Ten-year review
| Swedish GAAP | IFRS | ||||||||||
| Amounts in SEK million | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2004 | 2005 | 2006 | 2007 | 2008 |
| Income statement items | |||||||||||
| Net sales | 27,754 | 31,695 | 69,003 | 101,025 | 111,935 | 111,016 | 111,016 | 123,794 | 135,802 | 143,639 | 164,549 |
| EBITDA | 9,834 | 11,670 | 18,207 | 25,489 | 24,450 | 31,347 | 33,161 | 43,175 | 43,938 | 45,821 | 45,960 |
| Operating profit (EBIT) | 5,483 | 6,193 | 9,916 | 13,997 | 14,868 | 19,501 | 17,887 | 28,363 | 27,821 | 28,583 | 29,895 |
| Operating profit (EBIT)1 | 5,483 | 4,474 | 8,779 | 13,550 | 14,605 | 18,682 | 20,102 | 25,377 | 27,448 | 28,497 | 29,797 |
| Financial income | 542 | 1,037 | 2,232 | 3,010 | 2,267 | 1,772 | 2,969 | 3,810 | 3,839 | 2,276 | 3,412 |
| Financial expenses | -1,760 | -2,536 | -4,737 | -6,386 | -5,203 | -4,020 | -6,297 | -6,013 | -6,135 | -6,926 | -9,809 |
| Profit before tax | 4,265 | 4,694 | 7,411 | 10,621 | 11,932 | 17,253 | 14,559 | 26,160 | 25,525 | 23,933 | 23,498 |
| Profit for the year | 2,897 | 3,432 | 5,287 | 8,224 | 9,529 | 12,348 | 9,604 | 20,518 | 19,858 | 20,686 | 17,763 |
| - of which, attributable to equity holders of the Parent Company |
2,538 | 2,970 | 4,190 | 7,566 | 9,123 | 11,776 | 8,944 | 19,235 | 18,729 | 19,769 | 17,095 |
| - of which, attributable to minority interests |
359 | 462 | 1,097 | 658 | 406 | 572 | 660 | 1,283 | 1,129 | 917 | 668 |
| Cash flow items | |||||||||||
| Funds from operations (FFO) | 6,224 | 5,830 | 13,148 | 17,106 | 18,804 | 24,159 | 24,302 | 31,386 | 35,673 | 34,049 | 30,735 |
| Free cash flow | -1,660 | 3,050 | 5,478 | 10,820 | 11,606 | 15,684 | 15,684 | 14,341 | 23,178 | 19,650 | 18,963 |
| Balance sheet items | |||||||||||
| Cash and cash equivalents and short-term investments |
4,860 | 7,543 | 10,340 | 15,473 | 14,647 | 13,616 | 13,616 | 14,074 | 22,168 | 22,659 | 40,236 |
| Equity | 38,262 | 42,802 | 61,101 | 57,532 | 64,328 | 73,947 | 85,551 | 90,909 | 107,674 | 124,132 | 140,886 |
| - of which, attributable to equity holders of the Parent Company |
35,790 | 37,817 | 42,021 | 47,572 | 54,949 | 64,759 | 75,437 | 80,565 | 96,589 | 111,709 | 129,861 |
| - of which, attributable to minority interests |
2,472 | 4,985 | 19,080 | 9,960 | 9,379 | 9,188 | 10,114 | 10,344 | 11,085 | 12,423 | 11,025 |
| Interest-bearing liabilities | 32,275 | 50,854 | 88,723 | 94,838 | 85,631 | 73,013 | 73,013 | 78,663 | 71,575 | 67,189 | 107,347 |
| Net debt | 27,415 | 43,311 | 55,736 | 75,207 | 66,890 | 55,411 | 55,411 | 64,343 | 49,407 | 43,740 | 66,000 |
| Provisions | - | - | - | - | - | - | 61,941 | 65,123 | 66,094 | 73,985 | 89,799 |
| Noninterest-bearing liabilities | 16,126 | 21,603 | 109,219 | 123,906 | 115,006 | 109,955 | 64,700 | 90,373 | 77,823 | 72,930 | 107,795 |
| Net assets, weighted average value | 60,395 | 74,968 | 100,701 | 127,479 | 124,229 | 123,423 | 134,125 | 143,001 | 151,155 | 157,252 | 179,114 |
| Balance sheet total | 86,663 | 115,259 | 259,043 | 276,276 | 264,965 | 256,915 | 285,205 | 325,068 | 323,166 | 338,236 | 445,827 |
