| (SEK million) |
2008 |
2007 |
|
| Cash flow from operations |
1,918 |
1,363 |
| Changes in working capital |
67 |
-433 |
| Net cash flow from operations |
1,985 |
930 |
| Investment activities |
-4,674 |
-479 |
| Financing activitites |
3,106 |
-590 |
| Net change in cash and cash equivalents for the period |
417 |
-139 |
| Cash and cash equivalents |
975 |
521 |
| Return on capital employed % |
31 |
34 |
Group capital expenditure on non-current assets totalled SEK 156 (327) million. The Group reported a return on capital employed, excluding non-recurring items, of 31% (34%) for 2008.
| (SEK million) |
2008 |
2007 |
|
| Available liquid funds |
2,935 |
3,721 |
| Net debt/net cash |
-3,637 |
69 |
| Return on equity % |
26 |
26 |
| Equity to assets ratio % |
47 |
54 |
| Net debt to equity ratio % |
41 |
- |
| Interest-bearing debt |
4,670 |
478 |
The Group had available liquid funds of SEK 2,935 million as at 31 December, including the SEK 1,960 million unutilised element of the Group’s credit facilities. SEK 1,640 million of the Group’s SEK 3,500 million multi-currency credit facility and all of the new SEK 3,000 million loan facility were drawn as at 31 December and were used to finance the acquisition of Nova Televizia in Bulgaria.
During the second quarter, the Group paid out the approved dividend payment of SEK 983 (503) million to shareholders for the twelve months ended 31 December 2007. During the first quarter, the Group repurchased a total of 1.2% of its own share capital, comprising 798,000 class B shares, for a total consideration of SEK 316 million. The Group reported a 26% (26%) return on equity for 2008.