Industrial Operations   Customer Finance   Eliminations   Volvo Group
SEK bn 2009 2010   2009 2010   2009 2010   2009 2010
Operating activities                      
Operating income (16.3) 17.8   (0.7) 0.2   0.0 0.0   (17.0) 18.0
Depreciation tangible assets 6.5 6.1   0.0 0.0   0.0 0.0   6.5 6.1
Amortization intangible assets 3.6 3.3   0.0 0.0   0.0 0.0   3.6 3.3
Depreciation leasing vehicles 2.3 2.0   2.8 2.4   0.0 0.0   5.1 4.4
Other non-cash items 2.3 0.1   2.0 1.3   0.1 0.2   4.4 1.6
Total change in working capital, of which 4.7 4.6   11.8 0.1   0.4 0.1   16.9 4.8
Change in accounts receivables 8.2 (4.0)   0.0 0.3   0.0 0.0   8.2 (3.7)
Change in inventories 16.3 (4.8)   (1.1) 0.8   0.0 0.1   15.2 (3.9)
Change in trade payables (14.4) 13.1   (0.1) 0.0   0.1 (0.1)   (14.4) 13.0
Other changes in working capital (5.4) 0.3   13.0 (1.0)   0.3 0.1   7.9 (0.6)
Net of interest and other financial items (3.0) (2.8)   0.0 0.0   0.0 (0.1)   (3.0) (2.9)
Income taxes paid (1.7) (2.3)   0.1 (0.3)   0.0 0.0   (1.6) (2.6)
Cash flow from operating activities (1.6) 28.8   16.0 3.7   0.5 0.2   14.9 32.7
                       
Investing activities                      
Investments in tangible assets (7.5) (6.7)   0.0 (0.1)   (0.2) 0.0   (7.7) (6.8)
Investments in intangible assets (2.8)(3.6)   0.0 0.0   0.0 0.0   (2.8) (3.6)
Investment in leasing vehicles (0.2) (0.3)   (4.0) (4.5)   0.0 0.0   (4.2) (4.8)
Disposals of fixed assets and leasing vehicles 0.7 0.8   3.1 2.3   0.0 0.0   3.8 3.1
Operating cash flow (11.4) 19.0   15.1 1.4   0.3 0.2   4.0 20.6
                       
Investments and divestments of shares, net         0.0 (0.1)
Acquired and divested operations, net     0.2 0.6
Interest-bearing receivables including marketable securites     (8.9) 6.8
Cash-flow after net investments                   (4.7) 27.9
                       
Financing activities                      
Change in loans, net                   12.6 (25.7)
Payment to AB Volvo shareholders                   (4.1) 0.0
Payment to minority shareholders                   0.0 (0.1)
Other                   (0.1) 0.0
Change in cash and cash equivalents excluding translation differences                   3.7 2.1
                       
Translation difference on cash and cash equivalents                   (0.2) (0.4)
Change in cash and cash equivalents                   3.5 1.7