Financial position and cash flow

The equity ratio at the end of the interim period was 41 percent (41). Equity per share totalled SEK 41.99 (43.54) and the return on equity at the end of the interim period was 6 percent (5). Return on working capital, P/WC (EBITA in relation to working capital) amounted to 53 percent (51).

The Group's interest-bearing net debt at the end of the interim period amounted to SEK 4,506m (4,920), including pension liabilities of SEK 62m (62), leasing liabilities of SEK 511m (531) and contingent considerations corresponding to SEK 90m (106). Outstanding bank loans at the end of the interim period amounted to SEK 4,183m (4,433), of which short-term bank loans were SEK 1,766m (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 6.0 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 1,307m (1,311) on March 31, 2025. 

The cash flow from current operations during the quarter amounted to SEK 240m (97), mainly attributable to a higher result after financial items. During the interim period, paid out contingent consideration related to acquisitions of companies in previous years amounted to SEK 13m (7). Net investments in non-current assets during the interim period amounted to SEK 64m (61) and are mainly attributable to investments in instruments for rental to customers. Exercised, issued and repurchased call options amounted to SEK 0m (-12).