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Financial position

The Group’s cash flow from operating activities decreased, amounting to EUR 81.3 (118.9) million before investments. The Group spent EUR 40.8 (115.0) million on investments and acquisitions. Divestments had a positive effect of EUR 12.5 million on cash flow.

At the end of 2013, the Group’s liquid assets totaled EUR 166.5 (148.3) million, and unused credit facilities stood at EUR 120.0 (120.0) million. The Group’s interest-bearing liabilities were EUR 305.1 (324.8) million. Its equity ratio was at 47.5% (46.2%), and gearing was 21.1% (23,5%).