Cash flow and financing

The operating cash surplus amounted to SEK 20,471m (24,653). The cash flow effect of changes in working capital was SEK –844m (–810). Working capital was negatively impacted by an increase in trade receivables as a result of higher sales and increased inventory value due to higher raw material prices. Investments in non-current assets, net, excluding investments in operating assets through leases, amounted to SEK –7,304m (–6,439). Operating cash flow before investments in operating assets through leases amounted to SEK 11,598m (16,427). Operating cash flow was SEK 11,118m (16,018).

Financial items decreased to SEK –662m (–958), mainly due to lower interest.

Tax payments had an impact on cash flow of SEK –3,634m (–3,917).

The net sum of acquisitions and divestments was SEK –11,800m (–380). Net cash flow totaled SEK –10,193m (6,046).

Net debt increased SEK 12,745m during the period and amounted to SEK 55,433m. Excluding pension liabilities, net debt amounted to SEK 52,723m. Net cash flow increased net debt by SEK 10,193m. 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 147m. Exchange rate movements increased net debt by SEK 2,020m. Investments in non-operating assets through leases increased net debt by SEK 385m. The debt/equity ratio was 0.81 (0.67). Excluding pension liabilities, the debt/equity ratio was 0.77 (0.63). The debt payment capacity was 29% (46). Net debt in relation to adjusted EBITDA amounted to 2.77 (1.76).

Operating cash flow statement

SEKm

2021

2020

2019

Operating cash surplus

20,471

24,653

22,932

Change in working capital

–844

–810

359

Investments in non-current assets, net

–7,304

–6,439

–5,707

Restructuring costs, etc.

–725

–977

–1,494

Operating cash flow before investments in operating assets through leases

11,598

16,427

16,090

Investments in operating assets through leases

–480

–409

–451

Operating cash flow

11,118

16,018

15,639

Financial items

–662

–958

–1,309

Income taxes paid

–3,634

–3,917

–1,130

Other

72

32

8

Cash flow from current operations

6,894

11,175

13,208

Acquisitions of Group companies and other operations

–11,813

–747

–143

Divestments of Group companies and other operations

13

367

220

Cash flow before transactions with shareholders

–4,906

10,795

13,285

Private placement to non-controlling interests

25

64

4

Dividend to non-controlling interests

–571

–423

–336

Dividend

–4,741

–4,390

–4,038

Net cash flow

–10,193

6,046

8,915

The Group’s cash flow

The Group’s cash flow (bar/line chart)

Operating cash flow, share of Group

Operating cash flow, share of Group (pie chart)

Investments in non-current assets

Investments in non-current assets (bar/line chart)

Operating cash flow by business area

Operating cash flow by business area (line chart)