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Complex World: Advantage Saab Annual Report 2012 Contents COMPLEX WORLD: ADVANTAGE SAAB ANNUAL REPORT 2012 CONTENTS Saab in brief ... Cover – Profitable growth 18 ADMINISTRATION REPORT Financial statements 59 … and our 2012 results inside – Performance 19 Financial review 44 Notes 71 Saab today 1 – Portfolio 20 Business areas 46 Dividend motivation 121 Saab’s DNA 2 – People 22 Risks and risk Proposed disposition Chairman’s statement 4 Geographic areas 28 management 52 of earnings 122 CEO comment 6 Market segments 30 Other information 56 Audit report 123 Gripen 8 Sustainability 32 Corporate governance report 124 Megatrends 10 – Ethics 36 Shareholder information 135 Market and – Society 37 Financial information 2013 Driving forces 12 – Environment 38 and contact details 142 Saab’s business model 14 – Employees 40 Glossary 143 Strategic goals 16 While every care has been taken in the translation of this annual report, readers are reminded that the original annual report, signed by the Board of Directors, is in Swedish. IMPORTANT EVENTS IN 2012 Q1 Q2 Q3 Q4 During Q1 2012, FMV (the Major orders received during It was announced during Q3 In December, Saab signed a Swedish Defence Materiel Ad- Q2 include the extension of that the U.S. Army’s signed a framework agreement with ministration) placed an order Airbus’ contract for ailerons second contract for the Carl- Piaggio Aero Industries of for maintenance and updating for the A320 series, the Thai Gustaf man-portable weapon Italy. Under the agreement, work for Gripen C/D and Saab Navy’s order for upgrades to system and the Thai Navy or- Saab received an initial order Sensis was selected by the the combat management sys- dered an upgrade of the com- for the delivery and integration American Federal Aviation Ad- tem for H.T.M.S. Chakri Naru- bat management system for of surveillance systems for ministration (FAA) for the Air- ebet, and the Australian De- frigates H.T.M.S. Naresuan Piaggio Aero’s new surveil- port Surface Surveillance Ca- fence Materiel Organisation and H.T.M.S Taksin. Combi- lance aircraft. pability (ASSC) programme, order of ammunition for the tech acquired 70 per cent of two significant acknowledge- Carl-Gustaf. the shares of the Norwegian Saab received an order for the ments of Saab’s expertise and company Bayes Risk Mana- RBS15 Mk3 air-to-surface world-class high-tech solu- Saab made a public bid during gement AS. missile from German partner tions. the quarter for HITT N.V., a air company Diehl BGT Defence. and marine traffic manage- As part of the strategy to in- Combitech acquired Sörman ment company. This acquisi- crease our presence in key The European unmanned Information during Q1 as part tion is in line with our overall markets, a MoU and a Techni- technology demonstrator of Combitech’s strategy to ex- strategy to strengthen our po- cal Partnership Agreement Neuron held its first flight from pand its range of services and sition on the global traffic ma- (TPA) were signed with the In- Istres, France – an important grow in the Nordic consulting nagement market. dian company Pipavav De- milestone in the programme, market. fence and Offshore Enginee- in which Saab has played a A MoU (Memorandum of Un- ring Co Ltd. crucial role in design, deve- During the quarter, Hungary derstanding) was signed with lopment and production. extended its contract with the Inter-American Develop- An agreement between Saab Sweden for the use of Gripen ment Bank for a project offe- Automobile’s creditor and During Q4, the Swedish parli- through 2026 to ensure the ring financing to Latin Ameri- Saab AB, Scania and National ament voted in favour of allo- continued development of its can cities to promote Electric Vehicle Sweden wing the government to place defence capability. sustainable development. (NEVS) regarding the Saab an order for the acquisition of brand was announced in Sep- 40-60 Gripen E. This decision During Q2, Magnus Örnberg tember. demonstrates broad political was appointed Saab’s new consensus to upgrade Swe- Senior Vice President and dish air defence to one of the Chief Financial Officer. most modern in the world as well as continued faith in Gri- Saab premiered its new Mari- pen as the backbone of this. time Security Aircraft - the Saab MSA. During the quarter, the Gripen E/F demonstration aircraft The first graduating class of was shown for the first time to Saab’s Technical Secondary the Swiss public at the Swiss School graduated in June. Air Force’s annual exhibition at Axalp-Ebenfluh. SAAB IN BRIEF… Saab offers world-leading solutions, products and services for military de- fence and security. New technology is continuously developed, adapted and improved to meet customers’ changing needs in over 100 countries. The most important markets are Europe, Asia and North America. Saab has about 14,000 employees and annual sales in 2012 were approximately SEK 24 bil- lion, of which around 25 per cent was