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Annual Report 2003 (PDF) TeliaSonera Annual Report 2003 TeliaSonera It is now some 15 months since the new TeliaSonera Group was formed. The merger created a new set of opportunities – TeliaSonera was now the leading telecommunications company in the Nordic and Baltic region. Needless to say, expectations on the new Group were high. Could we live up to them? The first fiscal year as a new Group would show. We have now closed the books for 2003. Much has been accomplished. And we have a lot to tell. This is our story. 2004 Annual General Meeting Questions regarding content: For Information about the 2004 Annual General Meeting and how TeliaSonera AB Tel. +46 (0)8 504 550 00 to apply to attend, see page 45. Investor Relations Fax +46 (0)8 611 46 42 SE–106 63 Stockholm www.teliasonera.com/ir Financial Information Sweden Annual General Meeting April 28, 2004 Ordering of individual printed reports: Interim Report January–March 2004 April 28, 2004 Interim Report January–June 2004 July 28, 2004 Tel. +46 (0)372 851 42 Interim Report January–September 2004 October 27, 2004 Fax +46 (0)372 843 56 Annual Report 2003 www.teliasonera.com/ir Shareholders with questions regarding the distribution of financial reports or for change of address: Tel. +46 (0)8 449 88 16 Fax +46 (0)8 449 88 10 TeliaSonera AB (publ), SE–106 63 Stockholm, Sweden, Corporate Reg. No. 556103-4249, Registered office: Stockholm E-mail [email protected] TeliaSoneraSweden Sverige TeliaSoneraNorway Sverige TeliaSoneraBaltic Countries Sverige This is TeliaSonera Shareholding: 100% Shareholding: 100% Shareholding: 90% Net sales: SEK 2,032 million Net sales: SEK 42,364 million Net sales: SEK 6,081 million Shareholding: 60% TeliaSonera is the leading telecommunications com- Net sales: SEK 2,136 million Number of Market Number of Market Shareholding: 60.3% How to Reach TeliaSonera pany in the Nordic and Baltic region. We also hold customers positions customers positions Mobile 3,838,000 1 Mobile 1,195,000 2 Net sales: SEK 1,855 million Shareholding: 49% strong positions within mobile communications in Fixed voice 6,256,000 1 TeliaSonera AB TeliaSonera Finland Net sales: SEK 1,890 million Internet access, incl. Mailing address: TeliaSonera AB, Anni Vepsäläinen, President Russia, Eurasia and Turkey. dial-up and broadband 1,222,000 1 TeliaSonera Sverige Shareholding: 49% Denmark SE-106 63 Stockholm, Sweden Mailing address: TeliaSonera Finland Oyj, P.O. Box 220, Net sales: SEK 1,583 million Visiting address: Sturegatan 1, Stockholm FIN-00051 Sonera, Finland Shareholding: 100% Shareholding: 49% TeliaSonera offers reliable, innovative and easy-to-use TeliaSonera Sverige Telephone: +46 (0)8 504 550 00 Telephone: +358 (0)20401 Finland Net sales: SEK 1,494 million Fax: +46 (0)8 504 550 01 Fax: +358 (0)2040 63260 services for transferring and packaging voice, images, Net sales: SEK 3,278 million E-mail: [email protected] E-mail: [email protected] Shareholding: 100% Number of Market data, information, transactions and entertainment. Number of Market customers positions Net sales: SEK 17,697 million customers positions Mobile 2,064,000 1 President and Chief Executive Officer (CEO) TeliaSonera Norway, Denmark and Baltic Countries We also offer wholesale international carrier services Mobile 525,000 4 Fixed voice 1,928,000 1 Anders Igel Kenneth Karlberg, President in Europe and across the Atlantic. Number of Market Fixed voice 172,000 3 Internet access, incl. Mailing address: TeliaSonera AB, Mailing address: TeliaSonera Norway, Denmark and customers positions Internet access, incl. dial-up and broadband 128,000 1 SE-106 63 Stockholm, Sweden Baltic Countries, SE-131 86 Nacka Strand, Sweden Mobile 2,428,000 1 dial-up and broadband 132,000 3 Telephone: +46 (0)8 504 550 00 Telephone: +46 (0)8 504 550 00 Fixed voice 804,000 Among At year-end 2003, TeliaSonera had 22 million cus- Fax: +46 (0)8 504 550 01 Fax: +46 (0)8 601 97 58 top three TeliaSoneraRussia Sverige E-mail: [email protected] E-mail: [email protected] tomers and an additional 27 million customers in Internet access, incl. dial-up and broadband 305,000 1 Shareholding: 43.8% associated companies. Deputy Chief Executive Officer (Deputy CEO) Corporate Communications and President, TeliaSonera International Michael Kongstad, Group Vice President Net sales: SEK 5,900 million Sales totaled SEK 81,772 million and operating income Harri Koponen Mailing address: TeliaSonera AB, Number of Market Mailing address: TeliaSonera International, SE-106 63 Stockholm, Sweden totaled SEK 13,140 million in 2003. customers positions P.O. Box 100, FIN-00051 Sonera, Finland Telephone: +46 (0)8 504 550 00 Mobile 6,175,000 3 Telephone: +358 (0)20401 Fax: +46 (0)8 611 46 42 Fax: +358 (0)2040 54112 E-mail: [email protected] We see simplicity and service as the most important E-mail: [email protected] tools for creating long-term growth and value for our TeliaSoneraTurkey