STOKAB ÅRSREDOVISNING 2012 «1 ANNUAL FINANCIAL REPORT 2012

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1 STOKAB ÅRSREDOVISNING 2012 «1 ANNUAL FINANCIAL REPORT 2012

2 WHO WE ARE Stokab is owned by the City of Stockholm and provides a passive fibre-optic communications network within the Stockholm region. The company has been tasked with expanding, maintaining and leasing connections to this network. Our operations are intended to promote optimal conditions for IT development and thereby the positive development of the Stockholm region. The network is open to everybody on equal terms and Stokab leases to all stakeholders who wish access. Since only dark fibre is leased, customers are responsible for their own active equipment. Stokab was formed in 1994 to develop a competition-neutral infrastructure able to meet future communications needs, stimulate competition, promote diversity, offer freedom of choice and minimise the need for excavation on city streets. Fibre optics is an optical system used for transmitting light, which, with its superior capacity, serves as the basis for all forms of digital communication. Fibre optics is used for transferring data, TV and telephone signals and more. An optical fibre is finer than a strand of hair and is capable of transmitting millions of phone calls or hundreds of TV channels simultaneously. Modern society demands a powerful and robust IT infrastructure that allows for high-capacity data communication. Moreover, this service needs to be available to businesses and private persons alike, any time, anywhere. Contents Who We Are 2 Year in Brief 3 CEO s Message 4 A Fibre-optic Network for a Growing City 6 Stokab s Customers 9 Increased Security and Expanded Green IT 10 Stokab s Employees 12 S:t Erik Kommunikation AB 13 Directors Report 14 Group Profit and Loss Statement 16 Group Balance Sheet 17 Group Cash Flow Statement 19 Parent Company Profit and Loss Statement 20 Parent Company Balance Sheet 21 Parent Company Cash Flow Statement 23 Notes Additional Information 24 Review Report 31 Auditor s Report 32 Directors and Auditors 33 Management 34 Swedish / English Glossary 37 More information about Stokab is available in both Swedish and English at Contact Details Director of Finance, Hans Förnestig hans.fornestig@stokab.se Head of Sales and Marketing Division, Christel Sandstedt christel.sandstedt@stokab.se Head of Communications, Anders Broberg anders.broberg@stokab.se Photographers: Peter Phillips, Petter Karlberg and Anders Broberg

3 YEAR IN BRIEF Net sales increased by 5 per cent to SEK 686 million (655) 5% Orders amounted to SEK 375 million (316) The number of new connections supplied totalled 2,095 (2,018) SEK 375 m 2,095 connections Properties with 98,500 (115,000) households were connected with fibre optics. This means that approximately 400,000 households in Stockholm can now connect to Stokab s network. 98,500 households Profit before tax increased to SEK 174 m (171), which is the highest profit in Stokab s history Investments amounted to SEK 332 million (501) Numbers in parentheses are for 2011 SEK 174 m SEK 332 m The fibre-optic network is growing and the ability to reroute is constantly increasing. During 2012, Stokab s Technical Manager, Stefan Carlsson, designed a rail that allows different sizes of customer equipment (with regard to depth) without needing to install new racks in node locations. He also designed new brackets for patch cables that including labelling, which has allowed nearly doubling the number of connections in each rack. This means that the need to lease physical space for new nodes as the network grows has been minimised. The cover photo is of Åsa Wimark and Jan Oscarsson connecting one of Stockholm s multi-family residences to Stokab s network. With the expansion to cover multi-family residences, approximately 90 per cent of Stockholm s households and almost 100 per cent of businesses are able to connect to the world s largest open network. Connections use a multi-fibre solution, meaning each household can have its own fibre connection, which, at present, means connection speeds of up to 1 Gbps both upstream and downstream.

4 4» STOKAB ANNUAL FINANCIAL REPORT 2012 CEO S MESSAGE Continuing the trend of previous years, company operations developed positively during Connections for multi-family residences within the city of Stockholm were completed on time and on budget. A continued high number of fibre-optic connections were also supplied. The 2012 results are the best in Stokab s history, which means that we have a stable financial foundation on which to operate. This financial progress has created the preconditions for the rapid development of both the fibre-optic network and Stokab s operations in general. Multi-family Residences Connected The project aimed at connecting virtually all multi-family residences in Stockholm City over a period of years was completed on time and on budget. Its successful completion means that approximately 90 per cent of Stockholmers are now able to connect to the world s largest open fibre network. Through the active operators in our network, households can enjoy broadband connections with speeds of 1 Gbps, both upstream and downstream. These multi-family residences have been connected using a multi-fibre solution, which makes it possible for each household to have its own fibre connection. This provides freedom of choice for each household, allowing them to freely choose their broadband service provider. At the same time, our new node structure also allows our customers to operate their networks in a more rational, more secure and more environmentally-friendly way. The expansion to cover multi-family residences also results in significantly shorter delivery times to a further 9,000+ addresses in Stockholm. Connecting a business, a base station for the mobile network or households takes a maximum of ten working days with the existing network. The expansion also makes possible an increase in the number of fixed price areas. This makes room for more, faster and simpler contracts for our customers. Strong Demand The demand for our products continues to be very strong from all customer segments. This is the result of the increased use of services that require broadband. Moreover, more than ever before, users now expect these services to be available wherever they are, 24 hours a day and without interruption. In 2012, Stokab provided over 2,000 new connections. One reason for this continued strong demand is the trend towards even more cloud-based services and the more rational operation of data systems, which is driving the need for both more and redundant fibre connections. At the same time, Stokab is continuing its dedicated and active efforts to improve delivery reliability and service. International Role Model Stockholm has long been mentioned in international contexts, together with cities like Singapore and Seoul, as a leader in the expansion of fibre-optic networks. The increased need felt all over the world for high-speed broadband accessible to all has heightened the interest in understanding how Stokab has developed and how it operates. As an example, Google gave Benoît Felten, chief analyst at Diffraction Analysis, the task of drawing up a comprehensive description and analysis of the Stokab model. Felten s analysis contains a number of interesting observations. He states that Stokab has contributed to Stockholm attractiveness. This is because it has promoted competition, which means that businesses and organisations have been given the opportunity to enjoy effective, high-quality communication services at a low cost. Stokab s fibre network has also spurred innovation. Studies also show that our customers have great confidence in Stokab, both because of our owner and because we only provide passive infrastructure. This means that we are not in competition with our customers. According to Felten, what have been and remain important factors in Stokab s success are the political consensus surrounding Stokab, that we have expanded the network at pace with market demand and that the network is open to all on equal terms. The owner s fundamental view of fibre connections as basic infrastructure has also been significant. Green IT A well-developed fibre network that services the majority of local households lays the foundation for a wealth of so-called green IT solutions. For example, the need for travel and, thus, environmental impact are reduced when people can work remotely. With 100-percent broadband coverage, both fixed and mobile, traffic information can be accessed in real time. This allows for a more effective use of traditional infrastructure, such as roads and railways. Fibre-optic connections make it possible for property owners to streamline the operation and maintenance of services like temperature regulation, electricity and water meters, camera surveillance, lifts and security systems on their properties. This, in turn, makes possible more effective and faster management. These types of services are something that Stokab itself uses at our 600 nodes. Stokab s nodes are also designed to be energy efficient. This includes using the heat generated by nodes for other purposes whenever possible. The camera surveillance used not only

