Axfood has a solid balance sheet and a stable cash flow with efficient management of working capital. According to Axfood’s dividend policy, the shareholder dividend is to be at least 50% of profit after tax and is to be paid out on two occasions. Historically, after payment of the dividend, Axfood has built up a net debt receivable during the year. Adoption of IFRS 16 has resulted in an accounting shift from a net receivable to a net debt position.