Consolidated statement of cash Hows Annua l Report 2014 69
million Note 2014 2013
Operating income 1,250 1,239
Adjustments for:
Depreciation, amortization, write-downs and impairments 910 916
Gains on the sale of assets disposal groups held for sale (20) (28)
Share-based compensation expenses 43 43
Operating cash flows before changes in operating assets and liabilities 2,183 2,170
Changes in working capital:
Changes in inventories 1 (13)
Changes in receivables and other current assets (33) 73
Changes in payables and other current liabilities 146 (21)
Changes in other non-current assets, other non-current liabilities and provisions (135) (42)
Cash generated from operations 2,162 2,167
Income taxes paid - net (269) (116)
Operating cash flows from continuing operations 1,893 2,051
Operating cash flows from discontinued operations (17) (16)
Net cash from operating activities 1,876 2,035
Purchase of non-current assets (732)
Divestments of assets disposal groups held for sale 77 52
Acquisition of businesses, net of cash acquired 28 (190) (9)
Divestment of businesses, net of cash divested 28 (291) 2,352
Changes in short-term deposits and similar instruments 1,222 (1,472)
Dividends received from joint ventures 14 18 27
Interest received 6 6
Other (1) (1)
Investing cash flows from continuing operations 109 144
Investing cash flows from discontinued operations - 135
Net cash from investing activities 109 279
Interest paid (207) (216)
Repayments of loans (24) (21)
Repayments of finance lease liabilities (80) (73)
Dividends paid on common shares 20 (414) (457)
Share buyback 20 (1,232) (768)
Capital repayment 20 (1,008)
Other cash flows from derivatives (20)
Other (3) (75)
Financing cash flows from continuing operations (2,988) (1,629)
Financing cash flows from discontinued operations (2) (4)
Net cash from financing activities (2,990) (1,633)
Net cash from operating, investing and financing activities 28 (1,005) 681
The accompanying notes are an integral part of these consolidated financial statements.