Companies: 10,652     total market cap: A$202.044 T
$USD๐Ÿ‡บ๐Ÿ‡ธโ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Ericsson
ERIC
#656
Rank
A$53.58 B
Marketcap
๐Ÿ‡ธ๐Ÿ‡ช Sweden
Country
A$15.73
Share price
1.25%
Change (1 day)
31.50%
Change (1 year)
๐Ÿ‘ฉโ€๐Ÿ’ป Tech ๐Ÿ“ก Telecommunications equipment
Categories
  1. Ericsson
  2. Annual Reports (20-F)
  3. Financial Year 2021

Ericsson - 20-F annual report 2021


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falseFYERICSSON LM TELEPHONE CO0000717826Based on net income attributable to owners of the Parent Company.Changes in cumulative translation adjustments include changes regarding revaluation of goodwill in local currency of SEK 2,646 million (SEK -3,359 million in 2020 and SEK 966 million in 2019), and realized gain/losses net from divested/liquidated companies, SEK 46 million (SEK 124 million in 2020 and SEK 54 million in 2019). Dividends paid per share amounted to SEK 2.00 (SEK 1.50 in 2020 and SEK 1.00 in 2019).Including advance payments.See also note G1 “Post-employment benefits.”See also note F1 “Financial risk management.”Current and non-current debt, including interest commitments.Future lease obligations, nominal lease liability, see also note C3 “Leases.”The amounts of purchase obligations are gross, before deduction of any related provisions.Total Cash and cash equivalent is SEK 54.1 (43.6) billion, of which SEK 30.0 (27.2) billion relating to Cash equivalents are presented in the table above. 0000717826 2021-01-01 2021-12-31 0000717826 2019-01-01 2019-12-31 0000717826 2020-01-01 2020-12-31 0000717826 2020-12-31 0000717826 2021-12-31 0000717826 2018-01-01 2018-12-31 0000717826 2019-12-31 0000717826 2018-12-31 0000717826 eric:EricssonSharePurchasePlanMember 2021-01-01 2021-12-31 0000717826 eric:DivestmentsMember 2021-01-01 2021-12-31 0000717826 ifrs-full:CashFlowHedgesMember 2021-01-01 2021-12-31 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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
 
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2021
OR
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 000-12033
TELEFONAKTIEBOLAGET LM ERICSSON
(Exact Name of Registrant as Specified in its Charter)
LM ERICSSON TELEPHONE COMPANY
(Translation of Registrant’s name into English)
Kingdom of Sweden
(Jurisdiction of incorporation or organization)
SE-164 83 Stockholm, Sweden
(Address of principal executive offices)
Jonas Stringberg,
Head of Group Controlling and External Reporting 
Telephone: +46 10 719 0000, jonas.stringberg@ericsson.com
Torshamnsgatan 21
,
SE-164 83 Stockholm
,
Sweden
(Name, Telephone,
E-mail
and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
 
Trading symbol(s)
 
Name of Each Exchange on which Registered
American Depositary Shares (each representing one B share)
B Shares *
 
ERIC
 
The NASDAQ Stock Market LLC
 
*
Not for trading, but only in connection with the registration of the American Depositary Shares representing such B Shares pursuant to the requirements of the Securities and Exchange Commission.
Securities registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
 
B shares (SEK 5.00 nominal value)
   3,072,395,752 
A shares (SEK 5.00 nominal value)
   261,755,983 
C shares (SEK 5.00 nominal value)
   0 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934.    Yes  ☐    No  ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files)    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company . See the definitions of “large accelerated filer” and “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer ☒  Accelerated filer ☐
    
Non-accelerated filer ☐  Emerging growth company ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☒
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
☐  U.S. GAAP
                 ☒     International Financial Reporting Standards as issued by the
International Accounting Standards Board		 ☐  Other
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Item 17  ☐    Item 18  ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
 
 
 
Table of Contents
TABLE OF CONTENTS
 
 
 
 
  
Page    
 
PART I INTRODUCTION
  
 
1
 
ITEM 1.
 
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
  
 
1
 
ITEM 2.
 
OFFER STATISTICS AND EXPECTED TIMETABLE
  
 
1
 
ITEM 3.
 
KEY INFORMATION
  
 
1
 
 
A
 
Selected Financial Data
  
 
1
 
 
B
 
Capitalization and Indebtedness
  
 
1
 
 
C
 
Reasons for the Offer and Use of Proceeds
  
 
1
 
 
D
 
Risk Factors
  
 
1
 
ITEM 4.
 
INFORMATION ON THE COMPANY
  
 
2
 
 
A
 
History and Development of the Company
  
 
2
 
 
B
 
Business Overview
  
 
2
 
 
C
 
Organizational Structure
  
 
3
 
 
D
 
Property, Plant and Equipment
  
 
5
 
ITEM 4A.
 
UNRESOLVED STAFF COMMENTS
  
 
5
 
ITEM 5.
 
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
  
 
5
 
 
A
 
Operating Results
  
 
5
 
 
B
 
Liquidity and Capital Resources
  
 
6
 
 
C
 
Research and Development, Patents and Licenses
  
 
6
 
 
D
 
Trend Information
  
 
6
 
 
E
 
Off-Balance Sheet Arrangements
  
 
6
 
 
F
 
Tabular Disclosure of Contractual Obligations
  
 
6
 
ITEM 6.
 
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
  
 
7
 
 
A
 
Directors and Senior Management
  
 
7
 
 
B
 
Compensation
  
 
7
 
 
C
 
Board Practices
  
 
7
 
 
D
 
Employees
  
 
7
 
 
E
 
Share Ownership
  
 
8
 
ITEM 7.
 
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
  
 
8
 
 
A
 
Major Shareholders
  
 
8
 
 
B
 
Related Party Transactions
  
 
8
 
 
C
 
Interests of Experts and Counsel.
  
 
8
 
ITEM 8.
 
FINANCIAL INFORMATION
  
 
8
 
 
A
 
Consolidated Statements and Other Financial Information.
  
 
8
 
 
B
 
Significant Changes
  
 
8
 
ITEM 9.
 
THE OFFER AND LISTING
  
 
9
 
 
A
 
Offer and Listing Details
  
 
9
 
 
B
 
Plan of Distribution
  
 
9
 
 
C
 
Markets
  
 
9
 
 
D
 
Selling Shareholders
  
 
9
 
 
E
 
Dilution
  
 
9
 
 
F
 
Expenses of the Issue
  
 
9
 
ITEM 10.
 
ADDITIONAL INFORMATION
  
 
9
 
 
A
 
Share Capital
  
 
9
 
 
B
 
Memorandum and Articles of Association
  
 
9
 
 
C
 
Material Contracts
  
 
9
 
 
D
 
Exchange Controls
  
 
9
 
 
E
 
Taxation
  
 
10
 
 
F
 
Dividends and Paying Agents
  
 
12
 
 
G
 
Statement by Experts
  
 
12
 
 
H
 
Documents on Display
  
 
12
 
 
i
Table of Contents
 
I
 
Subsidiary Information
  
 
12
 
ITEM 11.
 
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  
 
12
 
ITEM 12.
 
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
  
 
13
 
 
A
 
Debt Securities
  
 
13
 
 
B
 
Warrants and Rights
  
 
13
 
 
C
 
Other Securities
  
 
13
 
 
D
 
American Depositary Shares
  
 
13
 
PART II
 
 
  
 
14
 
ITEM 13.
 
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
  
 
14
 
ITEM 14.
 
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
  
 
14
 
ITEM 15.
 
CONTROLS AND PROCEDURES
  
 
14
 
 
A
 
Disclosure Controls and Procedures
  
 
14
 
 
B
 
Management’s Annual Report on Internal Control Over Financial Reporting
  
 
14
 
 
C
 
Attestation Report of the Registered Public Accounting Firm
  
 
14
 
 
D
 
Changes in Internal Control Over Financial Reporting
  
 
14
 
ITEM 16.
 
[RESERVED]
  
 
14
 
ITEM 16A
 
AUDIT COMMITTEE FINANCIAL EXPERT
  
 
14
 
ITEM 16B
 
CODE OF ETHICS
  
 
14
 
ITEM 16C
 
PRINCIPAL ACCOUNTANT FEES AND SERVICES
  
 
14
 
ITEM 16D
 
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
  
 
14
 
ITEM 16E
 
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
  
 
15
 
ITEM 16F
 
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
  
 
15
 
ITEM 16G
 
CORPORATE GOVERNANCE
  
 
15
 
ITEM 16H
 
MINE SAFETY DISCLOSURE
  
 
15
 
ITEM 16I
 
DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENT INSPECTIONS
  
 
15
 
PART III
 
  
 
15
 
ITEM 17.
 
FINANCIAL STATEMENTS
  
 
15
 
ITEM 18.
 
