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
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 INCOME STATEMENT VIGNETTE INCOME STATEMENT MSEK NOTE 2017 OPERATING REVENUE Aviation revenue Work performed by the company for its own use and capitilised Other operating revenue TOTAL OPERATING REVENUE OPERATING COSTS Staff costs Miscellaneous external costs Depreciation and write-downs of tangible and intangible fixed assets TOTAL OPERATING COSTS Income from holdings in associated companies OPERATING REVENUE INCOME FROM FINANCIAL INVESTMENTS Interest income Interest charges and similar items TOTAL FINANCIAL ITEMS Profit/loss after financial items Tax/tax equivalent on profit for the year PROFIT/LOSS FOR THE YEAR 10 1 2 3 2,301 31 921 3,253 GROUP STATE-OWNED ENTERPRISE 2016 2017 2,202 – 947 3,149 2,301 31 897 3,229 2016 2,202 – 932 3,134 4 5 6 7 -1,636 -1,207 -164 -3,008 -4 241 8 9 4 -323 -319 -78 17 -61 -1,567 -1,195 -148 -2,911 0 238 7 -231 -224 14 -4 9 -1,634 -1,158 -164 -2,956 – 273 4 -323 -319 -47 10 -37 -1,563 -1,188 -148 -2,899 – 235 7 -231 -224 10 -3 7 COMMENTS ON THE INCOME STATEMENT Unless otherwise stated, all amounts are reported in SEK (millions). Information in brackets concerns the previous year. The loss for the LFV group (LFV), after financial items is -78 MSEK (14). The loss after tax equivalent is -61 MSEK (9). The revenue development in 2016, as well as in 2017, is strongly affected by the historically low interest rate, which affected both years negatively through increased pension costs and diminished opportunities for a return on LFV’s cash and cash equivalents. Decreased profitability within commercial products and higher depreciation affected the revenue of the year, compared to 2016. In addition, one-off items from the previous year are charged to the revenue of the year. Late adjustments in the annual report of the subsidiary LFV Aviation AB for 2016, due to a prudent 40 assessment and valuation of accrued revenue and customer receivables has burdened the revenue of the group for 2017 with a net of SEK -18 million. Furthermore, retroactive corrections within the framework of the charging system regarding the previous year has lowered the result of the year with SEK 17 million. Positive effects on the revenue of the year, compared to the previous year, is the increased traffic volume, contributing to increased air traffic revenue and capitalised production costs, regarding investment projects. Operating revenue Operating revenue amounts to SEK 3,253 million (3,149), an increase of SEK 104 million. The air traffic related aviation revenue has increased with SEK 99 million, to SEK 2,301 million (2,202). The air traffic revenue has been affected with SEK -17 million, due to retroactive adjustments regarding 2015 and 2016. Of the air traffic revenue of the year, of which around SEK 356 million is due to effects related to the financing of costs exempted from risk sharing (uncontrollable costs) within the system of charges for en route air navigation services and terminal Arlanda. These charges are set by the European Commission for the multiannual reference periods. The current reference period (RP2), refers to the period 2015–2019. LFV ANNUAL REPORT 2017
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