Cash flow analysis

View data according to IFRS or earlier data according to Swedish GAAP until 2004 by clicking the tabs below. Show earlier data by clicking the arrow in the table header.

SEK million2016201520142013201220112010200920082007200620052004
Cash flow from operating activities before changes in working capital2,9693,7302,8932,8203,0932,4452,5762,9782,1582,3721,5512,4133,289
Changes in working capital-4038384-320-28816340-67-320-45-216305338
Net cash generated from operating activities2,9293,7683,2762,5002,8052,6082,6162,9111,8382,3271,3352,7183,626
Investing activities
Purchase of property, plant and equipment-537-491-223-306-251-245-311-471-319-541-304-328-486
Proceeds from sale of property, plant and equipment190172063631091,16510062842
Purchase of intangible assets-129-14-5-35-48-22-51-16-8-68-270--34
Net proceeds from businesses transferred to STG------1,439------
Acquisition of minority shares in General Cigar ------------1,100-
Acquisition of subsidiaries, net of cash acquired--0-2-----39-7-1,209-29--53
Investments in associated companies and joint ventures-5-25-45-57-40-28-123-23----92-10
Divestments in associated companies and joint ventures3,908------------
Investments in other companies------4-------
Proceeds from sale of subsidiaries, net of cash disposed of---1589143-1,577155-31184117
Changes financial receivables etc.-20000-1-1124112-60-44-47
Change in other current investments-----1-0551277612-187
Net cash from investing activities3,408-513-274-240-323-1519591,043-61-490-255-140-658
Financing activities
Repurchase of own shares-1,249-1,995-890-352-1,946-2,371-3,014-2,598-996-2,575-3,674-1,434-658
Stock options exercised-1415318741467535162122942382
Proceeds from non-current borrowing3,366--1,2252,0621,0024,2429988012,2395,5121,685-
Repayment of borrowings-1,618-637-1,802-1,502-1,315-853-2,961-2,018-1,284-437-2,383-942-1,819
Dividends paid to equity holders of the Parent-5,522-1,464-1,453-1,459-1,334-1,152-1,089-1,024-886-664-627-612-558
Dividends paid to minority in subsidiaries-------------121
Other259314-12888122-11535-111-86-162295
Net cash used in financing activities-4,764-3,924-4,088-1,912-2,112-3,219-2,646-4,707-2,267-1,426-1,164-1,441-2,779
Net increase/decrease in cash and cash equivalents1,573-669-1,085348371-763928-753-491410-851,137189
Cash flow from discontinued operations
Net cash from operating activities------219142----
Net cash from investing activities-------613----
Net cash from financing activities-------5142----
-----
Net increase/decrease in cash and cash equivalents------162196----
Total net increase/decrease in cash and cash equivalents1,573-669-1,085348371-763928-591-295410-851,137189
Cash and cash equivalents at the beginning of the year1,7322,3123,1642,8242,5333,2752,5303,1783,4393,0423,3252,0581,909
Effect of exchange rate fluctuations on cash and cash equivalents5990232-8-7921-183-5834-13-198130-40
Cash and cash equivalents at the end of the year3,3641,7322,3123,1642,8242,5333,2752,5303,1783,4393,0423,3252,058

Cash flow statement for 2007 and earlier historical data have not been restated to reflect the sale of Swedish Match South African operations

Cash flow statements for 2004 and 2005 have been restated for new definition of cash and bank.

