3 May 2011
Good growth with improved EBITDA
• Net sales increased 7.4 percent to SEK 24,398 million (22,724). In local curren-cies net sales rose 6.6 percent.
• EBITDA, excluding non-recurring items, increased to SEK 7,755 million (7,583) and the margin was 31.8 percent (33.4).
• Operating income, excluding non-recurring items, increased to SEK 6,750 mil-lion (6,191).
• Net income attributable to shareholders of the parent company increased to SEK 4,465 million (3,976) and earnings per share increased to SEK 0.99 (0.89).
• Free cash flow was SEK 1,110 million (2,529).
• The number of subscriptions reached 119.3 million at the end of the first quarter with 1.4 million new subscriptions in the majority-owned operations and 3.1 million in the associated companies compared to year-end 2007.
• Outlook for 2008 unchanged.
(Tables included in attached PDF)
In this report, comparative figures are provided in parentheses following the operational and financial results and refer to the same item in the first quarter of 2007, unless otherwise stated. 2007 figures for business areas Mobility Services and Broadband Services, and Other operations are restated to correspond to the new organizational structure introduced on January 1, 2008.
Comments from Lars Nyberg, President and CEO
“We reported a satisfactory set of numbers for the first quarter and managed to grow EBITDA (excluding non-recurring items) in absolute terms for the first time in more than a year. However, we still need to continue improving efficiency to be able to defend our leading positions in more mature markets and to provide high quality in networks and services throughout the Group.
The growth engine of the Group, Eurasia, continued its strong development in the first quarter. Meanwhile, in Mobility Services and Broadband Services focus remained on developing in line with the markets and executing ongoing efficiency measures. Overall trends in our markets were unchanged. However, growth in broadband slowed down somewhat in the first quarter and did not offset the decrease in fixed voice to the extent I would have liked to see in Sweden.”
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