Ericsson reports continued solid performance.STOCKHOLM, Sweden -- Ericsson (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ERICY) reports continued solid performance, in its third quarter report. Third quarter summary --Net sales SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 31.8 (28.0) b., nine months SEK 92.5 (81.5) b. --Gross margin 47.1% (35.9%)(1) --Operating margin 22.7% (5.2%)(2) --Income after financial items SEK 7.0 (1.1) b.(2) --Net income SEK 4.8 (-3.9) b., nine months SEK 13.0 (-11.0) b. --Earnings per share SEK 0.30 (-0.25), nine months SEK 0.82 (-0.69)
Third quarter Second quarter
------------------------------------------------
SEK b. 2004 2003 Change 2004 Change
----------------------------------------------------------------------
Orders booked, net 29.0 28.1 3% 33.1 -13%
Net sales 31.8 28.0 14% 32.6 -2%
Gross margin (%) 47.1% 35.9%(1) - 47.8% -
Operating income 7.2 1.5(2) - 7.7(3) -
Income after financial
items 7.0 1.1(3) - 7.8(3) -
Net income 4.8 -3.9 - 5.3 -
Earnings per share 0.30 -0.25 - 0.33 -
Cash flow before
financing activities 5.2 9.1 - 4.3 -
1) Adjusted for restructuring charges in the third quarter 2003 SEK
1.1 b.
2) Adjusted for restructuring charges in the third quarter 2003, net,
SEK 5.4 b.
3) Includes positive non-recurring effect of SEK 0.3 b.
Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in the quarter grew by 14% year-over-year to SEK 31.8 (28.0) b. and were slightly down sequentially mainly due to seasonality but also the gradually abating effect of operators' catch up spending. Currency exchange effects negatively impacted sales by 6% year-over-year. Orders booked in the quarter grew by 3% year-over-year to SEK 29.0 (28.1) b. and was down sequentially. Gross margin was 47.1% (35.9%) compared to 47.8% in the second quarter. Income after financial items was SEK 7.0 (1.1) b. compared to SEK 7.5 b. excluding the non-recurring positive effect of SEK 0.3 b. in the second quarter. Net currency exchange effects, compared to rates one year ago, have had a negative impact of SEK -1.0 b. on operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in the quarter. Cash flow before financing was SEK 5.2 (9.1) b., compared to SEK 4.3 b. the previous quarter. Work in progress has increased due to higher business activities. The financial position improved, with a net of financial assets Financial assets Claims on real assets. and liabilities, i.e. net cash, of SEK 36.8 (20.5) b. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. COMMENTS "We are proud to report continued solid performance," says Carl-Henric Svanberg Carl-Henric Svanberg (born May 29, 1952, Porjus, Norrbottens län) is a Swedish businessman who is the current CEO of telecommunications company Ericsson. Born in the north of Sweden, Svanberg studied in the south and graduated with a Masters degree in Applied Physics and , president and CEO of Ericsson. "Through leveraging our industry leadership we are experiencing good progress throughout the world and across technologies. Understanding of consumer needs, technology leadership and responsiveness to our customers, will be key to further reinforce our leading position. We continue to see healthy margin levels and strong results. This is a tribute to our employees' ever-present focus on serving the needs of our customers and delivering operational excellence. It is our ambition to continue to deliver best in class margins. Consumer convenience is crucial for our industry's future development. Consumers want personal, reliable and easy-to-use services with broadband capabilities in both the fixed and mobile environment. Converging con·verge v. con·verged, con·verg·ing, con·verg·es v.intr. 1. a. To tend toward or approach an intersecting point: lines that converge. b. technologies will enable seamless services regardless of access method. Our ability to provide end-to-end solutions (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. , cutting-edge infrastructure, handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. technology and network integration, will be key to success. Ericsson's 3G Evolved, with HSDPA-capabilities, is a cornerstone in providing mobile broadband Description Mobile Broadband is a type of wireless internet access that differs from Wi-Fi. Mobile Broadband is the name used to describe the 3G services which are made possible by HSDPA and HSUPA, the latest technologies on the W-CDMA evolutionary path. for richer consumer experiences. Our strong position in 3G and technology leadership has enabled us to take an early lead in HSDPA (High Speed Downlink Packet Access) See HSPA. . We are enjoying the benefits of our restructuring which enabled us to increase our focus on future growth areas. We are well positioned for profitable growth and continued market leadership," concludes