SEK millionMar 2017Dec 2016Sep 2016Jun 2016Mar 2016Dec 2015Sep 2015Jun 2015Mar 2015Dec 2014Sep 2014Jun 2014Mar 2014Dec 2013Sep 2013Jun 2013Mar 2013Dec 2012Sep 2012Jun 2012Mar 2012Dec 2011Sep 2011Jun 2011Mar 2011Dec 2010Sep 2010Jun 2010Mar 2010Dec 2009Sep 2009Jun 2009Mar 2009Dec 2008Sep 2008Jun 2008Mar 2008Dec 2007Sep 2007Jun 2007Mar 2007Dec 2006Sep 2006Jun 2006Mar 2006Dec 2005Sep 2005Jun 2005Mar 2005Dec 2004Sep 2004Jun 2004Mar 2004
Cash flow from operating activities before changes in working capital9262,9692,5901,8849753,7303,2161,8441,1542,8932,3531,6559582,8202,2381,5509073,0932,4351,6837242,4451,8511,1856022,5761,9861,1715242,9781,9901,3997522,1581,5117813552,3721,5799144001,5511,007315-1702,4131,6691,0065163,2892,8662,1221,880
Changes in working capital-100-40-31-12-18238-17-103-19138418426669-320-138-351-264-288-353-360-4171631343-784012-55-180-67-119-100-170-320-154-203-442-45-185-343-365-216-543-625-4873053-57-9933735-11825
Net cash generated from operating activities8262,9292,5591,8727923,7683,1991,7419633,2762,5371,9211,0272,5002,1001,1996432,8052,0821,3233072,6081,8631,2285232,6161,9971,1163442,9111,8711,3005831,8381,356578-872,3271,394571341,335464-310-6572,7181,6729484173,6262,9012,0041,905
Investing activities
Purchase of property, plant and equipment-83-537-373-225-81-491-218-139-52-223-167-134-56-306-232-160-70-251-171-104-39-245-170-132-52-311-248-197-107-471-324-231-108-319-207-133-71-541-422-289-124-304-189-124-60-328-271-203-103-486-349-220-93
Proceeds from sale of property plant and equipment-190145145145172102100010063113210656034117109655051,16529251610092847562861145234233294
Purchase of intangible assets-4-129-125-122-121-14-7-7-6-5-10--35-30-19-5-48-28-19-9-22-11-9-8-51-31-20-4-16-100-8-2-20-68-67-67-34-270-270-270-257-----34-19-14-6
Investments in consolidated companies--------------------------------------------------53-53-53-38
Net proceeds from businesses transferred to STG -------------------------1,439---------------------------
Payment of minority shares in General Cigar----------------------------------------------1,100-1,099-1,099-----
Acquisition of subsidiaries, net of cash acquired------0----2--------------------39-48-47-31-7-14-6-4-1,209-1,168-365--29-19-19---------
Investments in associated companies and joint ventures--5-5-5-5-25-25-10-10-45-45-25--57-43-20--40-20-20--28-15-15--123-123-110-110-23----------------92----10-10-4-4
Divestments in associated companies and joint ventures1,3553,9083,9082,1722,172------------------------------------------------
Investments in other companies----------------------4-4-4-4----------------------------
Proceeds from sale of subsidiaries etc, net of cash disposed of107------------1581681665999-143143143-----1,5771,5747-15555-----313131301847--117117117117
Changes financial receivables etc.0-20000000-0000003-1--021111-10001202442-3-6112783847-60-234-174-29-44-50-19-36-4761412
Changes in other current investments---------------------1------00--05-005151511277-457-48729-1131,0111,067-208-646-1,052-654-498
Net cash from investing activities1,3753,4083,5501,9652,110-513-249-155-67-274-212-158-56-240-135-30-72-323-208-133-45-151-54-14-62959-396-322-2211,0431,205-258-129-61-150-90-75-490-1,500-607-94-255-1,045-958-212-865209-208-324-1,118-1,327-785-506
Financing activities
