Annual Report 2013 | Suomeksi |

Consolidated cash flow statement

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EUR million Note 2013 2012
Cash flow from operating activities
Net profit for the period 1,279 1,512
Adjustments:
Income tax expenses 220 74
Finance costs - net 318 311
Share of profit of associates and joint ventures -105 -23
Depreciation, amortisation and impairment charges 740 664
Operating profit before depreciations (EBITDA) 2,452 2,538
Non-cash flow items and divesting activities -260 -192 1
Interest received 28 59
Interest paid -374 -352
Dividends received 50 45
Realised foreign exchange gains and losses and other financial items 46 -274 2
Taxes -229 -269
Funds from operations 1,713 1,555
Change in working capital 123 -173
Total net cash from operating activities 1,836 1,382
Cash flow from investing activities
Capital expenditures 5, 18, 19 -1,271 -1,422 3
Acquisitions of shares -15 -14
Proceeds from sales of fixed assets 66 13
Divestments of shares 122 239
Proceeds from interest-bearing receivables relating to divestments 22 181
Shareholder loans to associated companies -136 -138
Change in other interest-bearing receivables 2 13
Total net cash used in investing activities -1,210 -1,128
Cash flow before financing activities 626 254
Cash flow from financing activities
Proceeds from long-term liabilities 790 1,375
Payments of long-term liabilities -642 -669
Change in short-term liabilities 438 168
Dividends paid to the owners of the parent 15 -888 -888
Other financing items -2 -33
Total net cash used in financing activities -304 -47
Total net increase(+)/decrease(-) in cash and cash equivalents 322 207
Cash and cash equivalents at the beginning of the year 963 747
Foreign exchange differences in cash and cash equivalents -16 9
Cash and cash equivalents at the end of the year 1) 25 1,269 963
1) Including cash balances of EUR 15 million relating to assets held for sale as of 31 December 2013.
1 Non-cash flow items and divesting activities consist mainly of changes in provisions (including nuclear) EUR -178 million (2012: -40), adjustments for unrealised fair value changes of derivatives EUR -21 million (2012: 3) and capital gains EUR -61 million (2012: -155). The actual proceeds for divestments are shown under cash flow from investing activities.
2 Realised foreign exchange gains and losses and other financial items include realised foreign exchange gains and losses of EUR 52 million for 2013 (2012: -268) related mainly to financing of Fortum's Swedish and Russian subsidiaries and the fact that the Group's main external financing currency is EUR. The foreign exchange gains and losses arise for rollover of foreign exchange contracts hedging the internal loans as major part of these forwards is entered into with short maturities i.e. less than twelve months.
3 Capital expenditures in cash flow do not include not yet paid investments. Capitalised borrowing costs are included in interest costs paid.
Change in net debt
EUR million 2013 2012
Net debt 1 January 7,814 7,023
Foreign exchange rate differences -110 89
EBITDA 2,452 2,538
Paid net financial costs, taxes and adjustments for non-cash and divestment items -739 -983
Change in working capital 123 -173
Capital expenditures -1,271 -1,422
Acquisitions -15 -14
Divestments 188 252
Proceeds from interest-bearing receivables relating to divestments 22 181
Shareholder loans to associated companies -136 -138
Change in other interest-bearing receivables 2 13
Dividends -888 -888
Other financing activities -2 -45
Net cash flow (- increase in net debt) -264 -679
Fair value change of bonds and amortised cost valuation -119 23
Net debt 31 December 7,849 7,814
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