Cash flow analysis
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IFRS Annually
| SEK million | 2020 | 2019 | 2018 | 2017* | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash flow from operating activities before changes in working capital | 5,296 | 5,106 | 3,949 | 3,557 | 2,969 | 3,730 | 2,893 | 2,820 | 3,093 | 2,445 |
| Changes in working capital | 311 | -26 | -242 | -155 | -40 | 38 | 384 | -320 | -288 | 163 |
| Net cash generated from operating activities | 5,607 | 5,080 | 3,707 | 3,402 | 2,929 | 3,768 | 3,276 | 2,500 | 2,805 | 2,608 |
| Investing activities | ||||||||||
| Purchase of property, plant and equipment | -1,126 | -720 | -649 | -369 | -537 | -491 | -223 | -306 | -251 | -245 |
| Proceeds from sale of property, plant and equipment | 39 | 10 | 3 | 7 | 190 | 17 | 2 | 0 | 6 | 3 |
| Purchase of intangible assets | -63 | -33 | -19 | -8 | -129 | -14 | -5 | -35 | -48 | -22 |
| Acquisition of subsidiaries, net of cash acquired | -32 | - | -541 | -929 | - | -0 | -2 | - | - | - |
| Proceeds from sale of land | - | - | - | 107 | - | - | - | - | - | - |
| Investments in associated companies and joint ventures | - | -13 | - | - | -5 | -25 | -45 | -57 | -40 | -28 |
| Divestments in associated companies and joint ventures | - | - | - | 2,660 | 3,908 | - | - | - | - | - |
| Investments in other companies | - | - | - | - | - | - | - | - | - | -4 |
| Proceeds from sale of subsidiaries, net of cash disposed of | - | - | - | - | - | - | - | 158 | 9 | 143 |
| Dividend from STG | - | - | - | 107 | - | - | - | - | - | - |
| Changes financial receivables from associated companies | 9 | -58 | - | - | - | - | - | - | - | - |
| Changes financial receivables etc. | 0 | 0 | 0 | 20 | -20 | - | 0 | - | - | 1 |
| Change in other current investments | - | - | - | - | - | - | - | - | - | 1 |
| Net cash used in/from investing activities | -1,173 | -815 | -1,206 | 1,594 | 3,408 | -513 | -274 | -240 | -323 | -151 |
| Financing activities | ||||||||||
| Proceeds from non-current borrowing | 3,702 | 999 | 2,846 | 3,293 | 3,366 | - | - | 1,225 | 2,062 | 1,002 |
| Repayment of borrowings | -1,300 | -1,092 | -1,252 | -1,988 | -1,618 | -637 | -1,802 | -1,502 | -1,315 | -853 |
| Dividends paid to equity holders of the Parent | -2,020 | -1,777 | -2,911 | -2,908 | -5,522 | -1,464 | -1,453 | -1,459 | -1,334 | -1,152 |
| Repurchase of own shares | -3,099 | -2,989 | -2,512 | -2,590 | -1,249 | -1,995 | -890 | -352 | -1,946 | -2,371 |
| Stock options exercised | - | - | - | - | - | 141 | 53 | 187 | 414 | 67 |
| Lease payments | -81 | -94 | - | - | - | - | - | - | - | - |
| Other and Realized exchange gains/losses on financial instruments | -320 | 150 | 133 | -90 | 259 | 31 | 4 | -12 | 8 | 88 |
| Net cash generated from financing activities | -3,118 | -4,804 | -3,697 | -4,283 | -4,764 | -3,924 | -4,088 | -1,912 | -2,112 | -3,219 |
| Total net increase/decrease in cash and cash equivalents | 1,315 | -539 | -1,195 | 713 | 1,573 | -669 | -1,085 | 348 | 371 | -763 |
| Cash and cash equivalents at the beginning of the year | 2,370 | 2,886 | 3,998 | 3,364 | 1,732 | 2,312 | 3,164 | 2,824 | 2,533 | 3,275 |
| Effect of exchange rate fluctuations on cash and cash equivalents | -274 | 23 | 83 | -79 | 59 | 90 | 232 | -8 | -79 | 21 |
| Cash and cash equivalents at the end of the year | 3,411 | 2,370 | 2,886 | 3,998 | 3,364 | 1,732 | 2,312 | 3,164 | 2,824 | 2,533 |
* Financial statements for 2017 has been restated in accordance with IFRS 15.
