Cash flow ERICSSON

Equities

ERIC B

SE0000108656

Communications & Networking

Market Closed - Nasdaq Stockholm Other stock markets 12:00:00 2025-01-17 EST			5-day change	1st Jan Change
95.30 ^SEK	+1.00%		+2.94%	+6.03%

01-16	ERICSSON B : Goldman Sachs gives a Sell rating	ZD
01-16	Goldman Sachs raises target price for Ericsson to SEK 58 (45), reiterates sell - BN	FW

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Published financial data: ERICSSON

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	227B	232B	232B	272B	263B
Total Revenues	227B	232B	232B	272B	263B
Cost of Goods Sold, Total	142B	138B	131B	158B	159B
Gross Profit	85.16B	94.45B	101B	113B	104B
Selling General & Admin Expenses, Total	25.66B	26.33B	26.81B	35.47B	37.41B
Provision for Bad Debts	-737M	-118M	40M	40M	268M
R&D Expenses	38.44B	39.17B	41.8B	47.18B	48.23B
Other Operating Expenses	-178M	-739M	-303M	1.25B	-300M
Other Operating Expenses, Total	63.18B	64.64B	68.34B	83.94B	85.62B
Operating Income	21.98B	29.81B	32.68B	29.55B	18.79B
Interest Expense, Total	-1.94B	-1.59B	-951M	-1.44B	-2.75B
Interest And Investment Income	1.4B	796M	360M	717M	1.9B
Net Interest Expenses	-548M	-798M	-591M	-719M	-849M
Income (Loss) On Equity Invest.	-335M	-298M	-260M	17M	124M
Currency Exchange Gains (Loss)	-395M	827M	-1.55B	-1.26B	-1.02B
Other Non Operating Income (Expenses)	-1.12B	-718M	-392M	-72M	-1.64B
EBT, Excl. Unusual Items	19.59B	28.82B	29.89B	27.52B	15.4B
Restructuring Charges	-798M	-1.31B	-549M	-460M	-6.52B
Merger & Related Restructuring Charges	-85M	-92M	-11M	-436M	-36M
Impairment of Goodwill	-	-	-112M	-	-31.9B
Gain (Loss) On Sale Of Investments	-290M	-3M	730M	-100M	504M
Gain (Loss) On Sale Of Assets	1.1B	-74M	241M	387M	-772M
Asset Writedown	-55M	-137M	-137M	-	-
Other Unusual Items	-10.7B	-	-800M	-2.3B	-
EBT, Incl. Unusual Items	8.76B	27.21B	29.25B	24.61B	-23.32B
Income Tax Expense	6.92B	9.59B	6.27B	5.5B	2.78B
Earnings From Continuing Operations	1.84B	17.62B	22.98B	19.11B	-26.1B
Net Income to Company	1.84B	17.62B	22.98B	19.11B	-26.1B
Minority Interest	383M	-140M	-286M	-388M	-342M
Net Income - (IS)	2.22B	17.48B	22.69B	18.72B	-26.45B
Net Income to Common Incl Extra Items	2.22B	17.48B	22.69B	18.72B	-26.45B
Net Income to Common Excl. Extra Items	2.22B	17.48B	22.69B	18.72B	-26.45B
Per Share Items
Net EPS - Basic	0.67	5.26	6.82	5.62	-7.94
Basic EPS - Continuing Operations	0.67	5.26	6.82	5.62	-7.94
Basic Weighted Average Shares Outstanding	3.31B	3.32B	3.33B	3.33B	3.33B
Net EPS - Diluted	0.67	5.26	6.81	5.62	-7.94
Diluted EPS - Continuing Operations	0.67	5.26	6.81	5.62	-7.94
Diluted Weighted Average Shares Outstanding	3.32B	3.33B	3.33B	3.33B	3.33B
Normalized Basic EPS	3.82	5.38	5.53	5.05	2.79
Normalized Diluted EPS	3.8	5.37	5.52	5.04	2.79
Dividend Per Share	1.5	2	2.5	2.7	2.7
Payout Ratio	148.49	28.51	29.34	44.46	-34
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	26.59B	34.5B	37.52B	35.66B	26.38B
EBITA	23B	30.89B	33.84B	31.54B	22.11B
EBIT	21.98B	29.81B	32.68B	29.55B	18.79B
EBITDAR	27.14B	35.28B	38.19B	36.45B	27.12B
Effective Tax Rate - (Ratio)	79	35.24	21.44	22.34	-11.94
Total Current Taxes	4.8B	5.64B	6.45B	7.1B	4.17B
Total Deferred Taxes	2.12B	3.91B	-188M	-1.62B	-1.41B
Normalized Net Income	12.63B	17.88B	18.39B	16.81B	9.28B
Interest on Long-Term Debt	551M	490M	426M	464M	464M
Non-Cash Pension Expense	459M	361M	298M	714M	888M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	40.37B	40.62B	43.42B	48.88B	51.8B
Net Rental Expense, Total	551M	780M	672M	794M	743M
Imputed Operating Lease Interest Expense	211M	228M	127M	219M	338M
Imputed Operating Lease Depreciation	340M	552M	545M	575M	405M
Stock-Based Comp., Other (Total)	1.32B	1.57B	1.35B	450M	1.37B
Total Stock-Based Compensation	1.32B	1.57B	1.35B	450M	1.37B

