Vebego's capital position remains strong. Solvency is 29.1% (2019: 28.8%). The increase is due to the positive result over 2020. The total guarantee equity (group equity minus goodwill plus a provision for deferred taxes) increased to € 102 million (2019: € 89 million). The increase in the guarantee equity is due to the increase in group equity. The balance sheet total increase was due primarily to an increase in cash and cash equivalents, short-term debt and higher group equity. On the balance sheet date, the cash and cash equivalents, after deducting short-term debt to credit institutions, was € 132 million.
Vebego's financial position improved in 2020 compared to 2019 due to a higher cash flow from operational activities as a result of the considerably improved result and as a result of changes in the provisions and the working capital. The cash flows from investment activities and financial activities in 2020 were around the same level as 2019. We have plenty of our own resources in order to finance Vebego's strategic vision and the subsidiaries’ underlying plans.