5 Stokab ANNUAL FINANCIAL REPORT 2012 «5 increases security, but also facilitates remote management, reducing the need for travel and physical visits. During 2012 we relocated operations at Node 1 (our oldest node) to our most environmentally-friendly node, Node 7. The heat generated there is captured and rerouted to supply the heating system at Östra Real upper-secondary school. We continue implementing several energy-efficiency measures at our nodes. Stockholm s Dynamic IT Industry Stokab s mission is to provide an open and operator-neutral fibre infrastructure for electronic communication. By constructing the fibre network as operator-neutral infrastructure, the City of Stockholm, via Stokab, ensures that all are able to lease fibre connections on equal terms. Because new stakeholders on the market don t need to invest in new infrastructure (or to lease it from their competitors), the barriers to establishing themselves in Stockholm are low. In this way, Stokab is contributing to dynamic development within Stockholm s IT industry. In its annual comparison of different world cities, Cities of Opportunity, consultancy firm Price Waterhouse Coopers once again named Stockholm best of all compared cities in making real use of IT and of all the smart services on offer, as well as in connecting up schools. All of Stockholm s schools enjoy gigabit connections and wireless networks. More than half of Stockholm s preschools also received fibre connections during This gives the region s students opportunities available nowhere else in the world. expansion into other areas of the household sector will not be carried out and that, additionally, great caution should be observed regarding future investments. International Interest Google is not alone in showing interest in our network and the expansion of fibre to homes. As in previous years, in 2012 Stokab received a large number of visitors from around the world interested in finding out more about the Stockholm model and how it sets the stage for world-class IT development. These visits often also generate contacts with businesses based in Stockholm. We are looking forward to 2014, when the world s largest fibre conference, FTTH Council, with around 3,000 delegates, will be held in Stockholm. Confidently Looking to the Future Stokab is now focusing on even better meeting our customers needs for delivery reliability and higher levels of service. The company s positive development in recent years has created a good ground for future success. This means that we can view 2013 with optimism. Stockholm, March 2013 Jörgen Kleist, CEO Price Regulation Threatens to Stifle IT Development in Sweden According to the Stockholm City Council, the Swedish Post and Telecom Authority s (PTS) decision on price regulating the Swedish fibre market is creating uncertainty about the conditions for investment in basic IT infrastructure, which risks stifling IT development in Sweden. For Stokab s part, in light of this decision, the City Council has decided that fibre-optic network THANKS TO STOKAB S NETWORK, businesses AND ORGANISATIONS CAN ENJOY EFFECTIVE, HIGH-QUALITY COMMUNICATION AT A LOW COST.

