Operating cash flow after investments in 2014 increased and amounted to SEK 6,631m (2,412). Higher earnings, a significant improvement of the cash flow from working capital and lower capital expenditure impacted the cash flow for 2014. The Group’s ongoing activities to operationally and structurally reduce working capital contributed to the favorable development of operating cash flow.
Cash payments for the ongoing restructuring and cost-cutting programs amounted to approximately SEK 1,026m in 2014.
| 10 | 11 | 12 | 13 | 14 | |
| Operating cash flow after investments | 5357 | 3407 | 5273 | 2412 | 6631 |
Operating cash flow after investments increased to SEK 6,631m (2,412).
| SEKm | 2013 | 2014 |
|---|---|---|
| EBITDA1) | 7,616 | 8,544 |
| Change in operating assets and liabilities | –675 | 1,777 |
| Operating cash flow | 6,941 | 10,321 |
| Investments in fixed assets2) | –4,529 | –3,690 |
| Operating cash flow after investments | 2,412 | 6,631 |
| Restructuring payments | –603 | –1,026 |
| Acquisitions and divestments of operations | –205 | –69 |
| Operating cash flow after structural changes | 1,604 | 5,536 |
| Financial items paid, net | –540 | –488 |
| Taxes paid | –1,343 | –985 |
| Free cash flow3) | –279 | 4,063 |
| Dividend | –1,860 | –1,861 |
| Total cash flow, excluding change in loans and short–term investments | –2,139 | 2,202 |
1) Operating income excluding items affecting comparability plus depreciation and amortization plus other non-cash items.
2) Investments excluding acquisitions and divestments of operations.
3) Cash flow from operations and investments.
Capital expenditure in property, plant and equipment in 2014 amounted to SEK 3,006m (3,535). Capital expenditure corresponded to 2.7% (3.2) of net sales. Investments in 2014, mainly related to investments within manufacturing facilities for efficiencies, new products and production capacity.
| 10 | 11 | 12 | 13 | 14 | |
| Capital expenditure | 3617 | 3537 | 4567 | 3977 | 3361 |
| Depreciation and amortization | 3328 | 3173 | 3251 | 3356 | 3671 |
Capital expenditure in 2014 including product development amounted to SEK 3,361m (3,977).
| SEKm | 2013 | 2014 |
|---|---|---|
| Major Appliances | ||
| Europe, Middle East and Africa | 1,294 | 977 |
| % of net sales | 3.9 | 2.8 |
| North America | 855 | 853 |
| % of net sales | 2.7 | 2.5 |
| Latin America | 742 | 535 |
| % of net sales | 3.6 | 2.7 |
| Asia/Pacific | 267 | 349 |
| % of net sales | 3.1 | 4.0 |
| Small Appliances | 225 | 162 |
| % of net sales | 2.5 | 1.9 |
| Professional Products | 76 | 75 |
| % of net sales | 1.4 | 1.2 |
| Other | 76 | 55 |
| Total | 3,535 | 3,006 |
| % of net sales | 3.2 | 2.7 |
Costs for research and development in 2014, including capitalization of SEK 355m (442), amounted to SEK 2,872m (2,739) corresponding to 2.6% (2.5) of net sales.
For definitions, see Note 30.