related to research and development. New market organisation from 2013 – six market areas To create profitable and long-term growth, we are placing clear focus on increasing our international presence and sales outside of Sweden. This expansion is directed towards markets with strong demand and favourable conditions for growth. We have therefore established six market areas. NORDIC & BALTIC Includes Sweden and other Nordic and Baltic countries. Head office in Stockholm, Sweden. AMERICAS EUROPE & GREATER MIDDLE EAST INDIA Covers North and South America. Includes other European countries Includes India. Head office in New Head office in Washington, D.C., and parts of the Middle East. Head Delhi. USA. office in in London, UK. SUB-SAHARAN AFRICA ASIA PACIFIC Includes countries south of the Covers other Asian countries, New Sahara. Head office in Centurion, Zealand and Australia. Head office South Africa. in Bangkok, Thailand. Sales distribution 2012 Business areas, % Market segments, % Geographical markets, % Aeronautics, 24 Air, 39 Sweden, 36 Dynamics, 18 Land, 33 EU excluding Sweden, 19 Other Europe, 2 EDS, 17 Americas, 12 SDS, 23 Naval, 11 Asia Pacific, 20 S&S, 13 Civil security, 8 Commercial aeronautics, 6 Africa, 6 Combitech, 5 Other, 3 Other, 5 … AND OUR 2012 RESULTS t0SEFSCPPLJOHTBNPVOUFEUP.4&, BOEUIFPSEFS Outlook statement 2013: CBDLMPHBUUIFFOEPG%FDFNCFSXBT.4&, t*O XFFTUJNBUFUIBUTBMFTXJMMJODSFBTFTMJHIUMZDPNQBSFEUP t4BMFTJODSFBTFEQFSDFOUUP.4&, &YDMVEJOHBDRVJTJ- tions sales decreased 2 per cent. Exchange rates had no significant im- t5IFPQFSBUJOHNBSHJOJO FYDMVEJOHNBUFSJBMOFUDBQJUBMHBJOTBOE pact on sales. other non-recurring items, is expected to be in line with the operating NBSHJOJO FYDMVEJOHNBUFSJBMOPOSFDVSSJOHJUFNT PGQFSDFOU t(SPTTJODPNFBNPVOUFEUP.4&, DPSSFTQPOEJOHUPB HSPTTNBSHJOPGQFSDFOU Key financial ratios (MSEK) 2012 2011 - t0QFSBUJOHJODPNFXBT.4&, DPSSFTQPOEJOHUPBOPQFSB Order bookings 20,683 18,907 ting margin of 8.5 per cent (12.5). This included a non-recurring item of .4&,GSPNBSFEVDUJPOPGBQPUFOUJBMFBSOPVUMJBCJMJUZJODMVEFE Order backlog at year-end 34,151 37,172 DBQJUBMHBJOTPG.4&, "EKVTUFEGPSOPOSFDVSSJOHJUFNTUIFPQF- Sales 24,010 23,498 SBUJOHNBSHJOXBTQFSDFOU EBITDA 3,168 4,088 t/FUJODPNFXBT.4&, XJUIFBSOJOHTQFSTIBSFBGUFSEJMV- EBITDA margin, % 13.2 17.4 tion of SEK 14.33 (20.38). Operating income (EBIT) 2,032 2,941 t5IFPQFSBUJOHDBTInPXPG.4&, JOXBTOFHBUJWF Operating margin (EBIT margin), % 8.5 12.5 mainly as a result of a higher utilisation of, and reduction in, advances Income after financial items 1,906 2,783 and milestone payments as well as a higher net amount spent on acqui- Net income 1,539 2,217 sitions and divestments than in 2011. In the fourth quarter the operating DBTInPXBNPVOUFEUP.4&, Operating cash flow -396 2,477 Earnings per share, SEK (after dilution) 14.33 20.38 t1SPQPTFEEJWJEFOEGPSJT4&,QFSTIBSF Operating cash flow per share, SEK -3.63 22.69 Dividend per share, SEK 4.50 1) 4.50 Major events after the conclusion of the year: Return on equity, % 11.3 18.1 Equity/Assets ratio, % 47.5 41.1 t0O'FCSVBSZ 4BBCBOOPVODFEUIFTJHOJOHPGBOBHSFFNFOU XJUIUIF4XFEJTI%FGFODF.BUFSJFM"ENJOJTUSBUJPO '.7 GPS(SJQFO& Total research and development (R&D) 5,946 5,116 5IFBHSFFNFOUJODMVEFTEFWFMPQNFOUBOENPEJmDBUJPOPG(SJQFO&GPS expenditures 4XFEFOEVSJOHUIFQFSJPEBOEBQPTTJCMFPSEFSGPSOFXQSP- Internally financed R&D 1,798 1,355 EVDUJPOPG(SJQFO&GSPN4XJU[FSMBOE'.7IBTUPEBZQMBDFEBOJOJUJBMEF- R&D share of sales 7.5 5.8 velopment order of SEK 2.5 billion for operations during 2013-2014. Re- No. of employees at year-end 13,968 13,068 maining orders from Sweden are expected in 2013-2014. The total value of possible orders under the agreement amounts to a total of SEK 47.2 Share of women, % 22.0 22.0 billion. Academic degree, % 55 54 1SPQPTFECZUIF#PBSEPG%JSFDUPST Long-term financial goals and results Sales, SEK billion Operating margin, % Equity/Assets ratio, % Dividend, SEK Organic sales growth shall average The operating margin after deprecia- The equity/assets ratio shall exceed The long-term dividend objective is 5 per cent annually over a business tion/amortisation (EBIT) shall be at 30 per cent. to distribute 20–40 per cent of net cycle. least 10 per cent. The goal is formu- income over a business cycle to At year-end 2012, the equity/assets lated as an average over a business shareholders. In 2012, the organic growth was ratio was 47.5 per cent (41.1). cycle. -2 per cent (-4). For 2012, the Board of Directors . In 2012, the operating margin after proposes a dividend of SEK 4.50. depreciation/amortisation (EBIT) This would represent 30 per cent of was 8.5 per cent (12.5). the net income. 2550 24 47 23 24 48 13 4.50 4.50 41 41 39 38 37 35 3.50 9 2.25 6 4 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 20121 1) Proposed by Board of Directors SAAB TODAY OUR VISION OUR STRATEGIC HOUSE It is a human right to feel safe. Since 2010, our strategy has focused on four priority areas.
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