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).
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
Operating cash flow, share of Group
Investments in non-current assets
Operating cash flow by business area
