28 million, more or less the same level last year. And you can also see on this shot that we can actually benefit from the fact that we have lost carry forward, and the tax assets now amount to SEK 3.2 billion, which we will use in the coming years. Cash flow: and I would say this is a very good outcome for the quarter and also better than I had expected. You can see that cash flow from operations is SEK 2.8 billion and then changes in working capital is positive, SEK 77 million, despite the fact that we are building up a stock now in handsets sold in instalments. we have almost 500 million in stock, which of course take a hit on working capital but we have done other things in order to take down the tied up capital. CAPEX: SEK 1.1 billion. That’s under plan, and you will also see that we have changed the guidance a little bit when it comes to year-to-date -- when it comes to the full year of CAPEX. So SEK 1.6 billion for the quarter, which is more or less in line with what we had in the same quarter last year. That takes us to this very interesting question about our leverage, and you can see that as of this quarter are under the 1.25 and we have net debt of some SEK 11.1 billion. We are then going over to the next page where we can see the debt profile as of September 2011, where we have a net debt position of SEK 11.2, and here you can see the gross position of SEK 14.1 billion, divided between revolving credit facilities in SEK and euro, Kazakhstan debt and also bonds - ruble bonds - and some small off balance sheet items. During the Capital Market Day I gave some kind of indication that we should be to 1.25 when it comes to leverage yearend. That was probably somewhat conservative. I think actually we will be slightly under 1.25, due to the fact that we have had a very good outcome in the third quarter and we are also taking down as you know the guidance for CAPEX. This I have talked about many times and I will just tell you that this is still valid and this is how we monitor the situation, and on the next page here you can see that we haven’t done any changes when it comes to our net debt and dividend targets.
28 million, more or less the same level last year. And you can also see on this shot that we can actually benefit from the fact that we have lost carry forward, and the tax assets now amount to SEK 3.2 billion, which we will use in the coming years. Cash flow: and I would say this is a very good outcome for the quarter and also better than I had expected. You can see that cash flow from operations is SEK 2.8 billion and then changes in working capital is positive, SEK 77 million, despite the fact that we are building up a stock now in handsets sold in instalments. we have almost 500 million in stock, which of course take a hit on working capital but we have done other things in order to take down the tied up capital. CAPEX: SEK 1.1 billion. That’s under plan, and you will also see that we have changed the guidance a little bit when it comes to year-to-date -- when it comes to the full year of CAPEX. So SEK 1.6 billion for the quarter, which is more or less in line with what we had in the same quarter last year. That takes us to this very interesting question about our leverage, and you can see that as of this quarter are under the 1.25 and we have net debt of some SEK 11.1 billion. We are then going over to the next page where we can see the debt profile as of September 2011, where we have a net debt position of SEK 11.2, and here you can see the gross position of SEK 14.1 billion, divided between revolving credit facilities in SEK and euro, Kazakhstan debt and also bonds - ruble bonds - and some small off balance sheet items. During the Capital Market Day I gave some kind of indication that we should be to 1.25 when it comes to leverage yearend. That was probably somewhat conservative. I think actually we will be slightly under 1.25, due to the fact that we have had a very good outcome in the third quarter and we are also taking down as you know the guidance for CAPEX. This I have talked about many times and I will just tell you that this is still valid and this is how we monitor the situation, and on the next page here you can see that we haven’t done any changes when it comes to our net debt and dividend targets.
transcript_tele2_interim_report_19-10-2011.docx