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BULLETIN: Ericsson Fourth-Quarter Results Show Improved Cash Flow Feb 03
Standard & Poors, Feb 2003
Abstract
Standard & Poor's Ratings Services said today that Ericsson (Telefonaktiebolaget L.M.)'s (Ericsson; BB/Negative/B) fourth-quarter 2002 results were consistent with its expectations. Given the ongoing weakness in market conditions, Ericsson continued to be heavily loss-making and generated negative funds from operations (FFO) of Swedish kronor (Skr) 5.6 billion ($650 million) in fourth-quarter 2002. Ericsson has, however, sharply reduced its negative free operating cash flow (that is, FFO after working capital changes less capital expenditure), which improved by Skr5.2 billion to negative Skr0.1 billion in fourth-quarter 2002 due to positive working capital movements. This enabled the company to generate positive cash flow before financing of Skr1.6 billion for the quarter, which has boosted Ericsson's liquidity. Although the company's short-term cash and investments...
Companies mentioned in this report are: Ericsson (Telefonaktiebolaget L.M.)
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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