Cash flow and financing
The operating cash surplus amounted to SEK 24,653m (22,932). The cash flow effect of changes in working capital was SEK –810m (359). Investments in non-current assets, net, excluding investments in operating assets through leases, amounted to SEK –6,439m (–5,707). Operating cash flow before investments in operating assets through leases amounted to SEK 16,427m (16,090). Investments in operating assets through leases amounted to SEK –409m (–451). Operating cash flow was SEK 16,018m (15,639).
Financial items decreased to SEK –958m (–1,309). Lower interest and lower average net debt had a positive impact.
Tax payments had an impact on cash flow of SEK –3,917m (–1,130). A decision in a tax case in Sweden reduced the tax payment by approximately SEK 1.1bn in 2019.
The net sum of acquisitions and divestments was SEK –380m (77). Net cash flow totaled SEK 6,046m (8,915).
Net debt decreased by SEK 8,252m during the year and amounted to SEK 42,688m. Excluding pension liabilities, net debt amounted to SEK 40,176m. Net cash flow reduced net debt by SEK 6,046m. 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 199m. Exchange rate movements reduced net debt by SEK 2,804m. Investments in non-operating assets through leases increased net debt by SEK 399m.
The debt/equity ratio was 0.67 (0.81). Excluding pension liabilities, the debt/equity ratio was 0.63 (0.76). The debt payment capacity was 46% (38). Net debt in relation to adjusted EBITDA amounted to 1.76 (2.25).
SEKm |
2020 |
2019 |
2018 |
|---|---|---|---|
Operating cash surplus |
24,653 |
22,932 |
18,570 |
Change in working capital |
–810 |
359 |
–971 |
Investments in non-current assets, net |
–6,439 |
–5,707 |
–6,781 |
Restructuring costs, etc. |
–977 |
–1,494 |
–918 |
Operating cash flow before investments in operating assets through leases |
16,427 |
16,090 |
9,900 |
Investments in operating assets through leases |
–409 |
–451 |
0 |
Operating cash flow |
16,018 |
15,639 |
9,900 |
Financial items |
–958 |
–1,309 |
–1,157 |
Income taxes paid |
–3,917 |
–1,130 |
–2,466 |
Other |
32 |
8 |
86 |
Cash flow from current operations |
11,175 |
13,208 |
6,363 |
Acquisitions of Group companies and other operations |
–747 |
–143 |
–694 |
Divestments of Group companies and other operations |
367 |
220 |
68 |
Cash flow before transactions with shareholders |
10,795 |
13,285 |
5,737 |
Private placement to non-controlling interests |
64 |
4 |
5 |
Dividend to non-controlling interests |
–423 |
–336 |
–397 |
Dividend |
–4,390 |
–4,038 |
–4,038 |
Net cash flow |
6,046 |
8,915 |
1,307 |
The Group’s cash flow
Operating cash flow, share of Group
Investments in non-current assets
Operating cash flow by business area
