Financial position and cash flow

The equity ratio at the end of the interim period was 44 percent (43). Equity per share amounted to SEK 46.44 (44.67) and return on equity at the end of the interim period was 11 percent (11). Return on working capital (R/WC) was 61 percent (62).

The Group’s net interest-bearing debt at the end of the interim period amounted to SEK 4,133 million (4,048), including pension liabilities of SEK 57 million (58), lease liabilities of SEK 517 million (504), contingent considerations corresponding to SEK 107 million (124) and provisions corresponding to SEK 26 million (29). Outstanding bank borrowings at the end of the interim period amounted to SEK 4,197 million (4,146), of which short-term bank borrowings totalled SEK 1,759 million (1,736).

Cash and cash equivalents, consisting of cash and bank balances, together with granted but unutilised credit facilities, amounted in total to SEK 1,457 million (1,447) at the end of the interim period.

The net debt/equity ratio was 0.7, compared with 0.7 at the beginning of the interim period.

Cash flow from operating activities amounted to SEK 104 million (240) for the quarter. The decrease during the quarter was mainly attributable to an adverse development in working capital. In total, the change in working capital during the quarter amounted to SEK -228 million (-74), reflecting higher trade receivables following a strong end to the quarter and a temporary increase in inventory. During the quarter, payments for company acquisitions totalled SEK 64 million (0) and paid contingent considerations previous years' company acquisitions amounted to SEK 20 million (13). Net investments in non-current assets amounted to SEK 51 million (64) and mainly relate to investments in instruments for rental to customers.