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 |