Financial position and cash flow

The equity ratio at the end of the interim period was 42 percent (41). Equity per share totalled SEK 43.53 (43.54) and the return on equity at the end of the interim period was 8 percent (5). Return on working capital (P/WC) amounted to 55 percent (51).

The Group's interest-bearing net debt at the end of the interim period amounted to SEK 4,821m (4,920), including pension liabilities of SEK 61m (62), leasing liabilities of SEK 503m (531) and contingent considerations corresponding to SEK 106m (106). Outstanding bank loans at the end of the interim period amounted to SEK 4,407m (4,434), of which short-term bank loans were SEK 1,942m (749). 

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 was 7.9 times according to the definition in the bank agreements.

The net debt/equity ratio was 0.9 compared to 0.9 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 1,131m (1,311) at the end of the interim period.

The cash flow from current operations during the quarter amounted to SEK 145m (137) and during the interim period to SEK 504m (429). The increase is attributable to a higher result after financial items. Working capital for the quarter amounted to SEK -143m (-73). Despite sales growth, inventory remained largely unchanged, and the change is explained by increased accounts receivable and decreased accounts payable. During the interim period, payments for company acquisitions amounted to SEK 164m (53) and contingent considerations related to previous years' company acquisitions amounted to SEK 51m (42). Net investments in non-current assets during the interim period amounted to SEK 180m (177) and are mainly attributable to investments in instruments for rental to customers. A dividend of SEK 91m (61) has been paid to the parent company´s shareholders.