Annual Report 2011 - Skanska

Consolidated cash flow statementChange in interest-bearing net receivablesSEK M 2011 2010Operating activitiesOperating income 8,413 5,458Adjustments for items not included in cash flow –5,105 –930Income tax paid –1,734 –1,641Cash flow from operating activities beforechange in working capital1,574 2,887Cash flow from change in working capitalInvestments in current-asset properties –10,453 –8,434Divestments of current-asset properties 9,566 11,737Change in inventories and operating receivables –1,378 427Changes in operating liabilities 936 –379Cash flow from change in working capital –1,329 3,351Cash flow from operating activities 245 6,238Investing activitiesAcquisitions of businesses –1,444 0Investments in intangible assets –70 –72Investments in property, plant and equipment –2,206 –1,338Investments in Infrastructure Development assets –988 –692Investments in shares –366 –155Increase in interest-bearing receivables,loans provided –381 –2,830Disposals of businesses 0 –15Divestments of intangible assets 1 4Divestments of property, plant and equipment 198 240Divestments of Infrastructure Development assets 5,808 403Divestments of shares 4 16Decrease in interest-bearing receivables,repayments of loans provided 386 603Income tax paid –24 –14Cash flow from investing activities 918 –3,850Financing activitiesNet interest items –26 3Other financial items –93 –65Borrowings 3,443 473Repayment of debt –677 –2,445Dividend paid –4,945 –2,582Shares repurchased –184 –252Dividend to/Contribution from non-controllinginterests –2 –39Income tax paid 46 19Cash flow from financing activities –2,438 –4,888Cash flow for the year –1,275 –2,500Cash and cash equivalents, January 1 6,654 9,409Translation differences in cash andcash equivalents –70 –255Cash and cash equivalents, December 31 5,309 6,654SEK M 2011 2010Interest-bearing net receivables, January 1 9,914 8,091Cash flow from operating activities 245 6,238Cash flow from investing activities excludingchange in interest-bearing receivables 913 –1,623Cash flow from financing activities excludingchange in interest-bearing liabilities –5,204 –2,916Change in pension liability –2,593 760Net receivable/liability acquired/divested 37 –4Translation differences –353 –726Other items –30 94Interest-bearing net receivables, December 31 2,929 9,914See also Note 35.Skanska Annual Report 2011 Report of the Directors 101