6 6» STOKAB ANNUAL FINANCIAL REPORT 2012 A FIBRE NETWORK FOR A GROWING CITY A well-developed fibre network is a precondition for a smart and sustainable world-class city. With nearly 90 per cent of Stockholm s households and almost all of its businesses and school having access to gigabit connections, it is no surprise that consultancy Price Waterhouse Coopers named Stockholm in its annual ranking as the world s best city in utilising all of the advantages that digital services offer. Moreover, Stockholm is also home to four 4G/LTE networks. Stockholm is set to add an entire Oslo to its size by 2030, by which time close to three million people are expected to live in the region. This is equivalent to the arrival of two fully-loaded city buses of new residents every day until This rapid growth not only places demands on roads, public transport and housing, but also on the city s IT infrastructure, which will need to meet the need for increased data traffic in both the fixed and mobile broadband networks. Simply put, it means making sure that sustainable, smart and innovative solutions are possible in Stockholm. The idea that IT infrastructure should exist throughout the city and be available to everybody on equal terms has been the City of Stockholm s view ever since the deregulation of the telecom market in the early 1990s. That is why Stockholm has gradually expanded its operator-neutral fibre network via Stokab based on market needs. With a combined length of fibre-optic cable that would stretch around the earth 30 times, Stockholm is considered to possess the world s largest open fibre network. Its well-developed network has promoted competition and increased diversity and freedom of choice. The network has also contributed to creating innovations, more jobs, more efficient work methods and the opportunity to develop sustainable solutions. World-class ICT Cluster Stockholm is currently the most knowledge-intensive region outside of the US. The Kista area alone is home to more than 1,100 ICT companies, 6,300 university students and 1,100 qualified ICT researchers. Ninety per cent of Kista s ICT companies are export companies a very high figure compared with other sectors. Thanks to Kista Science City, the Stockholm region has be come a world-leading innovation zone and an international centre for wireless technology, broadband and mobile applications and services. Kista is home to the largest concentration of IT researchers in northern Europe. Low-cost Broadband The threshold for basing a company in Stockholm is low. This is because an operator needs neither to make costly investments in infrastructure nor to lease infrastructure from a competitor. Today, more than 100 operators are active within Stokab s network. This has meant a broadband cost that is almost half of that of other regions in Sweden, according to a survey by industry magazine Computer Sweden. Moreover, these prices are also low when compared internationally according to a price comparison performed by Swedish analysis and strategy company United Minds. According to a Swedish Post and Telecom Authority (PTS) survey, prices in open networks such as the one in Stockholm are per cent lower than in places were competition is low. Because the fibre network in Stockholm is open to all, even businesses and public authorities can lease and design their own networks. For example, hospitals in Stockholm County were able to halve their data communication and telecommunication costs thanks to this opportunity. Broadband Creates Jobs For every 1,000 additional broadband users, 80 new jobs are created and for every 10 percentage points that broadband penetration increases, GDP growth increases by around one per cent, according to a report entitled Socioeconomic Effects of Broadband Investments by Arthur D Little. It is knowledge-intensive companies that have given rise to the majority of new jobs over several years. One basic requirement for these companies to thrive is access to a welldeveloped, robust and reliable broadband network for both the businesses themselves and their employees, states Price Waterhouse Coopers in its Cities of Opportunity report. Presumably, this is why Stockholm, with its well-developed fibre network, was ranked first for the second year running for its broadband quality, connection of city schools and exploitation of the myriad of opportunities that IT provides. Fibre Connections for Households Everyone needs access to a high-capacity broadband connection, not just businesses. That s why Stockholm s fibre network has been expanded to allow 90 per cent of the city s households to have their own fibre-optic connections. This means that households can receive and transmit an unlimited amount of video, work remotely and access key social services such as home nursing. The range of options available to households has also increased because multi-family residences have been connected using what is known as a multi-fibre solution. This makes it possible for individual households to choose their own

7 Stokab ANNUAL FINANCIAL REPORT 2012 «7 At top left: Otto Hahn, played by Andreas Liljeholm, in Lise & Otto the first drama in the world to be staged in two physically separate locations and in which the actors and audience interacted via fibre connections. At top right: With a network open to all on equal terms, competition in Stockholm is strong and broadband costs low a factor that both United Minds and PTS note in their surveys. Above right: Broadband creates jobs and promotes growth. The Stockholm region is a world-leading innovation zone and an international centre for broadband, mobile services and more. Youths in the suburb of Kista are among those who contributed to a more than doubling of the amount of data traffic sent and received last year. At left: The network expansion to cover Stockholm s multifamily residences was completed on time and on budget. As a result, around 90 per cent of all households are able to enjoy their own fibre connections, with connection speeds of up to 1 Gbps both upstream and downstream.

8 8» STOKAB ANNUAL FINANCIAL REPORT 2012 broadband provider, while also giving providers the opportunity to improve the efficiency, security and environmental aspects of their networks. E-services and Open Data In Stockholm, new e-services that simplify people s everyday lives and also free up resources are continually being launched. During 2012, the City of Stockholm opened up several of its databases to the public. The Open Stockholm Award competition was also organised in conjunction with this move. Almost 400 ideas based on the newly-opened databases were submitted as competition entries. Fibre Innovations Unlimited access to dark fibre has given rise to entirely new and innovative ways of working. Connecting TV cameras directly to fibre optics when producing outside of the studio now means that remote broadcast vans with all their equipment and satellite distribution are no longer used. As a result, broadcasters like Sweden s SVT and other TV companies can produce higher-quality programmes at much lower costs and in a way that is better for the environment. Even Kista Theatre (now Rats Theatre) used fibre when it staged the world s first ever drama performed at two completely separate physical locations, during which both actors and the audience interacted with one another despite being separated. Green IT Stockholm offers a wealth of opportunities for taking advantage of green IT solutions. At Stokab s newest broadband node, for example, waste heat is utilised to heat the upper-secondary school Östra Real. Thanks to smart e-services, travel is reduced, commuters are informed of traffic problems in real time and drivers can choose the most efficient routes. Fibre-optic connections give property owners entirely new opportunities for streamlining operation and maintenance of services like temperature regulation, electricity and water meters, camera surveillance, lifts and security systems on their properties. A City Bursting with Opportunities Only four of Sweden s municipalities can boast that 75 per cent or more of their households and businesses have access to a broadband connection of at least 100 Mbps. In three of these four municipalities (Stockholm, Solna and Sundbyberg), this is because of Stokab s well-developed fibre network. In the City of Stockholm, around 90 per cent of households and almost 100 per cent of businesses have access not to a 100 Mbps connection, but to a 1 Gbps connection or faster. In short, Stockholm is a city bursting with opportunity a world-class city in the making. AROUND 90 PER CENT OF HOUSE- HOLDS CAN NOW CONNECT TO STOKAB S OPEN FIBRE NETWORK.

