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Svenska SpelSvenska Spel

Group's financial position and results

Revenue

Net gaming revenue amounted to SEK 9,729 million (9,815), down SEK 86 million compared with the preceding year.

Net gaming revenue for the Sports Games & Lotteries result area amounted to SEK 6,766 million (6,615), up SEK 150 million year-on-year. Higher net gaming revenue was largely attributable to increased sales of Lotto, Eurojackpot and Tipsen.

Net gaming revenue for the Vegas result area totalled SEK 1,796 million (2,014), down SEK 218 million. Net gaming revenue for the Casino Cosmopol totalled SEK 1,167 million (1,186), down SEK 19 million. The underlying cause of the decline in revenue for Vegas was primarily competition from online casino games, games that Svenska Spel does not offer and the introduction of the Vegas responsible gaming tool, allowing customers to set gaming limits in terms of time and money, as well as the Swedish Gambling Authority’s implementation of the limitation rule – a turnover requirement for restaurants.

Net revenue from gaming operations, etc.

Net revenue from gaming operations, etc., increased SEK 46 million to SEK 8,067 million (8,022). A decline in net gaming revenue for Vegas was to a great extent compensated by lower payments to Vegas business partners.

Operating profit and operating margin

Operating profit for 2013 amounted to SEK 5,202 million (5,083), up SEK 119 million on the preceding year. Operating costs totalled SEK 2,915 million (2,968).

The operating margin rose to 22.6% (22.0).

Net financial items and earnings

Net financial items totalled SEK 65 million (55). The return on financial investments and cash and cash equivalents amounted to SEK 58 million (64). The Group’s comprehensive income for 2013 was SEK 5,268 million (5,138), which was an increase of SEK 129 million.

Cash flow

Cash flow from operating activities was SEK 5,340 million (5,597). Cash flow from investing activities totalled SEK 1,143 million (neg: 1,162), of which a negative amount of SEK 162 million (neg: 124) pertained to purchases of property, plant and equipment. Investments in financial assets amounted to SEK 2,900 million (6,483) and divestments to SEK 4,305 million (5,478). Investments in intangible assets totalled SEK 101 million (36). Disposals of property, plant and equipment generated SEK 1 million (3). Cash flow from financing activities amounted to a negative SEK 5,137 million (neg: 5,007) and were attributable to the final adjustment of earnings in 2012 in accordance with a resolution by the AGM. At the end of the year, cash and cash equivalents amounted to SEK 3,039 million (1,692).

Investments

Investments in property, plant and equipment amounted to SEK 162 million (124) and investments in intangible assets totalled SEK 101 million (36). Investments in financial assets amounted to SEK 2,900 million (6,483) and divestments to SEK 4,305 million (5,478).

Financial position

At the end of the period, consolidated equity amounted to SEK 5,269 million (5,138), which, except for share capital and the ­statutory reserve, corresponds to earnings for the period. ­Previous ­surpluses have been paid in their entirety to the owner, the Swedish State. The equity ratio was 61.5% (60.0).

Parent Company

The Parent Company includes all gaming activities except the Casino Cosmopol result area. Net gaming revenue totalled SEK 8,562 million (8,629). The Parent Company’s share of the total net gaming revenue in the Group was 88.0% (87.9). Net revenue from gaming operations, etc., amounted to SEK 6,823 million (6,760). Operating profit was SEK 4,670 million (4,541).

Investments in tangible and intangible fixed assets totalled SEK 222 million (117). Investments in financial assets amounted to SEK 2,900 million (6,235) and divestments to SEK 4,206 million (5,329).

Employees

The average number of employees was 1,688 (1,738), of whom 57% (57) are men. The average number of employees in the Parent Company was 687 (727), of whom 64% (64) are men.

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