Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES |
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| (amounts in millions of SEK) | ||||||||||||||||||||||||
| Year | 2007 | 2008 | 2009 | 2010 | 2011 | Q1 2012 | ||||||||||||||||||
Pre-tax profit before profit or loss for all associated/ JV companies (equity investees) | 23,497 | 17,662 | 13,643 | 16,955 | 21,899 | 10,479 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | 1,543 | 2,023 | 1,616 | 1,315 | 1,706 | 331 | ||||||||||||||||||
Interest part of leases/ rentals* | 959 | 1,569 | 1,280 | 1,225 | 1,121 | 275 | ||||||||||||||||||
Total fixed charges | 2,502 | 3,592 | 2,896 | 2,540 | 2,827 | 606 | ||||||||||||||||||
Dividends from all associated/ JV companies | 4,216 | 3,854 | 66 | 104 | 154 | 0 | ||||||||||||||||||
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 | 11,085 | ||||||||||||||||||
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Ratio of earnings to fixed Charges | 12.1 | 7.0 | 5.7 | 7.7 | 8.8 | 18.3 | ||||||||||||||||||
| * | One-third of net rent expense is the portion of rental expense deemed representative of the interest factor. Net rent expense during Q1 2012 is calculated as one-fourth of the estimated annual leasing cost in 2012. |