Net debt

As of March 31, 2022, Electrolux had a financial net debt (excluding lease liabilities and post-employment provisions) of SEK 12,398m, compared to the financial net debt of SEK 4,645m as of December 31, 2021. Net provisions for post-employment benefits turned into a surplus of SEK 470m and lease liabilities amounted to SEK 3,303m as of March 31, 2022. In total, net debt amounted to SEK 15,231m, an increase by SEK 6,640m compared to SEK 8,591m per December 31, 2021.

Long-term borrowings and long-term borrowings with maturities within 12 months amounted to a total of SEK 16,291m as of March 31, 2022, with average maturity of 3.2 years, compared to SEK 14,392m and 1.9 years at the end of 2021.

In the first quarter, amortization of long-term borrowings amounted to SEK 2,800m. Further, a revolving credit facility of SEK 10bn was cancelled ahead of its 2025 maturity. In January 2022, Electrolux borrowed USD 282m on the loan credit facility with the European Investment Bank signed in the fourth quarter of 2021. In March, green bonds of SEK 2.0bn with a 5-year maturity were issued. Further, commercial papers were issued with maturity of SEK 1.0bn in June and SEK 1.0bn in September. During the remaining part of 2022, long-term borrowings amounting to approximately SEK 1.4bn will mature.

Liquid funds as of March 31, 2022, amounted to SEK 8,192m, a decrease of SEK 3,044m compared to SEK 11,236m as of December 31, 2021. In the first quarter 2022, SEK 1,000m was used for repurchases of shares of series B.

Net debt/EBITDA was 1.4 (0.1) and return on equity was 20.8% (32.4).