Toggle main navigation Section navigation Investors Financial information Investments Investments EUR million 2020 2019 2018 2017 2016 2015 2014 2013 (carve-out) Cash flow provided by operating activities 532 295 284 291 246 78 236 -43 Gross capital expenditure, excluding acquisitions 89 79 79 66 60 44 46 54 of which share of maintenance investments, % 36% 77% 47% 56% 67% 82% 80% 76% Proceeds from sale of fixed assets 1 6 6 2 2 3 4 4 Business combinations, net of cash acquired and loan repayments -48 -163 -2 - - -323 - -3 Cash flow after investments -60 58 208 227 188 -287 -194 -97 Gross capital expenditure, excluding business acquisitions, by area (EUR million) Pulp Complete pulp mills Chemical pulping Wood handling Cooking and fiber line Pulp drying and baling Chemical recovery Air emission control New value-adding processes Dissolving pulping Mechanical pulping Recycled fiber Automation for pulp Services for pulp Fiber Technology Center Pulp references Pulp news and stories Board and paper Recycled fiber Stock preparation Board and paper machines Services for board and paper Automation for board and paper Industrial Internet Service Centers References Board and paper news and stories Search for products & services Tissue Complete tissue mills solutions Machine sections and rebuilds Development and pilot trials Services for tissue producers Automation for tissue References Industrial Internet Tissue Talks Insight Sustainability Learning services Tissue News Tissue Talks Contact Tissue Local websites 中文 - Chinese Suomi - Finnish Français - French 日本語 - Japanese Português - Portuguese Pусский - Russian Español - Spanish Svenska - Swedish ไทย - Thai Australia & New Zealand North America Deutsch - German Energy Energy solutions BFB Boiler CFB Boiler Gasifier Power plants Heating plants Air emission control Industrial Internet solutions Services for energy Automation for energy Technology development Energy news and stories More industries Alternative fuels Biofuels and biomaterials Chemical industry Fiberboard Filtration Food industry Laundry industry Marine Minerals and metals Nonwovens Oil and gas Wastewater Paper converting Pharmaceutical industry Petrochemical industry Automation Distributed control system Industrial applications Quality management Analyzers and measurements Condition monitoring Industrial Internet Automation projects Automation services About Us Valmet in brief Contact us Strategy Management Code of Conduct Careers Research and development Procurement Valmet's value creation Translate Valmet product names Industrial Internet Valmet Customer Portal Learning Services Service centers References Investors Valmet as an investment Reports and presentations Sustainability for investors Valmet share Shareholders Governance Financial information Events and calendar Investor relations Sustainability Sustainability at Valmet Sustainable supply chain Health, safety and environment People and performance Sustainable solutions Corporate citizenship Climate program Circular economy Sustainability reporting Media News Articles Customer magazine Blogs Podcasts Newsletters Social media Events calendar Media contacts Image gallery Video gallery Downloads Services Services for board and paper production Services for pulp production Services for tissue making Services for energy FOLLOW US Sitemap About this site Legal notice Trademarks Privacy notice Cookie preferences Contact us Social media © 2021 Valmet We use cookies and 3rd party solutions to optimize site functionality and give you the best possible experience while browsing our site. If you are fine with this and accept all cookies just click 'Accept' button. You can also review our Privacy notice. Necessary cookies only Accept Manage cookie preferences