ANNUAL REPORT 2017 Director-General's Statement
ANNUAL REPORT 2017 LFV is with you on the travel
ANNUAL REPORT 2017 This is LFV
ANNUAL REPORT 2017 The Year in Brief
ANNUAL REPORT 2017 Operating Environment and Marke
t
ANNUAL REPORT 2017 Strategy and Objectives
STRATEGIES AND OBJECTIVES FOUR PERSPECTIVES AND N
INE MAIN OBJECTIVES 2017 – 2021 PERSPECTIVES MAIN OBJECTIVES CUSTOMER AND SALES CORPORATE CULTURE AND EMPLOYEES OPERATIONS AND DELIVERY • Offer attractive products and services on selected focus markets. • Work proactively to create customer benefits and trustful relationships with stakeholders and customers. • Leadership and collegiality with a customer focus and business-like conduct, based on aviation safety. • LFV is to be an attractive employer where the employee skills are developed on the basis of customer needs. • Work proactively to continuously develop the aviation safety. • Maintain objectives from the EU performance plan regarding delays. • Carry out active work to diminish environmental impact. • Strengthen the competiveness through improving ways of work, processes, and innovation ability. FINANCES • Achieve the owner's financial objective. COMMENTS TO THE MAIN OBJECTIVES OF THE FOUR PERSPECTIVES Customer and sales LFV has produced a new and updated strategy for the international business. A survey of selected focus markets has been conducted, and the product and service offers have been updated to increase attraction and benefit for potential as well as existing customers. In addition, LFV continues to develop relations with customers and stakeholders through different activities, meetings, and participation in industry fairs and events. Corporate culture and employees During the year, several investments has been made in training and programmes for the group and all employees, as well as for specific categories of employees. Introductory training for new employees and a brand education are examples of ventures, which will be launched in the beginning of 2018. For all employees to have the same 14 base and understanding of LFV’s operations, an updated and developed Code of Conduct has been produced. It will be implemented in LFV as a whole in 2018. During the year LFV has started a specific programme for leadership development, with focus on behaviour and values to develop the leaders' ability to drive change and development work with concrete tools for training in everyday life and the daily leadership. Operations and delivery LFV continues to develop aviation safety work in all parts of the operations. In cooperation with the Swedish Transport Agency, among others, LFV has carried out work around drones, regarding how cooperation between different aircraft in the airspace will work out. New and simplified regulation frameworks will be implemented 1 February 2018. Finances LFV will carry out the identified activities for efficiency and cost reductions over time to fulfill the savings objectives and the requirements from both Eurocontrol and the customers. The owner's objective is that return on equity shall amount to 4 per cent of equity during a financial cycle, and that the equity/assets ratio shall equate to 15 per cent in the long term. The loss of the year was SEK -78 million, which was lower than budget, amounting to SEK -44 million. The difference is mainly due to the low interest rate, affecting the costs for the pension liability. LFV works in common with Naviair to achieve a model where the requirements in the performance plan are set from the actors' individual prerequisites. LFV ANNUAL REPORT 2017
ANNUAL REPORT 2017 Customer Focus
ANNUAL REPORT 2017 Environment
ANNUAL REPORT 2017 Aviation Safety
ANNUAL REPORT 2017 Innovation
ANNUAL REPORT 2017 Cooperation and Partnerships
ANNUAL REPORT 2017 Employees
ANNUAL REPORT 2017 Board of Director's Report
ANNUAL REPORT 2017 Income Statement, Comments on t
he Income Statement
ANNUAL REPORT 2017 Balance Sheet
ANNUAL REPORT 2017 Comments on the balance sheet a
nd funds statements
ANNUAL REPORT 2017 Financing
ANNUAL REPORT 2017 Accounting and Valuation Princi
ples
ANNUAL REPORT 2017 Notes
ANNUAL REPORT 2017 Investments
ANNUAL REPORT 2017 Reporting in Accordance with Pe
rformance Plan
ANNUAL REPORT 2017 Reporting in Accordance with Ap
propriation Directions
ANNUAL REPORT 2017 Risk Management
ANNUAL REPORT 2017 Dividend Proposal
ANNUAL REPORT 2017 Audit Report
ANNUAL REPORT 2017 Board of Directors
ANNUAL REPORT 2017 Group Management
ANNUAL REPORT 2017 Five Years at a Glance
ANNUAL REPORT 2017 Abbreviations and Explanations