Operating cash flow
The Group's operating cash flow amounted to SEK 3,702 M (3,439), equivalent to 104 percent (108) of income before tax.
The Parent company's cash flow amounted to SEK 829 M (–648).
Net capital expenditure
Direct net capital expenditure on tangible and intangible fixed assets totaled SEK 667 M (650), equivalent to 76 percent (70) of depreciation / amortization of tangible and intangible fixed assets falling due during the financial year. The low level of capital expenditure is explained principally by the Group's long-term efforts to optimize capital expenditure.
Change in working capital
Efforts to reduce the Group's average material throughput times in its inventories are continuing. During the year rising material prices and increased volumes have increased the capital tied up in inventories, which burdened cash flow by SEK –108 M (–79). The average material throughput time is now 108 days (109). The increased capital tied up in accounts receivable is chiefly due to stronger sales.
Relationship between cash flow from operating activities and operating cash flow
Total outlay on company acquisitions amounted to SEK 422 M (804). Acquired net debt totaled SEK –10 M (–30). Acquisitions made during the year were financed by intern-ally generated cash flow.
Change in net debt
Net debt was reduced by the strong operating cash flow but increased to a comparable extent by changed exchange rates, dividends to shareholders and acquisitions.
1 Average EUR/SEK rate = 9.28.
2 Closing-day EUR/SEK rate = 9.43.
These rates have been used for the conversions from SEK to EUR above.