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Ericsson Annual Report 20013

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Ericsson Annual Report 20013 Living in the networked society LIVING in the ERICSSON ANNUAL REPORT 2013 networked society Printed on UPM Sol Matt och Munken Lynx – chlorine free paper that meets international Telefonaktiebolaget LM Ericsson environmental standards SE-164 83 Stockholm, Sweden EN/LZT 138 1292 R1A Telephone +46 10 719 0000 ISSN 1100-8962 www.ericsson.com © Telefonaktiebolaget LM Ericsson 2013 ANNUAL REPORT 2013 138th year of operations LIVING in the networked society New solutions are transforming the way people, business and society communicate and collaborate. Ericsson is expanding its position in the ICT (Information and Communication Technology) industry, helping create the Networked Society. Our focus on profitability is now starting to pay off. Operating income was up from SEK 10.5 billion in 2012 to SEK 17.8 billion in 2013, with our operating margin increasing from 5% to 8%. Hans Vestberg, President and CEO MORE INFORMATION The Annual Report describes Ericsson’s We issue a separate Sustainability financial and operational performance during and Corporate Responsibility Report. 2013. A Corporate Governance Report is www.ericsson.com/thecompany/ attached to the Annual Report. sustainability_corporateresponsibility Find our Annual Report online: There is further information on sustainability www.ericsson.com/annualreport2013 and corporate responsibility on page 19 and pages 44–46. Our BusinessOur Contents Annual Report 2013 LETTER FROM Our business THE CEO This is Ericsson 2 2013 at a glance 4 Results Letter from the CEO 6 PAGE 6 Market trends 8 Our markets 11 Our strategy 12 How we create value 14 Making How we work 16 Better Sustainability and Corporate Responsibility 19 Cities Our solutions 22 Our performance 28 Regional development 30 PAGE 18 Ten-year summary 32 Letter from the Chairman 35 CORPORATE GOVERNANCE Connect Results To Learn Board of Directors’ report* 36 Consolidated financial statements* 49 Notes to the consolidated financial statements* 57 Parent Company financial statements* 102 PAGE 21 Notes to the Parent Company financial statements* 108 Risk factors* 122 Auditors’ report 130 Forward-looking statements 131 The Connected Car Corporate Governance SHAREHOLDERS Corporate Governance Report 2013 134 PAGE 23 Remuneration report 162 Shareholders Share information 166 Shareholder information 173 Other information Glossary 171 Financial terminology and Exchange rates 172 INFORMATION OTHER * Chapters covered by the Auditors’ report. Ericsson | Annual Report 2013 1 OUR BUSINESS THIS IS ERICSSON We are a world-leading provider of communications networks, telecom services and support solutions. Here we look at some of the factors that make Ericsson unique. Life in the Networked Society is becoming Every time you make a call or use an app on a reality for billions of people and millions of your smartphone, tablet or mobile computer, businesses around the world. As everything you are probably using one of our solutions 40% becomes connected, our world is changing. and one of the networks provided or managed Our lives are changing. At Ericsson, we are by us. When you watch video or TV, there is a proud of the central role we are playing in this good chance that one of our solutions is behind 40% of the world’s mobile evolution, using innovation to empower people, it – maybe even one of the technologies that traffic runs through networks supplied business and society. The solutions we provide have won us four Emmy awards. by Ericsson. allow people to communicate, work, study, do As well as the advanced technology, we also business and live more freely. They help create provide world-leading services, software and more efficient and more sustainable societies. infrastructure, mainly to telecom operators. We have been leaders in telecommunications Ericsson has always been a company driven and related services ever since Lars Magnus by innovation – in technology and business. Ericsson founded the company in 1876. That is why we were the pioneers in managed Today, we are expanding into the Information services. That is why we hold so many and Communications Technology (ICT) arena, standards-essential patents. We see our and becoming a major ICT solutions provider. leadership in technology and services as It is a natural progression: our research and one of the foundations of our business. innovations made mobile communications and > Some 40 percent of global mobile traffic broadband possible, and those technologies are runs through networks we have supplied powering modern technologies such as cloud > Every major telecom operator in the world computing, smart grids, machine-to-machine buys solutions or services from Ericsson (M2M) communication and