Consolidated cash flows
| Koncernens kassaflöden | ||||||
| MSEK | Not | 2024 | 2023 | |||
| Consolidated cash flows | ||||||
| SEK millions | Note | 2024 | 2023 | |||
| Rörelseverksamheten | Operating activities | |||||
| Rörelseresultat | Operating income | 10,435 | 9,256 | |||
| Återläggning av avskrivningar | Adjustment for depreciation and amortization | 2,418 | 2,524 | |||
| Återläggning av andra ej kassaflödespåverkande poster | Adjustment for other non-cash items | 78 | -419 | |||
| Kassamässigt rörelseöverskott | Operational cash surplus | 12,931 | 11,361 | |||
| Betalda skatter | Taxes paid | -2,359 | -1,933 | |||
| Kassaflöde från rörelseverksamheten före förändring av rörelsekapital | Cash flow from operating activities before changes in working capital | 10,572 | 9,428 | |||
| Förändring av rörelsekapital: | Changes in working capital: | |||||
| Ökning(-)/minskning(+) av fordringar | Increase(-)/decrease(+) of receivables | -593 | -1,319 | |||
| Ökning(-)/minskning(+) av lager | Increase(-)/decrease(+) of inventories | 16 | -652 | |||
| Ökning(+)/minskning(-) av skulder | Increase(+)/decrease(-) of liabilities | 2,267 | 2,373 | |||
| Ökning(+)/minskning(-) av avsättningar | Increase(+)/decrease(-) of provisions | -103 | -661 | |||
| Ökning(-)/minskning(+) av rörelsekapitalet | Increase(-)/decrease(+) in working capital | 1,587 | -259 | |||
| Kassaflöde från rörelseverksamheten | Cash flow from operating activities | 12,159 | 9,169 | |||
| Investeringsverksamheten | Investing activities | |||||
| Investeringar i anläggningstillgångar | Investments in fixed assets (Capex) | -3,336 | -2,440 | |||
| Försäljning av anläggningstillgångar | Divestment of fixed assets | 105 | 90 | |||
| Förvärv av verksamheter | Acquisition of businesses | 17 | 17 | -50 | -337 | |
| Kassaflöde från investeringsverksamheten | Cash flow from investing activities | -3,281 | -2,687 | |||
| Finansieringsverksamheten | Financing activities | |||||
| Erhållna räntor och utdelningar | Received interests and dividends | 183 | 168 | |||
| Betalda räntor | Paid interests | -520 | -489 | |||
| Realiserade finansiella kursvinster | Realized financial exchange gains | 50 | 52 | |||
| Realiserade finansiella kursförluster | Realized financial exchange losses | -221 | -536 | |||
| Utdelningar till moderbolagets ägare | Dividends to owners of the parent | -3,100 | -2,480 | |||
| Utdelningar till innehav utan bestämmande inflytande | Dividends to non-controlling interests | -33 | -18 | |||
| Ökning(-) av finansiella tillgångar | Increase(-) of financial assets | -453 | -555 | |||
| Minskning(+) av finansiella tillgångar | Decrease(+) of financial assets | 542 | 11 | |||
| Ökning av upplåning | Increase of loans | 1,664 | 2,400 | |||
| Amortering av lån | Amortization of loans | -4,850 | -4,096 | |||
| Kassaflöde från finansieringsverksamheten | Cash flow from financing activities | -6,738 | -5,543 | |||
| Årets kassaflöde | Cash flow for the year | 2,140 | 939 | |||
| Likvida medel vid årets början | Cash and cash equivalents at the beginning of the year | 5,135 | 4,352 | |||
| Omräkningsdifferens i likvida medel | Translation difference in cash and cash equivalents | 94 | -156 | |||
| Likvida medel vid årets slut | Cash and cash equivalents at the end of the year | 26 | 26 | 7,369 | 5,135 | |
| Fritt kassaflöde per aktie (SEK) * | Free cash flow per share (SEK) * | 21.60 | 16.50 | |||
| Investeringar i relation till nettoomsättningen | Capex in relation to net sales | 5.0% | 3.8% | |||
| Genomsnittligt antal aktier | Average number of shares | 413,326,315 | 413,326,315 |
* Free cash flow is an alternative performance measure. It is the sum of cash flows from operating activities, investments and divestments of fixed assets.
Comments to the consolidated cash flows
For further comments on certain individual lines in the cash flow statement, reference is made to Notes 17 and 26.
Cash flows from operating activities
The increase in cash flows from operating activities in 2024 is explained by the increase in operating income and reduction in working capital.
Cash and cash equivalents
The item cash and cash equivalents are relating to cash and bank deposits.
Cash flow
Cash flow from operating and investing activities amounted to SEK 8,878 (6,482) million during 2024. Out of this, acquisitions of businesses were SEK -50 (-337) million.
Adjustment for other non-cash items
Other non-cash items are mainly referring to realized gains and losses in connection with sale of assets. These have to be eliminated since the cash impact of divestments of fixed assets and businesses are reported separately under cash flow from investing activities.
Working capital
Working capital decreased by SEK 1,587 (-259) million during 2024, mainly due to operating liabilities increasing and inventory and receivables not changing a lot since 2023.
Investments
Investments in fixed assets amounted to SEK -3,336 (-2,440) million during 2024.
The largest share of investments is related to the Energy division and Operations & Others.
Depreciations
Depreciation, excluding allocated step-up values, amounted to SEK 1,764 (1,559) million during the year.
Acquisitions and disposals
No new acquisitions or significant disposals have been made during 2024. For a further analysis of the impact on the cash flow by acquisitions and disposals, see Note 17.
Free cash flow per share
The free cash flow per share is SEK 21.60 (16.50).