* Sales SEK 67.0 (54.5) b., up 23%, full year SEK 208.9 (187.8) b.,
up 11%
* Operating income 1) 2) SEK 9.2 (7.6) b., full year SEK 23.9 (30.6)
b.
* Operating margin 1) 2) 13.7% (14.0%), full year 11.4% (16.3%)
* Cash flow SEK 7.0 (12.0) b., full year SEK 24.0 (19.2) b.
* Net income 2) 3) SEK 4.1 (5.8) b., full year SEK 11.7 (22.1) b.
* Earnings per share 2) 3) 4) SEK 1.21 (1.77), full year SEK 3.52
(6.84)
* Board of Directors proposes dividend of SEK 1,85 per share
1) Excluding restructuring charges of SEK 3.0 b. in the quarter and
SEK 7.6 b. for the full year
2) Including capital gains of SEK 0.2 b. in first quarter and SEK 0.8
b. in fourth quarter 2008
3) Attributable to stockholders of the Parent Company, excluding
minority interests
4) A reverse split 1:5 was made in June 2008, comparable figures
restated accordingly
CEO COMMENTS
"We have had a solid performance in 2008," said Carl-Henric
Svanberg, President and CEO of Ericsson (NASDAQ: ERIC). "Sales grew
by 11% with good demand for our entire portfolio and across the
world. Changes in currency rates had very small effect on full year
growth. Professional services have continued to show strong growth.
Operating margins, excluding Sony Ericsson, have steadily improved,
and our financial position is strong with net cash of SEK 35 b.
Sony Ericsson is affected by the economic downturn and the
declining demand in the consumer market and has taken necessary
actions.
During the year, we saw some 650 million new mobile
subscriptions and the 4 billion milestone is now reached. 2008 was
also a breakthrough year for mobile broadband. Communication is a
basic human need. It plays a critical role in the development of a
sustainable and prosperous society, and the positive long-term
prospects for the industry remain.
The economic recession is spreading across the world. The
effects on the global mobile network market should not be that
significant as most operators have healthy financial positions,
there is a strong traffic growth and the networks are fairly
loaded. It remains, however, difficult to more precisely predict to
what extent consumer telecom spending will be affected and how
operators will act. To date, our infrastructure business is hardly
impacted at all, but it would be unreasonable to think that this
would be the case also throughout 2009.
We have exceeded our cost reduction targets launched in 2008. In
the present environment, we will continue to reduce costs, across
all parts of the company at the same pace as in 2008 with
restructuring charges of SEK 6-7 b., targeting annual savings of
SEK 10 b. from the second half of 2010. We are leveraging synergies
between our different technologies and taking advantage of
opportunities in the transformation to all-IP networks. As the
savings largely are the result of more efficient ways of working,
our strategy will remain intact and our unique capabilities should
not be affected," concluded Carl-Henric Svanberg.
FINANCIAL HIGHLIGHTS
Income statement and cash flow
Third
Fourth quarter quarter Full year
2008 1) 2008 2008
SEK b. 5) 2007 Change 1) Change 1) 5) 2007 Change
Net sales 67.0 54.5 23% 49.2 36% 208.9 187.8 11%
Gross margin 35.2% 36.1% - 37.0% - 36.8% 39.3% -
EBITDA margin 16.8% 18.4% - 15.3% - 15.6% 20.8% -
Operating
income 9.2 7.6 21% 5.7 62% 23.9 30.6 -22%
Operating
margin 13.7% 14.0% - 11.5% - 11.4% 16.3% -
Operating
margin
excl Sony
Ericsson 14.6% 9.8% - 11.5% - 11.3% 12.5% -
Income after
financial
items 9.5 7.6 25% 6.2 54% 24.8 30.7 -19%
Net income 2)
3) 3.9 5.6 -31% 2.8 37% 11.3 21.8 -48%
EPS diluted,
SEK 2) 3) 4) 1.21 1.77 -32% 0.89 36% 3.52 6.84 -49%
Cash flow from
operating
activities 7.0 12.0 - 3.8 - 24.0 19.2 -
Cash flow
excl.