FINANCIAL STATEMENTS
  
 
16
 
ITEM 19.
 
EXHIBITS
  
 
16
 
 
ii
Table of Contents
PART I
INTRODUCTION
Unless otherwise indicated, all references herein to “Ericsson,” the “Company,” “the Group,” “we,” “us,” or “our” or “our company” are references to Telefonaktiebolaget LM Ericsson and its consolidated subsidiaries.
This document is our Annual Report on Form
 
20-F
 
for the year ended December 31, 2021 (the “2021 Form
 
20-F”).
 
Reference is made to the English version of our Swedish Annual Report for 2021, with certain adjustments made to comply with U.S. requirements and the additional disclosure and updates made in the document due to subsequent events which is attached hereto as Exhibit 15.1 (the “2021 Swedish Annual Report (adjusted version)”). Only (i) the information included in this 2021 Form
 
20-F,
 
(ii) the information in the 2021 Swedish Annual Report (adjusted version) that is incorporated by reference in this 2021 Form
 
20-F,
 
and (iii) the exhibits to the 2021 Form
 
20-F
 
that are required to be filed pursuant to the Form
 
20-F
 
shall be deemed to be filed with the Securities and Exchange Commission for any purpose, including incorporation by reference into the Registration Statement on Form
 
F-3
 
filed on March 26, 2021 (File
 
No.333-254736
 
) and any other document filed by us pursuant to the Securities Act of 1933, as amended, which incorporates by reference the 2021 Form
 
20-F.
 
Any information in the 2021 Swedish Annual Report (adjusted version) that is not referenced in the 2021 Form
 
20-F
 
or filed as an exhibit thereto shall not be deemed to be so incorporated by reference. Certain industry, technical and financial terms used in this 2021 Form
 
20-F
 
are defined in the subsections entitled “Glossary” and “Financial Terminology” of the 2021 Swedish Annual Report (adjusted version), which are incorporated herein by reference.
Market data and certain industry forecasts used herein were obtained from internal surveys, market research, publicly available information and industry publications. While we believe that market research, publicly available information and industry publications we use are reliable, we have not independently verified market and industry data from third-party sources. Moreover, while we believe our internal surveys are reliable, they have not been verified by any independent source.
The information included on
http://www.ericsson.com
/ and other websites that appear in this 2021 Form
20-F
is not incorporated by reference herein. From time to time, we may use our website as a channel of distribution of material company information. Financial and other material information regarding our company is routinely posted on and accessible at
http://www.ericsson.com
/.
Forward-Looking Statements
This 2021 Form
20-F
includes forward-looking statements, including statements reflecting management’s current views relating to the growth of the market, future market conditions, future events, financial condition, and expected operational and financial performance, including the following:
–– Our goals, targets, strategies, planning assumptions and operational or financial performance expectations, such as the investor day key messages and our targets and strategies as described in the introductory bullets, the CEO comments, the Segment descriptions and in Other information
–– Industry trends, future characteristics and development of the markets in which we operate
–– Our future liquidity, capital resources, capital expenditures, cost savings and profitability
–– The expected demand for our existing and new products and services as well as plans to launch new products and services including research and development expenditures
–– The ability to deliver on future plans and to realize potential for future growth
–– The expected operational or financial performance of strategic cooperation activities and joint ventures
–– The time until acquired entities and businesses will be integrated and accretive to income
–– Technology and industry trends including the regulatory and standardization environment in which we operate, competition and our customer structure.
The words “believe”, “expect”, “foresee”, “anticipate”, “assume”, “intend”, “likely”, “projects”, “may”, “could”, “plan”, “estimate”, “forecast”, “will”, “should”, “would”, “predict”, “aim”, “ambition”, “seek”, “potential”, “target”, “might”, “continue”, or, in each case, their negative or variations, and similar words or expressions are used to identify forward-looking statements. Any statement that refers to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
We caution investors that these statements are subject to risks and uncertainties many of which are difficult to predict and generally beyond our control that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
Important factors that could affect whether and to what extent any of our forward-looking statements materialize include but are not limited to the factors described in the section Risk Factors.
These forward-looking statements also represent our estimates and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements, and the estimates and assumptions associated with them, after the date of this
20-F,
to reflect events or changes in circumstances or changes in expectations or the occurrence of anticipated events, whether as a result of new information, future events or otherwise, except as required by applicable law or stock exchange regulation.
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
ITEM 3. KEY INFORMATION
A. Selected Financial Data
The selected financial data previously required this Item has been omitted in reliance on SEC Release
No. 33-10890,
Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information.
B. Capitalization and Indebtedness
Not applicable.
C. Reasons for the Offer and Use of Proceeds
Not applicable.
D. Risk Factors
The information set forth under the heading “Financial Report – Risk Factors” of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference.
 
1
Table of Contents
ITEM 4. INFORMATION ON THE COMPANY
A. History and Development of the Company
General facts on the company
Legal and commercial name of the Parent Company:
Telefonaktiebolaget LM Ericsson (publ).
Organization number:
556016-0680
Legal form of the Parent Company:
A Swedish limited liability company, organized under the Swedish Companies Act.
Country of incorporation:
Sweden.
Date of incorporation:
The Parent Company was incorporated on August 18, 1918, as a result of a merger between AB LM Ericsson & Co. and Stockholms Allmänna Telefon AB.
Domicile:
Our registered office is Telefonaktiebolaget LM Ericsson, SE–164 83 Stockholm, Sweden. Our headquarters are located at Torshamnsgatan 21, Kista, Sweden.
Telephone number:
+46 10 719 0000
Website:
www.ericsson.com
. The information included on our website is not incorporated herein by reference.
In addition, the SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC:
http://www.sec.gov
.
Agent in the US:
Ericsson Inc., Vice President Legal Affairs, 6300 Legacy Drive, Plano, Texas 75024. Telephone number: +1 972 583 0000.
Shares:
Ericsson’s Class A and Class B shares are traded on Nasdaq Stockholm. In the US, our American Depository Shares (ADS), each representing one underlying Class B share, are traded on NASDAQ New York.
Parent company operations:
The business of the parent company, Telefonaktiebolaget LM Ericsson, consists mainly of corporate management, holding company functions and internal banking activities. Our parent company operations also include customer credit management activities performed by Ericsson Credit AB on a commission basis.
Subsidiaries and associated companies:
For a list of our significant subsidiaries, please see “Item 4C. Shares owned directly by the Parent Company”. We are engaged in a number of minor joint ventures and cooperative arrangements. For more information regarding risks associated with joint ventures, strategic alliances and third-party agreements, please see “Item 3D. Financial Report – Risk Factors”.
Company history and development
Innovating to empower people, business and society
Our origins date back to 1876 when Alexander Graham Bell filed a patent application in the United States for the telephone. The same year, Lars Magnus Ericsson opened a small workshop in Stockholm to repair telegraph instruments and sell his own telephone equipment.
Today, Ericsson enables communications service providers to capture the full value of connectivity. The company’s portfolio spans Networks, Digital Services, Managed Services, and Emerging Business and is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson’s investments in innovation have delivered the benefits of telephony and mobile broadband to billions of people around the world.
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
This is Ericsson
 
 • 
Business strategy – Creating long-term value
 
 • 
Business model – Customer focus and technology leadership
 
 • 
Board of Directors’ Report
 
 • 
Business in 2021
 
 • 
Financial Highlights - Capital expenditures
For capital expenditures we usually use available cash from operations.
 
 • 
Notes to the Consolidated financial statements
 
 • 
Note E2 – Business combinations
 
 • 
Note H6 – Events after the reporting period
B. Business Overview
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
This is Ericsson
 
