As of June 30, 2024, Electrolux had a financial net debt (excluding lease liabilities and post-employment provisions) of SEK 24,998m, compared to the financial net debt of SEK 24,334m as of June 30, 2023 and SEK 20,871m as of December 31, 2023. Net provisions for post-employment benefits amounted to a deficit of SEK 79m and lease liabilities amounted to SEK 4,664m as of June 30, 2024. In total, net debt amounted to SEK 29,741m, an increase of SEK 3,515m compared to SEK 26,226m per December 31, 2023, but almost in line with June 30, 2023, of SEK 29,883m.
Long-term borrowings and long-term borrowings with maturities within 12 months amounted to a total of SEK 37,247m as of June 30, 2024, with an average maturity of 3.3 years, compared to SEK 33,276m and 3.5 years at the end of 2023.
In the second quarter, amortization of long-term borrowings amounted to SEK 67m and a total of SEK 2,280m of new long-term debt was issued. In June, Electrolux issued bonds of SEK 1,000m and NOK 1,300m respectively, all under the Electrolux Euro Medium Term Note (EMTN) program. In June Electrolux signed a USD 150m eight-year sustainability-linked loan facility with the Nordic Investment Bank. The interest rate margin on the loan is linked to the Group’s science-based targets. During the remaining part of 2024, long-term borrowings amounting to approximately SEK 3,400m, will mature.
Liquid funds as of June 30, 2024, amounted to SEK 15,478m, a decrease of SEK 191m compared to SEK 15,669m as of December 31, 2023. Total liquidity, including the revolving credit facilities, amounted to SEK 32,837m compared to SEK 32,765m as of December 31, 2023. In May, one of the SEK 3,000m revolving credit facilities was extended to 2026.
Net debt/EBITDA was 5.2 (4.9) and return on equity was -24.2% (-15.0).