Consolidated statement of cash Hows Annua l Report 2015 75
^hddataglan^ JBusiness review j Governance ^^Rnandd^l hvesto EJ Q EI3 Q Q H
million Note 2015 2014
Operating income 1,318 1,250
Adjustments for:
Depreciation, amortization, write-downs and impairments 1,043 910
Gains on the sale of assets disposal groups held for sale (18) (20)
Share-based compensation expenses47 43
Operating cash flows before changes in operating assets and liabilities 2,390 2,183
Changes in working capital:
Changes in inventories 31 1
Changes in receivables and other current assets (237) (33)
Changes in payables and other current liabilities 215 146
Changes in other non-current assets, other non-current liabilities and provisions(33) (135)
Cash generated from operations 2,366 2,162
Income taxes paid - net(227) (269)
Operating cash flows from continuing operations 2,139 1,893
Operating cash flows from discontinued operations (6) (17)
Net cash from operating activities 2,133 1,876
Purchase of non-current assets (804)
Divestments of assets disposal groups held for sale 51 77
Acquisition of businesses, net of cash acquired 28 (150) (190)
Divestment of businesses, net of cash divested 28 - (291)
Changes in short-term deposits and similar instruments (247) 1,222
Dividends received from joint ventures 14 21 18
Interest received 4 6
Other 1 (1)
Investing cash flows from continuing operations (1,124) 109
Net cash from investing activities (1,124) 109
Interest paid (227) (207)
Repayments of loans (31) (24)
Repayments of finance lease liabilities (104) (80)
Dividends paid on common shares 20 (396) (414)
Share buyback 20 (161) (1,232)
Capital repayment 20 - (1,008)
Other cash flows from derivatives (22)
Other 5 (3)
Financing cash flows from continuing operations (936) (2,988)
Financing cash flows from discontinued operations - (2)
Net cash from financing activities (936) (2,990)
Net cash from operating, investing and financing activities 73 (1,005)
Cash and cash equivalents at the beginning of the period (excluding restricted cash) 28 1,615 2,497
Effect of exchange rate differences on cash and cash equivalents 131 123
Cash and cash equivalents at the end of the year (excluding restricted cash) 281,819 1,615
The accompanying notes are an integral part of these consolidated financial statements.