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| Consolidated cash flow statement | |||
| Year Ended 31 December | |||
| EUR million | Note | 2016 | 2015 |
| Cash Flow from Operating Activities | |||
| Net profit for the year | 407 | 783 | |
| Result from the Statement of Other Comprehensive Income | -1 | -11 | |
| Adjustments and reversal of non-cash items: | |||
| Taxes | 9 | 134 | 31 |
| Depreciation and impairment charges | 10 | 398 | 763 |
| Change in value of biological assets | 12 | 261 | 89 |
| Change in fair value of share awards and TRS | -1 | 6 | |
| Share of results of equity accounted investments | 13 | -156 | -519 |
| Profits and losses on sale of fixed assets and investments | 5 | 15 | 1 |
| Net financial items | 8 | 242 | 245 |
| Other adjustments | -8 | -16 | |
| Dividends received from equity accounted investments | 13 | 58 | 32 |
| Interest received | 12 | 18 | |
| Interest paid | -144 | -191 | |
| Other financial items, net | -48 | -78 | |
| Income taxes paid | 9 | -92 | -78 |
| Change in net working capital, net of businesses acquired or sold | 283 | 141 | |
| Net Cash Provided by Operating Activities | 1 360 | 1 216 | |
| Cash Flow from Investing Activities | |||
| Acquisition of shares in equity accounted investments | 13 | -1 | -1 |
| Acquisition of available-for-sale investments | 14 | -2 | -14 |
| Capital expenditure | 3, 11 | -707 | -879 |
| Investment in biological assets | 12 | -91 | -77 |
| Proceeds from disposal of subsidiary shares and business operations, net of disposed cash | 4 | 40 | -10 |
| Proceeds from disposal of shares in equity accounted investments | 13 | 26 | - |
| Proceeds from disposal of available-for-sale investments | 14 | 10 | - |
| Proceeds from disposal of intangible assets and property, plant and equipment | 11 | 220 | 27 |
| Income taxes paid on disposal of property | -13 | - | |
| Proceeds from non-current receivables, net | 64 | 5 | |
| Net Cash Used in Investing Activities | -454 | -949 | |
| Cash Flow from Financing Activities | |||
| Proceeds from issue of new long-term debt | 368 | 435 | |
| Repayment of long-term debt | -781 | -1 181 | |
| Change in short-term borrowings | -46 | 46 | |
| Dividends paid | -260 | -237 | |
| Buy-out of interest in subsidiaries from non-controlling interests | 19 | -46 | - |
| Equity injections from, less dividends to, non-controlling interests | 19 | -2 | 10 |
| Purchase of own shares | -2 | -6 | |
| Net Cash Used in Financing Activities | -769 | -933 | |
| Net Change in Cash and Cash Equivalents | 137 | -666 | |
| Translation adjustment | 5 | 29 | |
| Net Cash and cash equivalents at beginning of year | 807 | 1 444 | |
| Net Cash and Cash Equivalents at Year End | 949 | 807 | |
| Cash and Cash Equivalents at Year End1 | 953 | 808 | |
| Bank Overdrafts at Year End | -4 | -1 | |
| Net Cash and Cash Equivalents at Year End | 949 | 807 | |
| 1 Cash and cash equivalents comprise cash-in-hand, deposits held at call with banks and other liquid investments with original maturity of less than three months. Bank overdrafts are included in current liabilities. | |||
| The accompanying Notes are an integral part of these Consolidated financial statements. | |||