ANNUAL REPORT 2013

FINANCIALS

Consolidated statement of cash flows


EUR million 2013 2012
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxes 108.3 200.4
Adjustments for

Depreciation, amortization and impairment 29.2 21.9

Share of profit from associate -50.8 -47.8

Gain on sale of associate shares
-87.0

Investment income 0.2 -0.1

Financial items 4.2 3.8

Change in fair value of biological assets -0.7 -5.6

Change in provisions and other non-cash items 3.6 2.4
Cash flow before changes in working capital 94.0 88.1




Changes in working capital

Change in current assets, non-interest bearing -14.4 10.6

Change in inventories -0.5 -5.0

Change in current liabilities, non-interest bearing 7.3 -0.5
Cash flow from operating activities before financial items and taxes 86.5 93.2




Dividends received from associate 25.6 26.8
Financial items paid (net) -5.5 -4.6
Taxes paid -25.6 -20.3
Cash flow from operating activities (A) 81.0 95.0
CASH FLOW FROM INVESTING ACTIVITIES
Acquisitions and subsidiaries -49.5
Investments in financial assets -0.1 -0.2
Capital expenditure on fixed assets -37.5 -32.7
Proceeds from sale of fixed assets 1.1 0.9
Proceeds from sale of business 1.0
Proceeds from sale of associate shares
126.4
Cash flow from other investments 0.4 0.1
Cash flow from investing activities (B) -84.6 94.5




CASH FLOW FROM FINANCING ACTIVITIES
Change in current receivables -1.8 0.1
Borrowings of non-current debt 0.1 0.1
Repayment of non-current debt -20.0 -2.5
Change in current debt 74.2 -61.2
Payment of finance lease liabilities -1.7 -3.5
Cash flow from other financing items -0.2 -0.0
Dividends paid -53.2 -112.2
Cash flow from financing activities (C) -2.7 -179.2




Change in cash and cash equivalents (A+B+C) -6.3 10.3




Cash and cash equivalents at beginning of period 16.4 6.1
Translation difference -0.5 -0.1
Cash and cash equivalents at end of period 9.7 16.4








The notes are an integral part of these consolidated financial statements.