Defence and security company Saab presents the results for 2011.
Results January-December 2011
• Order bookings amounted to MSEK 18,907 (26,278) and the order backlog at year-end amounted to MSEK 37,172 (41,459)
• Sales amounted to MSEK 23,498 (24,434), a decrease of 4 per cent adjusted for exchange rates effects and acquisitions
• Gross income amounted to MSEK 6,707 (5,591), corresponding to a gross margin of 28.5 per cent (22.9)
• Operating income was MSEK 2,941 (975), corresponding to an operating margin of 12.5 per cent (4.0). Capital gains of MSEK 1,169 (14) are included in 2011 compared to structural costs of MSEK 616 in 2010
• Net income was MSEK 2,217 (454), with earnings per share after dilution of SEK 20.38 (3.97)
• Operating cash flow amounted to MSEK 2,477 (4,349)
• Proposed dividend for 2011 SEK 4.50 per share (3.50)
In 2012, we estimate that sales will increase slightly compared to 2011.
The operating margin in 2012, excluding material net capital gains, is expected to be in line with the operating margin in 2011, excluding material net capital gains, of 7.5 per cent.
MSEK Jan-Dec Jan Change, Oct Oct
2011 -Dec % -Dec 2011 -Dec 2010
Order bookings 18,907 26,278 -28 5,114 11,900
Order backlog 37,172 41,459 -10 -2,239** 4,008**
Sales 23,498 24,434 -4 7,347 8,053
Gross income 6,707 5,591 20 2,256 1,640
Gross margin, % 28.5 22.9 30.7 20.4
Operating income (EBIT) 2,941 975 202 659 251
Operating margin, % 12.5 4.0 9.0 3.1
Net income 2,217 454 388 419 20
Earnings per share 21.19 4.12 3.92 0.09
before dilution, SEK
Earnings per share 20.38 3.97 3.78 0.08
after dilution, SEK
Return on equity *, % 18.1 4.1
Operating cash flow*** 2,477 4,349 -43 217 2,200
Operating cash flow per 22.69 39.84 1.98 20.16
share after dilution,
* The return on equity
is measured over a
rolling 12-month period
** Refer to quarterly
*** Operating cash flow
includes cash flow
activities of MSEK
and cash flow from
excluding change in
financial assets of
MSEK 85 (
Statement by the President and CEO, Håkan Buskhe
"2011 was an important year for us, and we secured several key orders, such as further development and system maintenance orders for Gripen to the Swedish Defence Material Administration and for our multi-mission radar system Giraffe to the U.S. Department of State. With the current tough economic conditions in the western world our cost-efficient and cutting-edge technology products and solutions are a clear competitive advantage. I am also proud of the strong recognition Gripen received when the Swiss government down-selected it for negotiations as a future multirole fighter aircraft.
We saw an impact from the subdued market situation mainly in the second half of the year, with lower order intake as a consequence of continuous delays in customers’ decision making processes.
Sales declined slightly, but we have consistently throughout the year taken actions in line with our strategic targets in order to create a stronger platform for growth. We have increased our local presence in selected markets, established several local partnerships and made acquisitions to extend our market reach. All in all, we streamlined our company portfolio, acquired companies in growth areas and divested several non-core assets in 2011. In total more than 10 transactions were concluded.
In order to grow, an underlying profitable and efficient operation is a prerequisite. We increased our underlying profitability in 2011 and good project execution was one of the main drivers for this.
For 2012, we estimate that sales will increase slightly compared to 2011. Our balance sheet is solid and we closed the year with a strong net cash position. It is our aim to remain in a net cash position for a foreseeable future in order to stand strong amidst current economic conditions as well as to be able to handle potential large business opportunities," 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 year-end report 2011.
Friday, 10 February, 10.00 am C.E.T
World Trade Center, Conference Center, conference room Atlanta
Entrance: Klarabergsviadukten 70 or Kungsbron 1
If you are unable to attend in person, please visit http://www.saabgroup.com/en/InvestorRelations 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.
Tel: +46 (0) 8 463 02 30
For further information, please contact:
Saab Press Centre, +46 (0)734 180 018
Saab Investor Relations, Ann-Sofi Jönsson, +46 (0)734 187214
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 February 10 at 07.30 am CET.
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.