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And Next: TELIASONERA ANNUAL REPORT 2002 TeliaSonera Annual Report 2002 TeliaSonera TELIASONERA ANNUAL REPORT 2002 And next: TeliaSonera AB (publ), SE–12386 Farsta, Sweden, Corporate Reg. No. 556103-4249, Registered office: Stockholm Contents TeliaSonera is the leading telecommunications company in the Nordic and Baltic regions. TeliaSonera offers 2 The Year in Brief customers services within mobile communications, 4 Comments from the CEO 8 Strategic Focus and Merger Internet, data communications and fixed telephony. Background TeliaSonera is the leading mobile operator in Sweden 14 TeliaSonera Sweden 18 TeliaSonera Finland and Finland, the second largest in Norway, and the 22 TeliaSonera Norway, fourth largest in Denmark. TeliaSonera also has a strong Denmark and Baltic Countries 26 TeliaSonera International position in Estonia, Latvia and Lithuania through part- nerships in leading mobile operators. TeliaSonera is 32 Corporate Governance 38 Board of Directors also a partner in mobile operators in Russia, Turkey, 39 Group Executive Management Azerbaijan, Georgia, Kazakhstan and Moldova. and Group Vice Presidents 40 TeliaSonera Stock TeliaSonera is the largest provider of fixed network- based voice and data communications services in 44 Report of the Directors 47 Financial Overview Sweden and Finland and has a significant market posi- 55 Consolidated Statement tion in Denmark. TeliaSonera also has a strong position incl. notes – IAS 94 Consolidated Statement in the Baltic countries through partnerships in leading incl. notes – ÅRL fixed network operators in Estonia, Latvia and Lithuania. 108 Parent Company Statement incl. notes TeliaSonera also offers international carrier services 121 Proposed Appropriation in its own high-capacity network. TeliaSonera has a of Earnings 122 Auditors’ Report strong position on the carrier market in Europe and is 123 Eight-Year Summary the market leader in the Nordic and Baltic regions. 125 How to Reach TeliaSonera TeliaSonera has nearly 30,000 employees and had Please direct questions regarding content to: sales of SEK 80,979 million (pro forma) in 2002. TeliaSonera AB, The TeliaSonera share is listed on Stockholmsbörsen, Investor Relations SE–123 86 Farsta, Sweden Helsinki Exchanges and Nasdaq. Tel. +46 8 504 550 00 Fax +46 8 713 6947 www.teliasonera.com, Investor Relations. Reports may be Financial Information 2003 Annual General ordered via: Meeting Annual General Meeting May 8, 2003 Tel. +46 8 713 7143 Interim Report January–March May 8, 2003 For information about the 2003 Annual Fax +46 8 604 5472 Interim Report January–June July 31, 2003 General Meeting and how to apply to www.teliasonera.com, Investor Relations. Interim Report January–September October 29, 2003 attend, see page 42. Turning scale into customer value …is next The Year in Brief The merger between Telia and Sonera was completed on December 9, 2002 after shareholders equivalent to 95 percent of the shares and warrants in Sonera accepted Telia’s offer to exchange Sonera shares for Telia shares. The Group changed its name to TeliaSonera and was listed on Helsinki Exchanges and Nasdaq, in addition to the existing listing on Stockholmsbörsen. Efforts to integrate the two companies were implemented immediately following the merger. Earnings 2002, pro forma • Net sales were on a level with the preceding year. Net sales for Telia and Sonera increased by 5 percent and 6 percent for comparable units, respectively. • Underlying EBITDA increased to SEK 25,457 million (21,768) and the margin strengthened to 31.4 percent (26.9). • Strong free cash flow of SEK 9,534 million (–7,008). • Strong growth in the mobile business and increased profitability in all Nordic markets. Record-high margins of 50 percent in the Swedish (4Q) and Finnish mobile businesses (full year). Strong growth in the mobile business in Fintur, Turkcell and MegaFon. • High underlying EBITDA margin of 37.4 percent (36.5) in the Swedish fixed network operations, despite drop in revenues. • Costs totaling SEK 53,278 million for restructuring and rationalization, primarily within international 3G operations, International Carrier and the Danish fixed network operations, impacted operating income, falling to SEK –45,958 million (9,586). Underlying operating income increased to SEK 7,320 million (–1,514). Net income totaled SEK –32,890 million and earnings per share totaled SEK –7.03 (0.46). • Dividend is proposed to increase to SEK 0.40 per share (2001 total SEK 0.20), reflecting the intention in the new policy to increase dividend annually. TeliaSonera – Review of Earnings, pro forma* MSEK MEUR 2002 2001 2002 2001 Net sales 80,979 80,925 8,809 8,803 Change in net sales (%) 0.1 9.3 0.1 9.3 Underlying EBITDA 25,457 21,768 2,769 2,368 Underlying EBITDA margin (%) 31.4 26.9 31.4 26.9 Operating income –45,958 9,586 –5,000 1,043 Underlying operating income 7,320 –1,514 796 –165 Income after financial items –46,791 5,253 –5,090 571 Net income –32,890 2,143 –3,578 233 Earnings per share (SEK/EUR) –7.03 0.46 –0.76 0.05 Free cash flow 9,534 –7,008 1,037 –762 CAPEX 11,183 21,189 1,216 2,305 * The pro forma figures are TeliaSonera’s earnings if the merger had taken place at the beginning of 2001. Definitions of Concepts and Ratios, see page 92. SEK 1 = EUR 0.10878. Comments from the CEO From word to action …is next Comments from the CEO After many years of talk of consolidation and mergers between telecom operators in different countries, 2002 was the year when we showed we could make it happen. The merger between Telia and Sonera combines two strong businesses with cut- ting edge expertise from among the most advanced telecom markets in the world. 