| The key ratios are presented as percentages (%) or times (x) |
|||||||||||
| Operating margin, % | 19.8 | 19.5 | 14.4 | 13.9 | 13.3 | 17.6 | 16.1 | 22.9 | 20.5 | 19.9 | 18.2 |
| Operating margin, %1 | 19.8 | 14.1 | 12.7 | 13.4 | 13.0 | 16.8 | 18.1 | 20.5 | 20.2 | 19.8 | 18.1 |
| Pre-tax profit margin, % | 15.4 | 14.8 | 10.7 | 10.5 | 10.7 | 15.5 | 13.1 | 21.1 | 18.8 | 16.7 | 14.3 |
| Pre-tax profit margin, %1 | 15.3 | 9.0 | 9.1 | 10.1 | 10.4 | 14.8 | 15.1 | 18.7 | 18.5 | 16.6 | 14.2 |
| Return on equity, % | 7.3 | 8.3 | 11.1 | 18.0 | 19.2 | 21.4 | 12.2 | 23.2 | 19.1 | 17.6 | 13.6 |
| Return on equity, %1 | 7.2 | 4.0 | 9.7 | 17.3 | 18.8 | 20.4 | 13.9 | 19.4 | 18.7 | 17.5 | 13.5 |
| Return on net assets, % | 9.1 | 8.3 | 9.8 | 11.0 | 12.0 | 15.8 | 12.2 | 18.4 | 17.1 | 16.6 | 15.1 |
| Return on net assets, %1 | 9.1 | 6.0 | 8.7 | 10.6 | 11.8 | 15.1 | 13.9 | 16.3 | 16.8 | 16.6 | 15.1 |
| EBIT interest cover, (x) | 3.4 | 2.9 | 2.6 | 2.7 | 3.3 | 5.3 | 4.4 | 7.6 | 7.2 | 6.7 | 4.5 |
| EBIT interest cover, (x)1 | 3.4 | 2.2 | 2.3 | 2.6 | 3.2 | 5.1 | 5.0 | 6.9 | 7.1 | 6.7 | 4.5 |
| FFO interest cover, (x) | 4.5 | 3.3 | 3.8 | 3.7 | 4.6 | 7.0 | 6.6 | 8.9 | 9.7 | 8.6 | 5.4 |
| FFO interest cover, net, (x) | 6.1 | 4.9 | 6.2 | 6.1 | 7.4 | 11.7 | 8.9 | 15.1 | 15.9 | 12.2 | 7.1 |
| Cash flow interest cover after maintenance investments, (x) |
0.1 | 2.2 | 2.2 | 2.7 | 3.2 | 4.9 | 5.5 | 5.5 | 7.9 | 6.4 | 4.1 |
| FFO/gross debt, % | 19.3 | 11.5 | 14.8 | 18.0 | 22.0 | 33.1 | 30.0 | 39.9 | 49.8 | 50.7 | 28.6 |
| FFO/net debt, % | 22.7 | 13.5 | 23.6 | 22.7 | 28.1 | 43.6 | 43.9 | 48.8 | 72.2 | 77.8 | 46.6 |
| EBITDA/net financial items, (x) | 8.1 | 7.8 | 7.3 | 7.6 | 8.3 | 13.9 | 10.8 | 19.3 | 18.4 | 15.1 | 9.1 |
| EBITDA/net financial items, (x)1 | 7.9 | 6.1 | 6.8 | 7.4 | 8.2 | 13.6 | 11.5 | 18.0 | 18.2 | 15.0 | 9.1 |
| Equity/total assets, % | 45.2 | 37.6 | 23.7 | 20.9 | 24.4 | 28.8 | 30.0 | 28.0 | 33.3 | 36.7 | 31.6 |
| Gross debt/equity, % | 81.2 | 118.4 | 144.9 | 164.7 | 133.0 | 98.7 | 85.3 | 86.5 | 66.5 | 54.1 | 76.2 |
| Net debt/equity, % | 71.7 | 101.2 | 91.2 | 130.7 | 104.0 | 74.9 | 64.8 | 70.8 | 45.9 | 35.2 | 46.8 |
| Gross debt/gross debt plus equity, % | 44.8 | 54.2 | 59.2 | 62.2 | 57.1 | 49.7 | 46.0 | 46.4 | 39.9 | 35.1 | 43.2 |
| Net debt/net debt plus equity, % | 41.7 | 50.3 | 47.7 | 56.7 | 51.0 | 42.8 | 39.3 | 41.4 | 31.5 | 26.1 | 31.9 |
| Net debt/EBITDA, (x) | 2.8 | 3.7 | 3.1 | 3.0 | 2.7 | 1.8 | 1.7 | 1.5 | 1.1 | 1.0 | 1.4 |
| Other information | |||||||||||
| Dividend to equity holders of the Parent Company |
1,500 | 990 | 1,030 | 1,675 | 2,400 | 5,600 | 5,600 | 5,800 | 7,500 | 8,000 | 6,9002 |
| Investments | 7,916 | 23,840 | 43,443 | 39,932 | 11,356 | 12,601 | 12,731 | 24,497 | 17,220 | 18,964 | 42,296 |
| Electricity sales, TWh | 86.9 | 83.1 | 149.9 | 188.3 | 184.2 | 189.2 | 189.2 | 197.2 | 191.1 | 193.8 | 189.3 |
| Average number employees | 7,991 | 13,123 | 23,814 | 34,248 | 35,296 | 33,017 | 33,017 | 32,231 | 32,308 | 32,396 | 32,801 |
1) Excl. items affecting comparability.
2) Proposed dividend.
