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Ericsson Annual Report 2015 Ericsson in Brief

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Ericsson Annual Report 2015 Ericsson in Brief ” Our ambition is to lead the market transformation as the new ICT market evolves” Hans Vestberg, President and CEO Ericsson Annual Report 2015 ericsson in brief Share of the world’s mobile traffic carried over Ericsson networks 40 PERCENT Ericsson has been at the forefront of tion of the comm u nications technology vices. The Company mission is to lead communications technology over the and services market, the business has this transformation through mobility. past 140 years, despite ever-changing evolved from being hardware- centric Ericsson has its headquarters in conditions and major technological dis- to becoming increasingly software- and Stockholm, Sweden. The Ericsson ruptions. Over the past 15 years, services- centric, and today close to 70% share is listed on Nasdaq Stockholm, and reflecting the ongoing transforma- of sales derive from software and ser- Sweden, and NASDAQ New York. Technology leadership Services leadership Scale and skills Patents Subscribers Countries 39,000 1 billion served 180 by Ericsson Annual investments Services 35 billion in R&D (SEK) 66,000 professionals 116, 281 Employees Net sales Operating income Cash flow from operating activities SEK billion SEK billion SEK billion 246.9 21.8 20.6 (2014: 228.0) (2014: 16.8) (2014: 18.7) contents The business .................................... Ericsson in brief ........................................................ i Letter from the CEO ............................................... 2 This is Ericsson ......................................................... 6 Profit improvement .................................................. 8 Business structure ................................................ 12 Global presence .................................................... 14 The IPR portfolio .................................................... 16 Market transformation ......................................... 18 The strategic direction ......................................... 22 Core business ........................................................ 24 Targeted areas ....................................................... 30 The people ............................................................... 36 Sustainability and Corporate Responsibility ..................................... 38 Letter from the Chairman ................................... 41 Results ............................................. Board of Directors’ report* ................................ 42 Consolidated financial statements* ................ 55 Notes to the consolidated financial statements* ........................................... 63 Parent Company financial statements* .......102 Notes to the Parent Company financial statements* ...........................................108 Risk factors* ..........................................................121 Auditor’s report ....................................................129 Forward-looking statements ...........................130 Corporate Governance .................... Corporate Governance report, 2015 ............132 Remuneration report ..........................................160 Shareholders ................................... Ericsson and the Capital markets ...................164 Share information ................................................168 Other information ............................. Ten-year summary ..............................................172 Glossary .................................................................174 Financial terminology and Exchange rates ....................................................175 Shareholder information ...................................176 * Chapters covered by the Auditor’s report. Ericsson’s aim is to reduce its carbon footprint from direct operations while improving productivity and achieving a cost-benefit balance. Contacts Investor Relations Ericsson has a long-term objective to reduce absolute CO2e emissions from its own activities for [email protected] business travel, product transportation and energy consumption at its facilities in 2017 to correspond to the same level as in 2011. This equates to a reduction of 30% CO2e emissions per employee. In 2015, the reduction was 16% CO2e emissions per employee. The business – Ericsson in brief Ericsson | Annual Report 2015 1 THE BUSINESS – Letter from the CEO Towards the Networked Society Dear reader We are living in a truly remarkable time. The connectivity transforms the driving experience pace of change in society, in our industry and and how industries and cities can benefit from within Ericsson has never been faster. The a society where everything that can be connec- transformation to the Networked Society, ted will be connected. As an industry first we where anything that benefits from being con- launched the LTE License Assisted Access that nected will be connected, is pushed forward increases mobile data speeds on smart phones at speed with 5G, Internet of Things (IoT) and and other devices by using the com bination of cloud as the key drivers. licensed and unlicensed frequency bands. Our ambition is to lead the market transfor- mation to secure that we continue to be rele- Strengthening our offerings vant to existing and new customers as the new Mobile World Congress (MWC) in Barcelona ICT market evolves. Our core strategy remains in February–March is the event where the unchanged and builds on a combination of entire global mobile industry comes together excelling in our current core business and to every year. MWC is an important platform for establish leadership in targeted growth areas, us to bring new products, services and solu- combined with best-in-class margins and tions to market. In 2015 we had seven import- strong operating cash flow. In doing so, we will ant launches, including the Ericsson HDS 8000 be able to create shareholder value at the same (Hyperscale Data center System) and the new time as we generate value for our customers, Ericsson Radio System. HDS 8000 is the first employees and for society at large. product in the world to include Intel® Rack Scale With this introduction, let me continue by Architecture and is a result of a long-term rela- giving you some examples of strategic events tionship between Intel and Ericsson. Ericsson in 2015 that reflect our ambitions and strategic Radio System is a completely new approach to direction. building radio networks. I believe these recent launches clearly strengthen our offering and Transforming the user experience pave the way for the strategic direction. The year started with the Consumer Electron- ics Show (CES) in Las Vegas in January. Company transformation Among the things that we showcased at CES, Ericsson has a structured talent planning was how the Networked Society will redefine process and runs leadership programs at all entertainment. We also demonstrated how levels, which is crucial in securing Ericsson’s STRATEGIC Consumer Electronics Show in Las Vegas Mobile World Congress in Barcelona EVENTS January 6–9 March 2–5 2015 JANUARY FEBRUARY MARCH APRIL MAY 2 Ericsson | Annual Report 2015 I believe these recent launches clearly strengthen our offering and pave the way for the strategic direction” leading position. In June, when we gathered our stakeholders. We are committed to Earnings per share, diluted 250 top managers to our annual two day Lead- continuous improvements against the triple ership Summit, we focused on strategy and bottom line principles of responsible financial leadership. This also includes talent manage- and environmental performance and socio- ment or how to attract the best, to develop the economic development, and to being a sek 4.13 best, and to establish a high-performing organi- responsible and relevant driver of positive (2014: 3.54) zation of engaged employees. change in the networked society. Reflecting the transformation, almost 15,000 This includes activities such as connecting employees joined Ericsson and close to 17,000 the unconnected as well as scaling up access employees left the Company in 2015. to education, reducing energy and carbon dioxide emissions, and contributing to sustain- Responsible leadership able urbanization, financial inclusion, gender In September I was part of a historic event, equality, peace-building and humanitarian when world leaders from 193 countries gath- response. ered in New York City at the United Nations General Assembly to adopt 17 Sustainable Filling the gaps Development Goals, with the ambition to end The overall ambitions of our partnering and poverty, protect the planet and ensure prosper- M&A activities are to expand market footprint, ity for all by 2030. At Ericsson, I am proud that strengthen competitive assets, fill portfolio my whole Global Leadership Team has adopted gaps, and, above all, strengthen the ability to a goal and my personal goal is number 17, create value and to accelerate profitable “Partnerships for the goals”. At Ericsson, sus- growth. After an intensive 2014, with import- tainability and corporate responsibility are part ant acquisitions and partnerships primarily of our business and one of the pillars in our within targeted growth areas, we made fewer, strategy. We continue to lead the industry in but still important, acquisitions in 2015. One of working with providing solutions to sustainable these acquisitions was Envivio, announced in development challenges, while integrating September, which extends Ericsson’s position responsible business practices into our in the TV and Media market. The acquisition of process
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