Cash flow, financing and investments

Full-year net cash flow from operations amounted to EUR 167.9 million (159.0), including the decrease of EUR 17.4 (24.0) million in net working capital. The decrease in net working capital was mainly attributable to a decrease in accounts receivable. Payments for restructuring amounted to about EUR 40.5 (37.3) million in the full year.

Tax payments declined to EUR 7.0 (18.8) million in the full year due to refunds of EUR 8.2 million in the second quarter and EUR 4.1 million in the fourth quarter in Finland.

Impact of acquisitions on cash flow in the full year was positive EUR 3.7 million (-1.7 in 2013).

Full-year capital expenditure totalled EUR 43.5 (71.7) million, of which paid EUR 43.0 (58.5) million. Capital expenditure, including EUR 1.1 million (3.4) in investments in shares, represented 2.9% (4.5) of net sales and was mainly related to data centres.

The equity ratio was 47.8% (49.3). Gearing decreased to -12.6% (3.0). Net debt totalled EUR -59.2 (15.5) million, including EUR 112.4 million in interest-bearing debt, EUR 0.3 million in finance lease liabilities, EUR 10.1 million in finance lease receivables, EUR 1.2 million in other interest-bearing receivables and EUR 160.6 million in cash and cash equivalents.

The EUR 100 million bond matures in May 2019 and it carries a coupon of fixed annual interest of 2.875%. Interest-bearing long-term loans amounted to EUR 100.8 million at the end of December. Interest-bearing short-term loans amounted to EUR 11.5 million, mainly related to joint venture cash pool balances and an agreement for software licence financing. The syndicated revolving credit facility of EUR 100 million maturing in May 2016 was not in use at the end of December.

Return on equity
Return on capital employed