Rottneros cash flow from operating activities amounted to 202 million Kronor 2010 (84 million 2009), corresponding to 1.33 Kronor per share (3.10). Interest-bearing net assets of 116 million Kronor were reported on 31 December 2010, compared with ten million at the beginning of the year.Rottneros' profit before tax for the fourth quarter amounted to 13 million Kronor. This reduction in profit compared with 64 million for the third quarter was, according to Rottneros CEO, Ole Terland, primarily due to the planned shutdown of production at Vallvik mill and the strengthening of the Swedish Krona. In addition to an increase in costs per se, the very high electricity prices in December meant that production at Rottneros mill had to stop at several occasions in December.Vallvik mill went ahead with its extended autumn shutdown during the fourth quarter, when new production equipment was connected. This had a direct effect on the result of around 35 million Kronor, all of which was charged to the last quarter of the year. As Papernet has reported in December, Rottneros approved the final investment phase for Vallvik mill just before Christmas, the aim of which is to reduce environmental impact and increase production capacity. This investment will be completed in conjunction with the autumn shutdown this year."This means that all of the major 'mandatory' investments at both of our mills - related to the environment or maintenance - will have been completed, and consequently there should be relatively low investment requirement over the next few years," Ole Terland said. "However, there may be investments in new products or to increase capacity."A new financing agreement has been concluded with Danske Bank, which enters into force on January 31. This agreement does not have any covenants, which entails a significant increase in Rottneros' operational freedom to act while reducing costs, according to Terland.The board proposes a dividend of 0.20 Kronor (0.00) per share.