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

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