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24
Financial review and definitions
2004
SEK M 2005 IFRS 1
2004
GAAP 1 2003 2002 2 Consolidated income statements
2001
Revenues 2,823.2 2,740.5 2,848.8 2,864.6 2,774.9 2,320.6
Cost of sales –1,679.6 –1,598.1 –1,710.6 –1,765.7 –1,755.4 –1,427.1
Gross earnings 1,143.6 1,142.4 1,138.2 1,098.9 1,019.5 893.5
Sales and marketing expenses –273.1 –304.1 –304.1 –281.8 –257.3 –221.2
General and administrative expenses –367.6 –410.5 –405.5 –389.4 –287.8 –274.6
Goodwill amortization – – –112.1 –124.0 –126.7 –142.2
Items affecting comparability – – – –398.0 –8.5 –11.5
Participations in associated companies 0.7 2.8 2.8 0.4 7.0 –2.5
Operating earnings (EBIT) 503.6 430.6 319.3 –93.9 346.2 241.5
Net fi nancial income/expense –31.4 –36.4 –36.4 –52.9 –107.8 –121.4
Earnings before tax 472.2 394.2 282.9 –146.8 238.4 120.1
Tax –138.6 –70.8 –72.2 –21.2 –65.4 –52.7
Net earnings for the year
Of which attributable to:
333.6 323.4 210.7 –168.0 173.0 67.4
Parent Company’s shareholders 320.6 313.1 200.4 –180.2 173.3 67.4
Minority interests 13.0 10.3 10.3 12.2 –0.3 0.0
Net earnings for the year 333.6 323.4 210.7 –168.0 173.0 67.4
Consolidated balance sheets
Assets
Total fi xed assets 2,743.5 2,166.3 2,079.0 2,201.4 2,450.1 2,357.9
Total current assets 1,392.5 1,452.8 1,468.5 1,479.2 1,287.2 1,002.6
Total assets 4,136.0 3,619.1 3,547.5 3,680.6 3,737.3 3,360.5
Shareholders’ equity and liabilities
Total shareholders’ equity, incl. minority interests 1,316.1 1,531.0 1,436.9 1,258.1 1,538.7 529.5
Total liabilities 2,819.9 2,088.1 2,083.6 2,422.5 2,198.6 2,831.0
Total shareholders’ equity and liabilities 4,136.0 3,619.1 3,547.5 3,680.6 3,737.3 3,360.5
1 Figures for 2004 are presented according to current accounting principles (IFRS) as well as according to previous accounting principles (Swedish GAAP).
Previous years are not restated to IFRS, although the layout has been changed with respect to minority interests. For a detailed summary of the effects of
the transition to IFRS, see Note 36, page 60.
2 Excluding the effect of the adjustment for accounting inaccuracies in England. The adjustment is reported as an item affecting comparability in 2003.
Defi nitions
Average number of employees Average number of
employees during the year, recalculated to full-time
positions.
Beta Measure of the share price’s fl uctuation in relation
to the market as a whole, in the form of the OMXS
All-Share Index, over the course of the year. Changes
that precisely follow the index produce a beta of 1.0.
A fi gure below 1.0 means that the changes in the
share price have been smaller than those in the index.
Collection cases in stock Total number of debt
collection cases within the Consumer Collection &
Debt Surveillance and Commercial & International
Collection service lines at year-end.
Dividend payout Dividend as a percentage of net
earnings for the year.
Earnings per share Net earnings for the year divided
by the average number of shares during the year.
Equity/assets ratio Shareholders’ equity including
minority interests as a percentage of total assets.
Gross collection value Total amount outstanding to
collect on behalf of clients on due date, including
interest accrued prior to due date. Includes purchased
debt but not penalty interest or fees.
Interest coverage ratio Earnings after fi nancial items
plus fi nancial expense divided by fi nancial expense.
Net debt Interest-bearing liabilities and pension
provisions less liquid funds and interest-bearing
receivables.
Operating capital Sum of shareholders’ equity including
minority interests, interest-bearing liabilities and
pension provisions less liquid funds and interestbearing
receivables.
Operating cash fl ow per share Cash fl ow from operating
activities divided by the number of shares at
year-end.
Operating margin Operating earnings as a percentage
of revenues.
P/E Price/earnings ratio: year-end share price divided
by earnings per share before dilution.
P/S Price/sales ratio: year-end share price divided
by sales per share.
Return on operating capital Operating earnings
divided by average operating capital.
Return on shareholders’ equity Net earnings for the
year attributable to the Parent Company’s shareholders
as a percentage of average shareholders’ equity
attributable to the Parent Company’s shareholders.
Revenues Variable collection commissions, fi xed
collection fees, debtor fees, guarantee commissions,
subscription revenue and income from purchased
debt operations.
Value-added per employee The sum of operating
earnings after depreciation plus payroll costs divided
by the average number of employees during the year.
Yield Dividend per share divided by the year-end
share price.