RUAG can look back on a strong financial year. Net profit in 2014 grew 7.5% to CHF 102m. Earnings before interest and taxes (EBIT) were equal to the previous year’s at CHF 115m. All five divisions operated profitably and contributed to the positive Group result. The largest EBIT gains occurred at the Space (+ CHF 9m), Aviation (civil and military aircraft MRO: + CHF 6m) and Ammotec (small-calibre ammunition: + CHF 6m) divisions. The Group’s net financial position strengthened to CHF 195m (CHF 162m). At 57% of sales (56%), revenue from civil business exceeded that from military business, which contributed 43% (44%). Cash flow from operating activities in 2014 came to CHF 135m (CHF 142m). Free cash flow fell to a still-respectable CHF 57m (CHF 100m). Order intake declined to CHF 1,785m (CHF 1,851m).