Cash flow statement

SEK million 20182017201620152014
Cash flow from operating activities before changes in working capital  1,821 1,514 1,318 1,315 970 
Changes in working capital -461 40 -111 -239 -66 
Cash flow from operating activities 1,360 1,554 1,207 1,076 904 
Net capital expenditures in non-current assets -299 -236 -320 -221 -124 
Company acquisitions and divestments -586 -1,007 -1,164 -878 -585 
Change in other financial assets 0 1 8 -1
Cash flow from investing activities -885 -1,242 -1,476 -1,100 -706 
Net borrowings 225 116 620 303 165 
Dividend paid out -453 -384 -360 -310 -282 
Payment for issued warrants 0 8 - - -
New issues 7 95 - - -
Cash flow from financing activities -221 -165 260 -7 -117 
Cash flow for the period 254 147 -9 -31  81
Cash and cash equivalents at start of year 464 332 339 357  261
Exchange rate differences -10 -15 2 13  15
Cash and cash equivalents at end of year 708 464 332 339   357