9 STOKAB ANNUAL FINANCIAL REPORT 2012 «9 STOKAB S CUSTOMERS Of Stokab s more than 800 customers, over 100 are operators or service providers. Our customers include companies that are active in many different industries with different needs when it comes to network structure and IT solutions. To accommodate this, Stokab s network is built to allow customers to design their own network structures. Operators More than 100 operators and service providers supply services of Internet, TV and telephony via Stokab s network. Regardless of what kind of business model its customers use, Stokab s range of product solutions lets them design their own network infrastructures and to reach end-customers simply and cost-effectively. Businesses and Organisations Businesses and organisations that require large data capacity and that strive to achieve efficient and secure data communication lease their own fibre connections from Stokab. Since these organisations either provide their own or purchase communication as a service, they achieve freedom of choice, cost-efficiency and total control. This makes it is easier to both influence and adjust transmission rates and communications technology. The Public Sector The need to develop public sector services using new technology continues to grow. By combining data communication, telephony and TV, processes within public settings and communication with citizens are both simplified and streamlined. The ability to lease fibre connections from Stokab guarantees a secure and powerful IT infrastructure for all public operations, such as hospitals, schools and administrations. Residences in Stockholm The growing need of households for fast communication and constant connection continues to drive demand for increased bandwidth, which, in turn, increases the need for a powerful and future-oriented IT infrastructure. With this in mind, Stokab has expanded its network to service the vast majority of multi-family residences in Stockholm City. Connection to Stokab s operatorneutral fibre-optic network lets property owners streamline the operation and maintenance of services like temperature regulation, electricity and water meters, camera surveillance, lifts, common laundry rooms and security systems. Above all, tenants increasing needs for access to the Internet, telephony and TV via different service suppliers can also be met. At the same time, competition, diversity and freedom of choice are increased, especially if property owners install an internal fibre network. CEO Jon Karlung in Bahnhof s new Thule data centre at Brunkebergsåsen, Stockholm. Extremely fast response times can be achieved because the data centre has been built using ultra-modern technology and because the area where it is situated boasts a fibre density that is unmatched throughout the Nordic region.

10 10» STOKAB ANNUAL FINANCIAL REPORT 2012 INCREASED RELIABILITY AND EXPANDED GREEN IT The connection of multi-family residences has allowed for the more secure and environmentally-friendly operation of Stokab s network and has given households, small businesses and property owners better opportunities to utilise green IT solutions. The additional nodes set up when connecting multi-family residences to the fibre network allow our customers to more easily design and manage their networks in a secure, efficient and environmentally-friendly way. The expansion of the network in recent years has created even better redundancy and opportunities to reroute. Security has always had high priority as we have expanded our network. The reasons are obvious. Without a robust network and secure service, our customers are unable to feel fully confident in their operations, since our network is a critical aspect of the work they do. As such, security has always been integrated into the company s operations and is seen in areas like network security, preparedness and emergency preparedness, IT support and follow-up. Efforts to improve security are on-going at all Stokab facilities. With the relocation of our oldest node to our most modern node site, security for our customers and their equipment has been increased in several ways. Green Opportunities The expansion of Stokab s network to service almost all multifamily residences drastically expands the range of green solutions available to both property owners and households. For property owners, connection to the network means increased opportunities to make use of control and regulation services, electronic locking systems and camera surveillance for important areas, facilities and thoroughfares. For households, connection means increased opportunities for effective telecommuting, the planning and optimisation of travel, and not least of all the opportunity to consume media as a service instead of needing to buy physical products, such as CDs, DVDs and books; all of which need to be physically produced and transported. Currently, rights holders receive the majority of their revenue from streamed music and a smaller percentage from traditional sales of CDs. The Stockholm-based music streaming company Spotify is one of the companies that has paved the way for this environmentally-friendly method of distribution. TV and film are heading in the same direction, with several large international stream video companies setting up shop in Sweden, while the national Swedish broadcaster SVT has begin streaming all of its channels live online. Thanks to high-speed broadband, information can now be shared quickly, effectively and in an environmentally-friendly

11 Stokab ANNUAL FINANCIAL REPORT 2012 «11 way. An increasing number of private individuals, organisations and businesses are broadcasting lectures and events live via online services like Bambuser. Video and images are distributed via services like YouTube, Vimeo, Instagram and Flickr. All of these capacity-hungry services require a well-developed fibre network that can support fast upload speeds. Stokab s Customers Warming Schools Customers who currently store their equipment at our newest node actively contribute to heating a large part of Stockholm s Östra Real upper-secondary school. Heat generated by the equipment in our node is converted through a heat exchanger and piped into the school s heating system. In receiving this heat, the school also sends back cold to the node, which extends the life of its cooling system and reduces operating costs. The climate-friendly facility has received both national and international attention and is viewed as an example to be imitated. The hub is the green broadband road leading into the Norra Djurgårdsstaden suburb, which has been designed with an eco-friendly theme. A local node is expected to heat part of the multi-family residence in which it will be housed. Internal Environmental Initiatives Our environmental efforts aim to reduce the environmental impact of our activities. Overarching goals include the use of green vehicles for transport whenever possible, the disposal of materials to limit emissions of greenhouse gases and their impact on the environment, and the sorting of waste for recycling. Stokab only buys green electricity, uses a 100-per-cent green vehicle car fleet and also provides bicycles and public transport cards for employees work-related travel. During 2012 we also installed a high-quality video conferencing system and several energy-efficiency measures have been adopted at our offices, including automatic lighting in common areas. Our server park was also downsized and streamlined. Energy efficiency measures have also been implemented at node sites and hubs, which has reduced energy consumption by around ten per cent. Stokab works primarily with contractors and consultants. To ensure that environmental measures are not just an internal consideration, tenderers are required to implement systematic environmental efforts as part of procurement procedures. This includes requiring them to have an environmental management system in place and to ensure that any subcontractors also comply with Stokab s environmental requirements. Stokab A Green Idea Apart from fibre, in itself, being an environmentally-friendly product, the basic idea behind Stokab is reducing environmental impact. This has been achieved by digging up city streets once only and laying enough fibre to give everyone the fibre connections they need without them needing to excavate individually. Moreover, at our newest and most efficient broadband node, our customers equipment is contributing to heating the Östra Real upper-secondary school. This climate-friendly facility has received both national and international attention and is viewed as an example to be imitated. By collecting and sharing traffic information in real time, accessible to all, travellers are able to determine the best route to take and the best time to depart. There are also services that show users the environmental impact of different travel options.

