EX-12.1 6 d336342dex121.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

Calculation of ratio of earnings to fixed charges

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED

CHARGES

(amounts in millions of SEK)
Year		2007				2008				2009				2010				2011
Pre-tax profit before profit or loss for all associated/ JV companies (equity investees)			23,497				17,662				13,643				16,955				21,899
Fixed charges:
Interest expense			1,543				2,023				1,616				1,315				1,706
Interest part of leases/ rentals*			959				1,569				1,280				1,225				1,121
Total fixed charges			2,502				3,592				2,896				2,540				2,827
Dividends from all associated/ JV companies			4,216				3,854				66				104				154
Pre-tax profit before profit or loss for all associated/ JV companies (equity investees) plus fixed charges plus dividends received			30,215				25,108				16,605				19,599				24,880
Ratio of earnings to fixed charges			12.1				7.0				5.7				7.7				8.8

(*) One-third of net rent expense is the portion of rental expense deemed representative of the interest factor.