5. ANÁLISIS
5.1. MARCOS INTERPRETATIVOS
5.1.2 UNOS BUENOS Y OTROS MALOS
MD: Anitra Steen Chairm: Olof Johansson
Equal opportunities policy . . . .YES Proportion of women . . . .62% Environmental policy . . . .YES Environmental management system . . . .OWN
1)See definition on page 103.
0 30 60 90 2002 2001
T E R A C O M A B
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w w w. t e r a c o m . s e 95Teracom AB is Sweden’s largest TV and radio distributor. The company distrib- utes programme channels such as SVT, TV4. SR, Community Radio (Närradio) and many pay TV channels to Swedish households. Approximately 99.8 per cent of the Swedish population can now receive broadcasts and transmissions and approximately 140,000 subscribe to the pay-TV service. The company has a national service organisation and an infrastructure that is used by both exter- nal and internal parties.
OPERATIONS
Teracom’s core activity is to engage in broadcasting and transmission of radio and TV programmes. The company shall devel- op, market and carry out other services, which are compatible with its operations. Teracom’s services are based on a nation- wide TV and radio network. Through mak- ing use of the company’s technical expert- ise and infrastructure, Teracom also offers services in data and telecommunications to telecom operators, large companies and county councils and municipalities.
Teracom was founded in 1992 after a Riksdag resolution. The company took over the analog broadcasting and trans- mission network for radio and TV from the National Telecommunications Administration, Televerket. The govern- ment and the Riksdag considered that the broadcasting network as part of soci- ety’s basic information infrastructure should be state-owned. Teracom also ful- fils an important function as a channel of information at times of increased pre- paredness for emergency situations.
Since 1997, investment has been tak- ing place in Teracom to go over from ana- log to digital transmissions. Furthermore, the company has introduced digital-TV services for consumers through the 70 per cent owned subsidiary Boxer (the remain- ing 30 per cent is owned by Skandia Liv).
FINANCE
Approximately 40 per cent of the group’s turnover relates to activity not exposed to competition. This includes income from the programme companies which have been granted a government licence for ana- log transmissions, i.e. SVT, SR and TV4.
Turnover in Teracom increased by 11 per cent to SEK 1,778 million. The increase in sales mainly related to the subsidiary Boxer. During the year, the company increased its customer stock by 40 per cent to 140,000 subscribers.
The dividend target relates only to operations exposed to competition. Divi- dend over a business cycle shall corre- spond to a third of profit after net finan- cial income after standard tax.
Assessment
2002 was another loss year for Teracom. The negative result was largely due to the company not being able to charge prices that corresponded to cost cover- age for the digital broadcasting and transmissions of radio and TV. The com- pany embarked upon a savings pro- gramme during the year which is to reduce Teracom’s expenses by SEK 150 million from 2004. The subsidiary Boxer continued to make a loss, mainly as a result of subsidy of digital TV receivers (boxes) for new subscribers. However, the increased customer stock meant that the loss rate was considerably reduced.
Major investments to build up the digital transmission network in combina- tion with operating losses in the past two years, have led to a substantial deteriora- tion in the financial position. Both the equity/assets ratio and liquidity were insufficient on 1 January. This led the government to propose a capital contri- bution to Teracom of SEK 500 million. The government makes the assessment that the cost-saving measures combined with a successive improvement in cost coverage for the digital transmissions will make possible repayment of the capital contribution in the medium-long term.
Chairman: Per-Ola Eriksson. Board members: Jan Danielsson, Minoo Akhtarzand, Åke Gustavsson, Karl Erik Gustafsson, Lars
Ilshammar, Helena Dyrssen. Employee representatives: Thomas Erlandsson, Jan-Olof Blomkvist, Elisabeth Viktorsson. (Per-Ola Eriksson, Åke Gustavsson, Karl Erik Gustafsson and Lars Ilshammar resigned and Björn Björnsson, Håkan Tidlund, Tobias Henmark, Ingrid Engström, Annika Nilsson and Claes Ljung were appointed as board members at the annual general meeting of shareholders in 2003). Auditors: Hans Andersson, Deloitte & Touche and Karin Holmerin, National Audit Office and Anders Holm, KPMG and Ulla Nordin Buisman, Öhrlings PricewaterhouseCoopers.