Carl-Henric Svanberg. MARKET VIEW The underlying growth drivers remain solid. Voice and data traffic is increasing steadily as a result of new services as well as the introduction of more efficient technology. Revenue growth via new services and increased usage is in focus for operators. Net subscriber additions continue at a high level. Europe continues to show strong development as a result of continued 3G roll out and GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. capacity enhancements. Spending on WCDMA (Wideband CDMA) A 3G high-speed digital data service provided by cellular carriers that use the TDMA or GSM technology worldwide, including AT&T (formerly Cingular) and T-Mobile in the U.S. radio networks is quickly catching up with GSM in Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). . Operators' more aggressive tariffing strategies add to the market dynamic. In Russia, Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. , Middle East and Africa the activity level is high with several new networks being rolled out and strong subscriber growth. The Asia Pacific region continues to develop well with increasing usage and subscriber growth. Minutes of use per mobile subscriber are increasing steadily with India and China presently showing double the European levels. Japan is in the lead in 3G deployments and is experiencing strong subscriber take up and dramatic increases in data usage. The North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market continues to show healthy development with increasing focus on quality of service. The Cingular/AWS merger regulatory process continues to affect the market. Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , where operator consolidation has taken place, now shows strong growth. The development is particularly encouraging in Brazil and Mexico with improving GSM coverage and capacity expansions. During the quarter, nine new WCDMA networks were commercially launched, reaching a total of 45. During the quarter the number of WCDMA subscriptions grew from approximately 7 million to more than 10 million. The number of CDMA (Code Division Multiple Access) A method for transmitting simultaneous signals over a shared portion of the spectrum. The foremost application of CDMA is the digital cellular phone technology from QUALCOMM that operates in the 800 MHz band and 1.9 GHz PCS band. 2000 1xEV-DO subscriptions has now reached more than 9 million. Worldwide subscription penetration is 25% with a total of 1.6 billion subscriptions, of which more than 1.1 billion are in GSM. The global number of subscriptions could pass 2 billion already during 2006 and is expected to pass 2.5 billion by 2009. OUTLOOK The traffic growth in the world's mobile networks should generate a slight to moderate growth in the global mobile systems market 2004. In addition to this underlying growth there is an effect from operators catching up on previous years' limited investments. This effect has started to abate abate v. to do away with a problem, such as a public or private nuisance or some structure built contrary to public policy. This can include dikes which illegally direct water onto a neighbors property, high volume noise from a rock band or a factory, an improvement and we expect the market to gradually return to a more normal growth pattern. The temporary catch up effect inflates the total mobile systems market growth in 2004. Therefore, compared to total growth in 2004, we expect the global market for mobile systems to show slight growth in 2005. Excluding this catch up effect in 2004, we estimate a moderate underlying market growth in 2005. We maintain our view that the addressable Reachable. When something is addressable, it can be identified and manipulated independently of its surroundings. For example, screen pixels and RAM memory are addressable. Each of the screen's picture elements can be individually turned on and off, and each of the memory's bytes can be market for professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. is expected to continue to show good growth. All estimates are measured in USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. and refer to market growth compared to previous year. With our technology leadership and global presence we are well positioned to take advantage of these market opportunities. CONSOLIDATED ACCOUNTS FINANCIAL REVIEW All comparative numbers are stated excluding restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. . Income Orders booked were SEK 29.0 (28.1) b., an increase of 3% year-over-year, driven by strong development in Latin America, Central Europe, Middle East and Africa as well as South East Asia East Asia A region of Asia coextensive with the Far East. East Asian adj. & n. . India shows particularly exciting development during the year with significantly strengthened market leadership. Sequentially, orders booked decreased mainly reflecting temporarily lower bookings in China as well as the continued effect of operator consolidation in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Third quarter orders also reflect an SEK -0.8 b. order adjustment in Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. . Sales were SEK 31.8 (28.0) b., an increase of 14% year-over-year, reflecting good performance in Latin America, Europe and Africa. Currency exchange effected sales negatively by 6%. Sequentially, sales decreased slightly by 2%. Gross margin decreased sequentially by 0.7 percentage points to 47.1% (35.9%). Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. amounted to SEK 8.9 (9.4) b. as a result of reductions in headcount and lower IS/IT related costs. This item also includes an increase in customer financing risk provisions by SEK 0.4 b. Other operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. declined sequentially from SEK 0.8 b. to SEK 0.5 b. This item also includes revenues from IPR IPR Intellectual Property Rights IPR Inprocess/Inprogress Review IPR Industrial Property Rights IPR Institute for Policy Research (Northwestern University and University of Cincinnati) IPR Institute of Public Relations licensing that shows stable development. Operating income was SEK 7.2 (1.5) b. compared to SEK 7.4 b., excluding a non-recurring positive effect of SEK 0.3 b., in the second quarter. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 22.7% (5.2%). Income after financial items was SEK 7.0 (1.1) b. compared to SEK 7.8 b. in the second quarter. Net effects of currency exchange differences on operating income compared to the rates one year ago were SEK -1.0 b. in the quarter. Excluding effects from currency hedging the effects would have been SEK -0.5 b. Financial net has been negatively affected by SEK 0.2 b. due to the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of bonds. Net income was SEK 4.8 (-3.9) b. for the quarter. Earnings per share were SEK 0.30 (-0.25). The number of employees amounted to 50,300 (53,400) at the end of the quarter of which 21,800 (25,200) are in Sweden. Balance sheet and financing Numbers within brackets indicate year-end 2003. The financial position remained strong with net of financial assets and debt, i.e. net cash, at SEK 36.8 (27.0) b. compared to SEK 31.7 b. at the end of the second quarter 2004. Cash was reduced by SEK 5.4 b. sequentially to SEK 72.6 (73.2) b. Debt has been reduced by SEK 10.5 b. through repayment of maturing debt as well as repurchase of bonds. Days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ) for trade receivables remained flat at 88 (79) days. Inventory, including work in progress, increased by SEK 1.7 b. sequentially to SEK 16.5 (11.0) b., due to the higher business activity. Inventory turnover was 4.8 (6.1), down sequentially from 5.1. Gross customer financing exposure increased sequentially by SEK 0.4 b. to SEK 9.8 (12.3) b. Net customer financing credits on balance sheet increased sequentially by SEK 0.4 b. to SEK 3.4 (4.0) b. The equity ratio was 40.9% (34.4%) compared to 37.5% at the end of the previous quarter. Cash flow Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses remained strong at SEK 6.5 (9.9) b. Cash flow before financing activities amounted to SEK 5.2 (9.1) b. Cash flow from investing activities Cash Flow From Investing Activities An item on the cash flow statement that reports the aggregate change in a company's cash position resulting from any gains (or losses) from investments in the financial markets and operating subsidiaries, and changes resulting from amounts spent was SEK -1.3 (-0.8) b. net. The cash flow was negatively affected by increased work in progress as a result of the higher business activity. Payment readiness decreased sequentially by SEK -1.1 b. to SEK 82.0 (71.4) b. Cash outlays Outlays Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. of SEK 5.0 b., with regard to restructuring, are expected during 2004. Of this SEK 1.1 b. was paid in the third quarter. SEGMENT RESULTS SYSTEMS
Third quarter Second quarter
----------------------------------
SEK b. 2004 2003 Change 2004 Change
----------------------------------------------------------------------
Orders booked 27.4 26.5 3% 31.2 -12%
Mobile Networks 22.8 21.5 6% 25.5 -10%
Fixed Networks 0.7 1.5 -56% 1.1 -38%
Professional Services 3.9 3.5 11% 4.6 -16%
Net sales 29.6 25.9 14% 30.4 -2%
Mobile Networks 23.8 19.8 20% 24.3 -2%
Fixed Networks 1.0 1.7 -39% 1.1 -9%
Professional Services 4.8 4.4 9% 5.0 -4%
Operating income 6.5 1.4(1) - 6.3 -
Operating margin (%) 22% 5%(1) - 21% -
----------------------------------------------------------------------
(1) Adjusted for restructuring charges in the third quarter 2003, net,
SEK 4.2 b.
