Cash flow and financing

The operating cash surplus amounted to SEK 18,570m (18,465). The cash flow effect of changes in working capital was SEK –971m (–740). Current capital expenditures amounted to SEK –4,357m (–3,911). Operating cash flow was SEK 12,324m (12,723).

Financial items decreased to SEK –1,157m (–1,182). The decrease is primarily due to lower interest. Higher average net debt had a negative impact on financial items during the period. Income tax payments totaled SEK 2,466m (2,971). Cash flow from current operations amounted to SEK 8,787m (8,745).

Strategic capital expenditures amounted to SEK –2,424m (–2,101). The net sum of acquisitions and divestments was SEK –626m (–26,016). Dividends to shareholders impacted cash flow by SEK –4,435m (–285). Net cash flow totaled SEK 1,307m (–18,791).

Net debt increased by SEK 1,937m compared with the same point in time last year and amounted to SEK 54,404m. Excluding pension liabilities, net debt amounted to SEK 50,263m. Net cash flow reduced net debt by SEK 1,307m. 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, increased net debt by SEK 1,042m. Exchange rate movements increased net debt by SEK 2,202m.

The debt/equity ratio was 0.99 (1.06). Excluding pension liabilities, the debt/equity ratio was 0.92 (0.99). The debt payment capacity was 25% (26). Net debt in relation to adjusted EBITDA amounted to 2.96 (2.83).