Capital expenditure

Capital expenditure

Capital expenditure, including an acquisition of 3F and an EUR 4 million investment into PVO shares, increased 47% to EUR 197.5 million (134.1) in 2013.

Capex (excl. the 3F acquisition and investment into PVO shares) was EUR 134.8 million (134.1) in 2013 and can be broken down as follows: expansion capex 52% (44%), improvement capex 26% (29%), and maintenance capex 22% (27%). Expansion investments were mainly focused on the greenfield sites Nanjing, Dormagen and Tarragona. Prior to the launch of the “Fit for Growth” restructuring program in July 2012, the number of Kemira’s manufacturing sites was 74. Including the decided closures of manufacturing sites related to the “Fit for Growth” program, as well as acquisitions and divestments announced in 2013, the number of Kemira’s manufacturing sites has decreased from 74 to 59. Maintenance and improvement capex decreased due to the site closures.

In JanuaryDecember 2013, the Group’s depreciation and impairments decreased to EUR 99.3 million (146.8). Comparable period in 2012 included non-recurring impairments and write-downs of EUR 53 million mainly related to “Fit for Growth” restructuring program.