annual-and-sustainability-report-2014

Consolidated accountsComments on the consolidated statement of cash flowsFunds from operations (FFO)Funds from operations (FFO) increased by SEK 0.2 billion to SEK 32.1 billion.Change in operating assets and operating liabilities (working capital)Cash flow from changes in working capital amounted to SEK 8.0 billionduring 2014 (6.0). This is mainly attributable to changes in margin calls(SEK 2.6 billion), a change in inventories (SEK 1.1 billion), and a net change inoperating receivables and operating liabilities (SEK 4.3 billion).Cash flow from investing activitiesCash flow from investing activities amounted to SEK -17.5 billion in 2014(-27.1). Total investments during the year amounted to SEK 29.0 billion(27.8). In 2014, divestments of assets led to net cash flow of SEK 11.6billion.Amounts in SEK million 2014 2013Maintenance/replacement investments 16,912 14,264Growth investments 1 12,120 13,497– of which, shares -212 26Total investments 29,032 27,761Total divestments 12,054 651– of which, shares 8,875 2711) Investments in new capacity.Specification of investmentsAmounts in SEK million 2014 2013Electricity generationHydro power 1,441 1,300Nuclear power 3,674 2,993Coal power 5,282 4,367Gas 188 1,622Wind power 6,522 4,095Biomass, waste 14 14Other 753 1,280Total electricity generation CHP/heat 17,874 15,671Fossil-based power 2,110 1,699Biomass, waste 297 377Other 1,312 1,022Total CHP/heat Electricity networks 3,719 3,098Electricity networks 5,057 4,571Total electricity networks 5,057 4,571Purchases of shares -137 -15Other, excl. purchases of shares 2,519 4,436Total 29,032 27,761Cash flow from financing activitiesCash flow from financing activities amounted to SEK -26.5 billion (-13.1).Repayment of loans amounted to SEK 29.0 billion.Vattenfall Annual and sustainability report 2014 81