Consolidated cash flow statement CF
|
|
2019 |
|
2018 |
|
2017 |
|||||||
|
Note |
SEKm |
EURm1) |
|
SEKm |
EURm1) |
|
SEKm |
EURm1) |
||||
|
|||||||||||||
Operating activities |
|
|
|
|
|
|
|
|
|
||||
IS Operating profit |
|
14,349 |
1,357 |
|
10,759 |
1,050 |
|
11,905 |
1,236 |
||||
T:1 Adjustment for non-cash items |
|
8,193 |
774 |
|
7,562 |
738 |
|
6,413 |
666 |
||||
|
|
22,542 |
2,131 |
|
18,321 |
1,788 |
|
18,318 |
1,902 |
||||
T:3 Interest paid |
|
–1,010 |
–95 |
|
–818 |
–80 |
|
–810 |
–84 |
||||
T:3 Interest received |
|
105 |
10 |
|
85 |
8 |
|
156 |
16 |
||||
Other financial items |
|
–420 |
–40 |
|
–408 |
–39 |
|
–454 |
–47 |
||||
Change in liabilities relating to restructuring programs, etc. |
|
–1,095 |
–104 |
|
–583 |
–57 |
|
–770 |
–80 |
||||
Paid tax |
–1,130 |
–107 |
|
–2,466 |
–241 |
|
–2,971 |
–308 |
|||||
Cash flow from operating activities before changes in working capital |
|
18,992 |
1,795 |
|
14,131 |
1,379 |
|
13,469 |
1,399 |
||||
Cash flow from changes in working capital |
|
|
|
|
|
|
|
|
|
||||
Change in |
|
|
|
|
|
|
|
|
|
||||
Inventories |
|
–194 |
–18 |
|
–1,017 |
–99 |
|
–1,703 |
–177 |
||||
Operating receivables |
|
–1,949 |
–184 |
|
–344 |
–34 |
|
1,522 |
158 |
||||
Operating liabilities |
|
2,502 |
237 |
|
390 |
38 |
|
–559 |
–58 |
||||
Cash flow from operating activities |
|
19,351 |
1,830 |
|
13,160 |
1,284 |
|
12,729 |
1,322 |
||||
|
|
|
|
|
|
|
|
|
|
||||
Investing activities |
|
|
|
|
|
|
|
|
|
||||
Acquisitions of Group companies and other operations |
–143 |
–14 |
|
–461 |
–45 |
|
–13,070 |
–1,357 |
|||||
Divestments of Group companies and other operations |
5 |
0 |
|
68 |
7 |
|
29 |
3 |
|||||
T:2 Investments in intangible assets and property, plant and equipment |
|
–5,908 |
–559 |
|
–6,882 |
–672 |
|
–6,125 |
–636 |
||||
T:2 T:3 Paid interest capitalized in intangible assets and property, plant and equipment |
|
–39 |
–4 |
|
–24 |
–2 |
|
–35 |
–4 |
||||
Sale of property, plant and equipment |
|
239 |
23 |
|
134 |
13 |
|
152 |
16 |
||||
Loans granted to external parties |
|
–62 |
–6 |
|
– |
– |
|
–222 |
–23 |
||||
Repayment of loans from external parties |
|
– |
– |
|
178 |
17 |
|
– |
– |
||||
Cash flow from investing activities |
|
–5,908 |
–560 |
|
–6,987 |
–682 |
|
–19,271 |
–2,001 |
||||
|
|
|
|
|
|
|
|
|
|
||||
Financing activities |
|
|
|
|
|
|
|
|
|
||||
Private placement to non-controlling interests |
|
4 |
0 |
|
5 |
0 |
|
28 |
3 |
||||
Acquisition of non-controlling interests |
– |
– |
|
– |
– |
|
–2 |
0 |
|||||
Change, receivables from Group companies |
|
– |
– |
|
– |
– |
|
952 |
99 |
||||
Loans raised |
|
2,448 |
231 |
|
4,386 |
428 |
|
31,037 |
3,222 |
||||
Amortization of debt |
|
–11,708 |
–1,107 |
|
–7,295 |
–711 |
|
–26,047 |
–2,704 |
||||
Dividend to non-controlling interests |
–336 |
–32 |
|
–397 |
–39 |
|
–285 |
–30 |
|||||
Dividend |
–4,038 |
–382 |
|
–4,038 |
–394 |
|
– |
– |
|||||
Transactions with shareholders |
|
– |
– |
|
– |
– |
|
838 |
87 |
||||
Cash flow from financing activities |
|
–13,630 |
–1,290 |
|
–7,339 |
–716 |
|
6,521 |
677 |
||||
Cash flow for the period |
|
–187 |
–20 |
|
–1,166 |
–114 |
|
–21 |
–2 |
||||
Cash and cash equivalents, January 12) |
|
3,008 |
293 |
|
4,107 |
418 |
|
4,244 |
444 |
||||
Translation differences in cash and cash equivalents |
|
107 |
8 |
|
67 |
–11 |
|
–116 |
–24 |
||||
Cash and cash equivalents, December 312) |
2,928 |
281 |
|
3,008 |
293 |
|
4,107 |
418 |
|||||
Comments on the consolidated cash flow statement
Until 2018, payments were recognized for pension plans with a surplus in cash flow from Investing activities and payments for pension plans with a deficit in cash flow from Financing activities. From 2019, all payments for pensions are recognized in cash flow from Financing activities given that Essity has a net pension liability. The change means that the comparative periods of 2018 and 2017 were restated. In 2018, cash flow from Investing activities increased SEK 518m while cash flow from Financing activities decreased SEK 518m. In 2017, cash flow from Investing activities increased SEK 65m while cash flow from Financing activities decreased SEK 65m. Cash flow from operating activities is unchanged for the periods.
For information about the Group’s liquidity reserve, refer to the Risk and risk management section.
SEKm |
2019 |
2018 |
2017 |
Depreciation/amortization and impairment of non-current assets |
7,529 |
6,708 |
6,110 |
Gain/loss on asset sales and swaps |
24 |
35 |
8 |
Gain/loss on divestments |
160 |
–69 |
–17 |
Non-cash items relating to efficiency program |
128 |
669 |
3 |
Revaluation of previously owned shares upon acquisition |
– |
–225 |
–72 |
Change in provision for ongoing competition case |
– |
95 |
–248 |
Change in provision for tax of a non-recurring nature on non-current assets |
– |
–288 |
459 |
Impairment of participations in associated companies |
– |
278 |
– |
Other |
352 |
359 |
170 |
Total |
8,193 |
7,562 |
6,413 |
SEKm |
2019 |
2018 |
2017 |
Measures to raise the capacity level of operations (Strategic capital expenditures) |
–1,431 |
–2,424 |
–2,101 |
Measures to uphold capacity level (Current capital expenditures) |
–4,516 |
–4,490 |
–4,064 |
Investments through finance leases |
– |
8 |
5 |
Total |
–5,947 |
–6,906 |
–6,160 |
|
2019 |
2018 |
2017 |
Paid interest including paid interest capitalized in intangible assets and property, plant and equipment recognized in Investing activities |
–1,049 |
–842 |
–845 |
Interest received |
105 |
85 |
156 |
Total |
–944 |
–757 |
–689 |