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Financial position

According to Axfood’s finance policy, the foundation of the Axfood Group’s financial strategy is to create sound financial conditions for the Group’s operations and development.

Axfood has a solid balance sheet, and the business model generates a stable cash flow. During the last five years, the dividend has on average amounted to 90% of profit after tax. Historically, after payment of the dividend, Axfood has built up a net debt receivable during the year. Adoption of IFRS 16 has resulted in an accounting shift from a net receivable to a net debt position.

The Group’s external financing from credit institutions (mainly banks) is conducted by the Parent Company, while subsidiaries finance their operations through the central Group account systems.

  31 Dec. 2019 31 Dec. 2018 31 Dec. 2017
Equity ratio, % 24.6 37.0 39.0
Net debt-equity ratio, multiple 1.2 -0.2 -0.2
Net debt-equity ratio, excl. IFRS 16, multiple -0.1 -0.2 -0.2
Cash flow from operating activities per share, SEK 17.0 12.9 12.1
Cash and cash equivalents, SEK m 798 1,571 1,376