Sony Ericsson 7.0 12.0 - 2.4 - 20.4 15.3 -
1) Excluding restructuring charges of SEK 3.0 b.in the fourth quarter
2008, SEK 2.0 b.in the third quarter 2008, SEK 1.8 b. in the second
quarter and SEK 0.8 b. in the first quarter
2) Including restructuring charges in 2008
3) Attributable to stockholders of the Parent Company, excluding
minority interests
4) A reverse split 1:5 was made in June 2008. Comparable figures are
restated accordingly
5) Fourth quarter 2008 includes a capital gain of SEK 0.8 b. from
divestment of shares in Symbian
Sales in the quarter increased by 23% year-over-year and by 11%
for the full year. Currency exchange rates have had limited effects
on full year sales. The currency exchange rate swings, especially
towards the end of the year, have positively impacted sales growth
in the fourth quarter significantly. Excluding currency exchange
rate effects, the fourth quarter still showed the strongest growth
in the year.
In the quarter, gross margin was 35.2% (36.1%), excluding
restructuring charges. Full year gross margin amounted to 36.8%
(39.3%). The sequential decline was mainly due to a high proportion
of network rollout services. The network rollout sales increased
sequentially by 61%.
Operating expenses amounted to SEK 15.3 (15.2) b. in the
quarter, excluding restructuring charges. Expense run-rate is
decreasing as a result of cost savings activities but this was
partly offset by currency exchange rate effects. Operating expenses
as a percentage of sales decreased from 28% to 27% for the full
year.
In the quarter, Sony Ericsson contributed a result of EUR -67
(251) million, excluding restructuring charges of EUR 65 million.
For the full year, Sony Ericsson showed a break-even result,
excluding restructuring charges.
Operating income before restructuring charges amounted to SEK
9.2 (7.6) b. in the quarter and SEK 23.9 (30.6) b. for the full
year. The operating income for the quarter includes a capital gain
of SEK 0.8 b. from the divestment of shares in Symbian and a loss
of SEK 0.7 b. from Sony Ericsson.
In the quarter, weaker SEK exchange rates affected income
positively, but to a much lesser extent than sales. The currency
translation effects during the quarter were offset by the negative
effects of transaction hedges.
Restructuring charges in Ericsson amounted to SEK 2.3 (-) b. in
the quarter and to SEK 6.7 (-) b. for the full year. Ericsson's
share of the restructuring charges in Sony Ericsson amounted to SEK
0.7 (-) b. for the quarter and SEK 0.9 (-) b. for the full
year.
Financial net was SEK 0.3 (0.0) b. in the quarter and SEK 1.0
(0.1) b. for the full year. Positive effects from improved interest
rates were to some extent offset by negative effects from changing
currency exchange rates.
Net income amounted to SEK 4.1 (5.8) b. in the quarter and SEK
11.7 (22.1) b. for the full year, impacted by restructuring charges
and a dramatic drop in the contribution from Sony Ericsson.
Cash flow from operating activities reached SEK 7.0 (12.0) b. in
the quarter and SEK 24.0 (19.2) b. for the full year. Changes in
net operating assets were negative at SEK 2.3 b. in the quarter.
Despite good collections, trade receivables increased due to high
year-end sales. This was partly offset by reduced inventories and
increased current liabilities. Cash conversion for the full year
increased to 92% (66%).
For the year, the tax rate has increased to 32.3% (28.0%) due to
changed mix of high and low tax countries. The deferred tax assets
have also been revalued due to change in the statutory tax rate in
Sweden from 2009 that has increased the tax cost for 2008.
Balance sheet and other performance indicators
Full Nine Six Three Full
year months months months year
SEK b. 2008 2008 2008 2008 2007
Net cash 34.7 30.2 27.9 28.3 24.3
Interest-bearing
provisions
and post-employment
benefits 40.4 35.4 29.2 32.0 33.4
Trade receivables 75.9 62.6 56.7 56.4 60.5
Days sales
outstanding 106 115 107 110 102
Inventory 27.8 29.7 26.6 24.5 22.5
Of which work in
progress 16.5 18.4 16.3 13.8 12.5
Inventory turnover 5.3 1) 4.5 1) 4.7 1) 4.6 1) 5.2
Payable days 55 57 56 57 57
Customer financing,
net 2.8 2.2 2.4 2.7 3.4
Return on capital
employed 16% 1) 13% 1) 12% 1) 12% 1) 21%
Equity ratio 50% 52% 55% 56% 55%
1) Excluding effects from restructuring
The net cash position increased sequentially to SEK 34.7 (30.2)
b. Cash, cash equivalents and short-term investments amounted to
SEK 75.0 (57.7) b. Of a total debt position of SEK 30.5 b., SEK 5.5
b. matures in the next twelve months.
