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.