Financial position and cash flow

The equity ratio at the end of the interim period was 43 percent (43). Equity per share amounted to SEK 46.71 (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 4,710 million (4,048), including pension liabilities of SEK 57 million (58), lease liabilities of SEK 542 million (504), contingent considerations corresponding to SEK 227 million (124) and provisions corresponding to SEK 27 million (29). Outstanding bank borrowings at the end of the interim period amounted to SEK 4,251 million (4,146), of which short-term bank borrowings totalled SEK 1,780 million (1,737).

Available liquidity, consisting of cash and bank balances, together with granted but unutilised credit facilities, amounted in total to SEK 1,381 million (1,447) at the end of interim period.

The net debt/equity ratio was 0.8, compared with 0.7 at the beginning of the year.

Cash flow from operating activities amounted to SEK 165 million (119) for the quarter. The increase was primarily attributable to a positive development in working capital. In total, the change in working capital during the quarter amounted to SEK -149 million (-180), mainly related to lower trade payables and an increase in inventory driven by the introduction of new products. During the interim period, payments for company acquisitions totalled SEK 303 million (138) and paid contingent considerations previous years' company acquisitions amounted to SEK 20 million (51). Net investments in non-current assets amounted to SEK 132 million (122), primarily relating to investments in instruments for rental to customers. A dividend of SEK 182 million (91) was paid to the Parent Company’s shareholders.