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Financing

Key items in the Group cash flows:

 M€

1-12/2013

1-12/2012

1-12/2011

Net cash flow from operations

106.5

112.8

99.2

Net cash flow from investments

-27.4

-75.3

-222.9

Net cash flow from financing

-90.1

-34.4

123.6

Change in cash and cash equivalents

-11.0

3.2

-0.1

Cash and cash equivalents, start of period

30.1

26.4

27.0

Impact of changes in exchange rates

-0.2

0.5

-0.4

Cash and cash equivalents, end of period

18.8

30.1

26.4

Full calculations of cash flows are presented in the financial statements.

Interest-bearing debt amounted to EUR 1,788.8 (1,736.2) million and the average maturity of loans was 2,5 (2,8) years. The average interest rate was 3.2 (3.4) per cent including interest derivatives. Fixed-rate and interest-hedged loans accounted for 79 (72) per cent of the loan portfolio. The average interest bearing period of the debt portfolio was 2.3 (1.9) years. The interest cover ratio, which reflects solvency, was 3.1 (2.8). Sponda’s equity ratio stood at 40.7 (41.2) per cent and the gearing ratio was 125.6 (117.9) per cent.

Sponda Group’s debt portfolio on 31 December 2013 comprised EUR 605 million in syndicated loans, EUR 473 million in bonds, EUR 256 million in issued commercial papers, and EUR 454 million in loans from financial institutions. Sponda had EUR 510 million in unused credit limits. Sponda Group had mortgaged loans of EUR 144.8 million, or 4.2% of the consolidated balance sheet. Net financing costs for the period totalled EUR -59.8 (-58.8) million. Financial income and expenses include EUR -0.9 (4.8) million in unrealised change in the fair value of derivatives. Excluding the aforementioned change in fair value, financial income and expenses totalled EUR -58.9 (-63.5) million.

Sponda applies hedge accounting to those interest derivatives that meet the criteria for hedge accounting. Changes in the fair value of interest derivatives that fall under hedge accounting are recognised in equity on the balance sheet. Changes in the fair value of other interest derivatives and currency options are recorded on the income statement