IFRS Quarterly
| SEK million | Jun 2021 | Mar 2021 | Dec 2020 | Sep 2020* | Jun 2020* | Mar 2020* | Dec 2019 | Sep 2019 | Jun 2019 | Mar 2019 | Dec 2018 | Sep 2018 | Jun 2018 | Mar 2018 | Dec 2017** | Sep 2017** | Jun 2017** | Mar 2017** | Dec 2016 | Sep 2016 | Jun 2016 | Mar 2016 | Dec 2015 | Sep 2015 | Jun 2015 | Mar 2015 | Dec 2014 | Sep 2014 | Jun 2014 | Mar 2014 | Dec 2013 | Sep 2013 | Jun 2013 | Mar 2013 | Dec 2012 | Sep 2012 | Jun 2012 | Mar 2012 | Dec 2011 | Sep 2011 | Jun 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flow from operating activities before changes in working capital | 3,393 | 2,066 | 5,296 | 4,063 | 2,925 | 1,276 | 5,106 | 3,785 | 2,390 | 1,085 | 3,949 | 2,802 | 1,942 | 1,018 | 3,557 | 2,830 | 1,959 | 929 | 2,969 | 2,590 | 1,884 | 975 | 3,730 | 3,216 | 1,844 | 1,154 | 2,893 | 2,353 | 1,655 | 958 | 2,820 | 2,238 | 1,550 | 907 | 3,093 | 2,435 | 1,683 | 724 | 2,445 | 1,851 | 1,185 |
| Changes in working capital | -499 | -486 | 311 | 157 | 237 | -50 | -26 | -21 | -94 | -113 | -242 | -188 | -230 | -118 | -155 | -261 | -178 | -103 | -40 | -31 | -12 | -182 | 38 | -17 | -103 | -191 | 384 | 184 | 266 | 69 | -320 | -138 | -351 | -264 | -288 | -353 | -360 | -417 | 163 | 13 | 43 |
| Net cash generated from operating activities | 2,894 | 1,579 | 5,607 | 4,220 | 3,162 | 1,227 | 5,080 | 3,764 | 2,295 | 972 | 3,707 | 2,614 | 1,712 | 899 | 3,402 | 2,569 | 1,781 | 826 | 2,929 | 2,559 | 1,872 | 792 | 3,768 | 3,199 | 1,741 | 963 | 3,276 | 2,537 | 1,921 | 1,027 | 2,500 | 2,100 | 1,199 | 643 | 2,805 | 2,082 | 1,323 | 307 | 2,608 | 1,863 | 1,228 |
| Investing activities | |||||||||||||||||||||||||||||||||||||||||
| Purchase of property, plant and equipment | -576 | -277 | -1,126 | -747 | -516 | -192 | -720 | -548 | -356 | -180 | -649 | -464 | -285 | -115 | -369 | -231 | -172 | -83 | -537 | -373 | -225 | -81 | -491 | -218 | -139 | -52 | -223 | -167 | -134 | -56 | -306 | -232 | -160 | -70 | -251 | -171 | -104 | -39 | -245 | -170 | -132 |
| Proceeds from sale of property plant and equipment | 27 | 10 | 39 | 20 | 11 | 7 | 10 | 10 | 1 | 0 | 3 | 1 | 1 | 0 | 7 | 5 | 0 | 0 | 190 | 145 | 145 | 145 | 17 | 2 | 1 | 0 | 2 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 6 | 3 | 1 | 1 | 3 | 2 | 1 |
| Purchase of intangible assets | -3 | -2 | -63 | -39 | -28 | -6 | -33 | -23 | -22 | -11 | -19 | -5 | -2 | -1 | -8 | -7 | -6 | -4 | -129 | -125 | -122 | -121 | -14 | -7 | -7 | -6 | -5 | -1 | 0 | - | -35 | -30 | -19 | -5 | -48 | -28 | -19 | -9 | -22 | -11 | -9 |
| Acquisition of subsidiaries, net of cash acquired | -39 | -39 | -32 | -32 | -32 | -32 | - | - | - | - | -541 | -541 | -294 | - | -929 | -929 | - | - | - | - | - | - | 0 | - | - | - | -2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments in associated companies and joint ventures | - | - | - | - | - | - | -13 | -1 | - | - | 0 | - | - | - | - | - | - | - | -5 | -5 | -5 | -5 | -25 | -25 | -10 | -10 | -45 | -45 | -25 | - | -57 | -43 | -20 | - | -40 | -20 | -20 | - | -28 | -15 | -15 |
| Divestments in associated companies and joint ventures | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,660 | 1,355 | 1,355 | 1,355 | 3,908 | 3,908 | 2,172 | 2,172 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments in other companies | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -4 | -4 | -4 |
| Dividend from STG | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 107 | 65 | 65 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Proceeds from sale of land | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 107 | 107 | 107 | 107 | - | - | - | - | - | - | - | - | - | - | - | - | 158 | 168 | 166 | 5 | 9 | 9 | 9 | - | 143 | 143 | 143 |
| Changes financial receivables from associated companies | - | - | 9 | 9 | - | - | - | -58 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Changes financial receivables etc. | -3 | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 20 | 0 | 0 | 0 | -20 | - | - | - | - | - | - | - | - | - | - | - | - | - | 3 | -1 | - | - | - | 2 | 1 | 1 | 1 |
