Consolidated cash-flow statement

SEK M     2009   2010
Operating activities          
Operating income     (17,013)   18,000
Depreciation and amortization Note 14   15,227   13,792
Other items not affecting cash Note 30   4,397   1,561
Changes in working capital:          
  (Increase)/decrease in receivables     10,271   (4,330)
  (Increase)/decrease in          
  customer finance receivables     12,806   (1,347)
  (Increase)/decrease in inventories     15,225   (3,921)
  Increase/(decrease) in          
  liabilities and provisions     (21,387)   14,399
Interest and similar items received     353   429
Interest and similar items paid     (2,905)   (2,732)
Other financial items     (514)   (604)
Income taxes paid     (1,604)   (2,590)
Cash-flow from operating activities     14,856   32,657
           
Investing activities          
Investments in fixed assets   (10,464)   (10,334)  
Investments in leasing assets   (4,246)   (4,811)  
Disposals of fixed assets and leasing assets   3,849   3,067  
Shares and participations, net Note 30 (38)   (106)  
Acquired and divested subsidiaries and other business units, net Note 4, 30 149   617  
Interest-bearing receivables including marketable securities   (8,866) (19,616) 6,813 (4,754)
Cash-flow after net investments     (4,760)   27,903
           
Financing activities          
Increase/(decrease) in bond loans and other loans Note 30  12,655   (25,711)  
Cash payment to AB Volvo shareholders'   (4,055)   -  
Dividends to minority shareholders   (15)   (75)  
Other   (58) 8,527 (25) (25,811)
Change in cash and cash equivalents, excluding translation differences     3,767   2,092
           
Translation difference on cash and cash equivalents     (245)   (360)
Change in cash and cash equivalents     3,522   1,732
          
Cash and cash equivalents, January 1 Note 22   17,712   21,234
Cash and cash equivalents, December 31 Note 22   21,234   22,966

The effects of major acquisitions and divestments of subsidiaries in each year have been excluded from other changes for the balance sheet items in the cash-flow statement. The effects of currency movements in translation of foreign Group companies have also been excluded since these effects do not affect cash flow. Cash and cash equivalents include cash and bank balances but also bank certificates which matures within 3 months from aquisition.