CONSOLIDATED CASH FLOW STATEMENT (1 000 €) | 1.1.-31.12.2015 | 1.1.-31.12.2014 | ||||
Cash flow from operating activities | ||||||
Operating profit | 65,366 | 90,378 | ||||
Adjustments to operating profit 1) | 92,014 | 97,641 | ||||
Changes in net working capital | -21,759 | 12,588 | ||||
Interest received | 1,912 | 2,929 | ||||
Interest paid and payments for other financial expenses | -5,836 | -5,116 | ||||
Dividends received | 152 | 320 | ||||
Income taxes paid | -6,757 | -2,726 | ||||
Net cash from operating activities | 125,092 | 196,013 | ||||
Cash flow from investing activities | ||||||
Capital expenditure on fixed assets | -91,022 | -125,884 | ||||
Disposal of fixed assets | 22,082 | 30,620 | ||||
Change in holdings in associated companies 2) | 6,544 | 0 | ||||
Subsidiaries sold 3) | -4,842 | 0 | ||||
Change in other long-term investments | 15,315 | -4,294 | ||||
Change in long-term receivables | 71 | 256 | ||||
Net cash from investing activities | -51,853 | -99,302 | ||||
Cash flow before financing activities | 73,239 | 96,711 | ||||
Cash flow from financing activities | ||||||
Change in long-term liabilities | 385 | -303 | ||||
Change in short-term liabilities | 20 | -88 | ||||
Dividends paid | -100,003 | -30,000 | ||||
Dividends paid to minority interests | -413 | -626 | ||||
Net cash from financing activities | -100,012 | -31,018 | ||||
Change in cash and cash equivalents | -26,773 | 65,693 | ||||
Cash and cash equivalents 1.1. | 330,996 | 265,303 | ||||
Cash and cash equivalents 31.12. | 304,223 | 330,996 | ||||
1) Planned depreciations, other non-cash flow items and items showed elsewhere in cash flow. | ||||||
2) VR Track Oy sold the welding and turnout business areas to Vossloh Group in the end of June 2015. Together with Vossloh Group VR Track Oy established two associated companies, Vossloh Rail Services Finland Oy and Vossloh Cogifer Finland Oy, to run these business areas. VR Track Oy owns 40 % of these companies at year end 2015. | ||||||
3) Subsidiaries sold less cash and cash equivalents at time of sales. |