Changes in loans-21,7482,058135134-637-639360-140-1,802-713-484-485-277-27822-127475201,075-296149-54-364-2441,281207-392-293-1,020-527-340-303-483-380105-4041,8021,2077437403,1294,8404,1851,433743412728-11-1,819-733-673-592
Dividends paid to equity holders of the Parent--5,522-3,764-3,764--1,464-1,464-1,464--1,453-1,453-1,453--1,459-1,459-1,459--1,334-1,334-1,334--1,152-1,152-1,152--1,089-1,089-1,089--1,024-1,024-1,0240-886-886-886--664-664-664--627-627-627--612-612-612--558-558-558-
Dividends paid to minority in subsidiaries--------------------------------------------------121---
Repurchase of own shares-739-1,249-999-449-199-1,995-1,244-659-298-890-299-68-68-352-302-138-138-1,946-1,671-671-367-2,371-1,872-1,180-1,180-3,014-1,878-556-398-2,598-1,368-496--996-996-696-497-2,575-2,274-1,975-1,243-3,674-3,674-2,328-881-1,434-895-895--658-658-184-106
Stock options exercised-----141141141141535353531871651658941441441413767676767535353535151493862626261122122122122949494192323232182636362
Other-8325925-28-783133-2184-1-10-12-13-11-8811938890-7-21226312-63-11576322635-99-116-139-111-453914-86-32-8-4-162-156-166-79295313111
Net cash used in financing activities-824-4,764-2,680-4,106-143-3,924-3,173-1,644-289-4,088-2,413-1,953-501-1,912-1,887-1,420-69-2,112-2,059-506-523-3,219-2,921-2,636-1,360-2,646-2,644-1,971-701-4,707-2,793-1,779-240-2,267-2,299-1,531-979-1,426-1,653-1,735-367-1,1646011,316566-1,441-1,228-923-69-2,779-1,855-1,321-625
Net increase/decrease in cash and cash equivalents1,3771,5733,429-2692,759-669-223-57608-1,085-89-19047034878-252502371-185683-262-763-1,112-1,422-899928-1,043-1,177-578-753284-737214-491-1,093-1,042-1,141410-1,759-1,771-427-852148-303412653-18324-270-281-102774
Cash flow from discontinued operations
Net cash from operating activities-----------------------------219233123751421757665----------------
Net cash from investing activities------------------------------6-6-4-313171922----------------
Net cash from financing activities------------------------------51-51-50-4742-3-3-4----------------
Net increase/decrease in cash and cash equivalents-----------------------------16217668241961909284----------------
Total net increase/decrease in cash and cash equivalents1,3771,5733,429-2692,759-669-223-57608-1,085-89-19047034878-252502371-185683-262-763-1,112-1,422-899928-1,043-1,177-578-591460-669237-295-903-950-1,057410-1,759-1,771-427-852148-303412653-18324-270-281-102774
Cash and cash equivalents at the beginning of the period3,3641,7321,7321,7321,7322,3122,3122,3122,3123,1643,1643,1643,1642,8242,8242,8242,8242,5332,5332,5332,5333,2753,2753,2753,2752,5302,5302,5302,5303,1783,1783,1783,1783,4393,4393,4393,4393,0423,0423,0423,0423,3253,3253,3253,3251,1871,1871,1871,1871,4971,4971,4971,497
Effect of exchange rate fluctuations on cash and cash equivalents36593812-50908489161232145485-8-23275-79-786-462114-52-81-183-111-25-50-58-38381934-113-84-59-13-31726-198-137-120-18130103609-40-61636
Less cash and cash equivalents reclassified as assets held for sale---------------------------103-87-173------------------------
Cash and cash equivalents at the end of the period4,7773,3645,1991,4754,4411,7322,1722,3433,0802,3123,2203,0223,6403,1642,8802,5993,3312,8242,2713,2232,2262,5332,1781,8012,2953,2751,2731,2421,7282,5303,6002,5473,4353,1782,4242,4042,3243,4391,2811,2882,6413,0423,2093,2533,0041,7291,9431,0641,2201,1871,2101,4112,307

