Debt Programs
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Annual Reports Trelleborg Treasury
Net debt and financing
Net debt at the beginning of 2023 amounted to SEK –20,897 M. During the year, net debt was impacted by free cash flow for the year of SEK 2,526 M (3,305). Net cash flow amounted to SEK 23,137 M (–12,322).
Net cash flow for the period was impacted by effects from acquisitions of SEK –447 M (–11,199), effects from divested operations of SEK 26,462 M (149), mainly attributable to the divestment of the Group’s tire and printing blanket operations with a total effect of SEK 26,328 M, dividends to the shareholders of the Parent Company of SEK –1,524 M (–1,481) and the repurchase of own shares of SEK –3,880 M (–3,079). Divestments of the Group’s tire and printing blanket operations led to the Group recognizing net cash of SEK 2,682 M (–20,897) at the end of the year. As the Group reports a net cash position, the reported debt ratio becomes negative and amounts to –6 percent (56). Net debt in relation to EBITDA was –0.2 (2.4).
SEK M
|
2023 | 2022 |
2021
|
Non-current interest-bearing investments and receivables | 50 | 47 | 0 |
Current interest-bearing receivables | 709 | 429 | 114 |
Cash and cash equivalents | 10,546 | 4,759 | 3,497 |
Total interest-bearing assets | 11,305 | 5,235 | 3,611 |
Interest-bearing non-current liabilities | -5,344 | -9,452 | -9,685 |
Pension obligations** | -326 | -438 | -548 |
Interest-bearing current liabilities | -2,953 | 16,242 | -1,745 |
Total interest-bearing liabilities | -8,623 | -26,132 | -11,978 |
Net debt | 2,682 | -20,897 | -8,367 |
Change in net debt: | |||
Net debt at January 1 | -20,897 | -8,367 | -10,026 |
Operating cash flow, Group | 4,737 | 5,204 | 4,569 |
Cash-flow effect of items affecting comparability | -479 | -306 | -98 |
Financial items | -325 | -150 | -199 |
Tax paid | -1,407 | -1,443 | -962 |
Free cash flow | 2,526 | 3,305 | 3,310 |
Acquisitions | -447 | -11,199 | -573 |
Divested operations | 26,462 | 149 | 616 |
Capital contribution to associated companies | - | -17 | -29 |
Dividend paid – shareholders of the Parent Company | -1,524 | -1,481 | -1,355 |
Repurchase of own shares | -3,880 | -3,097 | |
Net cash flow | 23,137 | -12,322 | 1,969 |
Exchange rate differences | 390 | -518 | -446 |
Lease liabilities*** | 62 | 146 | 70 |
Pension liability*** | -10 | 164 | 66 |
Net debt at year end | 2,682 | -20,897 | -8,367 |
Of which: | |||
Pension liability | -326 | -438 | -548 |
Lease liability | -1,606 | -2,215 | -2,102 |
Net debt excluding impact of lease and pension liability | 4,614 | -18,244 | -5,717 |
Debt/equity ratio, % Group | -6 | 56 | 25 |
Net debt/EBITDA****Group | -0.2 | 2.5 | 1.2 |
Group | |||
EBITDA/net interest income, multiples | 32.7 | 29.0 | 29.6 |
Return on shareholders’ equity, % | 25.4 | 14.9 | 12.0 |
Shareholders' equity | 41,727 | 37,488 | 32,998 |
Credit rating
Trelleborg has no official credit rating and has no history of credit rating.