As of December 31, 2019, Electrolux had a financial net debt position (excluding lease liabilities and post-employment provisions) of SEK 667m, compared to the financial net cash position of SEK 1,989m as of December 31, 2018. Net provisions for post-employment benefits was SEK 3,866m (3,814). Lease liabilities amounted to SEK 3,150m as of December 31, 2019 and is an effect of the application of IFRS 16 as from January 1, 2019. In total, net debt amounted to SEK 7,683m, an increase by SEK 5,858m compared to SEK 1,825m per December 31, 2018.
Long-term borrowings and long-term borrowings with maturities within 12 months amounted to a total of SEK 9,682m as of December 31, 2019 with average maturity of 3.0 years, compared to SEK 8,553m and 2.6 years at the end of 2018. In the fourth quarter Electrolux issued two bond loans totalling SEK 1.5bn under its Euro Medium Term Note program.
In the fourth quarter, long-term bilateral borrowings in the amount of SEK 1,174m were amortized. During 2020, long-term borrowings amounting to approximately SEK 1.4bn will mature.
Liquid funds as of December 31, 2019, amounted to SEK 11,189m, a decrease of SEK 1,060m compared to SEK 12,249m as of December 31, 2018.