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	45.08B	43.61B	54.05B	38.35B	35.19B
Short Term Investments	6.76B	6.82B	12.93B	8.74B	9.58B
Total Cash And Short Term Investments	51.84B	50.43B	66.98B	47.08B	44.77B
Accounts Receivable, Total	56.73B	55.25B	58.62B	63.21B	55.78B
Other Receivables	12.51B	12.18B	11B	13.56B	13.83B
Total Receivables	69.24B	67.43B	69.63B	76.77B	69.61B
Inventory	30.86B	28.1B	35.16B	45.85B	36.07B
Prepaid Expenses	1.42B	1.86B	2.29B	2.51B	2.55B
Other Current Assets, Total	554M	1.98B	743M	1.59B	1.98B
Total Current Assets	154B	150B	175B	174B	155B
Gross Property Plant And Equipment	54.63B	54.17B	58.98B	65.35B	63.62B
Accumulated Depreciation	-32.29B	-32.81B	-37.45B	-43.24B	-45.11B
Net Property Plant And Equipment	22.34B	21.36B	21.53B	22.11B	18.52B
Long-term Investments	23.35B	24.41B	33.82B	12.36B	13.17B
Goodwill	31.2B	34.94B	38.2B	84.57B	52.94B
Other Intangibles, Total	2.49B	4.8B	3.83B	26.34B	22.67B
Accounts Receivable Long-Term	2.26B	1.22B	568M	415M	1.35B
Deferred Tax Assets Long-Term	31.17B	26.3B	23.11B	19.39B	22.38B
Deferred Charges Long-Term	4.04B	3.86B	3.53B	3.7B	4.68B
Other Long-Term Assets, Total	5.61B	4.84B	6.22B	6.84B	6.35B
Total Assets	276B	272B	306B	350B	297B
Liabilities
Accounts Payable, Total	30.4B	31.99B	35.68B	38.44B	27.77B
Accrued Expenses, Total	31.4B	29.08B	31.93B	36.87B	27.64B
Short-term Borrowings	1.49B	2.67B	131M	3.12B	8.66B
Current Portion of Long-Term Debt	8.11B	5.37B	9.55B	2.87B	9B
Current Portion of Leases	2.29B	2.2B	2.22B	2.49B	2.24B
Current Income Taxes Payable	-	-	2.92B	2.64B	3.56B
Unearned Revenue Current, Total	29.04B	26.44B	32.83B	42.25B	34.42B
Other Current Liabilities	14.09B	16.58B	11.68B	16.94B	16.13B
Total Current Liabilities	117B	114B	127B	146B	129B
Long-Term Debt	28.26B	22.22B	22.24B	26.95B	29.22B
Long-Term Leases	7.6B	7.1B	7.08B	6.82B	5.22B
Pension & Other Post Retirement Benefits	35.82B	37.35B	36.05B	27.36B	26.23B
Deferred Tax Liability Non Current	1.22B	1.09B	884M	4.78B	3.88B
Other Non Current Liabilities	4.79B	4.27B	5.31B	4.7B	5.68B
Total Liabilities	195B	186B	199B	216B	200B
Common Stock, Total	16.67B	16.67B	16.67B	16.67B	16.72B
Additional Paid In Capital	24.73B	24.73B	24.73B	24.73B	24.73B
Retained Earnings	38.86B	47.96B	66.92B	85.21B	50.46B
Comprehensive Income and Other	2.29B	-2.69B	454M	8.2B	6.76B
Total Common Equity	82.56B	86.67B	109B	135B	98.67B
Minority Interest	-681M	-1.5B	-1.68B	-1.51B	-1.26B
Total Equity	81.88B	85.18B	107B	133B	97.41B
Total Liabilities And Equity	276B	272B	306B	350B	297B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.31B	3.33B	3.33B	3.33B	3.33B
ECS Total Common Shares Outstanding	3.31B	3.33B	3.33B	3.33B	3.33B
