Financial position and cash flow

At the end of the period, the equity ratio stood at 39 percent (39). Equity per share totalled SEK 42.38 (40.69) and the return on equity at the end of the quarter was 2 percent (4). Return on working capital, P/WC (EBITA in relation to working capital) amounted to 46 percent (50).

The group's interest-bearing net debt at the end of the period amounted to SEK 5,437 m (5,192), including pension liabilities of SEK 64 m (64), leasing liabilities of SEK 583 m (498) and contingent considerations corresponding to SEK 82 m (87). Outstanding bank loans at the end of the quarter amounted to SEK 4,872 m (4,698), whereof short-term bank loans amounted to SEK 2,299 m (2,212).

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. As of the end of the period, the interest coverage ratio amounted to 5.3 times, as defined in the bank agreements.

The net debt/equity ratio totalled 1.1 compared to 1.0 at the beginning of the interim period. The intention is to reduce debt 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 992 m (1,013) on March 31, 2024. 

The cash flow from current operations during the quarter amounted to SEK 97 m (105), mainly attributable to a lower result after financial items. Paid out contingent consideration related to  acquisitions of companies in previous years amounted to SEK 7 m (16). Net investments in non-current assets during the quarter amounted to SEK 61 m (65) and are mainly attributable to investments in instruments for rental to customers. Exercised, issued and repurchased call options amounted to SEK -12 m (-17).