12 12» STOKAB ANNUAL FINANCIAL REPORT 2012 STOKAB S EMPLOYEES Stokab is a knowledge-intensive company whose skilled and dedicated managers and employees are crucial to its operations. Continual Development We develop our organisation with the aim of achieving our business and operational goals. As such, our employees knowhow and dedication are important. Stokab aims for continual development. For us, this involves the belief that we can always improve a little in what we do. Communication is important when interacting with customers. For this reason, Stokab aims to give every employee the opportunity to develop their communication skills and thereby contribute to achieving our business and operational goals. convinced that we are creating the right conditions for a sense of security, participation and joy among our employees. Absences due to illness in 2012 amounted to 1.87 per cent of ordinary working hours for the group. This shows that our strategic work has had a positive impact on health and has contributed to the company s earnings. At the close of 2012 Stokab had 94 employees, of which 60 were men and 34 women. Stokab s management group consists of 57 per cent men and 43 per cent women. Work Environment and Health We view each individual Stokab employee as both unique and important. Each person contributes to our operations. We run a systematic work environment programme to mitigate risks in the workplace. Stokab also offers its employees access to a range of preventive health measures. In doing so, we are STOKAB S AIM IS CONTINUAL DEVELOPMENT. WE CAN ALWAYS IMPROVE ON WHAT WE DO.

13 Stokab ANNUAL FINANCIAL REPORT 2012 «13 S:t erik kommunikation AB S:t Erik Kommunikation AB is a wholly owned subsidiary of Stokab and is the City of Stockholm s communications provider. Its task is to administer and develop the city s collective internal communications networks. An Exclusive Network for the City of Stockholm The network is exclusive to the City of Stockholm s administrations and wholly owned companies and is intended for both administration and the more public needs of education, childcare, leisure and culture. Its aim is to ensure that the city s communications network is effective and cohesive. In total, the network connects around 2,250 locations across the city and serves around 40,000 employees and about 100,000 students. Thanks to Stokab s providing multi-family residences with fibre connections, smaller venues within the city such as preschools and sheltered housing now also enjoy high-speed connections. Operational Responsibility for Stockholm s LAN Network S:t Erik Kommunikation is responsible for operating the city s LAN network for businesses and administrations. This responsibility covers both the electronic equipment and the associated passive property network. During 2012, over half of all Stockholm preschools upgraded their connections and also took the opportunity to install wireless networks at the same time. Stockholm No. 1 in School Data Networks Stockholm has the world s best Internet access in schools. This was Price Waterhouse Coopers conclusion in its annual Cities of Opportunity report that ranks cities around the world. As a city, Stockholm has the world s best school data network. Another factor in making the city an international role model is that all of Stockholm s schools having gigabit connections and wireless networks. S:t Erik Kommunikation driver ett nät för Medarbetare och elever på adresser över hela staden.

14 14» STOKAB ANNUAL FINANCIAL REPORT 2012 DIRECTORS REPORT Styrelsen och verkställande direktören avger härmed årsredovisning och koncernredovisning för räkenskapsåret 1 januari 2012 till 31 december Operations Stokab s mission is to construct, lease out and maintain a passive fibre optic network within the Stockholm region. The company is competition-neutral and is to provide a network that is open to all on equal terms. The purpose of the infrastructure and Stokab s operations is to stimulate positive development for Stockholm by contributing to favourable conditions for IT development in the region. Stokab s main focus is its network operations, which includes the expansion and operation of a fibre-optic network and the leasing of fibre connections without active terminal equipment, known as dark fibre. Stokab s mission also includes administering, operating and developing the city s collective communications networks on behalf of the City of Stockholm for the purpose of administration and the more public need for schools, childcare, leisure and culture, as well as a communications network for the City of Stockholm s control of street lighting. This work is carried out through a wholly owned subsidiary, S:t Erik Kommunikation AB. Important Events During the Year Earnings before tax for 2012 increased by two (2) per cent to SEK 174 million compared with 2011, which is the best result in the group s history. This figure is the result of continued high demand for the group s products, a high delivery capacity and lower total costs due to streamlining. Orders amounted to SEK 375 million. All customer categories ordered products over the course of the year and this was primarily the result of increased demand from households and businesses for services that require better broadband. As a result of the high volume of orders, net sales continued to grow and totalled SEK 686 million in 2012, which is five per cent greater than the previous year (SEK 31 million). The total number of new connections supplied was 2,095. In addition, within the framework of the on-going network expansion to cover multi-family residences, properties containing around 98,500 flats also received fibre-optic connections. Significant Events After the Reporting Date No significant events have occurred since the reporting date. Changes to the Board of Directors No changes were made to the board of directors during Employees For several years now Stokab has run a systematic work environment improvement programme. This work includes health-related measures, as well as long-term rehabilitation work. In 2012, this work contributed to Stokab s very low rate of employee absenteeism due to illness 1.9 per cent. Environmental Efforts The company s environmental efforts are based on the City of Stockholm s environmental protection programme and Key Financial Ratios (SEK thousands) Net sales 686, , , , ,892 Earnings prior to appropriations & tax 173, , , , ,866 Balance sheet total 2,270,742 2,149,133 1,875,559 1,651,368 1,522,764 Return on total capital 9.4% 9.5% 11.3% 11.5% 12.7% Investments 332, , , , ,000