Customer financing remain at a low level and amounted to SEK 2.8
(2.2) b.
During the quarter, approximately SEK 2.3 b. of provisions
related to warranty and project commitments and other items were
utilized, of which SEK 1.0 b. were related to restructuring.
Additions of SEK 3.8 b. were made, of which SEK 1.2 b. related to
restructuring. Reversals of SEK 0.8 b. were made. The net impact on
operating income, excluding restructuring charges, was negative by
SEK 1.8 b.
Days sales outstanding decreased in the quarter to 106 days but
are up year-over-year from 102. Currency exchange rates have had a
negative effect.
Cost reductions
In February 2008, a cost reduction plan of SEK 4 b. in annual
savings was announced, including estimated charges of the same
size. All activities with related charges were launched by the
third quarter, and it was announced that further charges would be
made in the fourth quarter.
Charges in the fourth quarter amount to SEK 2.3 b. and for the
full year 2008 to SEK 6.7 b. In total, this has resulted in annual
savings of approximately SEK 6.5 b. from year-end.
Cost savings will continue also in 2009. Restructuring charges
are estimated to SEK 6-7 b. and annual savings of SEK 10 b. are
expected by the second half of 2010, with an equal split between
cost of sales and operating expenses.
We are leveraging synergies between our different technologies,
in-house and acquired, and taking advantage of opportunities in the
transformation to all-IP. We will reduce the number of software
platforms and increase the re-use of hardware. We will also move
certain activities to low-cost countries.
Cost reductions will be achieved through reduction of the number
of consultants and other temporary staff, consolidation of R&D
sites and layoffs. These activities will result in a reduction of
the number of employees by some 5,000, of which about 1,000 in
Sweden, primarily in Stockholm.
Restructuring charges 2008
Isolated quarters, SEK b. Accumulated Q4 Q3 Q2 Q1
Cost of sales -2.5 -1.1 -0.6 -0.6 -0.2
Research and development expenses -2.7 -0.7 -0.3 -1.1 -0.6
Selling and administrative expenses -1.5 -0.5 -0.9 -0.1 -0.0
Share in Sony Ericsson charges -0.9 -0.7 -0.2 - -
Total -7.6 -3.0 -2.0 -1.8 -0.8
SEGMENT RESULTS
Third
Fourth quarter quarter Full year
2008 2008 2008
SEK b. 1) 2007 Change 1) Change 1) 2) 2007 Change
Networks sales 45.8 37.5 22% 33.0 39% 142.0 129.0 10%
Of which 18.5
network rollout 7.6 6.4 17% 4.7 61% 21.5 16%
Operating margin 14% 10% - 11% - 11% 13% -
EBITDA margin 17% 15% - 15% - 16% 19% -
Professional
Services 42.9
sales 16.2 12.1 34% 11.8 38% 49.0 14%
Of which 12.2
managed services 4.3 3.3 29% 3.5 23% 14.3 17%
Operating margin 18% 15% - 16% - 16% 15% -
EBITDA margin 19% 16% - 19% - 17% 16% -
Multimedia sales 5.0 4.9 4% 4.4 14% 17.9 15.9 13%
Operating margin 12% 4) -9% - 3% - 1% 4) -1% -
11% 3) 4%
EBITDA margin 21% 4) -3% - 12% - 4) -
Total sales 67.0 54.5 23% 49.2 36% 208.9 187.8 11%
1) Excluding restructuring costs in 2008
2) First quarter 2008 is restated for the transfer of the IPX
operations from Professional Services to Multimedia
3) Affected by SEK 0.2 b. due to changed allocation of capitalized
development expenses during second quarter 2008
4) Fourth quarter 2008 includes a capital gain of SEK 0.8 b. from
divestment of shares in Symbian
Networks
Sales in Networks increased by 22% in the quarter,
year-over-year, positively impacted by a weaker SEK. For the full
year sales grew by 10%. 2008 was another record year for rollout of
GSM. In addition, major 3G rollouts are ongoing in many markets
while key markets, such as China and India, will soon start their
3G buildouts.