| Changes in other current investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1 | - | - |
| Net cash used in/from investing activities | -594 | -311 | -1,173 | -789 | -565 | -223 | -815 | -620 | -378 | -190 | -1,206 | -1,009 | -582 | -116 | 1,594 | 366 | 1,349 | 1,375 | 3,408 | 3,550 | 1,965 | 2,110 | -513 | -249 | -155 | -67 | -274 | -212 | -158 | -56 | -240 | -135 | -30 | -72 | -323 | -208 | -133 | -45 | -151 | -54 | -14 |
| Financing activities | |||||||||||||||||||||||||||||||||||||||||
| Changes in loans | 145 | -669 | 2,402 | 2,675 | 2,675 | 3,075 | -94 | -94 | -94 | 799 | 1,593 | 1,596 | 1,248 | 748 | 1,304 | 1,099 | 500 | 0 | 1,748 | 2,058 | 135 | 134 | -637 | -639 | 360 | -140 | -1,802 | -713 | -484 | -485 | -277 | -278 | 22 | -12 | 747 | 520 | 1,075 | -296 | 149 | -54 | -364 |
| Dividends paid to equity holders of the Parent | -2,369 | - | -2,020 | -2,020 | -2,020 | - | -1,777 | -1,777 | -1,777 | - | -2,911 | -2,911 | -2,911 | - | -2,908 | -2,908 | -2,908 | - | -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 |
| Repurchase of own shares | -1,360 | -300 | -3,099 | -2,183 | -1,435 | -935 | -2,989 | -1,875 | -849 | -449 | -2,512 | -1,958 | -1,078 | -200 | -2,590 | -2,081 | -1,392 | -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 |
| Stock options exercised | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 141 | 141 | 141 | 141 | 53 | 53 | 53 | 53 | 187 | 165 | 165 | 89 | 414 | 414 | 414 | 137 | 67 | 67 | 67 |
| Lease payments | -44 | -21 | -81 | -61 | -42 | -21 | -94 | -69 | -46 | -22 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Realized exchange gain/losses on financial instruments | -204 | -121 | -320 | -318 | -175 | 49 | 156 | 190 | 92 | 139 | 136 | 104 | 76 | -30 | -90 | -267 | -135 | -83 | 259 | 25 | -28 | -78 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other | 4 | 2 | 0 | 0 | 1 | 0 | -6 | -2 | 2 | 3 | 0 | 0 | 1 | -1 | 0 | -1 | -2 | -2 | - | 1 | 1 | 0 | 31 | 33 | -21 | 8 | 4 | -1 | -1 | 0 | -12 | -13 | -11 | -8 | 8 | 11 | 9 | 3 | 88 | 90 | -7 |
| Net cash generated from financing activities | -3,826 | -1,109 | -3,118 | -1,906 | -995 | 2,168 | -4,804 | -3,627 | -2,671 | 469 | -3,697 | -3,170 | -2,664 | 517 | -4,283 | -4,158 | -3,937 | -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 |
| Total net increase/decrease in cash and cash equivalents | -1,526 | 159 | 1,315 | 1,524 | 1,602 | 3,171 | -539 | -483 | -754 | 1,251 | -1,195 | -1,565 | -1,534 | 1,300 | 713 | -1,223 | -807 | 1,377 | 1,573 | 3,429 | -269 | 2,759 | -669 | -223 | -57 | 608 | -1,085 | -89 | -190 | 470 | 348 | 78 | -252 | 502 | 371 | -185 | 683 | -262 | -763 | -1,112 | -1,422 |
| Cash and cash equivalents at the beginning of the period | 3,411 | 3,411 | 2,370 | 2,370 | 2,370 | 2,370 | 2,886 | 2,886 | 2,886 | 2,886 | 3,998 | 3,998 | 3,998 | 3,998 | 3,364 | 3,364 | 3,364 | 3,364 | 1,732 | 1,732 | 1,732 | 1,732 | 2,312 | 2,312 | 2,312 | 2,312 | 3,164 | 3,164 | 3,164 | 3,164 | 2,824 | 2,824 | 2,824 | 2,824 | 2,533 | 2,533 | 2,533 | 2,533 | 3,275 | 3,275 | 3,275 |
| Effect of exchange rate fluctuations on cash and cash equivalents | 76 | 161 | -274 | -134 | -65 | 238 | 23 | 86 | 29 | 39 | 83 | 63 | 86 | 29 | -79 | -78 | -51 | 36 | 59 | 38 | 12 | -50 | 90 | 84 | 89 | 161 | 232 | 145 | 48 | 5 | -8 | -23 | 27 | 5 | -79 | -78 | 6 | -46 | 21 | 14 | -52 |
| Cash and cash equivalents at the end of the period | 1,962 | 3,732 | 3,411 | 3,760 | 3,907 | 5,779 | 2,370 | 2,489 | 2,161 | 4,175 | 2,886 | 2,496 | 2,550 | 5,327 | 3,998 | 2,064 | 2,506 | 4,777 | 3,364 | 5,199 | 1,475 | 4,441 | 1,732 | 2,172 | 2,343 | 3,080 | 2,312 | 3,220 | 3,022 | 3,640 | 3,164 | 2,880 | 2,599 | 3,331 | 2,824 | 2,271 | 3,223 | 2,226 | 2,533 | 2,178 | 1,801 |
* The operating profit for the Group and for the product segment Cigars have been restated for the three first quarters in 2020. For further information, se note 1 in Q4 interim report 2020.
** Financial statements for 2017 has been restated in accordance with IFRS 15.
