Annual Report 2014

Financial position

The Group’s cash flow from operating activities improved, amounting to EUR 93.2 (81.4) million before investments. The Group spent EUR 46.6 (40.8) million on investments and acquisitions. Business divestments had a positive effect of EUR 0.7 million on cash flow.

At the end of the year, the Group’s liquid assets totaled EUR 186.7 (166.5) million, and unused credit facilities stood at EUR 150.0 (120.0) million. The Group’s interest-bearing liabilities were EUR 295.5 (305.1) million. Equity ratio was 45.9% (47.5%), and gearing was 17.2% (21.1%).