Cash-flow statements

May 1 – April 30		Group			Parent Company
SEK 000s	Note	2005/06	2006/07	2007/08	2005/06	2006/07	2007/08

OPERATING ACTIVITIES

Profit before tax		180,958	221,108	132,739	176,106	224,067	133,242
Adjustment for non-cash flow items	26	20,670	27,634	36,621	12,171	26,217	41,909
		201,628	248,742	169,360	188,277	250,284	175,151
Tax paid		– 29,161	– 56,348	– 60,674	– 28,193	– 55,584	–61,662
Cash flow from operating activities before changes in working capital		172,467	192,394	108,686	160,084	194,700	113,489

Changes in working capital
Inventories		– 68,535	– 3,729	– 71,283	– 60,282	11,421	–49,414
Operating receivables		– 6,184	2,669	– 7,584	– 32,549	– 40,593	–45,470
Non-interest-bearing liabilities		20,701	8,175	– 5,579	15,284	– 1,845	–5,451
Cash flow from operating activities	28	118,449	199,509	24,240	82,537	163,683	13,154

Investing activities
Acquisition of subsidiary/operation	29	– 71,591	– 186,304	– 1,670	– 16,331	– 29,163	–2,736
Acquisition of intangible fixed assets		– 2,985	– 9,364	– 9,751	– 7,152	– 51,700	–10,113
Divestment of intangible fixed assets		—	—	—	—	—	—
Acquisition of tangible fixed assets		– 30,742	– 47,246	– 57,187	– 23,865	– 24,544	–37,045
Divestment of tangible fixed assets		—	226	2,000	—	221	2,000
Acquisition of financial fixed assets		—	– 85	—	– 32,119	– 125,083	—
Divestment of financial fixed assets		28	—	216	—	—	649
Cash flow from investing activities		– 105,290	– 242,773	– 66,392	– 79,467	– 230,269	–47,245
Cash flow after investing activities		13,159	– 43,264	– 42,152	3,070	– 66,586	–34,091

Financing activities
New share issue		69,339	—	25,796	69,339	—	25,796
Loans raised		—	52,430	172,471	—	58,795	172,471
Amortized loans		– 5,676	—	– 39,768	—	—	– 32,500
Dividends paid to Parent Company’s shareholders		– 19,944	– 65,841	– 142,286	– 19,944	– 65,841	–142,286
Cash flow from financing activities		43,719	– 13,411	16,213	49,395	– 7,046	23,481

Cash flow for the year		56,878	– 56,675	– 25,939	52,465	– 73,632	–10,610
Cash and cash equivalents at the beginning of the year		56,685	113,610	56,681	51,311	103,776	30,144
Exchange-rate difference in cash and cash equivalents		47	– 254	748
Cash and cash equivalents from merged subsidiaries			—	—	—
Cash and cash equivalents at the end of the year		113,610	56,681	31,490	103,776	30,144	19,534

Unutilized lines of credits
Granted, but unutilized lines of credit		40,930	27,751	71,801	40,000	21,205	58,734

Change in net loan debt
Net loan debt at beginning of the year		– 36,470	– 95,209	15,991	– 51,311	– 103,776	28,651
Net loan debt from merged subsidiary					—	—	—
Change in interest-bearing liabilities		– 1,814	54,271	132,823	—	58,795	139,971
Change in cash and cash equivalents		– 56,925	56,929	25,191	– 52,465	73,632	10,610
Net loan debt at the end of the year		– 95,209	15,991	174,005	– 103,776	28,651	179,232