The free cash fo w to net debt r atio amounted to 021 008 The main capit al mark et ins truments dr a wn as of the end of December 2012 w ere 12 bonds issued under the Group s Euro m edium T erm Note Progr am The lates t bond w as a m E u R 300 55 y ear Eurobond which w as issued in September 2012 with a coupon of 225 percent In addition Securit as has access to com mit ted bank fnancin g throug h a R e v olvin g Credit F acilit y RCF which comprises t w o respectiv e tr anches of m u SD 550 and ME UR 420 M U SD 1 100 in tot al At the end of the fourth quar ter there w as a tot al of M U SD 75 dr a wn on the facilit y lea vin g m u SD 1 025 equiv alent a v ailable and undr a wn The Group also has access to uncommit ted bank borro win g s and a M SEK 5 000 S w edish Commercial Paper Progr am for short term borro win g needs f urther information on the credit facilities as of December 31 2012 is pro vided in note 6 Securit as has ample liquidit y headroom under the commit ted credit facilities in line with es t ablished policies which combined with the s tron g free cash fo w g ener ation means that the future liquidit y requirements for the Compan y s oper ations are met In Augus t 2012 St andar d and Poor s do wn gr aded Securit as to BBB from BBB Outlook is s t able The Group s liquidit y posi tion is re gar ded as s tron g The interes t co v er r atio amounted to 50 61 Shareholder s equit y amounted to M SEK 8 600 9 205 The tr anslation of foreign assets and liabilities into S w edish kronor decreased shareholder s equit y b y M SEK 561 after t akin g into account net in v es tment hed g in g of M SEK 10 and M SEK 551 before net in v es tment hed g in g R efer to the s t atement of com prehensiv e income for further information The tot al number of outs t andin g shares amounted to 365 058 897 as of December 31 2012 C ONDENSED CAPIT AL E m PL O y ED AND f INANCING A C C ORDING T O S EC u RIT AS f INANCIAL m ODEL M SEK 2012 2011 Oper atin g capit al emplo y ed 2 5801 3 1446 Operating capit al emplo y ed as o f sale s 4 5 G oodwill 14 2754 14 7274 Acquisition related int an g ible assets 1 5019 1 5741 Shares in associated companies 1080 1082 T ot al capit al emplo y ed 18 4654 19 5543 Re t urn on capit al emplo y ed 14 17 Net debt 9 8646 10 3488 Shareholder s equit y 8 6008 9 2055 T ot al fnancin g 18 4654 19 5543 Securit as fnancial model is described on pa g es 5051 n n n Oper atin g items n n n Net debt related items n n n G oodwill t ax es and nonoper atin g items n n n Items related to shareholder s equit y NE T DEB T DE v EL OP m ENT M SEK 2012 2011 Openin g balance Januar y 1 10 3488 8 2089 Cash fo w from oper atin g activities 3 2008 2 1074 f inancial income and e xpenses paid 5319 4751 Current t ax es paid 5833 7639 F ree cash fo w 2 0856 8684 Cash fo w from in v es tin g activities acquisitions and div es titures 6773 1 8820 Cash fo w from items afectin g compar abilit y 1938 237 Dividend paid 1 0952 1 0952 Chan g e in net debt before re v aluation and tr anslation 1193 2 1325 R e v aluation of fnancial ins truments 106 75 T r anslation diferences 3543 149 Chan g e in net debt 4842 2 1399 Closin g balance December 31 9 8646 10 3488 61 Securit as Annual R eport 2012 Annual R eport R eport of the Boar d of Director s