 • 
Business strategy – Creating long-term value
 
 • 
Business model – Customer focus and technology leadership
 
 • 
Board of Directors’ report
 
 • 
Business in 2021
 
 • 
Financial highlights – Research and development, patents and licensing
 
 • 
Financial highlights – Seasonality
 
 • 
Business results – Segments
 
2
Table of Contents
 • 
Business results – Market Areas
 
 • 
Sourcing and supply
 
 • 
Sustainability and Corporate Responsibility
 
 • 
Notes to the consolidated financial statements
 
 • 
Note B1 – Segment information
 
 • 
Risk factors
 
 • 
Risks related to business activities and industry
 
 • 
Risks related to Ericsson’s financial situation
 
 • 
Legal and regulatory risk
 
 • 
Internal control risk
 
 • 
Environmental, social and governance risk
 
 • 
Corporate Governance Report
 
 • 
Regulation and compliance
Disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (ITRA)
Ericsson has conducted business in Iran/Persia since the late nineteenth century, opened an office in Iran in 1973 and later established a local subsidiary in the country. Ericsson strongly believes in enabling communication for all and believes that access to communications can enable the right to health, education and freedom of expression. Ericsson’s business activities in Iran principally involve the sale of communications infrastructure related products and services, including support, installation and maintenance services. Ericsson’s exports from the European Union (the “EU”) to Iran are performed under export licenses from the Swedish Inspectorate of Strategic Products and in compliance with applicable economic sanctions and export controls.
Due to its operations in Iran, and having staff permanently in the country, Ericsson has contacts with its local customers and retains certain local suppliers, including banks, and service providers. In addition, Ericsson has other dealings incidental to its local activities, such as making payments for taxes, customs related services, salaries, rents, utilities, local accommodation, transportation, office and similar supplies. As a result, Ericsson has contact with companies and public functions that may be owned or controlled by the government of Iran. While Ericsson seeks to obtain information regarding the actual business names and ownership of customers and other counterparties in Iran through its policies and procedures designed to ensure that Ericsson “knows its customers”, it is challenging to determine ownership and control with certainty, particularly with respect to determining whether an entity engaged in commercial activities is owned or controlled by the government.
Ericsson always strives to honor its engagements with existing customers in compliance with applicable export controls, sanctions and other laws, rules and regulations, carefully evaluates the implications of any sanctions and continues to monitor developments in this area as it relates to the ability to continue delivering products and services to customers. As a result of the US withdrawal from the Joint Comprehensive Plan of Action (the JCPOA) in 2018, Ericsson has reduced its business and organization in Iran significantly but still continues to provide critical services and support to its customers in order for their networks to function. As Ericsson provides such services and support, it may need to interact with other counterparties. Ericsson continues to explore, including with EU and US authorities, whether and how the last years’ disruptive impact on the overall ability to support its customers can be reduced and, by doing so endeavor to avoid undue impacts on the access of the people of Iran to humanitarian items/basic services such as telecommunications.
During 2021, Ericsson recorded revenues relating to the sale of communications infrastructure related products and services in Iran to the following telecommunications companies operating in the country: Mobile Communication Company of Iran (MCCI), and MTN Irancell. The revenues relating to MCCI relate to sales conducted before 2021. During 2021, Ericsson’s gross revenue (reported as net sales) related to sales to MCCI and MTN Irancell was approximately SEK 111 million. In addition, Ericsson supplied network critical software capacities to MTN Irancell for a current value of approximately SEK 304 million during the year, which was not recorded as revenue as per the applied accounting policies, and thus Ericsson has not yet recorded any net revenues or net profits for these activities. Ericsson does not normally allocate net profit (reported as net income) on a
country-by-country
or
activity-by-activity
basis, other than as set forth in Ericsson’s consolidated financial statements prepared in accordance with IFRS as issued by the IASB. However, Ericsson has estimated that its operating income (income before taxes and financial net) from such sales was, after internal cost allocation approximately SEK 20 million during 2021.
Ericsson uses the local banks Saman Bank and Pasargad Bank for local transactions in local currency, cash management and deposits. In some instances, Ericsson has had to arrange performance bonds or similar financial guarantees to secure Ericsson’s performance of obligations under the commercial agreements Ericsson has entered into relating to the business in Iran. In such instances, Ericsson usually engages its banks outside Iran, who in turn engage local banks in the country. These local banks include Tejarat Bank, Melli Bank, Parsian Bank, Saman Bank and Saderat Bank. Although some bonds and guarantees are still in place, no new performance bonds or similar guarantees involving these five banks with respect to Ericsson’s business activities in Iran were issued during 2021. During 2021, existing bank guarantees issued by Maskan Bank, Parsian Bank, Post Bank of Iran, Bank Mellat and Tejarat Bank (local banks in Iran) to secure Iranian customer payment obligations to Ericsson were renewed. Further, some payments made to Ericsson’s local subsidiary and payments required to be made by the local subsidiary to suppliers involve banks that may be controlled by the government of Iran.
C. Organizational Structure
The following list shows certain shareholdings owned directly and indirectly by our parent company as of December 31, 2021. A complete list of shareholdings, prepared in accordance with the Swedish Annual Accounts Act and filed with the Swedish Companies Registration Office (Bolagsverket), may be obtained upon request to: Telefonaktiebolaget LM Ericsson, External Reporting,
SE-164
83 Stockholm, Sweden.
 
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Shares owned directly by the Parent Company
 
Company
  
            Reg. No.            
   
        Domicile        
   
  Percentage of  

ownership
   
Par value in

    local currency,    

million
   
Carrying

value,

    SEK million    
 
Subsidiary companies
                         
Ericsson AB
   
556056-6258
    Sweden    100    50    20,731 
Ericsson Shared Services AB
   556251-3266    Sweden    100    361    2,216 
Ericsson Software Technology Holding AB
   559094-8963    Sweden    100    —    7 
Datacenter i Rosersberg AB
   556895-3748    Sweden    100    —    88 
Datacenter i Mjärdevi Aktiebolag
   556366-2302    Sweden    100    10    69 
AB Aulis
   556030-9899    Sweden    100    14    6 
Ericsson Credit AB
   556326-0552    Sweden    100    5    5 
Other (Sweden)
             —    —    1,142 
Ericsson Austria GmbH
        Austria    100    4    94 
Ericsson Danmark A/S
        Denmark    100    90    216 
Oy LM Ericsson Ab
        Finland    100    13    196 
Ericsson France SAS
        France    100    21    524 
Ericsson Antenna Technology Germany GmbH
        Germany    100    2    21 
Ericsson Germany GmbH
        Germany    100    1    2,844 
Ericsson Hungary Ltd.
        Hungary    100    1,301    120 
L M Ericsson Limited
        Ireland    100    4    34 
Ericsson Telecomunicazioni S.p.A.
        Italy    100    44    3,173 
Ericsson Holding International B.V.
        The Netherlands        100    222    2,983 
Ericsson A/S
        Norway    100    75    114 
Ericsson Television AS
        Norway    100    161    160 
Ericsson Corporatia AO
        Russia    100    5    5 
Ericsson España S.A.
        Spain    100    28    14 
Ericsson AG
        Switzerland    100    —    — 
Ericsson Holdings Ltd.
        United Kingdom    100    328    10 
Other (Europe, excluding Sweden)
             —    —    972 
Ericsson Holding II Inc.
        United States    100    —    30,281 
Ericsson Smart Factory Inc.
        United States    100    —    191 
Companía Ericsson S.A.C.I.
        Argentina    95
1)
    193    99 
Ericsson Canada Inc.
        Canada    100    —    51 
Belair Networks
        Canada    100    108    170 
Ericsson Telecom S.A. de C.V.
        Mexico    100    939    576 
Other (United States, Latin America)
             —    —    486 
Teleric Pty Ltd.
        Australia    100    20    100 
Ericsson Ltd.
        China    100    2    2 
Ericsson (China) Company Ltd.
        China    100    65    475 
P.T. Ericsson Indonesia
        Indonesia    95    9,531    614 
Ericsson India Global Services PVT. Ltd
        India    100    291    51 
Ericsson Kenya Limited
        Kenya    100    —    69 
Ericsson-LG
CO Ltd.
        Korea    75    285    2,279 
Ericsson (Malaysia) Sdn. Bhd.
        Malaysia    100    3    131 
Ericsson Telecommunications Pte. Ltd.
        Singapore    100    2    1 
Ericsson South Africa PTY. Ltd
        South Africa    70    —    135 
Ericsson Taiwan Ltd.
        Taiwan    90    270    36 
Ericsson (Thailand) Ltd.
        Thailand    49
2)
    90    17 
Other countries (the rest of the world)
             —    —    501 
Total
                      
 
72,009
 
Joint ventures and associated companies
                         
Concealfab Co
        USA    28    —    64 
Leone Media Inc.
        USA    49    134    790 
Ericsson Nikola Tesla d.d.
        Croatia    49    65    330 
Total
                      
 
1,184
 
 
1)
Through subsidiary holdings, total holdings amount to 100% of Compania Ericsson S.A.C.I.
2)
Through subsidiary holdings, total holdings amount to 74% of Ericsson (Thailand) Ltd.
 
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Shares owned by subsidiary companies
 
Company
 
        Reg. No.        
  
