Legend
Change from Previous Value
Post Recapitalization
Balance Sheet as on 31st March,2004 ( in SEK Millions )
Assets
Cash and Short Term Investments 3,002
Current Assets 4,884
PP&E 2,712
Other Assets 4,300
Total Assets 14,898
Legend
Change from Previous Value
FORMULAE USED
Book Value = Assets - Liabilities (Excluding Equity)
Market Value = No. of shares * Share Price
GIVEN
Cash Flow Data and Stock Price
Capital Expenditures 486
Cash Acquisitions, netf -64
Dividends Paid 558
Share Repurchases 658
Shares Outstanding, M 322.1
Year End Share Price (krona/share) 88.34
Market Value of Equity 28,454
3,776 3,776
3,529 7,529
2,533 2,533
28,853 28,853
38,691 42,691
Balance Sheet (in SEK Millions)
3,002
4,884
2,712
4,300
23,793
38,691
3,776
7,529
2,533
24,853
38,691
Current Scenario 2014
Ratios
EBIT interest coverage (x) 8.81
EBITDA interest coverage (x) 7.01
Total debt/EBITDA (x) 1.51
Market leverage (debt/debt plus market capitalization) (%) 11.03
Expect a BBB rating Yes
Forcast for 2015
Forecast Next Year Worst Case
(With recap & (With recap & EBITDA
EBITDA 3000 M) 1500 M)
3,000 1,500
479 479 Assuming the same depreciation for 2015 as in 2014
2,521 1,021
446 446
6.73 3.36
5.65 2.29
2.51 5.02
0.21 0.21
Yes No