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.
Q4. That’s a promise. But we are not going to elaborate on where we stand right now. I think that you will see and as we look upon it it’s a very good transaction. Yeah, sorry, Kevin, the question is then, if people didn’t hear it, if we can help the market out with a third quarter pro forma if we had included Network Norway. LARS NILSSON: Then we referred to your answer. We will come back in the beginning on that. LARS TORSTENSSON: Did you have one more question, Kevin; in that case we missed it. KEVIN YATES: Yes, just on cash tax. How long until your cash tax benefit runs out on your estimate? LARS NILSSON: Yeah, I mean it differs from different markets but as you see we have SEK 3.2 billion in deferred tax assets and we will be able to fully use them for -- I mean some of them will expire -- you can say 2015 is a good benchmark, but overall we believe that we will use all the SEK 3.2 billion we have on the balance sheet. KEVIN YATES: Okay, many thanks. LARS TORSTENSSON: We take the next question, Operator. OPERATOR: The next question comes from Mr Ulrich Rathe from Jefferies. Please go ahead. ULRICH RATHE: Yeah, thanks very much. This is a question on the Swedish mobile JVs. In the PowerPoint slide presentation you sent out in the mark up to that you are breaking out the five year outlook of CAPEX and OPEX savings and essentially SEK 4.9 billion of savings over the next five years. I have two questions to that. One is is the OPEX including depreciation or is that the real -- the OPEX, i.e. revenues minus
EBITDA? And the other question is savings compared to what? Is that compared to the current spending or compared to some sort of previous plans or if you ran it separately, what’s the baseline for the savings? Thank you. LARS TORSTENSSON: Thanks, Ulrich, for being so observant regarding our presentation there. That was a back-of-the-envelope discussion that we had, and I think that when it comes to a reference to savings it’s still the slide that is what we consider it to be. So that is taken out of its context and cannot be seen as a view on the market going forward. What we have said is what is in the slide and that we see EBITDA savings of up to SEK 300 million. But thanks for being observant. Would you like to follow up, Ulrich? ULRICH RATHE: No, thanks. LARS TORSTENSSON: Very good. Thank you. We’ll take the next question, please. OPERATOR: Our next question comes from Ms Lena Osterberg from Carnegie. Please go ahead. LENA OSTERBERG: It’s Lena Osterberg from Carnegie. Yes, I have a question. I was wondering about the gearing target that you’ve given, that you said would be below 1.25 now for the full year. I was just wondering how do you pay for the 1,800 licences. Are they all taken through Net4Mobility or do you pay for that, and is that case included in the below 1.25 guidance? And then I was also wondering on Russia. In the report you say that you will keep looking for possibilities to carefully expand your operations, either through new licences or acquisitions. This comment -- so we’ve been there before but I was wondering if there is anything new that you would like to highlight, any