          Domicile          
  
Percentage

      of ownership      
 
Subsidiary companies
            
Ericsson Cables Holding AB
  
556044-9489
   Sweden   100 
Emodo Inc.
      United States   100 
Ericsson Telekommunikation GmbH
      Germany   100 
Ericsson GmbH
      Germany   100 
Ericsson Telecommunicatie B.V.
          The Netherlands       100 
Ericsson Telekomunikasyon A.S.
      Turkey   100 
Ericsson Ltd.
      United Kingdom   100 
Creative Broadcast Services Holdings Ltd.
      United Kingdom   100 
Ericsson Inc.
      United States   100 
Ericsson Wireless Office Inc.
      United States   100 
Cradlepoint Inc.
      United States   100 
Iconectiv, LLC.
      United States   83 
Ericsson Telecomunicações S.A.
      Brazil   100 
Ericsson Australia Pty. Ltd.
      Australia   100 
Ericsson (China) Communications Co. Ltd.
      China   100 
Nanjing Ericsson Panda Communication Co. Ltd.
      China   51 
Ericsson Japan K.K.
      Japan   100 
Ericsson Communication Solutions Pte Ltd.
      Singapore   100 
D. Property, Plant and Equipment
Primary manufacturing and assembly facilities
We continuously adjust our production capacity to meet expected customer demand. During 2021, our overall capacity utilization** was 63%.
The table below summarizes where we have major sites and the total floor space at
year-end.
All facilities are leased, other than Nanjing (China). The majority of the floor space within our production facilities is used for assembly and test.
 
   
2021
   
2020
   
2019
 
   
      Sites      
   
Thousands

            of sq meters*            
   
      Sites      
   
Thousands

            of sq meters*            
   
      Sites      
   
Thousands

            of sq meters*            
 
Sweden
   1    5    1    5    1    5 
China
   1    13.9    1    13.9    1    13.9 
Estonia
   1    9    1    9    1    9 
Brazil
   1    6.5    1    6.5    1    6.7 
USA
   1    6    1    6    0    0 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
  
 
5
 
  
 
40.4
 
  
 
5
 
  
 
40.4
 
  
 
4
 
  
 
34.6
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
*
Floor space in square meters does not include any warehouses or transportation areas.
**
Test capacity utilization.
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Financial highlights – Capital expenditures
 
 • 
Notes to the consolidated financial statements
 
 • 
Note C2 – Property, plant and equipment
 
 • 
Note C3 – Leases
 
 • 
Risk factors
 
 • 
Legal and regulatory risk
 
 • 
Environmental, social and governance risk
ITEM 4A. Unresolved Staff Comments
None.
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
Year-to-year
comparisons between 2020 and 2019 have been omitted from this 2021 Form
20-F
but may be found in “Item 5. Operating and Financial Review and Prospects” in our Form
20-F
for the fiscal year ended December 31, 2020, which discussion is incorporated herein by reference.
https://www.sec.gov/Archives/edgar/data/0000717826/000119312521094445/d52839d20f.htm
A. Operating Results
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
This is Ericsson
 
 • 
Business strategy – Creating long-term value
 
 • 
Business model – Customer focus and technology leadership
 
 • 
Board of Directors’ report
 
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Table of Contents
 • 
Business in 2021
 
 • 
Financial highlights
 
 • 
Business results – Segments
 
 • 
Business results – Market Areas
 
 • 
Risk management
 
 • 
Notes to the consolidated financial statements
 
 • 
Note A1 – Significant accounting policies
 
 • 
Note F1 – Financial risk management– Foreign exchange risk
 
 • 
Risk Factors
 
 • 
Five-year summary – Financial information
 
 • 
Five-year summary –
Non-Financial
information
 
 • 
Alternative performance measures
B. Liquidity and Capital Resources
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Financial highlights – Cash flow
 
 • 
Financial highlights – Financial position
 
 • 
Financial highlights – Seasonality
 
 • 
Financial highlights – Capital expenditures
 
 • 
Notes to the consolidated financial statements
 
 • 
Note B9 – Other current liabilities
 
 • 
Note D2 – Contingent liabilities
 
 • 
Note F1 – Financial risk management
 
 • 
Note F4 – Interest-bearing liabilities
 
 • 
Note H3 – Statement of cash flows
See “Item 8.B. Financial Information – Significant Changes” herein.
C. Research and Development, Patents and Licenses
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Business Strategy – Creating long-term value
 
 • 
Business model – Customer focus and technology leadership
 
 • 
Board of Director’s - Research and development, patents and licensing
 
 • 
Risk factors – Risks related to business activities and industry
D. Trend Information
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
CEO Comment
 
 • 
Board of Directors’ Report
 
 • 
Business in 2021
 
 • 
Financial highlights – Seasonality
 
 • 
Business results – Segments
 
 • 
Business results – Market Areas
See “Item 8.B. Financial Information – Significant Changes” herein.
E.
Off-Balance
Sheet Arrangements
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Financial highlights -
Off-balance
sheet arrangements
 
 • 
Notes to the consolidated financial statements
 
 • 
Note A1 - Significant accounting policies
 
 • 
Note F1 – Financial Risk Management
 
 • 
Note D2 – Contingent liabilities
F. Tabular Disclosure of Contractual Obligations
 
 • 
Financial Report
 
 • 
Notes to the consolidated financial statements
 
 • 
Note D4 – Contractual obligations
 
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Table of Contents
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A. Directors and Senior Management
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Corporate Governance Report
 
 • 
Members of the Board of Directors
 
 • 
Members of the Executive Team
Board Diversity
The table below provides certain information regarding the diversity of our board of directors.
 
 
Board Diversity Matrix (as of 24 March, 2022)
  
Country of Principal Executive Offices: Sweden
  
Foreign Private Issuer Yes
  
Disclosure Prohibited under Home Country Law Yes
  
Total Number of Directors 13
     
   
            Female            
 
            Male            
 
          Non-Binary          
 
      Did Not Disclose      
Gender
  
Part I: Gender Identity
 
 
     
Directors 3 10 0 0
  
Part II: Demographic Background
 
 
  
Underrepresented Individual in Home Country Jurisdiction -
  
LGBTQ+ -
  
Did Not Disclose Demographic Background -
See “Item 8.B. Financial Information – Significant Changes” herein.
B. Compensation
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Corporate governance – Remuneration
 
 • 
Guidelines for Remuneration to Group Management
 
 • 
Notes to the consolidated financial statements
 
 • 
Note G1 – Post-employment benefits
 
 • 
Note G2 – Information regarding members of the Board of Directors and Group management
 
 • 
Note G3 – Share-based compensation
 
 • 
Corporate Governance Report
 
 • 
Remuneration to Board members
 
 • 
Remuneration report
 
 • 
Remuneration report 2021
See “Item 8.B. Financial Information – Significant Changes” herein.
C. Board Practices
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Notes to the consolidated financial statements
 
 • 
Note G2 – Information regarding members of the Board of Directors and Group management– Comments to the table
 
 • 
Corporate Governance Report
 
 • 
Board of Directors – Composition of the Board of Directors and diversity
 
 • 
Committees of the Board of Directors – Audit and Compliance Committee
 
 • 
Committees of the Board of Directors – Remuneration Committee
See “Item 8.B. Financial Information – Significant Changes” herein.
D. Employees
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Financial Highlights – Employees
 
 • 
Notes to the Consolidated financial statements
 
 • 
Note G4 – Employee Information
 
 • 
Five-year summary – Financial information - Statistical data,
year-end
 
 • 
Five-year summary –
Non-financial
information - Statistical data,
year-end
 
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We consider that our relationship with the labor unions that represent our employees is good.
Number of employees by market area at
year-end
 
   
2021
   
2020
   
2019
 
South East Asia, Oceania and India
   26,369    25,869    24,559 
North East Asia
   13,091    13,944    13,783 
North America
   10,344    10,175    9,643 
Europe and Latin America
1)
   47,064    46,580    47,135 
Middle East and Africa
   4,454    4,256    4,297 
   
 
 
   
 
 
   
 
 
 
Total
  
 
            101,322
 
  
 
            100,824
 
  
 
              99,417
 
   
 
 
   
 
 
   
 
 
 
1) Of which in Sweden
  
 
14,183
 
  
 
13,173
 
  
 
12,730
 
E. Share Ownership
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
The Ericsson share - Shareholders
 
 • 
Notes to the consolidated financial statements
 
 • 
Notes G2 – Information regarding members of the Board of Directors and Group Management
 
 • 
Corporate Governance Report
 
 • 
Members of the Board of Directors
 
 • 
Members of the Executive Team
 
 • 
Remuneration report
 
 • 
Remuneration report 2021
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A. Major Shareholders
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
The Ericsson Share - Shareholders
 
 • 
Corporate Governance Report
 
 • 
Governance structure - Ownership structure
B. Related Party Transactions
The information set forth under the following heading of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference.
 
