Liabilities and Equity
Net debt at year end 2014 amounted to USD 2,190 million and decreased by USD 239 million from year end 2013. Taking investing activities into account, cash flow from operating activities amounted to USD 146 million which accounts for the decrease of net debt. Furthermore, currency exchange difference due to liabilities in other currencies than USD has an effect. The Company’s equity increased during the year and was USD 1,705 million at year end. The equity ratio also increased and was 39.9% at year-end 2014 compared to 36.3% at year-end 2013.