
Exchange rate differences in liquid assets 15.7 5.3 – –
Closing balance of liquid assets 198.5 338.3 0.0 7.7
Unutilized credit lines 628.8 385.8
Available liquidity 827.3 724.1