Book Value / Share	24.91	26.04	32.66	40.48	29.63
Tangible Book Value	48.87B	46.92B	66.74B	23.9B	23.06B
Tangible Book Value Per Share	14.74	14.1	20.04	7.18	6.93
Total Debt	47.74B	39.56B	41.22B	42.24B	54.33B
Net Debt	-4.1B	-10.87B	-25.76B	-4.84B	9.55B
Debt Equivalent of Unfunded Proj. Benefit Obligation	32.78B	34.58B	32.19B	23.21B	22.94B
Debt Equivalent Oper. Leases	4.41B	6.24B	5.38B	6.35B	5.94B
Minority Interest, Total (Incl. Fin. Div)	-681M	-1.5B	-1.68B	-1.51B	-1.26B
Equity Method Investments, Total	1.56B	1.27B	941M	1.13B	1.15B
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	8.21B	9.51B	11.58B	16.87B	-
Inventories - Work In Process, Total	13.91B	9.88B	12.37B	14.6B	11.85B
Inventories - Finished Goods, Total	8.74B	8.71B	11.21B	14.38B	24.22B
Machinery, Total	36.25B	34.82B	37.4B	40.81B	39.49B
Full Time Employees	99.42K	100K	100K	105K	99.52K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	2.98B	2.52B	2.4B	2.49B	2.58B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.22B	17.48B	22.69B	18.72B	-26.45B
Depreciation & Amortization - CF	6.06B	5.99B	5.95B	6.56B	6.7B
Amortization of Goodwill and Intangible Assets - (CF)	1.02B	1.08B	1.16B	1.99B	3.32B
Depreciation & Amortization, Total	7.08B	7.07B	7.12B	8.56B	10.02B
Amortization of Deferred Charges, Total - (CF)	1.52B	906M	1.34B	1.59B	1.14B
(Gain) Loss From Sale Of Asset	-1.1B	74M	-244M	-441M	772M
(Gain) Loss on Sale of Investments - (CF)	290M	3M	-1.7B	-187M	-504M
Asset Writedown & Restructuring Costs	490M	696M	511M	401M	32.73B
(Income) Loss On Equity Investments - (CF)	406M	408M	360M	55M	-58M
Other Operating Activities, Total	3.16B	5.9B	4.98B	1.55B	1.52B
Change In Accounts Receivable	11B	-3.18B	1.55B	4.77B	6.33B
Change In Inventories	261M	384M	-5.56B	-7.74B	9.3B
Change In Accounts Payable	-372M	4.3B	1.38B	-2B	-10.04B
Change in Unearned Revenues	-1.58B	-560M	4.01B	5.79B	-7.09B
Change in Other Net Operating Assets	-6.5B	-4.55B	2.62B	-206M	-10.51B
Cash from Operations	16.87B	28.93B	39.06B	30.86B	7.18B
Capital Expenditure	-5.04B	-4.42B	-3.61B	-4.43B	-3.21B
Sale of Property, Plant, and Equipment	744M	254M	115M	249M	163M
Cash Acquisitions	-1.82B	-9.53B	-256M	-51.73B	-1.31B
Divestitures	360M	4M	273M	20M	-633M
Sale (Purchase) of Real Estate properties	-81M	-78M	-54M	-47M	-87M
Sale (Purchase) of Intangible assets	-1.54B	-817M	-962M	-1.72B	-2.17B
Investment in Marketable and Equity Securities, Total	4.16B	-1.42B	-15.26B	26.98B	-3.76B
Other Investing Activities, Total	-331M	801M	-131M	-3.72B	2.3B
Cash from Investing	-3.54B	-15.2B	-19.88B	-34.4B	-8.71B
Long-Term Debt Issued, Total	4.85B	4.4B	7.88B	10.76B	19.73B