15 Stokab ANNUAL FINANCIAL REPORT 2012 «15 Stokab s environmental survey. Development work is currently under way to systematise and structure efforts to improve environmental protection measures. Stokab s most important efforts are aimed at reducing its environmental impact by coordinating use of the IT infrastructure. Investments Investments in 2012 totalled SEK 332 million (501 m) including a decrease in stocks of SEK 3 million. These investments primarily consisted of money spent to extend Stokab s networks to multi-family residences in Stockholm s outer suburbs. At the close of the year, fixed assets under construction totalled SEK 439 million (416 m), which is SEK 23 million more than at the start of the year. Financing Investments have been financed using both Stokab s own funds and borrowed funds. At the end of the period, funds borrowed totalled SEK billion (1.155 b). Net financial losses for 2012 totalled SEK -33 million, which is two per cent (1 m) better than the previous year. This was largely due to a lower rate of interest. At the end of 2012, the Swedish Parliament decided on tightened deduction rules for internal interest. In light of the new rules, Stockholms Stadshus AB has applied to the National Tax Administration for an advance ruling on whether it has the right to deduct for interest expenses on loans taken from the City of Stockholm starting from The application concerns all affiliated companies. Future Development Management s challenge is to further develop Stokab s business model on the basis of a clear strategy and through operations guided by solid business decisions. At the same time, Stokab must supply the City of Stockholm s and its surrounding region s need for infrastructure. Doing so will lay the foundation for the establishment of new companies in the Stockholm region that can utilise the IT infrastructure to offer new types of services and technical solutions. As such, the expansion of the fibre-optic network to meet the needs of households and businesses lies at the heart of Stokab s continued development. This will create opportunities for interaction between the community, households, businesses and industry within broadband networks. Allocation of Profits (SEK) The board s proposed distribution of profits in the parent company Proposal for appropriation of profits The annual general meeting has the following profits at its disposal: Profit brought forward 249,018 Earnings for the year 0 Total 249,018 The board proposes that profits be allocated in the following manner: Carried forward 249, ,018

16 16» STOKAB ANNUAL FINANCIAL REPORT 2012 KONCERNRESULTATRÄKNING (tkr) Not RÖRELSENS INTÄKTER Nettoomsättning Aktiverat arbete för egen räkning Övriga rörelseintäkter Summa rörelsens intäkter RÖRELSENS KOSTNADER Driftskostnader Övriga externa kostnader 2, Personalkostnader Av- och nedskrivning immateriella och materiella anläggningstillgångar Summa rörelsens kostnader Rörelseresultat före finansnetto Resultat från finansiella investeringar Övriga ränteintäkter och liknande resultatposter Räntekostnader och liknande resultatposter Summa resultat från finansiella investeringar Resultat efter finansiella poster Bokslutsdispositioner Lämnade koncernbidrag Resultat före skatt Årets skatt ÅRETS RESULTAT

17 Stokab ANNUAL FINANCIAL REPORT 2012 «17 KONCERNBALANSRÄKNING (tkr) Not TILLGÅNGAR ANLÄGGNINGSTILLGÅNGAR Immateriella anläggningstillgångar 7 Balanserade utvecklingskostnader Summa immateriella anläggningstillgångar Materiella anläggningstillgångar 7 Inventarier Markinventarier Pågående nyanläggningar Summa materiella anläggningstillgångar Summa anläggningstillgångar OMSÄTTNINGSTILLGÅNGAR Kortfristiga fordringar Kundfordringar Fordringar hos moderbolag 43 Fordringar hos systerbolag Skattefordran Momsfordran Övriga fordringar Förutbetalda kostnader och upplupna intäkter Summa kortfristiga fordringar Summa omsättningstillgångar SUMMA TILLGÅNGAR

18 18» STOKAB ANNUAL FINANCIAL REPORT 2012 Koncernens balansräkning forts. (tkr) Not EGET KAPITAL OCH SKULDER EGET KAPITAL 15 Bundet eget kapital Aktiekapital ( aktier med kvotvärde SEK 100) Bundna reserver Fritt eget kapital Fria medel Årets resultat Summa eget kapital Avsättningar Uppskjuten skatt Avsättningar Avsättning för pensioner och liknande förpliktelser Summa avsättningar Kortfristiga skulder Checkkredit; internbank Stockholms stad Leverantörsskulder Skulder till moderbolag Skulder till systerbolag Övriga kortfristiga skulder Upplupna kostnader och förutbetalda intäkter Summa kortfristiga skulder SUMMA EGET KAPITAL OCH SKULDER STÄLLDA SÄKERHETER OCH ANSVARSFÖRBINDELSER Ställda säkerheter Inga Inga Ansvarsförbindelser Inga Inga

