Industrial operations   Customer Finance   Eliminations   Volvo Group Total
SEK M   2012 2011   2012 2011   2012 2011   2012 2011
Operating activities                        
Operating income    16,130 25,957   1,492 942   0 0   17,622 26,899
Depreciation tangible assets Note 13 5,928 6,109   20 15   0 0   5,948 6,124
Amortization intangible assets Note 12 3,168 3,227   23 20   0 0   3,191 3,247
Depreciation leasing vehicles Note 13 2,890 2,083   2,726 2,537   0 1   5,616 4,621
Other non-cash items Note 29 796 622   565 614   69 26   1,430 1,262
Total change in working capital whereof   (9,184) (4,180)   (14,574) (13,831)   1,818 2,926   (21,940) (15,085)
   Change in accounts receivable   (1,227) (3,094)   79 (101)   0 0   (1,148) (3,195)
   Change in customer financing receivables   228 (240)   (14,812) (14,202)   1,883 3,007   (12,701) (11,435)
   Change in inventories   627 (7,099)   258 (155)   0 0   885 (7,254)
   Change in trade payables   (7,552) 9,871   (81) 107   0 0   (7,633) 9,978
   Other changes in working capital   (1,260) (3,618)   (18) 520   (65) (81)   (1,343) (3,179)
Interest and similar items received   527 720   0   6 (42)   533 678
Interest and similar items paid   (2,825) (3,391)   0   (75) 12   (2,900) (3,379)
Other financial items   (319) (184)   0   0 0   (319) (184)
Income taxes paid   (4,668) (4,129)   (697) (384)   (1) 0   (5,366) (4,513)
Cash flow from operating activities   12,443 26,834   (10,445) (10,087)   1,817 2,923   3,815 19,670
                         
Investing activities                        
Investments in tangible assets   (9,308) (8,267)   (29) (50)   (1) 27   (9,338) (8,290)
Investments in intangible assets   (5,281) (4,293)   (19) (20)   0 0   (5,300) (4,313)
Investment in leasing vehicles   (3,566) (1,422)   (6,496) (6,044)   76 53   (9,986) (7,413)
Disposals of fixed assets and leasing vehicles   911 1,233   2,205 2,099   (6) 0   3,110 3,332
Operating cash flow   (4,801) 14,085   (14,784) (14,102)   1,886 3,003   (17,699) 2,986
                         
Investments and divestments of shares, net Note 5,29                   (1,186) (119)
Acquired and divested operations, net Note 3, 29                   3,390 (1,590)
Interest-bearing receivables incl marketable securities                     3,678 2,665
Cash-flow after net investments                     (11,817) 3,942
                         
Financing activities                        
Change in loans, net Note 29                   14,075 8,734
Dividend to AB Volvo shareholders                     (6,083) (5,069)
Dividend to minority shareholders                     0 (2)
Other                     2 (30)
Change in cash and cash equivalents excl. translation differences                     (3,823) 7,575
                         
Translation difference on cash and cash equivalents                     (797) (162)
Change in cash and cash equivalents                     (4,620) 7,413
                         
Cash and cash equivalents,
beginning of year
Note 18                   30,379 22,966
Cash and cash equivalents,
end of year
Note 18                   25,759 30,379