Financial position and cash flow

At the end of the quarter, the equity ratio stood at 39 percent (38). Equity per share totalled SEK 42,40 (40.76) and the return on equity at the end of the quarter was 9 percent (10). Return on working capital, P/WC (EBITA in relation to working capital) amounted to 55 percent (61). The slight decrease is partly due to a a slightly lower result and relatively higher working capital. 

The group’s interest-bearing net debt at the end of the quarter totalled SEK 5,402m (5,410), including pension liabilities of SEK 60m (60), leasing liabilities of SEK 359m (351) and contingent considerations corresponding to SEK 156m (266). Outstanding bank loans at the end of the quarter amounted to SEK 5,029m (4,968), whereof short-term bank loans amounted to SEK 2,469m (2,432). The group has a good margin in the covenants applicable under the banking agreements, which stipulate an interest coverage ratio of at least 4.0 times and an equity ratio exceeding 25 percent.

The net debt/equity ratio totalled 1,0 compared to 1.1 at the beginning of the interim period. The intention is to reduce indebtedness through self-generated cash flow.

Cash and cash equivalents, consisting of cash and bank balances, together with approved but non-utilised credit facilities, totalled SEK 833m (890) on March 31, 2023. 

Cash flow from operating activities reached SEK 105m (332) during the quarter. The change is mainly due to a lower profit after financial items. Paid out contingent consideration related to  acquisitions of companies in previous years amounted to SEK 16m (501). Net investments in non-current assets during the quarter amounted to SEK 65m (57) and is mainly attributable to investments in instruments for rental to customers. Repurchase of treasury shares amounted to SEK 0m (49). Exercised, issued and repurchased call options amounted to SEK -17m (0).