Systems orders increased year-over-year by 3% to SEK 27.4 (26.5) b. and decreased sequentially. Systems sales increased 14% year-over-year and decreased sequentially by 2%. The growth in the GSM/WCDMA track year-over-year is approximately 25%. WCDMA equipment and associated network rollout services share of total Mobile Networks sales has increased to 15% and of radio access sales 32% were WCDMA/EDGE related. Sales development within Professional Services was favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. during the quarter and grew 15% year-over-year in local currencies and now represents approximately 16% of total Systems sales. Bookings fluctuate between quarters and the overall development and portfolio build up is encouraging. OTHER OPERATIONS
Third quarter Second quarter
------------------------------------------
SEK b. 2004 2003 Change 2004 Change
----------------------------------------------------------------------
Orders booked 2.5 2.0 25% 2.7 -9%
Net sales 2.8 2.5 13% 2.8 1%
Operating income 0.3 0.1(1) - 0.6 -
Operating margin (%) 9% 5%(1) - 20% -
----------------------------------------------------------------------
(1) Adjusted for restructuring charges in the third quarter 2003 SEK
1.1 b.
Orders booked increased year-over-year but decreased sequentially. Sales were up both year-over-year and sequentially. The decrease in operating income for Other operations is attributable to completing agreed redundancy activities in Ericsson Microwave Systems. SONY ERICSSON For an arrangement of Sony Ericsson products, see list of Sony Ericsson products Sony Ericsson is a joint venture established in 2001 by the Japanese consumer electronics company Sony Corporation and the Swedish telecommunications company Ericsson to make mobile phones. MOBILE COMMUNICATIONS Sony Ericsson Mobile Communications (Sony Ericsson) reported continued growth in sales and profit. Sales increased by 29% year-over-year and net income improved significantly for the same period. Ericsson's share in Sony Ericsson's income after financial items was SEK 0.6 b. compared to SEK 0.5 b. in the previous quarter. Units shipped in the quarter reached 10.7 million, a 51% increase compared to the same period last year, reflecting an enhanced portfolio with the launch of new products such as the first GSM mega pixel camera phone and a second 3G UMTS (Universal Mobile Telecommunications System) The GSM implementation of the 3G wireless phone system. Part of IMT-2000, UMTS provides service in the 2 GHz band and offers global roaming and personalized features. handset. Average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. (ASP) increased sequentially in line with company expectation due to new mid and high-end Japanese and GSM products beginning to ship. Transactions with Sony Ericsson Mobile Communications
Third Third Nine Nine
quarter quarter months months
SEK m. 2004 2003 2004 2003
----------------------------------------------------------------------
Sales to Sony Ericsson 166 534 1,065 2,044
Royalty from Sony Ericsson 157 145 467 355
Purchases from Sony Ericsson 51 590 465 1,343
Shareholder contribution - - - 1,384
Receivables from Sony Ericsson 265 249 265 249
Liabilities to Sony Ericsson 9 495 9 495
----------------------------------------------------------------------
PARENT COMPANY INFORMATION Net sales for the nine months period amounted to SEK 1.2 (1.3) b. and income after financial items was SEK 7.6 (3.5) b. Restructuring costs are excluded in income after financial items for 2003. Major changes in the company's financial position for the nine months period include decreased investments in subsidiaries of SEK 13.0 b. and increased short- and long-term receivables from subsidiaries of SEK 14.4 b. Notes and bond loans decreased by SEK 9.8 b. At the end of the quarter, cash and short-term cash investments amounted to SEK 67.1 (68.4) b. In accordance with the conditions of the Stock Purchase Plans and Option Plans for Ericsson employees, 1,029,239 shares from treasury stock were sold or distributed to employees during the third quarter. The holding of treasury stock at September 30, 2004, was 301,862,534 Class B shares. OTHER INFORMATION With reference to the previously announced public cash offer for the 28.44% of the shares in Ericsson's Italian subsidiary, Ericsson S.p.A, not already owned by Ericsson, Ericsson now owns more than 90% of the shares in Ericsson S.p.A. As a consequence, Ericsson is obliged o·blige v. o·bliged, o·blig·ing, o·blig·es v.tr. 1. To constrain by physical, legal, social, or moral means. 2. to launch a residual tender offer on all the floating shares issued by Ericsson S.p.A. Upon completion of this process, and in accordance with Borsa Italia regulation, Ericsson S.p.A will be delisted. In accordance with the decision by the extraordinary general meeting on August 31, 2004, the process of changing the difference in voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. between A and B shares in Ericsson has commenced. Following the change in voting rights each A share confers to one vote and each B share confers one tenth of a vote. After the end of the quarter, as announced on October 5, shareholders in Ericsson have in the first conversion round tendered 265,519,834 B-shares for conversion to the same number of A-shares, which means that 40,46% of the conversion rights have been used for conversion. As a