Financial performance
CONSOLIDATED STATEMENT OF CASH FLOWS
(NOK million) 2020 2019
Cash flow from operating activities
Operating profit 3 489 2 320
Adjustments to reconcile operating profit to net cash flows:
Share of profit from associates and joint ventures -746 -497
Dividend paid from associates and joint ventures 559 556
Depreciation, amortisation and impairment 824 810
Change in accruals, provisions and other -290 36
Working capital adjustments:
Change in trade and other receivables 287 -147
Change in trade payables 220 84
Change in inventories -48 11
Cash generated from operating activities 4 294 3 173
Interest received 31 33
Interest paid -185 -236
Other financial items -117 -39
Income tax payments -752 -484
Net cash flow from operating activities 3 272 2 448
Cash flows used for investing activities
Proceeds from sale of property, plant and equipment 18 13
Purchase of property, plant and equipment -1 296 -1 176
Purchase of intangible assets -111 -288
Share capital increase in non-controlling interests 22 20
Net cash flow used for investing activities -1 367 -1 431
Cash flows from financing activities
Proceeds from borrowings 1 020 1 980
Repayment of borrowings -1 036 -1 491
Payment of principal portion of lease liabilities -138 -150
Dividend paid to equity holders of the parent company -547 -428
Dividend paid to non-controlling interests -79 -58
Net cash flow from financing activities -780 -147
Net increase / decrease (-) in cash and cash equivalents 1 125 870
Net currency translation effect -72 21
Cash and cash equivalents as of 1 January 1 903 1 012
Cash and cash equivalents as of 31 December 2 956 1 903
78 I Jotun Group Report 2020