Consolidated statement of cash flows - EUR (€) € in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities
Profit for the year		€ 679	€ 4,259	€ 1,645
Adjustments, total	[1]	2,559	(446)	1,713
Change in net working capital	[2]	(1,282)	(1,843)	(268)
Cash flows from operations		1,956	1,970	3,090
Interest received		178	65	41
Interest paid		(241)	(180)	(192)
Income taxes paid, net		(576)	(381)	(314)
Net cash flows from operating activities		1,317	1,474	2,625
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets		(652)	(601)	(560)
Proceeds from sale of property, plant and equipment and intangible assets		189	33	103
Acquisition of businesses, net of cash acquired		(19)	(20)	(33)
Proceeds from disposal of businesses, net of cash disposed		17	0	0
Purchase of interest-bearing financial investments		(1,855)	(3,595)	(1,845)
Proceeds from interest-bearing financial investments		3,382	2,397	398
Purchase of other non-current financial assets		(83)	(115)	(77)
Proceeds from other non-current financial assets		34	49	277
Other		30	(28)	(58)
Net cash flows from/(used in) investing activities		1,043	(1,880)	(1,795)
Cash flow from financing activities
Acquisition of treasury shares		(300)	(300)	0
Proceeds from long-term borrowings		496	8	17
Repayment of long-term borrowings		(798)	(2)	(927)
(Repayment of)/proceeds from short-term borrowings		(40)	27	(67)
Payment of principal portion of lease liabilities		(239)	(217)	(226)
Dividends paid		(621)	(353)	(9)
Net cash flows used in financing activities		(1,502)	(837)	(1,212)
Translation differences		(91)	19	133
Net increase/(decrease) in cash and cash equivalents		767	(1,224)	(249)
Cash and cash equivalents at 1 January		5,467	6,691	6,940
Cash and cash equivalents at 31 December		€ 6,234	€ 5,467	€ 6,691

[1] (1) Adjustments EURm 2023 2022 2021 Depreciation and amortization 1 087 1 140 1 095 Share-based payments 202 149 108 Impairment charges 25 152 40 Restructuring charges 316 125 183 Loss/(gain) from other non-current financial assets 56 (27) (188) Gain on sale of property, plant and equipment (143) (35) (59) Financial income and expenses 148 28 240 Income tax expense/(benefit) 825 (2 030) 273 Other adjustments, net 43 52 21 Total 2 559 (446) 1 713 Restructuring charges in adjustments represent the non-cash portion recognized in the consolidated income statement.

[2] (2) Change in net working capital EURm 2023 2022 2021 Decrease/(increase) in receivables 304 (451) 239 Decrease/(increase) in inventories 443 (991) (48) Decrease in non-interest-bearing liabilities (2 029) (401) (459) Total (1 282) (1 843) (268)