Annual Report 1998
Annual Report 1998
Annual Report 1998
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46<br />
Cash flow statement<br />
CONSOLIDATED<br />
SEK M <strong>1998</strong> 1997<br />
OPERATIONS<br />
Net sales 61,273 58,595<br />
Operating expenses –50,953 –49,251<br />
Operating surplus 10,320 9,344<br />
Changes in<br />
– Current receivables –596 –535<br />
– Inventories 5 –125<br />
– Operating liabilities –341 127<br />
Change in working capital –932 –533<br />
Current capital expenditures –2,058 –2,207<br />
Change in pension provisions 70 85<br />
Restructuring expenses –357 –123<br />
Other operating cash flow changes –73 –53<br />
OPERATING CASH FLOW 6,970 6,513<br />
Financial items –1,259 –1,111<br />
Income taxes paid –1,279 –731<br />
Other –157 179<br />
CASH FLOW FROM CURRENT OPERATIONS 4,275 4,850<br />
STRATEGIC INVESTMENTS<br />
AND DIVESTMENTS<br />
Plants –2,248 –983<br />
Company acquisitions –2,793 –3,431<br />
Total strategic investments –5,041 –4,414<br />
Divestments<br />
Cash flow from strategic investments<br />
1,111 46<br />
and divestments –3,930 –4,368<br />
CASH FLOW BEFORE DIVIDEND 345 482<br />
Dividend to shareholders –1,145 –1,092<br />
NET CASH FLOW –800 –610<br />
NET DEBT<br />
SEK M <strong>1998</strong> 1997 1996 1995 1994<br />
Net debt, 1 January –19,018 –17,462 –17,566 –10,573 –10,814<br />
Net cash flow<br />
New issue of shares through<br />
–800 –610 87 –8,163 –75<br />
bond conversions – – – 342 –<br />
Net debt in acquired operations –325 – – – –<br />
Currency effects –1,227 –946 17 828 316<br />
Net debt, 31 December –21,370 –19,018 –17,462 –17,566 –10,573
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