19 Stokab ANNUAL FINANCIAL REPORT 2012 «19 KASSAFLÖDESANALYS KONCERNEN (tkr) Not DEN LÖPANDE VERKSAMHETEN Resultat efter finansiella poster Justeringar för poster som inte ingår i kassaflödet Av- och nedskrivningar Betald inkomstskatt Kassaflöde från den löpande verksamheten före förändringar i rörelsekapital FÖRÄNDRINGAR I RÖRELSEKAPITAL Ökning / minskning av kortfristiga fordringar Ökning / minskning av kortfristiga skulder Kassaflöde från den löpande verksamheten INVESTERINGSVERKSAMHETEN Investering i materiella anläggningstillgångar Kassaflöde från investeringsverksamheten FINANSIERINGSVERKSAMHETEN Lämnat koncernbidrag Utbetald utdelning Kassaflöde från finansieringsverksamheten Förändring av likvida medel 0 0 Likvida medel vid årets början 0 0 LIKVIDA MEDEL VID ÅRETS SLUT 0 0

20 20» STOKAB ANNUAL FINANCIAL REPORT 2012 MODERBOLAGETS RESULTATRÄKNING (tkr) Not RÖRELSENS INTÄKTER Nettoomsättning Aktiverat arbete för egen räkning Övriga rörelseintäkter Summa rörelsens intäkter RÖRELSENS KOSTNADER Driftskostnader Övriga externa kostnader 2, Personalkostnader Av- och nedskrivning immateriella och materiella anläggningstillgångar Summa rörelsens kostnader Rörelseresultat före finansnetto Resultat från finansiella investeringar Övriga ränteintäkter och liknande resultatposter Räntekostnader och liknande resultatposter Summa resultat från finansiella investeringar Resultat efter finansiella poster Bokslutsdispositioner Erhållna koncernbidrag Lämnade koncernbidrag Överavskrivningar Resultat före skatt Årets skatt ÅRETS RESULTAT

21 Stokab ANNUAL FINANCIAL REPORT 2012 «21 MODERBOLAGETS BALANSRÄKNING (tkr) Not TILLGÅNGAR ANLÄGGNINGSTILLGÅNGAR Immateriella anläggningstillgångar 7 Balanserade utvecklingskostnader Summa immateriella anläggningstillgångar Materiella anläggningstillgångar 7 Maskiner och inventarier Markinventarier Pågående nyanläggningar Summa materiella anläggningstillgångar Finansiella anläggningstillgångar Andelar i dotterbolag Summa finansiella anläggningstillgångar Summa Anläggningstillgångar OMSÄTTNINGSTILLGÅNGAR Kortfristiga fordringar Kundfordringar Fordringar hos koncernföretag Fordringar hos systerbolag Skattefordran Momsfordran Övriga fordringar Förutbetalda kostnader och upplupna intäkter Summa kortfristiga fordringar Summa omsättningstillgångar SUMMA TILLGÅNGAR

22 22» STOKAB ANNUAL FINANCIAL REPORT 2012 MODERBOLAGETS BALANSRÄKNING forts. (tkr) Not EGET KAPITAL OCH SKULDER EGET KAPITAL 15 Bundet eget kapital Aktiekapital ( aktier med kvotvärde SEK 100) Reservfond Fritt eget kapital Balanserad vinst Årets resultat Summa eget kapital Obeskattade reserver Överavskrivning Summa obeskattade reserver Avsättningar Avsättningar Avsättning för pensioner och liknande förpliktelser Summa avsättningar Kortfristiga skulder Checkkredit; internbank Stockholms stad Leverantörsskulder Skulder till moderbolag Skulder till systerbolag Övriga kortfristiga skulder Upplupna kostnader och förutbetalda intäkter Summa kortfristiga skulder SUMMA EGET KAPITAL OCH SKULDER STÄLLDA SÄKERHETER OCH ANSVARSFÖRBINDELSER Ställda säkerheter Inga Inga Ansvarsförbindelser Inga Inga

23 Stokab ANNUAL FINANCIAL REPORT 2012 «23 KASSAFLÖDESANALYS MODERBOLAGET (tkr) Not DEN LÖPANDE VERKSAMHETEN Resultat efter finansiella poster Justering för poster som inte ingår i kassaflödet Av- och nedskrivningar Betald inkomstskatt Kassaflöde från den löpande verksamheten före förändringar i rörelsekapital FÖRÄNDRINGAR I RÖRELSEKAPITAL Ökning / minskning av kortfristiga fordringar Ökning/ minskning av kortfristiga skulder Kassaflöde från den löpande verksamheten INVESTERINGSVERKSAMHETEN Investering i anläggningstillgångar Försäljning av anläggningstillgångar - - Kassaflöde från investeringsverksamheten FINANSIERINGSVERKSAMHETEN Erhållet koncernbidrag Lämnat koncernbidrag Utbetald utdelning Kassaflöde från finansieringsverksamheten Förändring av likvida medel 0 0 Likvida medel vid årets början 0 0 LIKVIDA MEDEL VID ÅRETS SLUT 0 0 Utnyttjad checkkredit uppgår till 1164 mkr, vilket förklarar att de likvida medlen vid årets utgång är 0 kr

