Investments

Capital expenditures in 2012 were financed primarily with own funds. In addition, to a small extent the Group used external financing in the form of investment loans, other forms of loans and leases.

During the next 12 months, the financing structure is not expected to change significantly, provided that cash flows are maintained at similar levels. The amount of cash available to the Group allows it to execute its assumed investment projects. However, it is planned to increase the involvement of third party capital in the process of financing of certain investments.