Board of directors 2002/2003
INCOME STATEMENT, SEK m 2002 2001
Net turnover 1,778 1,618
Expenses –1,920 –1,956
Items affecting comparability –50 0
Profit/loss from participations
in associated companies 0 –6
Operating profit –192 –344
Financial income 15 10
Financial expenses –95 –70
Profit before tax –272 –404
Tax 4 –19
Minority 64 121
Net profit/loss for the year –204 –301 BALANCE SHEET, SEK m 2002 2001
Assets
Non-interest bearing fixed assets 2,599 2,870 Non-interest bearing current assets 404 442
Interest-bearing current assets 28 28
Total assets 3,050 3,340 Shareholders’ equity, provisions and liabilities
Shareholders’ equity 662 863
Minority 3 14
Interest-bearing provisions 87 85
Non-interest bearing provisions 366 321
Interest-bearing long-term liabilities 1,262 1,294 Interest-bearing current liabilities 175 247 Non-interest bearing current liabilities 476 516
Total liabilities and shareholders’ equity 3,050 3,340 CASH FLOW, SEK m 2002 2001 Cash flow from operating activities 221 –110 Cash flow from investment activities –166 –808 Cash flow from financing activities –56 917
KEY RATIOS 2002 2001
Return on equity (average), % neg neg
Return on total assets (average), % neg neg Return on capital employed (average), % neg neg Return on operating capital (average), % neg neg
Equity/assets ratio, % 21.8 26.3
OTHER, SEK m 2002 2001
Proposed dividend 0 0
Gross investment 187 807
Depreciation and write-downs 427 400
Average no. of employees 997 1,007
– of which women 190 166
Sick leave, % 4 3
Share owned by state, % 100 100
SUBSCRIBERS TO DIGITAL-TV, 000s
MD: Jan Danielsson Chairm: Håkan Tidlund
Equal opportunities policy . . . .YES Proportion of women . . . .22% Environmental policy . . . .YES Environmental management system . . . .OWN
0 50 100 150 2002 2001 2000 1999
V O K S E N Å S E N A / S
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w w w. v o k s e n a a s e n . n o 96Voksenåsen A/S is Norway’s national gift to Sweden. The purpose of the enter- prise is to strengthen solidarity between Swedes and Norwegians and to increase reciprocal knowledge about each coun- try’s social life, language and culture.
OPERATIONS
Voksenåsen is a meeting place for culture and societal life in Norway and Sweden. Voksenåsen’s programme of activities con- sists of approximately 60 events per year. These activities address current political and cultural events and more long-term developments in Swedish-Norwegian rela- tions. Voksenåsen endeavours to build up an extensive network of contacts of public authorities and organisations in the two countries. Most activities are focused on a broad public or a special professional or interest group, while others have a more special youth profile such as Sommar Akademi Voksenåsen.
In 2002, Voksenåsen continued its collaboration with Norge 2000 A/S, which is responsible for the programme for the centenary commemoration of the dissolution of the union in 1905. A num- ber of events are planned at Voksenåsen in connection with the common Swedish- Norwegian history. Voksenåsen was also
host for the first of a series of cultural policy conferences which are taking place in the Nordic countries in the next few years.
Objective
The objective is for Voksenåsen to be a natural meeting place and a popular forum for debate on societal and cultural life in Norway and Sweden. The pro- gramme of activities shall promote affini- ty between Swedes and Norwegians, safe- guard freedom of expression and work for respect and tolerance in a multicul- tural society.
Assessment
The degree of compliance with the objec- tives in 2002 considered to be satisfactory.
FINANCES
Voksenåsen receives a grant from the Swedish government for its programme of activities and the cost of premises. Otherwise, the enterprise is to be finan- cially self-supporting. Due to reduced financial margins, and, as a result of this increased competition in the industry, Voksenåsen has initiated development work of the facility and intensified its marketing activities.
Chairman: Görel Bohlin. Board members: Johan Buttedahl, Karin Bruzelius, Pia Enochsson, Martin Martinsson, Erik Rudeng,
Arne Ruth, Ragnar Sohlman, Tove Veierod. (Görel Bohlin and Ragnar Sohlman resigned and Berit Oscarsson and Sara Kristensson were appointed as board members at the annual general meeting of shareholders in 2003). Auditors: Statsautorisert Auditor (Norwegian authorised public accountant) Ole Kjelstrup, Kjelstrup og Wiggen as., Oslo.
Board of directors 2002/2003
INCOME STATEMENT, NOK m 2002 2001
Net turnover 43 43
Expenses 42 43
Operating profit 0 0 Profit before tax 0 0 Net profit/loss for the year 0 0 BALANCE SHEET, NOK m 2002 2001
Assets
Non-interest bearing fixed assets 3 3
Non-interest bearing current assets 9 9
Total assets 12 12 Shareholders’ equity, provisions and liabilities
Shareholders’ equity 8 7
Non-interest bearing current liabilities 4 5
Total liabilities and shareholders’ equity 12 12 KEY RATIOS 2002 2001
Return on equity (average), % – –
Return on total assets (average), % – –
Return on capital employed (average), % – – Return on operating capital (average), % – –
Equity/assets ratio, % 63.1 60.2
OTHER, NOK m 2002 2001
Gross investment 0 0
Depreciation and write-downs 0 1
Average no. of employees 48 55
– of which women 25 22
Share owned by state, % 100 100
MD: Karl Einar Ellingsen Chairm: Görel Bohlin
Equal opportunities policy . . . .YES Proportion of women . . . .52% Environmental policy . . . .YES Environmental management system . . . .OWN