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F4 Interest-bearing liabilities | 12 Months Ended
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Dec. 31, 2023
Borrowings [abstract] |
F4 Interest-bearing liabilities |
|  | Interest-bearing liabilities
As of December 31, 2023, the Company’s outstanding interest-bearing liabilities were SEK 46.9 (32.9) billion. Interest-bearing liabilities (excluding lease obligations)
|  | 2023 |  |  | 2022 |
Borrowings, current |  |  |  |  |  |  |  |
Current part of non-current borrowings |  |  | 8,995 |  |  |  | 2,865 |
Other borrowings, current |  |  | 8,660 |  |  |  | 3,119 |
Total borrowings, current |  |  | 17,655 |  |  |  | 5,984 |
Borrowings, non-current |  |  |  |  |  |  |  |
Notes and bond loans |  |  | 29,071 |  |  |  | 26,752 |
Other borrowings, non-current |  |  | 147 |  |  |  | 194 |
Total borrowings, non-current |  |  | 29,218 |  |  |  | 26,946 |
Total interest-bearing liabilities |  |  | 46,873 |  |  |  | 32,930 |
Reconciliation of liabilities arising from financing activities (including lease obligations)
|  | 2023 |  |  | 2022 |
Opening balance |  |  | 42,234 |  |  |  | 41,134 |
Cash flows |  |  |  |  |  |  |  |
Proceeds from issuance of borrowings |  |  | 19,728 |  |  |  | 10,755 |
Repayment of borrowings |  |  | –7,884 |  |  |  | –16,029 |
Other financing activities |  |  | 1,101 |  |  |  | 315 |
Lease payments |  |  | –2,857 |  |  |  | –2,593 |
Non-cash changes |  |  |  |  |  |  |  |
Effect of foreign exchange movement |  |  | –930 |  |  |  | 4,762 |
Revaluation due to changes in credit risk |  |  | 667 |  |  |  | –1,030 |
Other changes in fair value |  |  | 1,131 |  |  |  | –2,888 |
New lease contracts |  |  | 1,547 |  |  |  | 1,986 |
Balances regarding acquired business |  |  | 2 |  |  |  | 6,876 |
Other non-cash movements |  |  | –411 |  |  |  | –1,054 |
Closing balance |  |  | 54,328 |  |  |  | 42,234 |
Notes, bonds, bilateral loans, syndicated loans and commercial papers in the Parent Company
Issued-maturing |  | Nominal amount |  |  | Coupon |  |  | Currency |  |  | Maturity date |  |  | Carrying value 2023 |  |  | Changes in fair value due to changes in credit risk 2023 |  |  | Cumulative changes in fair value due to changes in credit risk 2023 |  |  | Carrying value 2022 |
Notes and bond loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017–2024 |  |  | 500 |  |  |  | 1.875% |  |  |  | EUR |  |  |  | Mar 1, 2024 |  |  |  | 5,523 |  |  |  | –33 |  |  |  | 13 |  |  |  | 5,392 |
2017–2025 1) |  |  | 150 |  |  |  | 2.741% |  |  |  | USD |  |  |  | Dec 22, 2025 |  |  |  | 1,416 |  |  |  | –3 |  |  |  | 27 |  |  |  | 1,422 |
2020–2030 1) |  |  | 200 |  |  |  | 3.020% |  |  |  | USD |  |  |  | Dec 30, 2030 |  |  |  | 1,736 |  |  |  | 69 |  |  |  | 87 |  |  |  | 1,682 |
2021–2029 |  |  | 500 |  |  |  | 1.000% |  |  |  | EUR |  |  |  | May 26, 2029 |  |  |  | 4,701 |  |  |  | 160 |  |  |  | –152 |  |  |  | 4,196 |
2022–2027 |  |  | 750 |  |  |  | 1.125% |  |  |  | EUR |  |  |  | Feb 8, 2027 |  |  |  | 7,714 |  |  |  | 205 |  |  |  | –2 |  |  |  | 7,119 |
2023–2028 |  |  | 500 |  |  |  | 5.375% |  |  |  | EUR |  |  |  | May 29, 2028 |  |  |  | 5,798 |  |  |  | 141 |  |  |  | 141 |  |  |  | – |
Total notes and bond loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,888 |  |  |  | 539 |  |  |  | 114 |  |  |  | 19,811 |