24 24» STOKAB ANNUAL FINANCIAL REPORT 2012 Tilläggsupplysningar Not 1. Allmänt Redovisnings- och värderingsprinciper Årsredovisning och koncernredovisning är upprättad enligt Årsredovisnings - lagen och BFN:s allmänna råd. Redovisningsrådets rekommendation nr 9 avseende inkomstskatter och nr 17 avseende nedskrivningar har tillämpats. Koncernredovisning Koncernens resultat- och balansräkningar omfattar alla företag i vilka moderbolaget direkt eller indirekt har mer än hälften av aktiernas röstvärde samt företag i vilka koncernen på annat sätt har ett bestämmande inflytande och en mer betydande andel av resultatet av deras verksamhet. Koncernredovisning är upprättad enligt årsredovisningslagens 7:e kapitel. Samtliga förvärv av företaget är redovisade enligt förvärvsmetoden. Överstiger anskaffningsvärdet för aktier i dotterföretag det beräknade marknadsvärdet av företagets nettotillgångar enligt förvärvsanalysen, utgörs skillnaden av koncernmässig goodwill, vilken skrivs av över uppskattad livslängd. I koncernens balansräkning redovisas de enskilda bolagens obeskattade reserver uppdelade på eget kapital (bundna reserver) och uppskjuten skatteskuld. I resultaträkningen redovisas som uppskjuten skatt den skatt som är hänförlig till årets förändring av obeskattade reserver. Minoritetsandel av nettovinst och eget kapital i delvis ägda dotterföretag redovisas separat vid beräkningen av koncernens nettovinst och eget kapital. Internvinster och mellanhavanden inom koncernen elimineras i koncernredovisningen. Ändrade principer för redovisning koncernbidrag Från och med år 2012 redovisas erhållna och lämnade koncernbidrag som bokslutsdisposition i resultaträkningen. Jämförelseårets siffor har omräknats i enlighet med detta. Intäktsredovisning Nettoomsättningen består av intäkter från upplåtelse av fiberförbindelser som intäktsredovisas linjärt över upplåtelseavtalets löptid. Förskottsfakturerade upplåtelseavgifter redovisas som förutbetald intäkt. Väsentliga engångsavgifter periodiseras över upplåtelseavtalens löptid. Nedskrivningar och reverseringar Redovisat värde för materiella anläggningstillgångar granskas beträffande eventuell värdeminskning när händelser eller ändrade förutsättningar indikerar att det redovisade värdet eventuellt inte kommer att kunna återvinnas. Om det finns sådana indikationer och om det redovisade värdet överstiger det förväntade återvinningsbara beloppet skrivs tillgångarna eller de kassagenererande enheterna ned till det återvinningsbara beloppet. Det återvinningsbara beloppet för materiella anläggningstillgångar motsvarar det högsta av nettoförsäljningsvärdet och nyttjandevärdet. Nyttjandevärdet utgörs av nuvärdet av att de förväntade framtida kassaflödena enligt en diskonteringsfaktor före skatt som avspeglar marknadens aktuella uppskattning av pengars tidsvärde och de risker som förknippas med tillgången. För tillgångar som inte till övervägande del genererar oberoende kassainflöden fastställs det återvinningsbara beloppet för den kassagenererande enhet till vilken tillgången hör. Ned skrivningen redovisas i resultaträkningen. Reversering av nedskrivning sker när grunderna, helt eller delvis, för nedskrivningen har bortfallit. Reverseringar redovisas i resultaträkningen. Skatter Skattebelastning påverkas av de bokslutsdispositioner och andra skattemässiga dispositioner som görs. I november 2012 beslöt riksdagen att reducera skattesatsen från 26,3 % till 22 %. Den lägre skattesatsen gäller för räkenskapsår som börjar den 1 januari 2013 eller senare. I redovisningen aktiveras uppskjutna skattefordringar på underskottsavdrag och temporära skillnader i den mån de bedöms kunna utnyttjas inom en rimlig framtid, vid beräkning har reducerad skattesats använts. En avstämning av teoretisk och faktisk skattesats samt övriga upplysningar redovisas i noterna Pensioner Koncernen tillämpar ett premiebaserat tjänstepensionssystem. Alla anställdas pensionsåtaganden är tryggade via tjänstepensionsförsäkring. VD erhåller pension i enlighet med reglerna för KAP-KL samt en kompletterande avgiftsbaserad chefspension som tillämpas för chefer inom Stockholms Stad. Den kompletterande chefspensionen är en tilläggspension till KAP-KL som innebär en avsättning motsvarande 15% av lönen. Avsättningen kan användas till temporär pension före 65 års ålder. Flertalet bolag i Stockholms Stadhus AB har sina pensionsåtaganden försäkrade i S:t Erik Livförsäkringsbolag AB som har till uppgift att samordna och strukturera hanteringen av pensioner inom bolagskoncernen. De vatal som är försäkrade är KAP-KL (tidigare PFA), PA-KFS och PA-KL. Avsättningar En avsättning redovisas i balansräkningen när koncernen har en befintlig legal eller informell förpliktelse som en följd av en inträffad händelse och det är troligt att ett utflöde av ekonomiska resurser kommer krävas för att reglera förpliktelsen samt att en tillförlitlig uppskattning av beloppet kan göras. Anläggningstillgångar Materiella och immateriella anläggningstillgångar redovisas till historiska anskaffningsvärdet med tillägg för ackumulerade uppskrivningar samt med avdrag för ackumulerade nedskrivningar och ackumulerade avskrivningar. Mark avskrivs inte. Avskrivning sker linjärt över tillgångens nyttjandeperiod. Avskrivningar % Balanserade utvecklingskostnader 20% 20% Inventarier, verktyg, instrument 20% 20% Kommunikationsutrustning 20% 20% Markinventarier, installationsmaterial 20% 20% Markinventarier, kabel 10% 10% Markinventarier, kanalisation 5% 5%