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 | |||||||||||||||
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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. |
