Operating cash flow after investments in 2015 increased and amounted to SEK 7,492m (6,631). A significant improvement of the cash flow from working capital impacted the cash flow for 2015. The Group’s ongoing activities to operationally and structurally reduce working capital contributed to the favorable development of the cash flow.
The majority of the costs of SEK 2,059m related to the not completed acquisition of GE Appliances has also had a negative impacted on operating cash flow after investments, see page 91.
| 11 | 12 | 13 | 14 | 15 | |
| Operating cash flow after investments | 3407 | 5273 | 2412 | 6631 | 7492 |
Operating cash flow after investments increased to SEK 7,492m (6,631).
| SEKm | 2014 | 2015 |
|---|---|---|
| EBITDA1) | 8,544 | 7,241 |
| Change in operating assets and liabilities | 1,777 | 3,563 |
| Operating cash flow | 10,321 | 10,804 |
| Investments in fixed assets2) | –3,690 | –3,312 |
| Operating cash flow after investments | 6,631 | 7,492 |
| Restructuring payments | –1,026 | –747 |
| Acquisitions and divestments of operations | –69 | –91 |
| Operating cash flow after structural changes | 5,536 | 6,654 |
| Financial items paid, net3) | –488 | –513 |
| Taxes paid | –985 | –1,277 |
| Free cash flow4) | 4,063 | 4,864 |
| Dividend | –1,861 | –1,870 |
| Total cash flow, excluding change in loans and short–term investments | 2,202 | 2,994 |
1) Operating income plus depreciation and amortization, restructuring provisions and other non-cash items.
2) Investments excluding acquisitions and divestments of operations.
3) Interest and similar items received SEK 134m (140), interest and similar items paid SEK –364m (–553) and other financial items SEK –283m (–75).
4) Cash flow from operations and investments.
Capital expenditure in property, plant and equipment in 2015 amounted to SEK 3,027m (3,006). Capital expenditure corresponded to 2.5% (2.7) of net sales. Investments in 2015, mainly related to investments within manufacturing facilities for efficiencies and new products.
| 11 | 12 | 13 | 14 | 15 | |
| Capital expenditure | 3537 | 4567 | 3977 | 3361 | 3386 |
| Depreciation and amortization | 3173 | 3251 | 3356 | 3671 | 3936 |
Capital expenditure in 2015 including product development amounted to SEK 3,386m (3,361).
| SEKm | 2014 | 2015 |
|---|---|---|
| Major Appliances | ||
| Europe, Middle East and Africa | 977 | 1,044 |
| % of net sales | 2.8 | 2.8 |
| North America | 853 | 832 |
| % of net sales | 2.5 | 1.9 |
| Latin America | 535 | 601 |
| % of net sales | 2.7 | 3.2 |
| Asia/Pacific | 349 | 274 |
| % of net sales | 4.0 | 3.0 |
| Small Appliances | 162 | 134 |
| % of net sales | 1.9 | 1.5 |
| Professional Products | 75 | 98 |
| % of net sales | 1.2 | 1.5 |
| Other | 55 | 44 |
| Total | 3,006 | 3,027 |
| % of net sales | 2.7 | 2.5 |
Costs for research and development in 2015, including capitalization of SEK 359m (355), amounted to SEK 3,210m (2,872) corresponding to 2.6% (2.6) of net sales.