Note 4 Management of capital

The objective for capital management is to ensure that the group is able to continue its business operations in order to generate reasonable returns for shareholders and provide benefits to other stakeholders.

The group defines capital as shareholders equity plus liabilities to credit institutions and monitors its debt to adjusted EBITDA level on an ongoing basis. (See section Glossary for a definition.)

At the end of the fiscal year, the debt-to-equity ratio amounted to:

12/31/2017 12/31/2016
2017-12-31 2016-12-31
Loans Upplåning 4,516,301 4,237,959
Cash and cash equivalents Likvida medel -86,136 -131,852
Net liabilities Nettoskuld 4,430,165 4,106,107
Total shareholder’s equity Totalt eget kapital 3,655,478 3,782,621
Total shareholder’s equity and liabilities Totalt kapital 8,085,643 7,888,728
Debt-to-equity ratio Skuldsättningsgrad 54.8% 52.1%
Average Net debt / Adjusted EBITDA Nettoskuldsättning / Justerat EBITDA 8.5 9.2