EX-12.1 5 d911865dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(amounts in millions of SEK)

Year		2010				2011				2012				2013				2014
Pre-tax profit before profit or loss for all associated/ JV companies (equity investees)			16955				21899				21913				17228				15867
Fixed charges:
Interest expense			1315				1706				1734				1412				1376
Interest part of leases/ rentals *			1225				1121				1057				839				887
Total fixed charges			2540				2827				2791				2251				2263
Dividends from all associated/ JV companies			104				154				133				128				249
Pre-tax profit before profit or loss for all associated/ JV companies (equity investees) plus fixed charges plus dividends received			19599				24880				24837				19607				18379
Ratio of earnings to fixed charges			7.7				8.8				8.9				8.7				8.1

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