| (SEK million) |
2009 |
2008 |
| Cash flow from operations |
1,308 |
1,918 |
| Changes in working capital |
237 |
67 |
| Net cash flow from operations |
1,546 |
1,985 |
| Investment activities |
-304 |
-4,674 |
| Financial activitites |
-1,448 |
3,106 |
| Net change in cash and cash equivalents for the period |
-206 |
417 |
| Cash and cash equivalents |
737 |
975 |
| Return on capital employed % (excl non-recurring items) |
15 |
31 |
Group capital expenditure on non-current assets totalled SEK 159 (156) million. Investments in shares in subsidiaries amounted to SEK 145 (6,466) million. The DTV Group was sold in 2008 at a net consideration of SEK 1,958 million. The Group’s reported return on capital employed, excluding non-recurring items, was 15% (31%) in 2009.
| (SEK million) |
2009 |
2008 |
| Available liquid funds |
3,837 |
2,935 |
| Net debt |
2,749 |
3,637 |
| Return on equity % |
17 |
26 |
| Equity to assets ratio % |
39 |
47 |
| Net debt to equity ratio % |
48 |
41 |
| Interest-bearing debt |
3,563 |
4,670 |
The Group had available liquid funds of SEK 3,837 (2,935) million as at 31 December 2009, including the SEK 3,100 (1,960) million unutilised element of the Group’s credit facilities. SEK 500 (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 primarily to finance the acquisition of Nova Televizia in Bulgaria in 2008.
The Group paid out the approved dividend payment of SEK 329 (983) million to shareholders for the twelve months ended 31 December 2008 and 2007 respectively. In 2008, the Group repurchased 798,000 class B shares, for a total consideration of SEK 316 million. The Group reported a 17% (26%) return on equity for 2009.