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ePaper created 2015-05-06, 08:22:31 | version 1.38.0
43 Consolidated financial statements. The financial position remained positive in 2014. The Group’s equity ratio was 62.9 percent, only slightly under the previous year’s figure, while liquidity reserves rose by €29.9 million over the course of the year. The main areas of capital expenditure, which was down by 19 percent year on year, were the expansion of our business groups and operating facilities and the automation and modernization of production. This has laid the foundations for the targeted development of the Group’s business units and a strengthening of its market position.