Financial position and cash flow

At the end of the interim period, the equity ratio stood at 40 percent (39). Equity per share totalled SEK 42.07 (40.69) and the return on equity at the end of the interim period was 2 percent (4). Return on working capital, P/WC (EBITA in relation to working capital) amounted to 47 percent (50).

The group's interest-bearing net debt at the end of the interim period amounted to SEK 5,350m (5,192), including pension liabilities of SEK 63m (64), leasing liabilities of SEK 520m (498) and contingent considerations corresponding to SEK 106m (87). Outstanding bank loans at the end of the interim period amounted to SEK 4,811m (4,698). The credit facilities of SEK 1,000m and EUR 98.2m, respectively, due in the first quarter of 2025, have been extended by 12 months and have an extension option of another 12 months.

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 interim period, the interest coverage ratio amounted to 5.4 times, as defined in the bank agreements.

The net debt/equity ratio totalled 1.0 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 839m (1,013) on September 30, 2024. 

The cash flow from current operations during the quarter amounted to SEK 137m (138) and during the interim period to SEK 429m (325), mainly attributable to a higher result after financial items. Acquisition of operations amounted to SEK 53m (13). Paid out contingent consideration related to acquisitions of companies in previous years amounted to SEK 42m (16). Net investments in non-current assets during the interim period amounted to SEK 177m (195) and are mainly attributable to investments in instruments for rental to customers. Exercised, issued and repurchased call options amounted to SEK -12 m (-9). A dividend of SEK 61m (146) has been paid to the parent company´s shareholders.