Parent company's cash flow statement, FAS

EUR million	1–12/2015	1–12/2014
Cash flow from operating activities
Profit before non-recurring items	129.1	2.7
Adjustments:
Depreciation according to plan and impairment	0.7	0.7
Financial income and expenses	-130.7	-4.1
Other adjustments	-0.3	0.0
Cash flow from operating activities before change in working capital	-1.2	-0.7
Change in working capital:
Change in sales receivables and other receivables	0.4	-0.7
Change in accounts payable and other liabilities	0.1	-0.1
Cash flow from operating activities before financial items, provisions and taxes	-0.8	-1.6

Interest paid and payments on other operational financial costs	-4.2	-2.8
Financial income from operating activities	0.8	0.8
Direct taxes paid	-6.9	-5.0
Cash flow from operating activities	-11.1	-8.5

Cash flow from investing activities
Investments in tangible and intangible assets		-0.2
Capital gains from the disposal of tangible and intangible assets	0.1
Capital gains on other investments	0.2
Long-term loans granted	-179.1
Repayments on long-term loan receivables	0.1
Subsidiary shares acquired *)		-1.0
Subsidiary shares divested *)		4.2
Participating interests divested		0.6
Capital gains from financial securities	4.1
Interest and dividends received on investments	133.1	6.2
Cash flow from investing activities	-41.6	9.8

Cash flow from financing activities
Repayments on long-term loans	-0.4	-0.4
Withdrawals of short-term loans	317.0	196.1
Repayments on short-term loans	-264.6	-200.2
Dividends paid	-22.2	-16.3
Group contributions received	25.0	16.7
Cash flow from financing activities	54.7	-4.1

Change in cash and cash equivalents	2.1	-2.9

Cash and cash equivalents at beginning of period	0.9	3.8
Cash and cash equivalents at end of period	3.0	0.9

*) Purchased and sold shares less cash at the time of acquisition.