Cash flow and financing

The operating cash surplus amounted to SEK 22,932m (18,570). The cash flow effect of changes in working capital was SEK 359m (–971). Investments in non-current assets, net, excluding investments in operating assets through leases, amounted to SEK –5,707m (–6,781). Operating cash flow before investments in operating assets through leases amounted to SEK 16,090m (9,900). Investments in operating assets through leases amounted to SEK –451m (0). Operating cash flow was SEK 15,639m (9,900).

Financial items increased to SEK –1,309m (–1,157). The increase was mainly related to higher interest and higher average net debt, primarily due to a new accounting standard for leases. Income tax payments totaled SEK –1,130m (–2,466). A decision in a tax case in Sweden reduced the tax payment by approximately SEK 1.1bn.

The net sum of acquisitions and divestments was SEK 77m (–626). Dividends to shareholders impacted cash flow by SEK –4,374m (–4,435). Net cash flow totaled SEK 8,915m (1,307).

Net debt decreased by SEK 3,464m during the year and amounted to SEK 50,940m. Excluding pension liabilities, net debt amounted to SEK 47,915m. The new accounting standard for leases increased net debt by SEK 3,786m. Net cash flow reduced net debt by SEK 8,915m. Fair value measurement of pension assets and updated assumptions and assessments that affect measurement of the net pension liability, together with fair value measurement of financial instruments, reduced net debt by SEK 487m. Exchange rate movements increased net debt by SEK 1,718m. Investments in non-operating assets through leases increased net debt by SEK 434m.

The debt/equity ratio was 0.81 (0.99). Excluding pension liabilities, the debt/equity ratio was 0.76 (0.92). The debt payment capacity was 38% (25). Net debt in relation to adjusted EBITDA amounted to 2.25 (2.96).

The Group’s cash flow

Operating cash flow, share of Group