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Group's financial position and results

Net gaming revenue amounted to SEK 8,941 million (9,729), down SEK 788 million compared with the preceding year.

Net gaming revenue for the Customer Interaction business area was SEK 7,782 million (8,562), down SEK 780 million. The decline in net gaming revenue was mainly attributable to a decrease in sales on Vegas VLTs, which declined SEK 494 million to SEK 1,302 million (1,796). The underlying reason for the decline in revenue for Vegas was, primarily, the introduction of obligatory registration, a general negative trend and competition from online casinos.

Lotto sales decreased by SEK 165 million, which was attributable to a relatively low level for the Drömvinsten during the year, competition from Eurojackpot with higher prize amounts and a decrease in spontaneous purchases following obligatory registration on 1 June 2014.

Net gaming revenue for the Casino Cosmopol business area totalled SEK 1,159 million (1,167), down SEK 8 million.

Net revenue from gaming operations, etc.

Net revenue from gaming operations, etc., decreased SEK 526 million to SEK 7,541 million (8,067).

Operating profit and operating margin

Operating profit for the period amounted to SEK 4,705 million (5,202), down SEK 497 million. The operating margin was 22.2% (22.6). Operating costs decreased SEK 17 million to SEK 2,898 million (2,915). Costs declined generally in a number of areas but, ­primarily, for marketing and consultants. Employee expenses, sponsorship, amortisation and depreciation increased. Costs also included a nonrecurring cost for goodwill impairment of SEK 19 million, as well as a nonrecurring cost for the launch of a new responsible gaming programme.

Net financial items and earnings

Net financial items totalled SEK 55 million (65) and were mainly attributable to the return on financial investments and cash and cash equivalents, which amounted to SEK 37 million (58). Of net financial items, SEK 15 million (6) pertains to a net value change in Triss Månadsklöver. The Group’s comprehensive income for 2014 was SEK 4,763 million (5,268), which was a decrease of SEK 505 million. The decline in net gaming revenue was, to a degree, compensated by decreased operating costs.

Cash flow

Cash flow from operating activities was SEK 5,337 million (5,340). Cash flow from investing activities was a negative amount of SEK 41 million (pos: 1,143) and pertained to purchases of property, plant and equipment of SEK 178 million (cost: 162), investments in financial assets of SEK 126 million (2,900) and divestments of SEK 425 million (4,305). Investments in intangible assets totalled SEK 162 million (101). Disposals of property, plant and equipment generated SEK 0 million (1). The decrease in investments in financial assets was attributable to the fact that placing cash and cash equivalents in the Group’s bank account was more advantageous compared with available short-term investments within the framework of the Company’s finance policy. The changes in financial investments for Triss Månadsklöver amounted to SEK 55 million (25). Cash flow from financing activities amounted to a negative SEK 5,219 million (neg: 5,137) and were attributable to the final adjustment of earnings in 2013 in accordance with a resolution by the AGM. At the end of the period, cash and cash equivalents amounted to SEK 3,116 million (3,039).

Investments

Investments in property, plant and equipment amounted to SEK 178 million (162) and investments in intangible assets totalled SEK 162 million (101). Investments in financial assets amounted to SEK 126 million (2,900) and divestments to SEK 425 million (4,305).

Financial position

At the end of the period, consolidated equity amounted to SEK 4,763 million (5,269), 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 57.2% (61.5).

Parent Company

The Parent Company includes all gaming operations except the Casino Cosmopol business area. Net gaming revenue totalled SEK 7,782 million (8,562). The Parent Company’s share of the total net gaming revenue in the Group was 87.0% (88.0). Net revenue from gaming operations, etc., amounted to SEK 6,303 million (6,823). Operating profit was SEK 4,204 million (4,670).

Investments in tangible and intangible fixed assets totalled SEK 288 million (221). Investments in financial assets amounted to SEK 126 million (2,900) and divestments to SEK 425 million (4,206).

Employees

The average number of employees was 1,664 (1,688), of whom 58% (57) are men. The average number of employees in the ­Parent Company was 668 (687), of whom 65% (64) are men.

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