Mobile broadband is now firmly established and networks with
speeds of 21 Mbps have been launched in several countries. LTE is
established as a true global world standard for mobile broadband.
In January, 2009, Ericsson announced its first contract for a
commercial LTE network.
The transition from traditional circuit switching to
softswitching has come far and Ericsson has established a clear
leadership position. Sales of Redback's SmartEdge products noted
very strong growth for the second consecutive quarter.
Sales of network rollout services increased 61% sequentially,
reflecting a high proportion of completions of large new network
buildouts.
Professional Services
Sales of Professional Services increased by 34% in the quarter,
year-over-year, and by 14% for the full year. Growth in constant
currencies amounted to 26% and 13% respectively. Managed services
continued to grow substantially, and consulting and systems
integration showed strong growth due to a high amount of customer
projects finalized during the quarter. Operating margins in the
quarter reached18% (15%) due to favorable mix, continued efficiency
gains and high volumes.
During the quarter, 11 new managed services contracts were
signed. The total number of subscribers in managed operations now
amounts to 250 million, of which 60% are in high-growth markets.
The growth in managed services is fueled by operators' desire to
reduce operating expenses and improve efficiency in network
operation and maintenance.
Multimedia
Sales in Multimedia increased by 4% in the quarter,
year-over-year, and by 13% for the full year. For comparable units,
i.e. excluding divestment of the enterprise PBX operations and
adjusted for the transfer of the IPX operations, sales grew by 21%
in the quarter, year-over-year and by 16% for the full year.
Tandberg Television and revenue management continued to show good
growth while the mobile platform business is starting to experience
effects of the weakening handset market. Operating income in the
quarter, excluding effects from the divestment of shares in
Symbian, was SEK -0.2 (-0.4) b.
Sony Ericsson Mobile Communications
For information on transactions with Sony Ericsson Mobile
Communications, please see Financial statements and Additional
information.
Third
Fourth quarter quarter Full year
EUR m. 2008 2007 Change 2008 Change 2008 2007 Change
Number of units
shipped (m.) 24.2 30.8 -21% 25.7 -6% 96.6 103.4 -7%
Average selling
price (EUR) 121 123 -2% 109 11% 116 125 -7%
Net sales 2,914 3,771 -23% 2,808 4% 11,244 12,916 -13%
Gross margin 15% 32% - 22% - 22% 31% -
Operating 12%
margin -9% 13% - -1% - -1% -
Income before 1,574
taxes -263 501 - -23 - -83 -
Income before 1,574
taxes,
excl
restructuring
charges -133 501 - 12 - 92 -
Net income -187 373 - -25 - -73 1,114 -
Units shipped in the quarter were 24.2 million, a sequential
decrease of 6% and a year-on-year decrease of 21%. Sales in the
quarter were EUR 2,914 million, an increase of 4% sequentially but
a decrease of 23% compared to fourth quarter 2007. The global
economic slowdown is resulting in a contracting consumer
demand.
Income before taxes for the quarter was EUR -133 million,
excluding restructuring charges of EUR 129 million, compared to the
profit of EUR 501 million in fourth quarter 2007. Despite a
negative result in the quarter, Sony Ericsson maintained a healthy
balance sheet with a strong net cash position of EUR 1,072
million.
Ericsson's share in Sony Ericsson's income before tax was SEK
-1.3 (2.3) b. in the quarter and SEK -0.5 (7.1) b. for the full
year.
The EUR 300 million operating expenses savings measures earlier
announced have been increased to EUR 480 million, with the full
effect expected at the end of 2009. The cost for the total program
will be covered by the previously announced EUR 300 million in
restructuring charges.