2002 was the year TeliaSonera moved from word to action. The year involved a great deal of planning for the merger, which was widely reported both within the company and in the media. In addition, no effort was spared to enhance the day-to-day operations, which is evident in the strong increase in margin in 2002. Particularly gratifying is the positive development that took place within the mobile operations in the home markets in the Nordic and Baltic countries and in Russia, Eurasia and Turkey. We at the new TeliaSonera are also pleased to be heading into 2003 with a clear strategic focus and division of responsibilities, with appointed managers in place. If TeliaSonera had been a company for the entire year 2002, we would have posted a substantial loss. But even this is a sign of action. Last year, both at Telia and at Sonera, we took a firm hold of the problem areas: Sonera’s international 3G initiatives and serv- ices business and Telia’s international carrier services and fixed network operations in Denmark. This explains the negative net income. TELIASONERA ANNUAL REPORT 2002 5 Comments from the CEO Our actions demonstrate TeliaSonera’s determination to take the steps necessary for improving profitability. Future initiatives will be based on a careful, business-oriented approach with known risks reflected in the potential return. Action will be a hallmark of 2003 as well. The most important action point is improving our business operations. TeliaSonera is active in an industry with good future prospects. The opportunities are far from exhausted with today’s technology. Future technological innovations will make more and better customer solutions possible, for both work and life. We now have experience from several well-developed markets, which fosters greater customer-orientation with simplified products and improved service. Knowledge is gathered from all markets in the competence centers we have set up for product and service areas of strategic importance, steering the long-term development. We will better utilize our competitive advantages by exploiting the entire breadth of our product range: fixed, mobile and Internet. We will refine our commercial competence in devel- oping competitive offers, strengthening our ability to take market shares in selected segments in our home market. Essentially, this is all about having satisfied customers. Along with satisfied employees, this is the foundation for creating profitability in our business operations. We are in full swing realizing synergies. We have already determined a shared MMS platform, made roaming possible between Telia’s and Sonera’s wireless broadband services, HomeRun and wGate, and launched a Nordic IP-VPN service for companies that wish to link their data networks. We have also won several prestigious contracts for customers with Nordic operations. Our Nordic product portfolio and ability to serve customers on a Nordic basis were significant to these customers’ choice of TeliaSonera. Another high-priority area is costs. The competition is intense. This is why it is important to create a competitive cost level, naturally in relation to the level of service and added value that customers expect. TeliaSonera is a knowledge company that is highly dependent on its personnel. Our employees have responded very positively to the message that customers and prof- itability are our highest priorities. However, in times of change, feelings of uncertainty about the future can be more pronounced than would normally be the case. We are 6 TELIASONERA ANNUAL REPORT 2002 Comments from the CEO facing major changes and will not be able to avoid those changes affecting our employ- ees. TeliaSonera will be more efficient as an integrated company and there are also great streamlining opportunities within TeliaSonera Sweden and TeliaSonera Finland, as well as in other units. Employees in a knowledge company usually know what steps are necessary to achieve improvements. This is why it is important to enable employees to contribute early on and to have genuine influence in order to find good solutions and to give as many employees as possible an opportunity to participate in planning changes that may affect them.
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