Quarterly accumulated cash flows for 2009 and 2008 have been restated to reflect the sale of Swedish Match South African operations

SEK million200420032002200120001999199819971996
Cash flow before changes in working capital3,2882,3732,4831,9541,7141,3027621,2071,532
Cash flow from changes in working capital338265102-345-7692732-434274
Cash flow from operations3,6262,6382,5851,6099451,3297947731,806
Investments
Investments in property, plant, and equipment-486-551-751-633-331-452-393-292-217
Sales of property, plant, and equipment42261067283838494038
Investments in intangible assets-34-27-18-12-11-2,488-213-249-1
Investments in consolidated companies-53-78-53-962-1,660-51-168-60-
Investments in other companies-10--------
Divestment of business operations117--------
Sales of Cigarette operations-----4,798---
Change in financial receivables, etc.-475-115-481157-91-160
Cash flow from investments -471-625-717-1,520-1,9672,00582-652-340
Financing
Change in loans-1,819-131-501284-7131,6553,084-16-1,010
Dividends to shareholders-558-535-508-490-539-474-510-510-300
Dividends to minority in subsidiaries-121--------
Share redemption, net-----1,062--1,147--
Issue of new shares----66----
Repurchase of shares-658-1,012-499-1,169-905----
Sales of treasury shares8255-------
Other295296142-78-120---5-2
Cash flow from financing-2,779-1,327-1,366-1,453-3,2731,1811,427-531-1,312
Cash flow for the year376686502-1,364-4,2954,5152,303-410154
Liquid funds at the beginning of the year2,6662,0161,6062,9607,2962,876563942804
Translation differences attributable to cash and bank balances-40-36-9210-41-951031-16
Liquid funds at the end of the year3,0022,6662,0161,6062,9607,2962,876563942
3
SEK millionJan-Dec 2004Jan-Sep 2004Jan-Jun 2004Jan-Mar 2004Jan-Dec 2003Jan-Sep 2003Jan-Jun 2003Jan-Mar 2003Jan-Dec 2002Jan-Sep 2002Jan-Jun 2002Jan-Mar 2002Jan-Dec 2001Jan-Sep 2001Jan-Jun 2001Jan-Mar 2001Jan-Dec 2000Jan-Sep 2000Jan-Jun 2000Jan-Mar 2000Jan-Dec 1999Jan-Sep 1999Jan-Jun 1999Jan-Mar 1999Jan-Dec 1998Jan-Sep 1998Jan-Jun 1998Jan-Mar 1998
Cash flow before changes in working capital3,2882,8662,1221,8802,3731,8611,1785522,4831,9251,3638201,9541,4159654871,7141,2086803301,3021,150922-----
Cash flow from changes in working capital33835-1182526514747-15010259-344-407-345-163-394-214-769-667-555-38327-157-216-----
Cash flow from operations3,6262,9012,0041,9052,6382,0081,2254022,5851,9841,0194131,6091,252571273945541125-531,32999370627279471435583
Investments
Investments in property, plant and equipment-486-349-220-93-551-384-284-169-751-576-398-167-633-422-259-132-331-219-102-53-452-334-283-65-393-203-154-41
Sales of property plant & equipment4233294261816210610195817241182833711383663320984946127
Investments in intangible assets-34-19-14-6-27-24-19-2-18-14-4-2-12----11--8-8-2,488-1,802-1,486--213-202-133-55
Investments in consolidated companies-53-53-53-38-78-56-55-33-53-10-10--962-894-747-710-1,660-1,660-1,423-56-51-51-50-47-168-143-126-4
Investments in other companies-10-10-4-4------------------------
Divestment of business operation117117117117------------------------
Sales of Cigarette operations--------------------4,7984,798------
Change in financial receivables, etc.-47614125-30-9-27-1-2-23-2015-63-15-3-48-55-8511115154189-75016-
Cash flow from investments -471-275-131-8-625-476-351-229-717-501-340-108-1,520-1,338-1,003-843-1,967-1,897-1,607-1032,0052,831-1,5979782-452-385-93
Financing
Change in loans-1,819-733-673-592-131-52431701-501-8013491284426-433-713-633-344-1651,655-644-613-1443,0841,981840144
Dividends to shareholders-558-558-558--535-535-535-508-508-508--490-490-490--539-539-539--474-474-474--510-510-510-
Dividends to minority in subsidiaries-121---------------------------
Share redemption, net-----------------1,062-1,061-------1,147-1,147--
Issue of new shares----------------666659---------
Repurchase of shares-658-658-184-106-1,012-980-845-588-499-172-132--1,169-799-723-509-905-594-32---------
Sales of treasury shares82636362555555
Other295313111296166137951425111--78-80-7929-120-----------
Cash flow from financing-2,779-1,855-1,321-625-1,327-1,346-757208-1,366-709-49591-1,453-943-1,335-477-3,273-2,761-856-1651,181-1,118-1,087-1441,427324330144
Cash flow for the period3767715521,272686186117381502774184396-1,364-1,029-1,767-1,047-4,295-4,117-2,338-3214,5152,706-1,9782252,303586300134
Liquid funds at the beginning of the year2,6662,6662,6662,6662,0162,0162,0162,0161,6061,6061,6061,6062,9602,9602,9602,9607,2967,2967,2967,2962,8762,8762,8762,876563563563563
Translation differences attributable to cash and bank balances-40-61636-36-17-3-1-92-93-53-1010163220-41-132-147-113-95-117-40-41101-1-1
Liquid funds at the end of the period3,0023,4313,2343,9742,6662,1852,1302,3962,0162,2871,7371,9921,6061,9471,2251,9332,9603,0474,8116,8627,2965,4658583,0602,8761,150862696
3,4313,2343,9742,6662,1852,1302,3962,0162,287