Sverige Investor Relations Corporate Networks and Technology Tobias Lennér, Senior Vice President customers and our shareholders. Shareholding: 37.3% Lars-Gunnar Johansson, Group Vice President Mailing address: TeliaSonera AB, Mailing address: TeliaSonera AB, SE-106 63 Stockholm, Sweden Net sales (from the SE-106 63 Stockholm, Sweden Telephone: +46 (0)8 504 550 00 The TeliaSonera share is listed on Stockholmsbörsen, period of Q402-Q303): SEK 16,868 million Telephone: +46 (0)8 504 550 00 Fax: +46 (0)8 611 46 42 Helsinki Exchanges and Nasdaq. Fax: +46 (0)8 94 76 83 E-mail: [email protected] Number of Market customers positions E-mail: [email protected] Mobile 19,000,000 1 TeliaSonera Sweden Marie Ehrling, President TeliaSoneraEurasia Sverige Mailing address: TeliaSonera Sweden, SE-123 86 Farsta, Sweden Shareholding: 74% Telephone: +46 (0)8 713 1000 Fax: +46 (0)8 713 6585 Net sales: SEK 2,742 million E-mail: [email protected] Number of Market customers positions Mobile 2,385,000 1 International Carrier TeliaSonera offers wholesale international carrier serv- ices in Europe and across the Atlantic. Production: TeliaSonera AB, Investor Relations and Intellecta Communication AB. Photos: Page 6: Bertil Ericson/Pressens Bild. Shareholding: 100% Page 9: Fredrik Persson/Pressens Bild. Page 10: Stock Image/Ina Agency. Page 12-25: Jan Chlebik. Page 26: Picture Press/Ina Agency. Net sales: SEK 4,892 million Page 32: Matton, Bruno Ehrs/Bildhuset and S. Blåvarg/Johnér Bildbyrå. Paper: cover Arctic Silk 250 g and insert Galerie One Silk 115 g. Printing: Tryckindustri Information AB. Printed on environmentally approved paper. The Year in Brief 2 Comments from the CEO 6 Customers and Markets 10 Sweden 12 Finland 15 So far Norway 18 Our story so far: Denmark 19 Baltic Countries 20 Eurasia 22 Russia 23 Turkey 24 International Carrier 25 Looking forward Corporate Governance Financials Vision, Goals and Strategy 26 Vision 2010 28 Wanted Position 2005 29 Looking forward: Business Concept 30 Shared Values 30 Strategic Focus in Brief 31 Corporate Governance 32 AGM, Board, Committees and Auditors 35 Management and Control 36 Human Resources Management Corporate Governance and Compensation 38 Corporate Social Responsibility 39 Board of Directors 40 Executive Management and Group Vice Presidents 41 TeliaSonera Share 42 Annual General Meeting 2004 45 Report of the Directors 46 Financial Overview 49 Consolidated Statement incl. notes – IFRS/IAS 58 Financials Consolidated Statement incl. notes – ÅRL 101 Parent Company Statement incl. notes 116 Proposed Appropriation of Earnings 128 Auditors’ Report 129 Nine-Year Summary 130 The Year in Brief Record-high earnings and stronger market position. TeliaSonera focused on strengthening the Group’s profitability and cash flow during the year. Efforts were primarily concentrated on areas that were communicated before the merger between Telia and Sonera; home markets development, growth opportunities in the international mobile operations, improved profitability in underperforming units, synergies and streamlining as well as divestitures of companies outside the core business. Operating income excluding non-recurring items increased by SEK 8,839 million to SEK 14,831 million. Net income increased to SEK 7,671 million (–32,890) and earnings per share climbed to SEK 1.64 (–7.03). Group earnings showed The robust earnings improvement is attributable to cost savings as well as in- substantial improvement creased revenues. Stronger revenues are primarily from the mobile operations in compared with 2002. the Nordic and Baltic countries, Russia, Eurasia and Turkey and from Internet and broadband in the Nordic and Baltic countries, which all grew with a positive earn- ings trend. Cost savings were achieved through the restructuring of underper- forming businesses and through streamlining, particularly in Sweden. Together with a lower level of investment (capital expenditure), the strong earn- Cash flow reached record ings generated record-high free cash flow of SEK 17,499 million (9,534). level and the financial posi- The strong cash flow enabled TeliaSonera to further improve its financial posi- tion was further improved. tion by reducing reported net borrowings by SEK 19,868 million to SEK 18,207 million, increasing the equity/assets ratio, including dividend, from 52.1 percent to 56.7 percent during 2003. An increased dividend For 2003, the Board of Directors and the CEO are proposing an increased dividend to SEK 1.00 per share, of which an ordinary dividend of SEK 0.80 (0.40) and an to SEK 1.00 per share is extra dividend of SEK 0.20 due to the exceptionally strong cash flow. The proposed proposed. dividend totals SEK 4,675 million. 2 TELIASONERA ANNUAL REPORT 2003 The Year in Brief So far We continued developing the home market. Major initiatives were taken in Sweden aimed at increasing customer loyalty and regaining market shares.
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