Additional cash flow information

Change in working capital            
 
EUR million Q2 2012 Q2 2011 Q1-Q2
2012
Q1-Q2
2011
2011 Last
twelve
months
Change in interest-free receivables, decrease (+)/increase (-) 314 389 251 472 266 45
Change in inventories, decrease (+)/increase (-) 8 -96 62 -21 -143 -60
Change in interest-free liabilities, decrease (-)/increase (+) -213 -216 -226 -283 -22 35
Total 109 77 87 168 101 20
             
Positive effect from change in working capital during Q1-Q2 2012, EUR 87 million (Q1-Q2 2011: 168) is mainly due to decrease of inventories.
             
Capital expenditure in cash flow            
 
EUR million Q2 2012 Q2 2011 Q1-Q2
2012
Q1-Q2
2011
2011 Last
twelve
months
Capital expenditure 343 366 561 533 1,408 1,436
Change in not yet paid investments -19 -57 53 -6 -70 -11
Capitalised borrowing costs -19 -12 -37 -24 -53 -66
Total 305 297 577 503 1,285 1,359
             
Capital expenditures for intangible assets and property, plant and equipment were EUR 561 million (Q1-Q2 2011: 533). Capital expenditure in cash flow EUR 577 million (Q1-Q2 2011: 503) is without not yet paid investments i.e. change in trade payables related to investments EUR -53 million (Q1-Q2 2011: 6) and capitalised borrowing costs EUR 37 million (Q1-Q2 2011: 24), which are presented in interest paid.
             
Acquisition of shares in cash flow            
 
EUR million Q2 2012 Q2 2011 Q1-Q2
2012
Q1-Q2
2011
2011 Last
twelve
months
Acquisition of subsidiaries, net of cash acquired 3 - 3 19 44 28
Acquisition of associates 1) 0 0 0 0 16 16
Acquisition of available for sale financial assets 2) 0 1 0 1 2 1
Total 3 1 3 20 62 45
1) Acquisition of associates includes share issues and other capital contributions.
2) Available for sale financial assets are presented under Other non-current assets in the Balance sheet.
 
Acquisition of shares in subsidiaries, net of cash acquired

EUR million
Q2 2012 Q2 2011 Q1-Q2
2012
Q1-Q2
2011
2011 Last
twelve
months
Gross investments of shares 5 - 5 22 47 30
Changes in not yet paid acquisitions - - - -2 -2 -
Interest bearing debt in acquired subsidiaries -2 - -2 -1 -1 -2
Total 3 - 3 19 44 28
             
             
Acquisition of shares in associates

EUR million
Q2 2012 Q2 2011 Q1-Q2
2012
Q1-Q2
2011
2011 Last
twelve
months
Gross investments of shares 0 0 0 16 25 9
Changes in not yet paid acquisitions 0 - 0 -16 -9 7
Total 0 0 0 0 16 16
             
Divestment of shares in cash flow            
             
EUR million Q2 2012 Q2 2011 Q1-Q2
2012
Q1-Q2
2011
2011 Last
twelve
months
Proceeds from sales of subsidiaries, net of cash disposed 0 2 126 112 117 131
Proceeds from sales of associates 3 326 6 333 375 48
Total 3 328 132 445 492 179

Gross divestment of shares in subsidiaries totalled EUR 295 million in Q1-Q2 2012 (Q1-Q2 2011: 532) including interest-bearing debt in sold subsidiaries of EUR 169 million (Q1-Q2/2011: 90), see Note 7. Proceeds from divestments of shares totalled EUR 132 million inĀ Q1-Q2 2012 (Q1-Q2 2011: 445) including EUR 79 million related to divestment of certain heat businesses in Finland and Estonia (Fortum Energiaratkaisut Oy and Fortum Termest AS) and EUR 34 million related to divestment of small hydropower plants in Finland.