Annual and Sustainability Report 2011 - Teracom

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Auditor's report To the AGM in Teracom Group AB, CIN 556842-4856 Report on the annual report and consolidated financial statements We have audited the annual report and consolidated financial statements of Teracom Group AB for 2011. The company's annual report and consolidated financial statements are included in the printed version of this document on pages 44–89. The responsibility of the Board of Directors and the President/CEO for the annual report and consolidated financial statements The Board of Directors and the President/CEO are responsible for preparing an annual report that presents a true and fair view in accordance with the Annual Accounts Act and consolidated financial statements that present a true and fair view in accordance with the IFRS international accounting standards, as adopted by the EU, and the Annual Accounts Act, and for the internal control that the Board of Directors and the President/CEO deem to be necessary to prepare an annual report and consolidated financial statements that are free of material misstatement, whether such are the result of falsifications or errors. Responsibility of the auditor Our responsibility is to express our opinion on the annual report and the consolidated financial statements based on our audit. We conducted the audit in accordance with the International Standards on Auditing and generally accepted auditing standards in Sweden. These standards require that we apply professional moral requirements and plan and carry out the audit in such a manner as to assure reasonable certainty that the annual report and consolidated financial statements are free of material misstatement. An audit entails obtaining through different measures audit evidence regarding amounts and other information in the annual report and consolidated financial statements. The auditor decides the measures that will be conducted, in part by assessing the risks for material misstatement in the annual report and consolidated financial statements, regardless whether these misstatements are due to falsifications or error. When conducting this risk assessment, the auditor takes into account the areas of internal control that are relevant for how the company prepares its annual report and consolidated financial statements in order to present a true and fair view, with the intention of designing auditing measures that are appropriate given the circumstances, but not with the intention of making a statement regarding the efficiency of the company's internal control. An audit also entails evaluating the appropriateness of the accounting principles applied and the plausibility of the estimations made by the board of directors and the managing director in the report, as well as evaluating the overall presentation of the annual report and consolidated financial statements. We believe the audit evidence we obtained to provide a sufficient and appropriate base for our statement. Opinion It is our opinion that the annual report has been prepared in accordance with the Annual Accounts Act and in all material aspects provides a true and fair view of the Parent Company's financial position as of 31 December 2011 and the financial results and cash flows for the year in accordance with the Annual Accounts Act, and that the consolidated financial statements were prepared in accordance with the Annual Accounts Act and provide in all material aspects a true and fair view of the Group's financial position as of 31 December 2011 and its results and cash flows in accordance with the international accounting standards, as adopted by EU, and the Annual Accounts Act. A Corporate Governance Report has been prepared. The Directors’ Report and the Corporate Governance Report are consistent with the other parts of the annual report and the consolidated financial statements. We therefore recommend to the Annual General Meeting that the income statement and balance sheet for the Parent Company and the Group be adopted. Reports on other requirements in accordance with laws and other regulations In addition to our audit of the annual report and consolidated financial statements, we also audited the proposed appropriations regarding the company's profit or loss and the Board of Director's and the President/CEO's administration of the Teracom Group AB for 2011. The responsibility of the Board of Director and the President/ CEO It is the responsibility of the Board of Directors to propose the appropriations regarding the company's profit or loss, and it is the responsibility of the Board of Directors and the President/CEO for administration in accordance with the Companies Act. 92
Responsibility of the auditor It is our responsibility to express our opinion with reasonable certainty on the proposed appropriations regarding the company's profit or loss and the administration based on our audit. We conducted the audit in accordance with generally accepted auditing standards in Sweden. As the basis for our statement regarding the Board of Director's proposed appropriations regarding the company's profit or loss we audited the Board of Director's reasoned opinion and a sample of the data underlying this opinion in order to assess if the proposal is in compliance with the Companies Act. As the basis of our statement regarding discharge from liability, in addition to our audit of the annual report and consolidated financial statements, we examined significant decisions, actions taken and circumstances of the Company in order to be able to determine the possible liability to the Company of any Board member or the President/CEO. We also examined whether any Board member or the CEO has, in any other way, acted in contravention of the Swedish Companies Act, the Annual Accounts Act or the articles of association. We believe the audit evidence we obtained to provide a sufficient and appropriate base for our statement. Opinion We recommend that the Annual General Meeting distribute the profit in accordance with the proposal in the Directors’ Report and discharge the members of the Board of Directors and the President/CEO from liability for the financial year. Stockholm, March 16, 2012 PricewaterhouseCoopers AB Sten Håkansson Authorized Public Accountant 93
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Annual and Sustainability Report 20
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Read more about the Swedish busines
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Denmark has been and continues to b
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Teracom Group On 1 June, Teracom Gr
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An integrated TV business The Group
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digital radio and, in connection wi
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Subsidized public transportation en
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Sweden Sweden is the Group’s firs
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The market The competition primaril
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67 PR5 Customer satisfaction for Bo
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Denmark Denmark is the Group's youn
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Chris Corneliussen, Boxer Denmark
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Finland PlusTV is the largest Pay-T
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Kimi »The Iceman« Räikkönen is
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Sustainability - corporate responsi
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The Teracom Group’s sustainabilit
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The Group's breakdown of climate im
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Employees For the Teracom Group, hi
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Media plurality requires a long-ter
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Reporting in accordance with GRI gu
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GRI G3 Index Reference Comments 1.
Page 44: Contents 44 Directors’ Report 49
Page 47 and 48: Operating profit for the year amoun
Page 49 and 50: Diversity and equal opportunity Div
Page 51 and 52: Corporate Governance Report The Cor
Page 53 and 54: Teracom AB's 2011 AGM Teracom AB's
Page 55 and 56: Evaluation of the Board of Director
Page 57 and 58: ously striving to achieve long-term
Page 59 and 60: 1 2 3 4 5 6 7 8 9 10 11 12 Board of
Page 61 and 62: Consolidated Income Statement MSEK
Page 63 and 64: Consolidated Cash Flow Statement MS
Page 65 and 66: Parent Company Income Statement MSE
Page 67 and 68: Parent Company Cash Flow Statement
Page 69 and 70: Notes Contents Note Description Pag
Page 71 and 72: the Group conducts an impairment te
Page 73 and 74: No major changes will be made for f
Page 75 and 76: Note 4 Segment reporting The Group
Page 77 and 78: Notice period and severance pay The
Page 79 and 80: Return on plan assets 2011 2010 For
Page 81 and 82: Note 13. Tax on profit for the year
Page 83 and 84: Note 16. Goodwill and other intangi
Page 85 and 86: Note 17. Other financial assets Gro
Page 87 and 88: Net investments of foreign operatio
Page 89 and 90: Financial derivative instruments Th
Page 91 and 92: Note 26. Shares and participations
Page 93: Auditors' report on overall review
Page 98 and 99: Technical definitions Broadcasting
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