REGIONAL OVERVIEW
Fourth quarter Third quarter Full year
Sales, SEK b. 2008 2007 Change 2008 Change 2008 2007 Change
Western Europe 16.1 15.4 5% 11.6 39% 51.6 52.7 -2%
Central and 14.3
Eastern
Europe,
Middle East
and Africa 17.6 24% 13.1 35% 53.1 48.7 9%
Asia Pacific 20.5 13.7 49% 14.1 45% 63.3 54.6 16%
Latin America 7.9 6.8 16% 6.1 29% 23.0 18.4 25%
North America 4.9 4.3 13% 4.3 14% 17.9 13.4 34%
Western Europe sales increased by 5% in the quarter,
year-over-year, and decreased by 2% for the full year. The
year-over-year increase in the quarter was driven by strong
performance mainly in Germany, Denmark and Italy. The strong
sequential increase of 39% is above normal seasonality and driven
by good demand for mobile broadband and professional services.
In Central and Eastern Europe, Middle East and Africa, sales
increased by 24% in the quarter, year-over-year, and by 9% for the
full year. A strong year-over-year quarterly performance in
Nigeria, Saudi Arabia and South Africa is driven by continued 2G
buildout, while a strong growth in Russia is driven by ongoing 3G
rollouts.
Asia Pacific sales increased by 49% in the quarter,
year-over-year, and by 16% for the full year. The Chinese market
rebounded after the Olympic Games. 3G licenses were awarded in the
beginning of January 2009 and rollouts will start soon. India, with
large network rollouts, remains Ericsson's largest and fastest
growing market. Japan and Indonesia showed strong development in
the quarter and are now Ericsson's fifth and sixth largest markets.
The market in Pakistan is still weak due to political
uncertainties.
Latin American sales increased by 16% in the quarter,
year-over-year, and by 25% for the full year. The year has been
impacted by a combination of 2G enhancements and 3G buildouts, and
3G is now an established technology across the region. Mexico and
Brazil showed strong development, both in the quarter and for the
full year, and show no signs of slow-down despite the economic
downturn.
North American sales increased by 13% in the quarter,
year-over-year, and full year sales increased by 34%. The recorded
slower growth in the fourth quarter is mainly an effect of a tough
year-over-year comparison despite positive effects of the
increasing USD in the fourth quarter. For the full year, the
effects from changes in currency exchange rates were limited.
Mobile broadband is now well established with good consumer
take-up, which is driving continued rollouts as well as capacity
enhancements.
MARKET DEVELOPMENT
Growth rates are based on Ericsson and market estimates.
We believe that the fundamentals for longer-term positive
development for our industry are solid. The need for
telecommunication continues to grow and plays a vital role for the
development of a sustainable and prosperous society. Ericsson is
well positioned to lead this development.
The world is being affected by an economic recession. It is
however difficult to predict to what extent consumer telecom
spending will be affected and how operators will act. Operators are
generally financially strong, the networks are fairly loaded and
traffic continues to increase. However, large currency movements
and uncertainties in the credit markets could affect operators'
investment capacity.
Mobile subscriptions grew by some 176 million in the quarter to
a total of 3.98 billion. The number of WCDMA subscriptions grew by
24 million to a total of 290 million. In the twelve-month period
ending September 30, 2008, fixed broadband connections grew by 20%
year-over-year to more than 385 million.
The continued subscription growth creates need for new and
expanded mobile networks and corresponding professional services.
Although GSM continues to represent the majority of the mobile
systems market, its growth is slowing as 3G/WCDMA is accelerating.
The strong development in emerging markets continues, and although
they represent less than one third of global GDP they represent
significantly more of the market for mobile network equipment.
Broadband Internet revenues for fixed operators are expected to
grow from 20% to more than 30% of total revenues in the next five
years. Mobile operators' data revenues, currently at some 20% of
total revenues, are expected to grow even faster.
Currently, 20 million households are served by IPTV. This is
expected to grow to approximately 100 million households within the
same timeframe.
All this is driving an increased focus on smarter networks and
bundled service offerings. Operators have accelerated the
conversion to all-IP broadband networks with increased deployments
of broadband access, routing and transmission along with
next-generation service delivery and revenue management
systems.
