Financial position and cash flow
At the end of the financial year, the equity ratio stood at 38 percent (40). Equity per share totalled SEK 40.76 (35.14) and the return on equity at the end of the financial year was 10 percent (22). Return on working capital, P/WC (EBITA in relation to working capital) amounted to 61 percent (95). The slight decrease is partly due to a a slightly lower result and relatively higher working capital.
The group’s interest-bearing net debt at the end of the financial year totalled SEK 5,410m (3,870), including pension liabilities of SEK 60m (82), leasing liabilities of SEK 351m (339) and contingent considerations corresponding to SEK 266m (349). Outstanding bank loans at the end of financial year amounted to SEK 4,968m (3,408). The short-term bank loans amounted to SEK 2,432m (3,147), of which SEK 1,096m with maturity in January 2023 has been extended with 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.
The net debt/equity ratio totalled 1.1 compared to 0.9 at the beginning of the financial year. The intention is to reduce indebtedness 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 890m (674) on December 31, 2022.
Cash flow from operating activities reached SEK 909m (1,010) during the financial year. The change is mainly due to a lower profit after financial items. Acquisitions of companies amounted to SEK 818m (2,843). Net investments in non-current assets during the financial year amounted to SEK 268m (143). The increase is attributable to investments in instruments for rental to customers. Repurchase of treasury shares amounted to SEK 60m (0). Exercised, issued and repurchased call options amounted to SEK 33m (-9). Dividend paid to the parent company's shareholders amounted to SEK 243m (183).
Long term financial goals
Dynamisk graf: Profitability P/WC (%)
Dynamisk graf: Profit growth (%)