 • 
Financial Report
 
 • 
Notes to the consolidated financial statements
 
 • 
Note H4 – Related party transactions
C. Interests of Experts and Counsel.
Not applicable.
ITEM 8. FINANCIAL INFORMATION
A. Consolidated Statements and Other Financial Information.
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Legal proceedings
 
 • 
Parent Company – Proposed disposition of earnings
 
 • 
Consolidated financial statements
 
 • 
Notes to the consolidated financial statements
 
 • 
Reports of independent registered public accounting firm
 
 • 
Five-year summary – Financial information - Statistical data,
year-end
See “Item 8.B. Financial Information – Significant Changes”, “Item 10.B. Memorandum and Articles of Association – Dividends” and “Item 17. Financial Statements”, herein.
Refer also to item 8.B herein
B. Significant Changes
Legal proceedings
Ericsson and Apple were not able to renew the now expired patent license agreement between the parties in a timely manner. On January 18, 2022, Ericsson filed three complaints with the U.S. International Trade Commission (ITC) alleging infringement of 12 patents by certain Apple products. In addition, Ericsson filed companion lawsuits in the Western District of Texas alleging infringement of the same 12 patents. Also, in January 2022 Ericsson filed complaints in several jurisdictions in Europe (Germany, Netherlands, Belgium) and South America (Brazil, Colombia) alleging that certain Apple products infringe Ericsson patents. On January 19, 2022 Apple filed a complaint against Ericsson in the ITC alleging infringement of three Apple patents by certain Ericsson products. Apple also filed a complaint in Germany at the District court of Düsseldorf alleging infringement of a German utility model and another complaint at the District court of Mannheim alleging infringement of an Apple patent by certain Ericsson products. The filing of lawsuits,
 
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complaints and other proceedings, when parties take legal action over a patent license agreement renewal, is standard and consequently additional lawsuits, complaints and other proceedings, may follow.
Euro Medium Term Note program
On February 8, 2022, the Company issued new EUR 750 million notes under the Euro Medium Term Note (EMTN) program, with maturity in February 2027.
Vonage
In November 2021, Ericsson announced the entering into of an agreement to acquire Vonage Holdings Corp. for a total acquisition price of approximately USD 6.2 billion. Since then, Vonage shareholder approval has been obtained and all requisite foreign and U.S. regulatory requirements for closing have been satisfied, except for receipt of clearance from the Committee on Foreign Investment in the United States. If the agreement were to terminate under specified circumstances where we have failed to obtain such clearance, we may have to pay a USD 200 million termination fee to Vonage. Ericsson and Vonage continue to work toward closing this acquisition during the first half of 2022, on and subject to the terms of the merger agreement and subject to receiving regulatory approval.
Update on Deferred Prosecution Agreement
On December 6, 2019, Ericsson entered into a Deferred Prosecution Agreement (DPA) with the United States Department of Justice (DOJ). On March 1, 2022, the DOJ informed Ericsson that the disclosure made by the Company prior to the DPA about its internal investigation into conduct in Iraq in the period 2011 until 2019 was insufficient. Furthermore, it determined that the Company breached the DPA by failing to make subsequent disclosure related to the investigation
post-DPA.
The Company is in communication with the DOJ regarding the facts and circumstances of the breach determination and is committed to
co-operating
with the DOJ to resolve the matter. At this stage it is premature to predict the outcome of this matter. DOJ has sole discretion under the DPA to determine whether a breach has occurred.
Legal proceedings
After the 2021 Swedish Annual Report was finalized on March 3, 2022, Ericsson learned that Telefonaktiebolaget LM Ericsson and certain officers of Ericsson were named as defendants in a putative class action filed in the United States District Court for the Eastern District of New York. The complaint alleges violations of United States securities laws, in connection with allegedly false and misleading statements principally concerning the Company’s adherence with its compliance and disclosure policies and obligations and the conduct of its business in Iraq.
Ericsson appoints Scott Dresser as Chief Legal Officer
On March 16, 2022, Ericsson announced the appointment of Scott Dresser to the company’s Executive Team as Senior Vice President, Chief Legal Officer and Head of Group Function Legal Affairs & Compliance. Scott has joined Ericsson on 21 March 2022 and is based in the US. Scott Dresser replaces Xavier Dedullen, who resigned from this role as of the same date.
ITEM 9. THE OFFER AND LISTING
A. Offer and Listing Details
The information set forth in Exhibit 2.3, “Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.” is incorporated herein by reference.
B. Plan of Distribution
Not applicable.
C. Markets
The information set forth in Exhibit 2.3, “Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.” is incorporated herein by reference.
D. Selling Shareholders
Not applicable.
E. Dilution
Not applicable.
F. Expenses of the Issue
Not applicable.
ITEM 10. ADDITIONAL INFORMATION
A. Share Capital
Not applicable.
B. Memorandum and Articles of Association
The information set forth in Exhibit 2. 3, “Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.” is incorporated herein by reference.
C. Material Contracts
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Material contracts
D. Exchange Controls
There is no Swedish legislation affecting the import or export of capital or the remittance of dividends, interest or other payments to
non-resident
holders of our securities, except that, subject to the provisions in any tax treaty, dividends are subject to withholding tax.
 
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E. Taxation
General
The taxation discussion set forth below does not purport to be a complete analysis or listing of all potential tax effects relevant to the acquisition, ownership or disposition of Class B shares or ADSs. The statements of United States and Swedish tax laws set forth below are based on the laws in force as of the date of this report and may be subject to any changes in United States or Swedish law, and in any double taxation convention or treaty between the United States and Sweden, occurring after that date, which changes may then have retroactive effect.
Specific tax provisions may apply for certain categories of taxpayers. Your tax treatment if you are a holder of Class B shares or ADSs depends in part on your particular situation. If you are a holder of Class B shares or ADSs, you should therefore consult a tax advisor as to the tax consequences relating to your particular circumstances resulting from the ownership of Class B shares or ADSs.
The tax consequences to holders of ADSs, as discussed below, apply equally to holders of Class B shares.
Certain Swedish Tax Considerations
This section describes the material Swedish income and net wealth tax consequences for a holder of ADSs or Class B shares who is not considered to be a Swedish resident for Swedish tax purposes. This section applies to you only if you are a holder of portfolio investments representing less than 10% of capital and votes and is not applicable if the ADSs or Class B shares pertain to a permanent establishment or fixed place of business in Sweden.
Taxation on Capital Gains
Generally,
non-residents
of Sweden are not liable for Swedish capital gains taxation with respect to the sale of ADSs or Class B shares. However, under Swedish tax law, capital gains from the sale of shares in Swedish companies and certain other securities by an individual may be taxed in Sweden at a rate of 30% if the seller has been a resident of Sweden or has lived permanently in Sweden at any time during the year of the sale or the 10 calendar years preceding the year of the sale (absent treaty provisions to the contrary). The provision is applicable to ADSs or Class B shares. From January 1, 2008, the rule has been extended so that it also applies to shares in foreign companies, provided that the shares were acquired during the time that the person was liable to tax in Sweden.
This provision may, however, be limited by tax treaties that Sweden has concluded with other countries. Under the tax treaty between Sweden and the United States (the “U.S. Tax Treaty”), this provision applies for ten years from the date the individual became a
non-resident
of Sweden.
Taxation on Dividends
A Swedish dividend withholding tax at a rate of 30% is imposed on dividends paid by a Swedish corporation, such as us, to
non-residents
of Sweden. The same withholding tax applies to certain other payments made by a Swedish corporation, including payments as a result of redemption of shares and repurchase of stock through an offer directed to its shareholders. Exemption from the withholding tax or a lower tax rate may apply by virtue of a tax treaty. Under the U.S. Tax Treaty, the withholding tax on dividends paid on portfolio investments to eligible U.S. holders is reduced to 15%.
Under all Swedish tax treaties, except the tax treaty with Switzerland, withholding tax at the applicable treaty rate should be withheld by the payer of the dividends. With regard to dividends paid from shares in corporations registered with the Euroclear Sweden (such as our shares), a reduced rate of dividend withholding tax under a tax treaty is generally applied at the source by the Euroclear Sweden or, if the shares are registered with a nominee, the nominee, as long as the person entitled to the dividend is registered as a
non-resident
and sufficient information regarding the tax residency of the beneficial owner is available to the Euroclear Sweden or the nominee.
In those cases where Swedish withholding tax is withheld at the rate of 30% and the person who received the dividends is entitled to a reduced rate of withholding tax under a tax treaty, a refund may be claimed from the Swedish tax authorities before the end of the fifth calendar year following the year that the distribution was made.
Taxation on Interest
No Swedish withholding tax is payable on interest paid to
non-residents
of Sweden.
Net Wealth Taxation
The Swedish net wealth tax has been abolished from January 1, 2007.
Certain United States Federal Income Tax Consequences
The following discussion is a summary of the material United States federal income tax consequences relevant to the ownership and disposition of ADSs or Class B shares. This discussion is based on the tax laws of the United States (including the Internal Revenue Code of 1986, as amended (the “Code”), its legislative history, existing and proposed regulations thereunder, published rulings and court decisions) as in effect on the date hereof, all of which are subject to change, possibly with retroactive effect. The discussion is not a full discussion of all tax considerations that may be relevant to the ownership and disposition of ADSs or Class B shares, and does not address the Medicare tax on net investment income or the effects of any state, local or foreign tax laws. The discussion applies only if you will hold the ADSs and/or the Class B shares as capital assets and you use the USD as your functional currency. It does not deal with the tax treatment of investors subject to special rules, such as grantor trusts, real estate investment trusts, regulated investment companies, banks, brokers or dealers in securities or currencies, traders in securities that elect to use a
mark-to-market
method of recording for their securities holdings, financial institutions, insurance companies, persons required to accelerate the recognition of any item of gross income with respect to our ADSs or Class B shares as a result of such income being recognized on an applicable financial statement,
tax-exempt
entities, investors liable for alternative minimum tax, holders (either actually or constructively) of 10% or more of the voting power or the value of our shares, persons holding ADSs and/or Class B shares as part of a hedging, straddle, conversion or constructive sale transaction and persons who are resident or ordinarily resident in Sweden. In addition, investors holding ADSs and/or Class B shares indirectly through partnerships are subject to special rules not discussed below. You should consult your own tax advisors about the United States federal, state, local and foreign tax consequences to you of the ownership and disposition of the ADSs or Class B shares.
The discussion below applies to you only if you are a beneficial owner of ADSs and/or Class B shares not resident in Sweden for purposes of the U.S. Tax Treaty and you are, for United States federal income tax purposes, (1) a citizen or resident of the United States, (2) a corporation or any other entity treated as a corporation that is organized in or under the laws of the United States or its political subdivisions, including the District of Columbia, (3) a trust if all of the trust’s substantial decisions are subject to the control of one or more United States persons and the primary supervision of the trust is subject to a United States court, or if a valid election is in effect with respect to the trust to be taxed as a United States person, or (4) an estate the income of which is subject to United States federal income taxation regardless of its source.
The discussion below assumes that the representations contained in the deposit agreement governing the ADSs are true and that the obligations in the deposit agreement and any related agreement will be complied with in accordance with the terms. If you hold ADSs, you will be treated as the holder of the underlying Class B shares represented by those ADSs for United States federal income tax purposes.
Dividends
Subject to the passive foreign investment company rules discussed below, the gross amount of dividends paid (before reduction for any Swedish withholding taxes) with respect to the ADSs or Class B shares generally will be included in your gross income as ordinary income from foreign sources to
 