PARENT COMPANY INFORMATION
Net sales for the year amounted to SEK 5.1 (3.2) b. and income
after financial items was SEK 19.4 (14.7) b. During the fourth
quarter, shares in Symbian Ltd has been sold by the Parent
Company.
Major changes in the Parent Company's financial position for the
year include; decreased investments in subsidiaries of SEK 6.8 b.,
mostly attributable to write-down of investments caused by payments
of dividends of approximately the same amount; decreased current
and non-current receivables from subsidiaries of SEK 6.4 b;
increased other current receivables of SEK 4.8 b.; increased cash
and bank and short-term investments of SEK 13.6 b.; decreased
current and non-current liabilities to subsidiaries by SEK 9.2 b.
and increased other current liabilities by SEK 5.6 b.
As per December 31, 2008, cash, bank and short-term investments
amounted to SEK 59.2 (45.6) b.
Major transactions with related parties include the following
transactions and balances with Sony Ericsson Mobile Communications:
revenues of SEK 2.0 (3.0) b.; receivables of SEK 0.6 (0.9) b.;
dividend of SEK 3.6 (3.9) b.
In accordance with the conditions of the Stock Purchase Plans
and Option Plans for Ericsson employees, 1,171,119 shares from
treasury stock were sold or distributed to employees during the
fourth quarter and 5,232,211 shares during the year. In the third
quarter 19,900,000 treasury shares were repurchased. The holding of
treasury stock at December 31, 2008 was 61,066,097 Class B
shares.
DIVIDEND PROPOSAL
The Board of Directors will propose to the Annual General
Meeting a dividend of SEK 1.85 (2.50) per share, representing some
SEK 6.0 (8.0) b., and April 27, 2009, as record day for payment of
dividend.
ANNUAL REPORT
The annual report will be made available to shareholders on our
website www.ericsson.com and at the Ericsson headquarters,
Torshamnsgatan 23, Stockholm, in the week of March 9-13, 2009.
ANNUAL GENERAL MEETING OF SHAREHOLDERS
The Annual General Meeting of shareholders will be held on
Wednesday April 22, 2009, 15.00 (CET) in the Stockholm Globe
Arena.
OTHER INFORMATION
Joint venture between Ericsson Mobile Platforms and ST-NXP
Wireless The joint venture between Ericsson Mobile Platforms and
ST-NXP Wireless has received all necessary regulatory approvals and
closing will take place during the first quarter 2009.
Assessment of risk environment
Ericsson's operational and financial risk factors and exposures
are described under "Risk factors" in our Annual Report 2007. Risk
factors and exposures in focus for the Parent Company and the
Ericsson Group for the forthcoming six-month period include:
* potential negative effects due to the present serious turmoil in
the financial markets and the beginning economic slow-down on
operators' willingness to invest in network development as well as
the financial liabilities of sub suppliers, for example due to lack
of borrowing facilities or reduced consumer telecom spending, or
increased pressure on us to provide financing;
* unfavorable product mix in the Networks segment, with reduced
sales of software, upgrades and extensions and an increased
proportion of new network build-outs and break-in contracts, which
may result in lower gross margins and/or working capital build-up,
which in turn puts pressure on our cash conversion rate;
* a volatile sales pattern in the Multimedia segment or variability
in our overall sales seasonality could make it more difficult to
forecast future sales;
* effects of the ongoing industry consolidation among the company's
customers as well as between our largest competitors, e.g.
intensified price competition;
* changes in foreign exchange rates, in particular USD and EUR;
* continued political unrest or instability in certain markets.
Ericsson conducts business in certain countries which are
subject to trade restrictions or which are focused on by certain
investors. We stringently follow all relevant regulations and trade
embargos applicable to us in our dealings with customers operating
in such countries. Moreover, Ericsson operates globally in
accordance with Group level policies and directives for business
ethics and conduct. In no way should our business activities in
these countries be construed as supporting a particular political
agenda or regime. We have activities in such countries mainly due
to that certain customers with multi-country operations put demands
on us to support them in all of their markets.
Please refer further to Ericsson's Annual Report 2007, where we
describe our risks and uncertainties along with our strategies and
tactics to mitigate the risk exposures or limit unfavorable
outcomes.
