At the end of the financial year, the Group’s balance sheet total was EUR 2,587.8 (2,468.5) million. Equity totalled EUR 552.6 (497.9) million. At 31 December 2014, the equity ratio was 42.0 (41.3) per cent at fair value and 21.8 (20.7) per cent at book value. The Group's return on equity was 13.3 (15.5) per cent and its return on investment 5.9 (5.5) per cent.
At the end of the financial year, the Group's cash, cash receivables and other liquid assets totalled EUR 122.0 (142.3) million. The Group maintained good liquidity throughout the period. In November, the Board of Directors decided to increase the size of VVO-group plc’s commercial paper programme to EUR 200 million, of which EUR 65.0 (47.5) million was outstanding at the end of the financial year.
At year-end, interest-bearing liabilities stood at EUR 1,851.9 (1,795.1) million. Market-based loans totalled EUR 867.4 (802.0) million at the turn of the year. The market-based loans include a EUR 100 million secured bond that will mature in 2020. EUR 429.3 (344.9) million in loan capital was hedged with interest rate derivatives. The average maturity of the hedging was 6.1 (6.6) years.
At year-end, the Group had EUR 602.5 (611.9) million in interest subsidy loans guaranteed by the state. The interest expenses from interest subsidy loans amounted to EUR 9.3 (10.5) million during the period, and the interest subsidy paid by the State to banks was EUR 0.5 (0.8) million. Annuity and mortgage loans totalled EUR 302.5 (312.6) million.
The average interest on mortgages was 2.6 (2.8) per cent and their average maturity at the end of the financial year was 15.5 (15.6) years.
An expense of EUR 3.7 (0.9) million was recognised in the income statement as a negative change in the fair values of swaption contracts.
Cash flows from instalments and interest payments for loan contracts 31 December 2014: