Annual Report 2014 | Suomeksi |

 

 

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Additional cash flow information
Change in working capital
EUR million 2014 2013
Change in interest‑free receivables, decrease(+)/increase(‑) ‑82 92
Change in inventories, decrease(+)/increase(‑) ‑13 24
Change in interest‑free liabilities, decrease(‑)/increase(+) 49 ‑37
Total ‑46 79
Negative effect from change in working capital during 2014, EUR ‑46 million (2013: +79).
Capital expenditure
EUR million Note 2014 2013
Capital expenditure 5, 18, 19 774 1,005
Change in not yet paid investments, decrease(+)/increase(‑) 41 60
Capitalised borrowing costs ‑47 ‑60
Capital expenditure in cash flow 768 1,004
Capital expenditure in intangible assets and property, plant and equipment in the balance sheet was EUR 774 million (2013: 1,005). Capital expenditure in cash flow EUR 768 million (2013: 1,004) is presented without not yet paid investments i.e. change in trade payables related to investments EUR 41 million (2013: 60) and capitalised borrowing costs EUR ‑47 million (2013: ‑60), which are presented in interest paid.
See also information about the investments by segments and countries in Note 5 Segment reporting
and the investment projects by segment in Note 19.2 Capital expenditure.
Acquisition of shares in cash flow
Acquisition of shares, net of cash acquired, amounted to EUR 69 million during 2014 (2013: 15).
Divestments of shares in cash flow
EUR million Note 2014 2013
Proceeds from sales of subsidiaries, net of cash disposed 8 2,750 22
Proceeds from interest‑bearing receivables from sold subsidiaries 131 22
Proceeds from sales of associates 8, 20 311 100
Proceeds from available for sale financial assets 1 0
Total 3,193 144
Gross divestment of shares totalled EUR 3,196 million in 2014 (2013: 142) including interest‑bearing debt in sold subsidiaries of EUR 131 million (2013: 22). Proceeds from divestments of shares totalled EUR 3,193 million in 2014 (2013: 144).
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