Bilateral loans and syndicated loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017–2023 2) |  |  | 220 |  |  |  |  |  |  |  | USD |  |  |  | Jun 15, 2023 |  |  |  | – |  |  |  | –6 |  |  |  | – |  |  |  | 2,292 |
2019–2024 3) |  |  | 281 |  |  |  |  |  |  |  | USD |  |  |  | July 31, 2024 |  |  |  | 2,829 |  |  |  | 7 |  |  |  | 11 |  |  |  | 2,925 |
2019–2025 2) |  |  | 150 |  |  |  |  |  |  |  | USD |  |  |  | Dec 18, 2025 |  |  |  | 1,509 |  |  |  | 9 |  |  |  | 8 |  |  |  | 1,555 |
2021–2028 3) |  |  | 305 |  |  |  |  |  |  |  | USD |  |  |  | Jun 21, 2028 |  |  |  | 2,976 |  |  |  | 107 |  |  |  | –76 |  |  |  | 2,981 |
2023–2030 2) |  |  | 107 |  |  |  |  |  |  |  | USD |  |  |  | Dec 16, 2030 |  |  |  | 1,097 |  |  |  | 29 |  |  |  | 29 |  |  |  | – |
2023–2030 3) |  |  | 273 |  |  |  |  |  |  |  | USD |  |  |  | Dec 18, 2030 |  |  |  | 2,718 |  |  |  | –18 |  |  |  | –18 |  |  |  | – |
2023–2024 4) |  |  | 200 |  |  |  |  |  |  |  | USD |  |  |  | Aug 30, 2024 |  |  |  | 2,002 |  |  |  | – |  |  |  | – |  |  |  | – |
2023–2024 4) |  |  | 200 |  |  |  |  |  |  |  | USD |  |  |  | Feb 29, 2024 |  |  |  | 2,002 |  |  |  | – |  |  |  | – |  |  |  | – |
Total bilateral and syndicated loans |  |  |  |  |  |  |  |  |  |  |  | 15,133 |  |  |  | 128 |  |  |  | –46 |  |  |  | 9,753 |
Commercial papers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023–2024 4) 5) |  |  | 2,030 |  |  |  |  |  |  |  | SEK |  |  |  | Feb-Mar 2024 |  |  |  | 2,014 |  |  |  | – |  |  |  | – |  |  |  | – |
Total commercial papers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,014 |  |  |  | – |  |  |  | – |  |  |  | – |
1) | Private Placement, Swedish Export Credit Corporation (SEK).
2) | Nordic Investment Bank (NIB), R&D project financing.
3) | European Investment Bank (EIB), R&D project financing.
4) | Short-term borrowings are classified as amortized cost liabilities.
5) | Commercial papers with weighted average yield of 4.633%.
To secure long-term funding, the Company uses notes and bond programs together with bilateral research and development loans, as well as private placements. All outstanding notes and bond loans are issued by the Parent Company under its Euro Medium Term Note (EMTN) program. Bonds issued at a fixed interest rate are normally swapped to a floating interest rate using interest rate swaps under the Asset and liability management mandate described in note F1 “Financial risk management.” In addition to the long-term funding programs, the Company has a commercial paper program and a committed liquidity revolving credit facility to efficiently manage liquidity needs, further described in note F1 “Refinancing risk.” Total weighted average interest rate cost for parent company funding during the year was 5.15% (2.45%). The global economy continues to face multiple challenges due to geopolitical uncertainty and the threat of economic downturn affecting all major economies. Central banks across the world have raised interest rates in response to inflation. The higher short-term interest rates increased interest payments on long-term borrowings as fixed coupons payments are normally swapped to floating rates. As all long-term borrowings are also denominated in either USD or Euro, interest payments and cost of borrowings in SEK have increased compared to prior years.

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