The free cash fo w to net debt r atio amounted to 0.21 (0.08). 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 5.5 y ear Eurobond which w as issued in September 2012, with a coupon of 2.25 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 5.0 (6.1). 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 2 580.1 3 144.6 Operating capit al emplo y ed as % o f sale s 4 5 G oodwill 14 275.4 14 727.4 Acquisition related int an g ible assets 1 501.9 1 574.1 Shares in associated companies 108.0 108.2 T ot al capit al emplo y ed 18 465.4 19 554.3 Re t urn on capit al emplo y ed, % 14 17 Net debt 9 864.6 10 348.8 Shareholder s ’ equit y 8 600.8 9 205.5 T ot al fnancin g 18 465.4 19 554.3 Securit as ’ fnancial model is described on pa g es 50–51. n n n Oper atin g items. n n n Net debt -related items. n n n G oodwill, t ax es and non-oper 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 -10 348.8 -8 208.9 Cash fo w from oper atin g activities 3 200.8 2 107.4 f inancial income and e xpenses paid -531.9 -475.1 Current t ax es paid -583.3 -763.9 F ree cash fo w 2 085.6 868.4 Cash fo w from in v es tin g activities, acquisitions and div es titures -677.3 -1 882.0 Cash fo w from items afectin g compar abilit y -193.8 -23.7 Dividend paid -1 095.2 -1 095.2 Chan g e in net debt before re v aluation and tr anslation 119.3 -2 132.5 R e v aluation of fnancial ins truments 10.6 7.5 T r anslation diferences 354.3 -14.9 Chan g e in net debt 484.2 -2 139.9 Closin g balance December 31 -9 864.6 -10 348.8 61 Securit as Annual R eport 2012 Annual R eport R eport of the Boar d of Director s