Cash fo w Oper atin g income before amortization amounted to M SEK 3 085 (3 385). Net in v es tments in non-current t an g ible and int an g ible assets amounted to M SEK -93 (-108). Chan g es in accounts receiv able w ere M SEK 206 (-723), sup - ported b y the repa yment of old outs t andin g accounts receiv ables from public sector cus tomer s in Spain. Chan g es in other oper at - in g capit al emplo y ed w ere M SEK 3 (-447). Cash fo w from oper atin g activities amounted to M SEK 3 201 (2 107), equiv alent to 104 percent (62) of oper atin g income before amortization. Financial income and e xpenses paid amounted to M SEK -532 (-475). Current t ax es paid amounted to M SEK -583 (-764). F ree cash fo w w as M SEK 2 086 (868), equiv alent to 105 per - cent (39) of adjus ted income . Cash fo w from in v es tin g activities, acquisitions and div es ti - tures, w as M SEK -677 (-1 882). Cash fo w from items afectin g compar abilit y w as M SEK -194 (-23), whereof M SEK -152 is related to the cos t sa vin g s progr am, M SEK -38 is related to o v ertime compensation in Spain and M SEK -4 is related to premises in G erman y . Cash fo w from fnancin g activities w as M SEK 1 222 (969). Cash fo w for the period w as M SEK 2 437 (-68). C ONDENSED S T A TE m ENT O f C AS h fL O W A C C ORDING T O S EC u RIT AS ’ f INANCIAL m ODEL M SEK 2012 2011 Oper atin g income before amortization 3 085.5 3 384.7 In v es tments in non-current t an g ible and int an g ible assets -1 039.2 -1 009.8 R e v er sal of depreciation 946.1 902.0 Net in v es tments in non-current t an g ible and int an g ible assets -93.1 -107.8 Chan g e in accounts receiv able 205.4 -722.6 Chan g e in other oper atin g capit al emplo y ed 3.0 -446.9 Cash fo w from oper atin g activities 3 200.8 2 107.4 C ash fo w from operating activitie s, % 104 62 f inancial income and e xpenses paid -531.9 -475.1 Current t ax es paid -583.3 -763.9 F ree cash fo w 2 085.6 868.4 F ree cash fo w , % 105 39 Cash fo w from in v es tin g activities, acquisitions and div es titures -677.3 -1 882.0 Cash fo w from items afectin g compar abilit y -193.8 -23.7 Cash fo w from fnancin g activities 1 222.7 968.9 Cash fo w for the y ear 2 437.2 -68.4 Securit as ’ fnancial model is described on pa g es 50–51. n n n Oper atin g items. n n n Net debt -related items. n n n G oodwill, t ax es and non-oper atin g items. Capit al emplo y ed and fnancin g Capit al emplo y ed The Group ’ s oper atin g capit al emplo y ed w as M SEK 2 580 (3 145) correspondin g to 4 percent of sales (5), adjus ted for the full y ear sales fgures of acquired units. Acquisitions increased oper atin g capit al emplo y ed b y M SEK 75 durin g the period. The annual impairment tes t of all Cash G ener atin g u nits (C GU), which is required under IFRS , took place durin g the thir d quarter 2012 in con junction with the business plan process for 2013. As a result of this, a decision w as made to recogniz e impairment losses of g oodwill and other acquisition related int an- g ible assets amountin g to M SEK -26 in Securit y Ser vices M ontene gro . In 2011, no impairment losses w ere recogniz ed. Acquisitions increased consolidated g oodwill b y M SEK 262. Adjus ted for the abo v e described impairment of which M SEK -16 is at tribut able to g oodwill, as w ell as ne gativ e tr anslation difer - ences of M SEK -698, tot al g oodwill for the Group amounted to M SEK 14 275 (14 727). Acquisitions ha v e increased acquisition related int an g ible assets b y M SEK 283. After amortization of M SEK -271 and the abo v e described impairment of which M SEK -10 is at tribut able to acquisition related int an g ible assets, as w ell as ne gativ e tr ansla - tion diferences of M SEK -74, acquisition related int an g ible assets amounted to M SEK 1 502 (1 574). The Group ’ s tot al capit al emplo y ed w as M SEK 18 465 (19 554). The tr anslation of foreign capit al emplo y ed to S w edish kronor decreased the Group ’ s capit al emplo y ed b y M SEK -915. The return on capit al emplo y ed w as 14 percent (17). Financin g The Group ’ s net debt amounted to M SEK 9 865 (10 349). Acqui - sitions and acquisition related pa yments increased the Group ’ s net debt b y M SEK 677, of which purchase price pa yments accounted for M SEK 546, assumed net debt for M SEK 33 and acquisition related cos ts paid accounted for M SEK 98. The Group ’ s net debt decreased b y M SEK -354 due to the tr anslation of net debt in foreign currenc y to S w edish kronor . A dividend of M SEK 1 095 (1 095) w as paid to the sharehold - er s in M a y 2012. 60 Securit as Annual R eport 2012 Annual R eport R eport of the Boar d of Director s