Cash flow and capital expenditure
The consolidated cash flow from operating activities before capital expenditure was EUR 81.9 (93.2) million.
Capital expenditure amounted to EUR 55.9 (46.6) million. The Group invested in vehicles, production projects, and parcel points during the year. Investments were also made in terminal improvement projects and the transport fleet.
Proceeds from divestments totaled EUR 136.4 (2.6) million. The most significant divestment was a real estate sale on April 22, 2015, where Posti Group sold and leased back its postal centers in Tampere, Kuopio, and Oulu, as well as its warehouse in Tuusula and the freight terminal in Pirkkala that is estimated to be completed in late 2016.
At the end of the year, liquid assets totaled EUR 257.0 (186.7) million, and undrawn committed credit facilities amounted to EUR 150.0 (150.0) million. The Group’s interest-bearing liabilities were EUR 290.3 (295.5) million. The equity ratio was 47.8% (45.9%), and gearing was -10.5% (17.2%).