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the extent paid out of our current or accumulated earnings and profits (as determined for United States federal income tax purposes). Distributions in excess of earnings and profits will be treated as a
non-taxable
return of capital to the extent of your adjusted tax basis in the ADSs or Class B shares and thereafter as capital gain. The dividends will not be eligible for the dividends received deduction available to corporations in respect of dividends received from other U.S. corporations. The amount of any dividend paid in SEK will be the USD value of the dividend payment based on the exchange rate in effect on the date of receipt (or constructive receipt) by you, in the case of Class B shares, or by the depositary, in the case of ADSs, whether or not the payment is converted into USD at that time. Your tax basis in the SEK received will equal such USD amount. Gain or loss, if any, recognized on a subsequent sale or conversion of the SEK will be U.S. source ordinary income or loss.
If you are a
non-corporate
holder of ADSs or Class B shares, dividends you receive on the ADSs or Class B shares may be taxed at the lower applicable long-term capital gains rate provided that (1) we are not a passive foreign investment company (as discussed below) for either our taxable year in which the dividend was paid or the preceding taxable year, (2) certain holding period requirements are met, (3) you are not under any obligation to make related payments with respect to substantially similar or related property and (4) either (a) in the case of ADSs our ADSs continue to be listed on the Nasdaq Stock Market (or a national securities exchange that is registered under section 6 of the Securities Exchange Act of 1934, as amended) or (b) we are eligible for the benefits of the U.S. Tax Treaty. You should consult your own tax advisors regarding the availability of the lower rate for dividends paid with respect to ADSs or Class B shares.
Subject to certain limitations, you will generally be entitled to receive credit against your United States federal income tax liability (or a deduction against your United States federal taxable income) with respect to any Swedish tax withheld in accordance with the U.S. Tax Treaty and paid over to Sweden. If a refund of the tax withheld is available to you under the laws of Sweden or under the U.S. Tax Treaty, the amount of tax withheld that is refundable will not be eligible for such credit against your United States federal income tax liability (and will not be eligible for the deduction in computing your United States federal taxable income). For foreign tax credit limitation purposes, dividends will be income from sources without the United States, and will generally be treated as “passive category income” (or, in the case of certain holders, “general category income”).
Sale or Exchange of ADSs or Class B shares
Subject to the passive foreign investment company rules discussed below, you will generally recognize capital gain or loss on the sale or other disposition of the ADSs or Class B shares equal to the difference between the USD value of the amount realized and your adjusted tax basis (determined in USD) in the ADSs or Class B shares. Such gain or loss will generally be long-term capital gain or loss if you have held the ADSs or Class B shares for more than one year, and will generally be treated as arising from U.S. sources for foreign tax credit limitation purposes. If you are a
non-corporate
holder of ADSs or Class B Shares, long-term capital gains are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.
The amount realized on a disposition of ADSs or Class B shares for cash will generally be the amount of cash you receive for the ADSs or Class B shares (which, in the case of payment in a
non-U.S.
currency, will equal the USD value of the payment received determined on (a) the date of receipt of payment if you are a cash basis taxpayer and (b) the date of disposition if you are an accrual basis taxpayer). If the ADSs or Class B shares are treated as traded on an “established securities market” and you are a cash basis taxpayer (or, if you are an accrual basis taxpayer, if you so elect), you will determine the USD value of the amount realized by translating the amount received at the spot rate of exchange on the settlement date of the sale.
You will have a tax basis in any foreign currency received equal to the USD value thereof on the date of receipt. Any gain or loss you realize on a subsequent sale or conversion of foreign currency will be U.S. source ordinary income or loss.
Passive Foreign Investment Company Status
A
non-U.S.
corporation is a passive foreign investment company (a “PFIC”) in any taxable year in which, after taking into account the income and assets of certain subsidiaries, either (a) at least 75% of its gross income is passive income or (b) at least 50% of the quarterly average value of its assets is attributable to assets that produce or are held to produce passive income. Based on the market value of our shares, the composition of our assets and income and our operations, we believe we were not a PFIC during the year 2021. However, whether or not we will be considered a PFIC will depend on the nature and source of our income and the composition and value of our assets, as determined from time to time. If we are treated as a PFIC, we will not provide information necessary for the “qualified electing fund” election as the term is defined in the relevant provisions of the Code. You should consult your own tax advisors about the consequences of our potential classification as a PFIC.
If we were classified as a PFIC with respect to your ADSs or Class B shares for any taxable year, we would generally continue to be a PFIC (unless certain conditions are met), and you would be subject to special rules with respect to:
 
 • 
any gain realized on the sale or other disposition of ADSs or Class B shares; or
 
 • 
any other “excess distribution” made to you (generally, any distributions to you in respect of ADSs or Class B shares during a single taxable year that are, in the aggregate, greater than 125% of the average annual distributions received by you in respect of ADSs or Class B shares during the three preceding taxable years or, if shorter, your holding period for ADSs or Class B shares).
Under these rules:
 
 • 
the gain or any other excess distribution would be allocated ratably over your holding period for ADSs or Class B shares;
 
 • 
the amount allocated to the taxable year in which the gain or excess distribution was realized and any year before we became a PFIC would be taxable as ordinary income;
 
 • 
the amount allocated to each prior year, other than the current year and any taxable year prior to the first taxable year in which we were a PFIC, would be subject to tax at the highest applicable marginal tax rate in effect for each such year; and
 
 • 
an interest charge would be imposed.
If we are a PFIC for any taxable year, you will also be deemed to own shares in any of our subsidiaries that are also PFICs in such a year. As an alternative to the special rules described above, holders of “marketable stock” in a PFIC may elect
mark-to-market
treatment with respect to their ADSs or Class B shares. ADSs or Class B shares will not be considered marketable stock unless they are regularly traded on a qualified exchange or other market. If the
mark-to-market
election is available and you elect
mark-to-market
treatment you will, in general, include as ordinary income each year an amount equal to the increase in value of your ADSs or Class B shares for that year (measured at the close of your taxable year) and will generally be allowed a deduction for any decrease in the value of your ADSs or Class B shares for the year but only to the extent of previously included
mark-to-market
income. In addition, any gain you recognize upon the sale or other disposition of the ADSs or Class B shares will be treated as ordinary income and any loss will be treated as ordinary loss but only to the extent of previously included
mark-to-market
income. Any loss in excess of previously included
mark-to-market
income will be treated as a capital loss. However, a
mark-to-market
election would likely be unavailable with respect to your proportionate share in any of our subsidiaries that are PFICs.
If you own ADSs or Class B shares during any year in which we are a PFIC, you will generally be required to make an annual return on IRS Form 8621.
Information Reporting and Backup Withholding
In general, information reporting requirements will apply to dividends paid in respect of ADSs or Class B shares and the proceeds received on the sale or exchange of the ADSs or Class B shares within the United States or by a broker with certain United States connections. Backup withholding may apply to payments to you of dividends paid in respect of ADSs or Class B shares or the proceeds of a sale or other disposition of ADSs or Class B shares if you fail to provide an accurate taxpayer identification number (certified on IRS Form W–9) or, upon request, to certify that you are not subject to backup withholding or otherwise to comply with the applicable requirements of the backup withholding rules. The amount of any backup withholding from a
 
