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Saab Global

Saab's results for January-September 2011

Defence and security company Saab presents the results for January-September 2011.

Results January-September 2011

• Order bookings amounted to MSEK 13,793 (14,378) and the order backlog at the end of the period amounted to MSEK 39,411 (37,451)

• Sales amounted to MSEK 16,151 (16,381), a decrease of one per cent adjusted for exchange rates effects and acquisitions

• Gross income amounted to MSEK 4,451 (3,951), corresponding to a gross margin of 27.6 per cent (24.1)

• Operating income was MSEK 2,282 (724), corresponding to an operating margin of 14.1 per cent (4.4). Capital gains are included with MSEK 1,169 (-10)

• Net income was MSEK 1,798 (434), with earnings per share after dilution of SEK 16.60 (3.89)

• Operating cash flow amounted to MSEK 2,260 (2,149)

The outlook for 2011 has changed:

In 2011, we estimate that sales will decline slightly compared to 2010, including the acquisition of Sensis.

The operating margin, excluding material net capital gains, is expected to increase slightly in 2011 compared to the adjusted operating margin 2010 of 6.5 per cent, including the acquisition of Sensis.

Previous outlook:

In 2011, we estimate that sales will decline slightly compared to 2010.

The operating margin, excluding material net capital gains, is expected to increase slightly in 2011 compared to the adjusted operating margin 2010 of 6.5 per cent.

Financial highlights

MSEK Jan-Sept 2011 Jan-Sept 2010 change, % Jul-Sept 2011 Jul-Sept 2010 Jan-Dec 2010
Order bookings 13,793 14,378  -4  3,147 3,862 26,278
Order backlog 39,411 37,451 5 -1,246** -1,408** 41,459
Sales 16,151 16,381 -1 4,838 5,004 24,434
Gross income 4,451 3,951 13 1,411 1,239 5,591
Gross margin, % 27.6 24.1   29.2 24.8 22.9
Operating income (EBIT) 2,282 724 215 1,217 322 975
Operating margin, % 14.1 4.4   25.2 6.4 4.0
Net income 1,798 434 314 1,103 188 454
Earnings per share before dilution, SEK 17.27 4.03   10.55 1.70 4.12
Earning per share after dilution, SEK 16.60 3.89   10.15 1.64 3.97
Return on equity *, % 15.2 7.0   - - 4.1
Operating cash flow 2,260 2,149 5 -74 -84 4,349
Operating cash flow per share after dilution, SEK 20.71 19.69   -0.67 -0.77 39.84
* The retrun on equity is measured over a rolling 12-month period    
** Refer to quarterly change

Statement by the President and CEO, Håkan Buskhe

"We kept a strong focus on driving efficiency improvements during the first nine months and secured important orders in strategic markets as well as strengthened our presence in for example North America, India, Brazil and the UK.

The acquisition of Sensis has strengthened our organization with wider market presence, especially in the US, and enhanced our product portfolio. Actions to capture synergies of the merged organizations are ongoing.

Market conditions are demanding, and defence budgets are being scrutinized in light of financial uncertainty, especially in Europe and the U.S. The potential impact from the uncertain market conditions is hard to assess and therefore it is important that we continue to build a readiness if the business climate further weakens.

At the same time, the market conditions creates both challenges and opportunities for Saab. We have for years focused on offering cost efficient products, solutions and services that can be bought off the shelf. We aim to achieve more with less.

Our focus going forward is to create profitable growth and to continuously assess our business portfolio. We need to grow organically as well as actively carry out structural activities in order to ensure future growth.

Our strong financial position is a competitive advantage in the current environment and we view it appropriate to remain in a net cash position," says Saab’s President and CEO Håkan Buskhe.

Press and analyst meeting
Press and financial analysts are invited to a press and analyst meeting where CEO Håkan Buskhe together with CFO Lars Granlöf present the results for January-September 2011.
Wednesday 19 October, 10.00 am C.E.T.
Grand Hôtel, Blaiseholmshamnen 8, Stockholm. Conference room Bolinderska rummet.

Phone: +46 8 463 02 30

Live webcast 
If you are unable to attend in person, please visit where a live webcast of the presentation will be available together with the presentation material. All viewers will be able to post questions to the presenters. The webcast will also be available at Saab’s website afterwards.

Fot further information, please contact:
Saab Press Centre, +46 (0)734 180 018
Saab Investor Relations, Ann-Sofi Jönsson, +46 (0)734 18721

Saab serves the global market with world-leading products, services and solutions ranging from military defence to civil security. Saab has operations and employees on all continents and constantly develops, adopts and improves new technology to meet customers’ changing needs.

The information is that which Saab AB is required to declare by the Securities Business Act and/or the Financial instruments Trading Act. The information was submitted for publication on October 19 at 07.30.