Cash flows and net debt

Operating activities in 2015 resulted in cash inflows of €1,136 million (2014: €811 million). The change was mainly due to higher profit for the period and improved working capital, partly offset by higher cash outflow from restructuring programs.

In Q1, a €621 million bond was repaid from existing resources.

Net debt at year-end 2015 was lower at €1,226 million compared with year-end 2014 (€1,606 million). During Q4 2015, net debt decreased to €1,226 million (Q3 2015: €1,727 million), mainly due to higher profit for the period and reduction of working capital.