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payment to you will be allowed as a credit against your United States federal income tax liability, and a refund of any excess amount withheld under the backup withholding rules may be obtained by filing the appropriate claim for refund with the Internal Revenue Service and furnishing any required information.
Additional Reporting Requirements
Certain holders who are individuals may be required to report information relating to an interest in ADSs or Class B shares, subject to certain exceptions (including an exception for ADSs or Class B shares held in accounts maintained by certain financial institutions). Holders should consult their tax advisors regarding the effects, if any, of these requirements on their ownership and disposition of ADSs or Class B shares.
F. Dividends and Paying Agents
Not applicable.
G. Statement by Experts
Not applicable.
H. Documents on Display
Annual reports and other information are filed with, or furnished to, the SEC in the United States, pursuant to the rules and regulations that apply to foreign private issuers. Electronic access to these documents may be obtained from the SEC’s website, www.sec.gov, where they are stored in the EDGAR database.
I. Subsidiary Information
See “Item 4.C. Information on the Company - Organizational Structure.”
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
A. Quantitative information about market risk
The information set forth under the following heading of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference.
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Risk management
 
 • 
Notes to the consolidated financial statements
 
 • 
Note F1 – Financial risk management
B. Qualitative information about market risk
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Financial Report
 
 • 
Board of Directors’ report
 
 • 
Risk management
 
 • 
Notes to the consolidated financial statements
 
 • 
Note F1 – Financial risk management
 
 • 
Corporate Governance Report
 
 • 
Management
 
 • 
Risk management
C. Interim periods
Not applicable.
D. Safe harbor
Not applicable.
E. Small business issuers
Not applicable.
 
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ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
A. Debt Securities
Not applicable.
B. Warrants and Rights
Not applicable.
C. Other Securities
Not applicable.
D. American Depositary Shares
Depositary fees, charges and payments
During 2021, an annual service fee of $0.02 was charged per ADS, for the operation and maintenance costs in administering the ADS program. The Depositary, Deutsche Bank Trust Company Americas (“Deutsche Bank”), established October 20, 2021 as the record date for payment of annual servicing fees. During 2021, an annual dividend fee of $0.01 was charged per ADS. The Depositary, Deutsche Bank, established April 1, 2021 and October 1, 2021 as the record dates for payments of the dividend fee.
Fees and charges payable by ADS holders
 
   
Service
  
Rate
  
By whom paid
1)  
Deposit of shares and issuance of receipts
  
Up to USD 5 per 100 American Depositary Shares or fraction thereof
  
Party to whom receipts are issued
2)  
Delivery of deposited shares against surrender of receipts
  
Up to USD 5 per 100 American Depositary Shares or fraction thereof
  
Party surrendering receipts
3)  
Distribution of Cash Dividends and Cash Proceeds processing
  
Up to USD 3 per 100 American Depositary Shares
  
All holders of American Depositary Shares
4)  
Administration of the ADSs
  
Up to USD 3 per 100 American Depositary Shares per annum
  
All holders of American Depositary Shares
In addition to the fees of the Depositary enumerated above, ADS holders are required under the terms of the Deposit Agreement to bear the following: (i) taxes and other governmental charges, (ii) share transfer registration fees on deposits, (iii) certain cable and facsimile transmission and delivery charges, and (iv) such expenses as are incurred by Deutsche Bank in the conversion of foreign currency into dollars.
Fees payable by the Depositary to the Issuer
Effective January 2019, Deutsche Bank agreed to pay Ericsson an amount equal to a fixed percentage of the net revenues, if any, collected by it as a result of charging ADS holders issuance and cancellation fees, and dividend processing and annual servicing fees. In 2021, such amount totaled approximately USD 11.6 million.
Effective January 2019, Deutsche Bank waived the cost of providing the ADS program administrative and reporting services to the extent provided by Deutsche Bank, and has agreed to bear the cost of certain third-party
out-of-pocket
costs related to the ADS program up to USD 50,000 per year. These costs include costs for the local custodian’s administration of matters relating to meetings of shareholders and costs of certain transfer agent administration services, such as the registration and transfer of depositary receipts. In 2021, such amount totaled approximately USD 73,500.
 
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PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
None.
ITEM 15. CONTROLS AND PROCEDURES
A. Disclosure Controls and Procedures
The information set forth under the following heading of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Corporate Governance Report
 
 • 
Internal control over financial reporting – Disclosure controls and procedures
B. Management’s Annual Report on Internal Control Over Financial Reporting
The information set forth under the section “Financial Report – Management’s report on internal control over financial reporting” of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference.
C. Attestation Report of the Registered Public Accounting Firm
The information set forth under the section “Financial Report – Report of independent registered public accounting firm” of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference.
D. Changes in Internal Control Over Financial Reporting
The information set forth under the following heading of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Corporate Governance Report
 
 • 
Internal control over financial reporting – Internal control over financial reporting
ITEM 16. [RESERVED]
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
The information set forth under the following heading of the 2021 Swedish Annual Report is incorporated herein by reference:
 
 • 
Corporate Governance Report
 
 • 
Committees of the Board of Directors
 
 • 
Audit and Compliance Committee – Members of the Audit and Compliance Committee
ITEM 16B. CODE OF ETHICS
Our Code of Business Ethics is available on our website at
https://www.ericsson.com/en/about-us/corporate-governance/code-of-ethics
. The Company will promptly disclose to our shareholders, if required by applicable laws or stock exchange requirements, any amendments to or waivers from the Code of Business Ethics applicable to our directors or officers by posting such information on our website at
https://www.ericsson.com/en/about-us/corporate-governance/code-of-ethics
.
The information set forth under the following headings of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference:
 
 • 
Corporate Governance Report
 
 • 
Regulation and Compliance – Code of business ethics
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information set forth under the Section “Financial Report - Notes to the consolidated financial statements - Note H5 – Fees to auditors” of the 2021 Swedish Annual Report (adjusted version) is incorporated herein by reference.
Audit and Compliance Committee
Pre-Approval
Policies and Procedures
The Audit and Compliance Committee reviews and approves the scope of audits to be performed by external and internal auditors and analyzes their results and costs. The Audit and Compliance Committee keeps the Board of Directors informed about the external and internal auditors’ performance. It also makes recommendations to the Nomination Committee regarding the external auditor’s election and fees. In order to ensure the external auditor’s independence, the Audit and Compliance Committee has established
pre-approval
policies and procedures for audit and
non-audit
services to be performed by the external auditor.
Pre-approval
authority may not be delegated to management. The policies and procedures include a list of prohibited services, and audit and
non-audit
services that require
pre-approval
by the Committee. Such services fall into two broad categories:
 
 • 
General
pre-approval
– certain services regarding taxes, transactions, risk management, business improvement, attestation and accounting services and the so called general services (other than prohibited services) have received general
pre-approval
by the Audit and Compliance Committee, provided that the estimated fee for each project does not exceed SEK 1 million. The external auditor must advise the Audit and Compliance Committee with a quarterly summary of ongoing projects related to audit and
non-audit
services and an annual report of fees and expenses for all audit and
non-audit
services.
 