Total Debt Issued	4.85B	4.4B	7.88B	10.76B	19.73B
Long-Term Debt Repaid, Total	-7.47B	-11.06B	-8.16B	-18.62B	-10.74B
Total Debt Repaid	-7.47B	-11.06B	-8.16B	-18.62B	-10.74B
Issuance of Common Stock	197M	163M	42M	-	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-3.3B	-4.98B	-6.66B	-8.32B	-8.99B
Common & Preferred Stock Dividends Paid	-3.3B	-4.98B	-6.66B	-8.32B	-8.99B
Other Financing Activities, Total	-1.18B	-1.01B	-2.41B	262M	1.01B
Cash from Financing	-6.9B	-12.49B	-9.31B	-15.93B	1.01B
Foreign Exchange Rate Adjustments	258M	-2.71B	563M	3.76B	-2.63B
Net Change in Cash	6.69B	-1.47B	10.44B	-15.7B	-3.16B
Supplemental Items
Cash Interest Paid	1.06B	1.43B	974M	1.25B	2.28B
Cash Income Tax Paid (Refund)	5.22B	4.31B	4.09B	5.6B	5.37B
Levered Free Cash Flow	26.5B	23.81B	27.57B	25.21B	6.04B
Unlevered Free Cash Flow	27.72B	24.81B	28.16B	26.11B	7.76B
Change In Net Working Capital	-10.64B	-1.87B	-2.5B	-3.2B	11.13B
Net Debt Issued / Repaid	-2.62B	-6.66B	-277M	-7.87B	8.99B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.04	6.8	7.08	5.64	3.63
Return on Total Capital	10.96	14.65	14.96	11.41	7.18
Return On Equity %	2.17	21.1	23.9	15.9	-22.63
Return on Common Equity	2.62	20.66	23.22	15.37	-22.65
Margin Analysis
Gross Profit Margin %	37.48	40.64	43.49	41.79	39.64
SG&A Margin	11.29	11.33	11.54	13.06	14.21
EBITDA Margin %	11.7	14.84	16.15	13.13	10.02
EBITA Margin %	10.12	13.29	14.57	11.62	8.4
EBIT Margin %	9.67	12.83	14.07	10.88	7.13
Income From Continuing Operations Margin %	0.81	7.58	9.89	7.04	-9.91
Net Income Margin %	0.98	7.52	9.77	6.9	-10.04
Net Avail. For Common Margin %	0.98	7.52	9.77	6.9	-10.04
Normalized Net Income Margin	5.56	7.69	7.92	6.19	3.53
Levered Free Cash Flow Margin	11.66	10.25	11.87	9.29	2.29
Unlevered Free Cash Flow Margin	12.2	10.68	12.12	9.62	2.95
Asset Turnover
Asset Turnover	0.83	0.85	0.81	0.83	0.81
Fixed Assets Turnover	12.92	10.64	10.83	12.45	12.97
Receivables Turnover (Average Receivables)	3.7	4.15	4.08	4.46	4.43
Inventory Turnover (Average Inventory)	4.73	4.68	4.15	3.9	3.88
Short Term Liquidity
Current Ratio	1.32	1.31	1.38	1.19	1.2
Quick Ratio	1.04	1.03	1.08	0.85	0.88
Operating Cash Flow to Current Liabilities	0.14	0.25	0.31	0.21	0.06
Days Sales Outstanding (Average Receivables)	98.62	88.19	89.46	81.88	82.46
Days Outstanding Inventory (Average Inventory)	77.23	78.22	87.93	93.54	94.06
Average Days Payable Outstanding	76.58	84.46	89.26	80.17	81
Cash Conversion Cycle (Average Days)	99.27	81.94	88.13	95.25	95.52
Long Term Solvency
Total Debt/Equity	58.31	46.44	38.49	31.69	55.77
Total Debt / Total Capital	36.83	31.71	27.79	24.06	35.8
LT Debt/Equity