m-commerce. Our segments Today, Ericsson has more NETWORKS GLOBAL SERVICES than 114,000 people serving customers in over 180 We provide the network infrastructure needed for Through our 64,000 services professionals countries. Our business is mobile and fixed communication, including 2G, 3G around the world, we deploy, operate and divided into four segments: and 4G radio networks, and IP core and transport evolve networks and related support systems. networks. Our cost-efficient networks offer superior Global Services includes professional services performance and ensure a quality user experience. and network rollout. Revenue Market share estimate Revenue Market share estimate SEK 117.7 bn 25% in network SEK 97.4 bn 13% * (2012: 117.3 bn) equipment, key segments (2012: 97.0 bn) in a telecom services Operating margin Market position Operating margin Market position For more information on our solutions please go to page 22 10% #1 6% #1 (2012: 6%) in radio access (2012: 6%) in telecom services * Key segments include Radio IP and Transport as well as Core. 2 Ericsson | Annual Report 2013 > We manage networks that serve more than This knowledge-sharing, the expertise and BusinessOur 1 billion subscribers globally local knowledge gained through working closely > With more than 35,000 granted patents, we have with customers combine to create global scale, one of the industry’s strongest patent portfolios. another of the pillars of our business success. Operators look to long-term partners such as Ericsson for support in every aspect of their Our REGIONS business. To ensure a consistent offering towards all customers and enable economies As a global company, we have created an of scale, the same set of engagement practices efficient go-to-market organization based on operate in each region: Mobile Broadband; 10 regions. Backed by our collective global Communication Services; Fixed Broadband and knowledge, our regional competence and Convergence; Managed Services; Operations close customer relationships provide a solid and Business Support Systems; and Television foundation for profitable growth. In each of our and Media Management. regions, we work closely with customers to develop innovative, scalable solutions that help them increase revenue and reduce costs. Business units We share best practices across regions, which boosts both quality and efficiency. When To best reflect our business, Ericsson reports a successful customer solution is identified and four business segments. They are reflected in the proven in one region, we can roll it out around four business units, each of which is responsible the world, sharing common processes, for developing and maintaining its specific methods and tools. portfolio of products, solutions and services. Organization CEO GROUP FUNCTIONS Sustainability Strategic Projects and Corporate Responsibility BUSINESS UNIT Go to market SUPPORT SOLUTIONS REGIONS ENGAGEMENT PRACTICES BUSINESS UNIT CUSTOMER UNITS RESEARCH GLOBAL SERVICES OPERATIONS & CUSTOMERS COMPETENCE CENTER BUSINESS UNIT IPR & LICENSING NETWORKS BUSINESS UNIT MODEMS Using your smartphone, scan this Support solutions Modems code to view a short film about the Networked Society. The Support Solutions segment focuses on A new segment in 2013, for design, development Or visit: www.ericsson.com/ software for operations and business support and sales of LTE multi-mode thin modems. thinkingahead/networked_society systems (OSS and BSS), as well as TV and The modem portfolio targets smartphone media management, and m-commerce. and tablet manufacturers. Multi-technology and multi-band connectivity is essential for the Networked Society. Revenue Market share estimate SEK 12.2 bn 25% (2012: 13.5 bn) in IPTV Operating margin Market position Operating income 12% #1 –0.5 bn (2012: 9%) in OSS and BSS THIS IS ERICSSON Ericsson | Annual Report 2013 3 OUR BUSINESS 2013 at a glance A look at some of the most important measures of our performance, and a summary of business highlights from around the world during 2013. Net sales Operating income Cash flow from operating and operating margin incl. JV and net income incl. JV activities and cash conversion SEK billion Percent SEK billion SEK billion Percent 117 250 20 20 40 112 116 120 226.9 227.8 227.4 17.9 17.8 35 105 16.5 200 206.5 203.3 16 15 30 90 79 12.6 12.2 25 75 150 12 11.2 10 10.5 26.6 20 24.5 60 8.1 7.9 7.8 22.0 100 8 15 40 45 4.6 5.9 5.9 17.4 5 10 30 50 2.9 4 4.1 5 10.0 15 0 0 0 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Net sales (SEK billion) Operating income Net income Cash flow from operating activities (SEK billion) Operating margin (%) (SEK billion) (SEK billion) Cash conversion (%) Earnings per share (EPS) Net sales Operating income and dividend per share SEK billion SEK billion SEK 4.0 3.77 3.69 3.5 3.46 227.4 17.8
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