 • 
Specific
pre-approval
– all other
non-audit
services and services subject to general
pre-approval
exceeding SEK 1 million must receive specific
pre-approval.
The external auditor submits an application in writing to the Parent Company for final approval by the Audit and Compliance Committee, including a statement as to whether, in the view of the external auditor, the contemplated services are consistent with applicable rules on their independence. The Audit and Compliance Committee Chairman has the delegated authority for specific
pre-approval
in between Committee meetings, provided that the estimated fee in each case does not exceed SEK 2.5 million. The Chairman reports any
pre-approval
to the Audit and Compliance Committee at its next meeting.
All services provided in 2021 by the independent auditors were
pre-approved
in accordance with the
pre-approval
policies and procedures described above.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
All members of the Audit Committee of a NASDAQ New York-listed company must be independent in accordance with NASDAQ New York and SEC rules. SEC Rule
10A-3(b)(1)(iv)(C)
under the Exchange Act includes a specific exemption from these independence requirements for Audit Committee
 
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members of foreign private issuers who are
non-executive
employee representatives appointed to the Audit Committee pursuant to local law. The Company relies on this exemption, and does not consider that such reliance materially adversely affects the ability of the Audit and Compliance Committee to act independently or to satisfy other SEC requirements applicable to Audit Committees.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
None.
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
None.
ITEM 16G. CORPORATE GOVERNANCE
Ericsson, as a company whose shares are listed on NASDAQ New York, is subject to the listing requirements and certain of the corporate governance requirements of NASDAQ New York and to certain rules of the SEC.
Under NASDAQ New York rules, all members of the audit committee of a NASDAQ New York- listed company must be independent in accordance with SEC rules. SEC rules include a specific exemption from these independence requirements for an employee of a foreign private issuer who is not an executive officer if the employee is elected or named to the board of directors or audit committee pursuant to the issuer’s governing law or documents, or other home country legal or listing requirements
.
The Company relies on this exemption and does not consider that such reliance materially adversely affects the ability of the Audit and Compliance Committee to act independently or to satisfy other SEC requirements applicable to audit committees.
Under NASDAQ New York rules, Ericsson is permitted to follow home country practices in lieu of certain NASDAQ corporate governance requirements that would apply to US companies listed on NASDAQ New York. The rules require disclosures regarding the ways in which Ericsson’s corporate governance practices differ from those required of US companies under the rules of NASDAQ New York.
These differences include the following:
 
 • 
Employee representatives are appointed to Ericsson’s Board of Directors and serve on Committees (including the Audit and Compliance Committee and the Remuneration Committee) in accordance with Swedish law.
 
 • 
Employee representatives on the Ericsson Board and committees may attend all meetings of the Board and committees on which they serve (including those of the Audit and Compliance Committee and the Remuneration Committee) in accordance with Swedish law.
 
 • 
In accordance with Swedish market practices, the Nomination Committee is not fully comprised of Board members. In addition to the Chair of the Board, representatives of the four largest shareholders are members of the current Nomination Committee of Ericsson.
 
 • 
The determination regarding independence of Board members is made by the Nomination Committee (instead of the Board) prior to the Annual General Meeting of Shareholders (“AGM”). Before the AGM 2021, the Nomination Committee determined that the following Board members were independent under all applicable independence requirements, including the NASDAQ New York rules: Jon Fredrik Baksaas, Jan Carlson, Nora Denzel, Eric A. Elzvik, Kurt Jofs and Kristin S. Rinne. When appointing members to the committees of the Board, the Board makes determinations regarding committee member independence.
 
 • 
The Board holds
non-executive
directors’ sessions but does not have regularly scheduled meetings with only independent directors present.
 
 • 
Under applicable Swedish rules, Ericsson is not required to publicly disclose the material terms of all agreements and arrangements between its directors or nominees for director and any person or entity (other than Ericsson) relating to compensation or other payment in connection with such person’s candidacy or service as a director of the company.
 
 • 
The external auditor is elected by the shareholders and is proposed by the Nomination Committee upon recommendation from the Audit and Compliance Committee.
 
 • 
NASDAQ New York rules applicable to US companies require the consideration of six factors relating to the independence of compensation consultants, legal counsel or other advisers retained by compensation or remuneration committees. Consistent with Swedish practices, the Remuneration Committee’s procedures addressing independence of advisers do not expressly require the consideration of those six factors.
 
 • 
Ericsson does not solicit proxies for shareholder meetings, which is in accordance with Swedish practices and rules. However, the Board may collect proxies in accordance with the Articles of Association.
 
 • 
There are no minimum quorum requirements for shareholder meetings under Swedish law, except under certain limited circumstances. Certain resolutions requiring special quorums and majorities are described under Memorandum and Articles of Association.
 
 • 
Some of the requirements addressed by NASDAQ New York rules are included in the Swedish Corporate Governance Code or the work procedure for the Board instead of committee charters. The work procedure establishes the attribution of various responsibilities among the Board, its committees and the President and CEO. The work procedure for the Board is reviewed, evaluated and amended as required or appropriate, and adopted by the Board at least once a year.
See “Item 8.B. Financial Information – Significant Changes” herein.
ITEM 16H. MINE SAFETY DISCLOSURE
Not applicable.
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
PART III
ITEM 17. FINANCIAL STATEMENTS
See our consolidated financial statements and accompanying notes of the 2021 Swedish Annual Report (adjusted version).
 
 • 
Consolidated income statement and Consolidated statement of comprehensive income
 
 • 
Consolidated balance sheet
 
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 • 
Consolidated statement of cash flows
 
 • 
Consolidated statement of changes in equity
 
 • 
Notes to the consolidated financial statements
 
 • 
Reports of independent registered public accounting firm (Deloitte PCAOB Id: 1126 ; PwC PCAOB Id: 1419)
ITEM 18. FINANCIAL STATEMENTS
Not applicable.
ITEM 19. EXHIBITS
 
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EXHIBIT INDEX
The agreements and other documents filed as exhibits to this 2021 Form
20-F
are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by the registrant in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
Securities Exhibit
 
Exhibit
   Number   
 
Description
1
 
Articles of Association of Telefonaktiebolaget LM Ericsson (amended March 2021)
2.1
 
Second Amended and Restated Deposit Agreement Among Telefonaktiebolaget LM Ericsson (publ) and Deutsche Bank Trust Company Americas, as depositary, and holders of American Depositary Receipts, dated as of January 7, 2014 (incorporated herein by reference to Exhibit 2 to the Annual Report on Form 20-F for the year ended December 31, 2014 filed by the registrant on March 31, 2015 (File No. 000-12033)
2.2
 
Amendment No. 1, dated as of October 24, 2016, to the Second Amended and Restated Deposit Agreement Among Telefonaktiebolaget LM Ericsson (publ) and Deutsche Bank Trust Company Americas, as depositary, and holders of American Depositary Receipts, dated as of January 7, 2014 (incorporated herein by reference to Exhibit 2.2 to the Annual Report on Form 20-F for the year ended December 31, 2016 filed by the registrant on April 26, 2017 (File No. 000-12033)
2.3
 
Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
4.1
 
Agreement and plan of merger among Vonage Holdings Corp. and Telefonaktiebolaget LM Ericsson, dated as of November 22, 2021. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on November 22, 2021 by Vonage Holdings Corp. (File No: 001-32887))
6
 
See “Financials – Notes to the consolidated financial statements – Note A1—Significant accounting policies” of the 2021 Swedish Annual Report (adjusted version)
7
 
For definitions of certain ratios used in this report, see the section of the 2021 Swedish Annual Report (adjusted version) entitled “Financial Terminology”
8
 
See Item 4.C. Organizational Structure
11
 
Code of Ethics (amended June 2021, available on our website at
https://www.ericsson.com/en/about-us/corporate-governance/code-of-ethics)
12.1
 
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2
 
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1*
 
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
13.2*
 
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1**
 
Swedish Annual Report for 2021 in English (adjusted version)
15.2
 
Consent of Deloitte AB
15.3
 
Consent of PricewaterhouseCoopers AB
101**
 
XBRL Instance Document and related items
 
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Exhibit
   Number   
 
Description
  
101.INS***
 Inline XBRL Instance Document. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
  
101.SCH***
 Inline XBRL Taxonomy Extension Schema Document.
  
101.CAL***
 Inline XBRL Taxonomy Extension Calculation Linkbase Document.
  
101.DEF***
 Inline XBRL Taxonomy Definition Linkbase Document.
  
101.LAB***
 Inline XBRL Taxonomy Extension Label Linkbase Document.
  
101.PRE***
 Inline XBRL Taxonomy Extension Presentation Linkbase Document.
  
104
 Cover Page Interactive Data File (embedded within the inline XBRL document).
 
 
 
*
This certification will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. §78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.
**
Certain of the information included in Exhibit 15.1 is incorporated by reference into this 2021 Form
20-F,
as specified elsewhere in this report, in accordance with Rule
12b-23(a)(3)
of the Securities Exchange Act of 1934, as amended. With the exception of the items so specified, the 2020 Swedish Annual Report is not deemed to be filed as part of this 2021 Form
20-F.
***
In accordance with Rule 406T(b)(2) of Regulation
S-T,
such XBRL information will be furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, will be deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise will not be subject to liability under those sections.
 
18
Table of Contents
SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form
20-F
and that it has duly caused and authorized the undersigned to sign this Annual Report on Form
20-F
on its behalf.
 
TELEFONAKTIEBOLAGET LM ERICSSON
By:
 
/s/ JONAS STRINGBERG
Name:
 
Jonas Stringberg
Title:
 
Head of Group Controlling and External Reporting
By:
 
/s/ CARL MELLANDER
Name:
 
Carl Mellander
Title:
 
Executive Vice President and Chief Financial Officer
Date March 2
5
, 2022
 
19

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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