result of the first conversion round, the total number of shares in Ericsson is now 921,738,474 A-shares and 15,210,520,204 B-shares. The A-shares are now representing 37.7% of the voting rights in Ericsson and the B-shares are representing 62.3% of the voting rights. Stockholm, October 22, 2004 Carl-Henric Svanberg President and CEO Date for next report: February 10, 2005 AUDITORS' REPORT We have reviewed the report for the nine-month period ended September 30, 2004, for Telefonaktiebolaget LM Ericsson (publ.). We conducted our review in accordance with the recommendation issued by FAR. A review is limited primarily to enquiries of company personnel and analytical procedures Analytical Procedures is one of financial audit skill which help an auditor understand the client's business and changes in the business, to identify potential risk areas and to plan other audit procedures. applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the interim report does not comply with the requirements for interim reports in the Annual Accounts Act. Stockholm, October 22, 2004 Bo Hjalmarsson Authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: Public Accountant PricewaterhouseCoopers AB Peter Clemedtson Authorized Public Accountant PricewaterhouseCoopers AB Thomas Thiel Authorized Public Accountant Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement of Ericsson under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995; All statements made or incorporated by reference in this release, other than statements or characterizations of historical facts, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by us. Forward-looking statements can often be identified by words such as "anticipates", "expects", "intends", "plans", "predicts", "believes", "seeks", "estimates", "may", "will", "should", "would", "potential", "continue", and variations or negatives of these words, and include, among others, statements regarding: (i) strategies, outlook and growth prospects; (ii) positioning to deliver future plans and to realize potential for future growth; (iii) liquidity and capital resources and expenditure, and our credit ratings; (iv) growth in demand for our products and services; (v) our joint venture activities; (vi) economic outlook and industry trends; (vii) developments of our markets; (viii) the impact of regulatory initiatives; (ix) research and development expenditures; (x) the strength of our competitors; (xi) future cost savings; and (xii) plans to launch new products and services. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements speak only as of the date hereof and are based upon the information available to us at this time. Such information is subject to change, and we will not necessarily inform you of such changes. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. Important factors that may cause such a difference for Ericsson include, but are not limited to: (i) material adverse changes in the markets in which we operate or in global economic conditions; (ii) increased product and price competition; (iii) further reductions in capital expenditure by network operators; (iv) the cost of technological innovation and increased expenditure to improve quality of service; (v) significant changes in market share for our principal products and services; (vi) foreign exchange rate fluctuations; and (vii) the successful implementation of our business and operational initiatives. A glossary A term used by Microsoft Word and adopted by other word processors for the list of shorthand, keyboard macros created by a particular user. See glossaries in this publication and The Computer Glossary. of all technical terms is available at: http://www.ericsson.com/about and in the Annual Report. To read the full report, please go to: http://www.ericsson.com/investors/financial_reports/2004/ 9month04-en.pdf (Due to the length of this URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. , it may be necessary to copy and paste To copy files from one location to another or to copy text and images from one document to another. All modern operating systems and applications have a copy and paste capability that is typically selected from an Edit menu. See cut and paste and Win Copy between windows. this hyperlink A predefined linkage between one object and another. See hypertext. hyperlink - anchor into your Internet browser's URL address field.)
Telefonaktiebolaget LM Ericsson (publ)
Org. number: 556016-0680
Torshamnsgatan 23
SE-164 83 Stockholm
Phone: +46 8 719 00 00
www.ericsson.com
FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
Financial statements Page
Consolidated income statement 9
Consolidated balance sheet 10
Consolidated statement of cash flows 11
Changes in stockholders' equity 12
Consolidated income statement isolated quarters 13
Additional information Page
Accounting policies and reporting 14
Orders booked by segment by quarter 15
Net sales by segment by quarter 16
Operating income, operating margin 17
Number of employees 17
Orders booked by market area by quarter 18
Net sales by market area by quarter 19
External orders booked by market area by segment 20
External net sales by market area by segment 20
Top ten markets in orders and sales 21
Customer financing risk exposure 21
Trend of net sales and operating expenses isolated quarters 21
Other information 22
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion