Consolidated cash flow statement
Year Ended 31 December
EUR million Note 2017 2016
Cash Flow from Operating Activities
Net profit for the year 614 407
Result from the Statement of Other Comprehensive Income - -1
Adjustments and reversal of non-cash items:
Taxes 9 128 134
Depreciation and impairment charges 10 515 398
Change in value of biological assets 12 72 261
Change in fair value of share awards and TRS 10 -1
Share of results of equity accounted investments 13 -66 -156
Profits and losses on sale of fixed assets and investments 5 7 15
Net financial items 8 162 242
Other adjustments -7 -8
Dividends received from equity accounted investments 13 20 58
Interest received 3 12
Interest paid -143 -144
Other financial items, net -53 -48
Income taxes paid 9 -97 -92
Change in net working capital, net of businesses acquired or sold 37 283
Net Cash Provided by Operating Activities 1 202 1 360
Cash Flow from Investing Activities
Acquisition of shares in equity accounted investments 13 -9 -1
Acquisition of available-for-sale investments 14 -8 -2
Proceeds from disposal of subsidiary shares and business operations, net of disposed cash 4 -4 40
Proceeds from disposal of shares in equity accounted investments 13 5 26
Proceeds from disposal of available-for-sale investments 14 - 10
Proceeds from disposal of intangible assets and property, plant and equipment 11 45 220
Income taxes paid on disposal of property -15 -13
Capital expenditure 3, 11 -578 -707
Investment in biological assets 12 -80 -91
Proceeds from/payment of non-current receivables, net -52 64
Net Cash Used in Investing Activities -696 -454
Cash Flow from Financing Activities
Proceeds from issue of new long-term debt 425 368
Repayment of long-term debt -1 034 -781
Change in short-term borrowings 76 -46
Dividends paid -292 -260
Buy-out of interest in subsidiaries from non-controlling interests 19 - -46
Equity injections from, less dividends to, non-controlling interests 19 -1 -2
Purchase of own shares -3 -2
Net Cash Used in Financing Activities -829 -769
Net Change in Cash and Cash Equivalents -323 137
Translation adjustment -23 5
Net Cash and cash equivalents at beginning of year 949 807
Net Cash and Cash Equivalents at Year End 603 949
Cash and Cash Equivalents at Year End1 607 953
Bank Overdrafts at Year End -4 -4
Net Cash and Cash Equivalents at Year End 603 949
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.

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