Financial position and cash flow

At the end of the financial year, the equity ratio stood at 41 percent (39). Equity per share totalled SEK 43.54 (40.69) and the return on equity at the end of the financial year was 5 percent (4). Return on working capital, P/WC (EBITA in relation to working capital) amounted to 51 percent (50).

The group's interest-bearing net debt at the end of the financial year amounted to SEK 4,920m (5,192), including pension liabilities of SEK 62m (64), leasing liabilities of SEK 531m (498) and contingent considerations corresponding to SEK 106m (87). Outstanding bank loans at the end of the financial year amounted to SEK 4,433m (4,698), of which short-term bank credits were SEK 749m (2,212). 

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 financial year, the interest coverage ratio amounted to 5.5 times, as defined in the bank agreements.

The net debt/equity ratio totalled 0.9 compared to 1.0 at the beginning of the financial year. 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 1,311m (1,013) on December 31, 2024. 

The cash flow from current operations during the quarter amounted to SEK 666m (448) and during the financial year to SEK 1,095m (773), mainly attributable to a higher result after financial items. During the financial year, acquisition of operations amounted to SEK 59m (15) and paid out contingent consideration related to acquisitions of companies in previous years amounted to SEK 45m (16). Net investments in non-current assets during the financial year amounted to SEK 281m (286) and are mainly attributable to investments in instruments for rental to customers. Exercised, issued and repurchased call options amounted to SEK 12m (9). A dividend of SEK 61m (146) has been paid to the parent company´s shareholders and loan amortization amounted to SEK 424m (233).