Operating cash flow for the first half of 2017 was 1,945 (1,228) million. Cash flow was positively impacted primarily by operating profit.
Net cash flow was SEK 1,186 (5,326) million. Net cash flow was affected, among other things, by payments for strategic expenditures, including acquisitions of operations and businesses of SEK 95 (178) million (total capital expenditure was SEK 552 (660) million. (During 2016, cash flow was impacted by proceeds of SEK 4,911 million from the new issue.) Net debt decreased by SEK 2 149 million during the first half year and at June 30, 2017 amounted to SEK 15,738 million. The net debt/equity ratio was 30% (37%).
The term to maturity of the total loan portfolio at June 30 averaged 5.2 (5.2) years, with an average fixed interest period of 0.8 (0.9) years.
Cash and cash equivalents were SEK 3,687 (4,554) million and non-utilized credit facilities were SEK 7,807 (8,545) million, which combined corresponds to 19% (22%) of rolling 12 months’ sales.
Debt structure on (at June 30, 2017)
Net debt and net debt/equity ratio (at June 30, 2017)
Debt maturity (at June 30, 2017)
Debt cost and duration
Debt programs
SSAB’s funding is conducted primarily through the bank market and existing note and commercial paper programs. For borrowing for terms of up to ten years, a European Medium Term Note program (EMTN) is used, while Swedish and Finnish commercial paper programs are used for borrowing for shorter terms. The program limit of the EMTN program is EUR 2,000 million. The Swedish commercial paper program has a limit of SEK 5,000 million and the Finnish commercial paper program has a limit of EUR 500 million.
Main financial
arrangements |
Total
amount
|
European medium
Term Note
program (EMTN) |
EUR 2,000
million
|
Swedish commercial
paper program |
SEK 5,000
million
|
Finnish commercial
paper program |
EUR 500
million
|
Related documents
EMTN Prospectus 2016
EMTN Prospectus 2015
EMTN Prospectus 2014
Prospectus Amendment
Swedish Commercial Paper Program
Credit ratings
Credit ratings are important for the Group to be able to secure competitively priced funding. The company aims at having at least one rating.
On May 19, 2016 Standard & Poor's confirmed its 'B+' long-term corporate credit rating on SSAB AB and the CreditWatch with negative implications,
where S&P placed it on Dec 21, 2015 was removed and replaced with stable outlook.
Standard & Poors' Ratings Direct, Research update 2017-03-22
Standard & Poors' Ratings Direct, Research update 2016-06-08
Standard & Poors's Ratings Direct, Research Update 2016-02-22
Standard & Poors's RatingsDirect, Research Update 2015-12-21
Standard & Poor's RatingsDirect, Research Update 2015-05-29
Standard & Poor's RatingsDirect, Bulletin 2014-01-22
Standard & Poor's RatingsDirect, Research Update 2013-11-12
