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Pro forma financial statements for the combined operations of Saab and Celsius

For information please find the pro forma financial statements for the combined operations of Saab and Celsius based on already published figures Enclosed are the pro forma figures for the Saab Group including Celsius for the whole year 1999 and the first quarter of 1999. The pro forma is based on the official financial statements for Saab and Celsius according to annual reports and interim reports, with the following exceptions: * Companies divested during 1999 and 2000 are not included. * Pro forma figures for the defense related companies acquired from TietoEnator on January 1, 2000 are included. * An annual depreciation of SEK 35 m. on goodwill arising from the acquisition is included. * The financial net has been charged with an annual interest of SEK 251 m., corresponding to 5 percent interest on the acquisition cost. * Transactions between Saab and Celsius have been eliminated. After adjustments for among others Celsius' claim on SPP, provision for restructuring costs and the result of decided structural deals, for example HDW, the fair value analysis results in a goodwill of approximately SEK 700 million. The goodwill will be amortized over 20 years. Structural changes among the acquired companies that may take place during 2000 will affect the fair value analysis. Dates for financial information in 2000 April 27 Interim Report January - March July 13 Interim Report January - June October 25 Interim Report January - September For further information, please contact Agneta Kammeby, Investor Relations, tel +46 13 18 71 25 Income Statement Pro forma Pro forma SEK m. 3 months 12 months 1999 1999 Sales 4,200 19,353 Cost of goods sold -3,181 -14,734 Gross margin 1,019 4,619 Operating expenses -627 -2,737 Research and development costs -180 -903 Items affecting comparability 0 255 Share in income of associated -12 44 companies 1) Operating income 200 1,278 Result from financial -25 -55 investments Income after financial items 175 1,223 Taxes -52 -386 Minority interest -11 -29 Net income for the period 112 808 2) Earnings per share, SEK 1.05 7.59 Earnings per share after full 1.03 7.40 3) conversion, SEK 1) Includes depreciation of -319 -1,349 of which depreciation on -118 -511 leasing assets 2) Number of shares: 106,459,675 as per December 31, 1999 3) Number of shares after full conversion: 109,247,175 Sales and operating income by business area Sales Operating income Pro forma Pro forma Pro forma Pro forma 3 months Whole 3 months Whole SEK m. 1999 year 1999 year 1999 1999 Infomatics 886 4,294 -13 199 Aerospace 861 3,803 82 422 Dynamics 678 3,393 -12 -39 Technical Support & 548 2,528 44 174 Services Space 176 676 17 65 Corporate/internal -199 -797 15 -40 2,950 13,897 133 781 CAS 629 3,009 47 212 Other operations 621 2,447 20 285 Saab Group 4,200 19,353 200 1,278 Order bookings and order backlog by business area Orders Order backlog Pro forma Pro forma Whole year Dec. 31, SEK m. 1999 1999 Infomatics 4,607 6,647 Aerospace 3,540 18,702 Dynamics 2,793 3,953 Technical Support & 2,311 923 Services Space 706 764 Corporate/internal -2,417 -2,156 11,540 28,833 CAS 2,607 338 Other operations 1,376 2,738 Saab Group 15,523 31,909 Depreciation by business area Pro forma Pro forma 3 months Whole year SEK m. 1999 1999 Infomatics 43 181 Aerospace 41 165 Dynamics 31 117 Technical Support & 24 110 Services Space 8 33 Corporate/internal 10 82 157 688 CAS 21 92 Other operations 141 569 Saab Group 319 1,349 Key ratios Pro forma Pro forma 3 months 12 months 1999 1999 Operating margin before 9.6% 11.2% depreciation Operating margin after 4.8% 6.6% depreciation Equity / assets ratio, excl Regional aircraft and SAL - 17.2% Equity / assets ratio - 12.4% Balance sheet, pro forma Dec.31, 1999 Regiona Elimi- Saab SEK m. Saab l SAL nation Group aircraf s t Assets Goodwill and other intangible 1,842 1,842 assets Property, plant and equipment, 4,434 1 4,435 etc. Lease assets 833 8,130 8,963 Long-term interest bearing 1,240 1,240 receivables Shares, etc. 2,719 -1,500 1,219 Deferred tax receivables 771 665 -477 959 Inventories, etc. 3,967 3,967 Short-term interest bearing 243 243 receivables Other receivables 5,949 919 6,868 Cash and marketable securities 4,741 1,711 1,804 8,256 Total assets 26,739 2,376 10,854 -1,977 37,992 Shareholders' equity and liabilities Shareholders' equity 4,601 1,599 -1,500 4,700 Minority interest in 750 2 752 subsidiaries Provision for pensions 3,604 3,604 Other provisions 1,863 2,376 3,114 -477 6,876 Liabilities to credit 3,123 3,123 institutions Convertible debenture loan 217 217 Lease obligations 109 4,482 4,591 Advance payments from 4,954 4,954 customers, net Other liabilities 7,518 1,657 9,175 Total shareholders' equity and liabilities 26,739 2,376 10,854 -1,977 37,992 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/04/20000404BIT01280/bit0001.doc http://www.bit.se/bitonline/2000/04/04/20000404BIT01280/bit0002.pdf