A C C O u NT S RECEI v ABLE AND A GEING ANAL y SIS M SEK 2012 2011 2010 Accounts receiv able before deduction of pro vision for bad debt losses 10 9647 100 11 3843 100 10 0688 100 Pro vision for bad debt losses 4746 4 4193 4 3447 3 T ot al accounts receiv able 10 4901 96 10 9650 96 9 7241 97 Ag ein g of accounts receiv able before deduction of pro vision for bad debt losses Ov er due 130 da ys 1 7449 17 1 8221 17 1 5565 16 Ov er due 3190 da ys 7785 7 8018 7 7852 8 Ov er due 90 da ys 7737 7 8023 7 5659 6 T ot al o v er due 3 2971 31 3 4262 31 2 9076 30 The follo win g det ails the credit qualit y of interes t bearin g receiv ables 74 percent of interes t bearin g receiv ables ha v e a r atin g of A1P1 C O u NTERP AR TIE S WIT h E X TERNAL C REDIT RA TINGS M SEK 2012 2011 2010 Credit qualit y interes t bearin g receiv ables A1 P1 3 873 2 245 2 768 The Group has policies in place that limit the amount of credit e xposure to an y one fnancial ins titution In v es tments of liquid funds ma y only be made in g o v ernment paper or with fnancial ins titutions with a hig h credit r atin g As of December 31 2012 the w eig hted a v er a g e credit r atin g of these ins ti tutions w as short term A1 P1 The lar g es t tot al e xposure for all ins trument t ypes to an y one ins titution w as M SEK 1 620 1 062 and 958 R atin g In or der to access international debt capit al mark ets in an efectiv e manner Securit as has obt ained lon g term and short term credit r atin g s from St an dar d Poor s The lon g term r atin g is BBB with St able Outlook and the short term r atin g is A 2 The Nor dic short term r atin g is K 2 F air v alue of fnancial ins truments The methods and assumptions used b y the Group in es timatin g the fair v alue of the fnancial ins truments are Cash and bank deposits and short term in v es tments carr yin g amounts appro ximate fair v alues Deriv ativ e and other fnancial ins truments fair v alues are es timated based on quoted mark et prices on prices pro vided b y independent brok er s or are calculated on bes t mark et prices The prices used are fair v alues s t ated e x cludin g accrued interes t Debt fair v alues of fx ed r ate debt are based on either quoted prices or are es timated usin g discounted cash fo w calculations based upon the Group s current increment al borro win g r ates for similar t ypes of borro win g s with maturities consis tent with those remainin g for the debt bein g v alued The fair v alue of foatin g r ate debt is assumed to equal the carr yin g v alue of the debt R E v AL u A TION O f f INANCIAL INS TR u m ENT S M SEK 2012 2011 2010 R ecogniz ed in the s t atement of income f inancial income 1 10 33 f inancial e xpenses 1 02 45 Deferred t ax 03 08 12 Impact on net income for the y ear 07 23 33 R ecogniz ed in other comprehensiv e income T r ansfer to hed g in g reser v e before t ax 95 297 569 Deferred t ax on tr ansfer to hed g in g reser v e 25 78 150 T r ansfer to hed g in g reser v e net of t ax 70 219 419 T r ansfer to s t atement of income before t ax 191 341 1290 Deferred t ax on tr ansfer to s t atement of income 50 90 339 T r ansfer to s t atement of income net of t ax 141 251 951 T ot al chan g e of hed g in g reser v e before t ax 2 96 44 721 Deferred t ax on tot al chan g e of hed g in g reser v e before t ax 2 25 12 189 T ot al chan g e of hed g in g reser v e net of t ax 71 32 532 T ot al impact on shareholder s equit y as specifed abo v e T ot al re v aluation before t ax 3 106 75 676 Deferred t ax on tot al re v aluation 3 28 20 177 T ot al re v aluation after t ax 78 55 499 1 R elated to fnancial assets and fnancial liabilities at fair v alue throug h proft or loss There w as no signifcant inefectiv eness in the fair v alue hed g e or in the cash fo w hed g e 2 T ot al of tr ansfer to hed g in g reser v e and tr ansfer from hed g in g reser v e to s t atement of income 3 T ot al re v aluation and deferred t ax recogniz ed via s t atement of income and via other comprehensiv e income F AIR V AL UE HIERARCHY AS PER DECEMBER 31 2012 M SEK Quoted mark et prices v aluation techniques usin g obser v able mark et dat a v aluation techniques usin g nonobser v able mark et dat a T ot al Financial assets at fair v alue throug h proft or loss 1056 1056 Financial liabilities at fair v alue throug h proft or loss 484 484 Deriv ativ es designated for hed g in g with positiv e fair v alue 1020 1020 Deriv ativ es designated for hed g in g with ne gativ e fair v alue 109 109 89 Annual R eport Notes and comments to the consolidated fnancial s t atements Securit as Annual R eport 2012