SEK M    2011 2010
Operating activities          
Operating income     7,851   12,517
Depreciation and amortization     16   16
Other adjustments of operating income Note 21   (404)   (20,543)
Total change in working capital whereof     (185)   142
   Change in accounts receivable     (171)   195
   Change in trade payables     188   (7)
  Other changes in working capital     (202)   (46)
Interest and similar items received     0   0
Interest and similar items paid     (1,672)   (888)
Other financial items     (152)   (65)
Income taxes (paid)       (176)
Cash-flow from operating activities     5,454   (8,997)
           
Investing activities          
Investments in fixed assets     (65)   (11)
Shares and participations in Group companies, net Note 21   (93)   (2,386)
Shares and participations in non-Group companies, net Note 21   (508)   (63)
Cash-flow after net investments     4,788   (11,457)
           
Financing activities          
Increase in loans Note 21   281   11,457
Dividend to AB Volvo's shareholders     (5,069)  
Change in liquid funds     0   0
           
Liquid funds, January 1     0   0
           
Liquid funds, December 31     0   0
           
Liquid funds          
Liquid funds include cash and bank balances.