Cash flow

Net debt, December 31   -5 966 -35 361
1) Essitys cash and cash equivalents were SEK 4,170 m on the first day of quotation. 
SEKm Note 2017 2016
Net sales   16 664 15 373
Operating expenses   -12 903 -12 104
Adjusted earnings before depreciation
and impairment
(adjusted EBITDA)
  3 761 3 269
Adjustment for non-cash items   -616 -685
Operating cash surplus   3 145 2 584
Change in      
   Inventories   -60 17
   Operating receivables   -100 254
   Operating liabilities   17 103
Change in working capital   -143 374
Value-preserving net investments   -638 -959
Restructuring costs   -91 -82
Operating cash flow, continuing operations   2 273 1 917
Operating cash flow, discontinued operations   4 649 13 031
Operating cash flow   6 922 14 948
Financial items E7 -93 -84
Payed tax B5 -30 -17
Other   -41 3
Cash flow, continuing operations   2 109 1 819
Cash flow, discontinued operations   3 040 8 563
Cash flow   5 149 10 382
Strategic capital expenditures and divestments      
Company acquisitions F4 - -58
Strategic capital expenditures in non-current assets   -2 863 -2 231
Total strategic capital expenditures   -2 863 -2 289
Divestments F4 - 120
Cash flow from strategic capital expenditures and
divestments, continuing operations
  -2 863 -2 169
Cash flow from strategic capital expenditures and
divestments, discontinued operations
  -25 297 -8 204
Cash flow from strategic capital expenditures
and divestments
  -28 160 -10 373
Cash flow before dividend,
continuing operations
  -754 -350
Cash flow before dividend,
discontinued operations
  -22 257 359
Cash flow before dividend   -23 011 9
Private placement to non-controlling interests   - 435
Dividend   -4 214 -4 228
Net cash flow from continuing and
discontinued operations
  -27 225 -3 784
       
Net debt      
SEKm   2017 2016
Net debt January 1   -35 361 -29 478
Net cash flow   -27 225 -3 784
Net debt, discontinued operations 1)   56 010 -
Remeasurements to equity   1 027 -1 526
Exchange rate effects and market value changes   -417 -573