Industrial operations   Customer Finance   Eliminations   Volvo Group Total
SEK M   Dec 31
2011		 Dec 31
2010		   Dec 31
2011		 Dec 31
2010		   Dec 31
2011		 Dec 31
2010		   Dec 31
2011		 Dec 31
2010
Operating activities                        
Operating income (loss)   25,957 17,834   942 167   0 (1)   26,899 18,000
Depreciation tangible assets Note 13 6,109 6,060   15 15   0 2   6,124 6,077
Amortization intangible assets Note 12 3,227 3,282   20 23   0 0   3,247 3,305
Depreciation leasing vehicles Note 13 2,083 1,996   2,537 2,415   1 (1)   4,621 4,410
Other non-cash items Note 29 622 170   614 1,330   26 61   1,262 1,561
Total change in working capital whereof   (4,180) 4,576   (13,831) 148   2,926 77   (15,085) 4,801
   Change in accounts receivable   (3,094) (4,049)   (101) 316   0 0   (3,195) (3,733)
   Change in customer financing receivables   (240) (174)   (14,202) (1,271)   3,007 98   (11,435) (1,347)
   Change in inventories   (7,099) (4,769)   (155) 847   0 1   (7,254) (3,921)
   Change in trade payables   9,871 13,057   107 (46)   0 0   9,978 13,011
   Other changes in working capital   (3,618) 511   520 302   (81) (22)   (3,179) 791
Interest and similar items received   720 532   – –   (42) (103)   678 429
Interest and similar items paid   (3,391) (2,768)   – –   12 36   (3,379) (2,732)
Other financial items   (184) (604)   – –   0 0   (184) (604)
Income taxes paid   (4,129) (2,255)   (384) (336)   0 1   (4,513) (2,590)
Cash flow from operating activities   26,834 28,823   (10,087) 3,762   2,923 72   19,670 32,657
                         
Investing activities                        
Investments in tangible assets   (8,267) (6,729)   (50) (97)   27 67   (8,290) (6,759)
Investments in intangible assets   (4,293) (3,557)   (20) (18)   0 0   (4,313) (3,575)
Investment in leasing vehicles   (1,422) (295)   (6,044) (4,554)   53 38   (7,413) (4,811)
Disposals of fixed assets and leasing vehicles   1,233 776   2,099 2,293   0 (2)   3,332 3,067
Operating cash flow   14,085 19,018   (14,102) 1,386   3,003 175   2,986 20,579
                         
Investments and divestments of shares, net Note 5,29                   (119) (106)
Acquired and divested operations, net Note 3, 29                   (1,590) 617
Interest-bearing receivables incl marketable securities                     2,665 6,813
Cash-flow after net investments                     3,942 27,903
                         
Financing activities                        
Change in loans, net Note 29                   8,734 (25,711)
Dividend to AB Volvo shareholders                     (5,069) –
Dividend to minority shareholders                     (2) (75)
Other                     (30) (25)
Change in cash and cash equivalents excl. translation differences                     7,575 2,092
                         
Translation difference on cash and cash equivalents                     (162) (360)
Change in cash and cash equivalents                     7,413 1,732
                         
Cash and cash equivalents,
Beginning of year		 Note 18                   22,966 21,234
Cash and cash equivalents,
End of year		 Note 18                   30,379 22,966