Operating cash flow

The operating cash surplus rose 10% to SEK 18,465m (16,759). The cash flow effect of changes in working capital was SEK –740m (1,596). Working capital as a share of net sales increased to 5% (4). Current capital expenditures decreased SEK 311m during the year and amounted to SEK –3,911m (–4,222), corresponding to 4% (4) of net sales. Operating cash flow decreased to SEK 12,723m (13,031).

Financial items increased SEK 347m to SEK –1,182m (–835). The increase is primarily due to higher average net debt. Lower interest had a positive impact on financial items during the period. Income tax payments totaled SEK 2,971m (3,782). Cash flow from current operations amounted to SEK 8,745m (8,563).

Strategic capital expenditures amounted to SEK –2,101m (–2,033). The net sum of acquisitions and divestments was SEK –26,016m (–6,171). Net cash flow totaled SEK –18,791m (–13,967).

Net debt increased by SEK 17,294m during the year to SEK 52,467m at year-end. Excluding pension liabilities, net debt amounted to SEK 49,074m. Net cash flow increased net debt by SEK 18,791m. Fair value measurement of pension assets and updated assumptions and assessments that affect measurement of the net pension liability, together with fair measurement of financial instruments, reduced net debt by SEK 1,061m. Exchange rate movements reduced net debt by SEK 436m.

The debt/equity ratio was 1.06 (0.89). Excluding pension liabilities, the debt/equity ratio was 0.99 (0.76). The debt payment capacity was 26% (29).