Stockholm, January 21, 2009
Carl-Henric Svanberg
President and CEO
Telefonaktiebolaget LM Ericsson (publ)
Date for next report: April 30, 2009
AUDITORS' REVIEW REPORT
We have reviewed this report for the period January 1 to
December 31, 2008, for Telefonaktiebolaget LM Ericsson (publ). The
board of directors and the CEO are responsible for the preparation
and presentation of this financial information in accordance with
IAS 34 and the Annual Accounts Act. Our responsibility is to
express a conclusion on this financial information based on our
review.
We conducted our review in accordance with the Standard on
Review Engagements S�G 2410, Review of Financial Information
Performed by the Independent Auditor of the Entity, issued by FAR
SRS. A review consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with Standards
on Auditing in Sweden, RS, and other generally accepted auditing
practices. The procedures performed in a review do not enable us to
obtain a level of assurance that would make us aware of all
significant matters that might be identified in an audit.
Therefore, the conclusion expressed based on a review does not give
the same level of assurance as a conclusion expressed based on an
audit.
Based on our review, nothing has come to our attention that
causes us to believe that the accompanying financial information is
not, in all material respects, in accordance with IAS 34 and the
Annual Accounts Act.
Stockholm, January 21, 2009
PricewaterhouseCoopers AB
Bo Hjalmarsson Peter Clemedtson Authorized Public Accountant
Authorized Public Accountant Lead partner
EDITOR'S NOTE
To read the complete report with tables, please go to:
www.ericsson.com/investors/financial_reports/2008/12month08-en.pdf
Ericsson invites media, investors and analysts to a press
conference at the Ericsson headquarters, Torshamnsgatan 23,
Stockholm, at 09.00 (CET), January 21.
An analysts, investors and media conference call will begin at
14.00 (CET).
Live webcasts of the press conference and conference call as
well as supporting slides will be available at
www.ericsson.com/press and www.ericsson.com/investors.
Video material will be made available during the day on
www.ericsson.com/broadcast_room
FOR FURTHER INFORMATION, PLEASE CONTACT
Henry St�nson, Senior Vice President, Communications
Phone: +46 10 719 4044
E-mail: investor.relations@ericsson.com or
press.relations@ericsson.com
Investors
Gary Pinkham, Vice President,
Investor Relations
Phone: +46 10 719 0000
E-mail: investor.relations@ericsson.com
Susanne Andersson,
Investor Relations
Phone: +46 10 719 4631
E-mail: investor.relations@ericsson.com
Andreas Hedemyr,
Investor Relations
Phone: +46 10 714 3748
E-mail: investor.relations@ericsson.com
Media
�se Lindskog, Vice President,
Head of Media Relations
Phone: +46 10 719 9725, +46 730 244 872
E-mail: press.relations@ericsson.com
Ola Rembe, Vice President,
Phone: +46 10 719 9727, +46 730 244 873
E-mail: press.relations@ericsson.com
Telefonaktiebolaget LM Ericsson (publ)
Org. number: 556016-0680
Torshamnsgatan 23
SE-164 83 Stockholm
Phone: +46 10 719 0000
www.ericsson.com
Disclosure Pursuant to the Swedish Securities Markets Act
Ericsson discloses the information provided herein pursuant to
the Securities Markets Act. The information was submitted for
publication at 07.30 CET, on January 21, 2009.
Safe Harbor Statement of Ericsson under the US Private
Securities Litigation Reform Act of 1995;
All statements made or incorporated by reference in this
release, other than statements or characterizations of historical
facts, are forward-looking statements. 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; (xii) plans to launch new products and
services; (xiii) assessments of risks; (xiv) integration of
acquired businesses; (xv) compliance with rules and regulations and
(xvi) infringements of intellectual property rights of others. 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) 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 or interest rate fluctuations; and (vii) the
successful implementation of our business and operational
initiatives.
FOURTH QUARTER REPORT 2008 --
http://hugin.info/1061/R/1283701/287480.pdf
This announcement was originally distributed by Hugin. The
issuer is solely responsible for the content of this
announcement.
Copyright � Hugin AS 2009. All rights reserved.
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