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Annual and Sustainability Report 2019

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Annual and Sustainability Report 2019 Keeping people and society safe Annual and sustainability report 2019 Partnerships for greater security Vision: It is a human right to feel safe. Mission: To make people safe by pushing intellectual and technological boundaries. It is a basic human need and a human right to feel safe. Safety is subjected to many different types of threats. This includes military threats, terrorism, accidents or natural disasters. Saab develops innovative, high-tech and cost-efficient systems to increase security for societies and individuals. At the same time, there is a realisation throughout the business that some of the systems and solutions that contribute to greater security can also be used in conflicts. This entails a major responsibility. By acting responsibly in everything we do, we earn the confidence of customers, employees and society and contribute to a safer world. Value creation Strategy Saab as an investment Saab is an international company that Saab’s strategic direction means work- Saab is on a growth journey. Recent years have seen contributes to increased security and ing closely with customers, continu- strong international growth through strategic collab- defence capabilities in Sweden and ously developing our portfolio, focus- orations and research and development. This has other countries. By working toward our ing on operating efficiency and laid the foundation for a unique position as Saab strategic priorities, we create long- embracing innovation as a business- enters an execution phase and focus is on cash flow. term value. critical imperative. → → → 8 14 34 SAAB ANNUAL AND SUSTAINABILITY REPORT 2019 Contents 2019 in brief 2 Chairman's statement 4 CEO comment 6 How we create value 8 Market and trends 10 Strategy and goals 14 Market 16 Innovation 18 Portfolio 20 Effiiciency 22 Sustainability 24 People 32 Saab as an investment 34 Saab's share 36 Administration report 38 Financial review 2019 39 Business areas 40 Other significant events 46 Risks and uncertainties 48 Statutory sustainability report 54 Corporate governance report 72 Board of Directors 78 Group Management 80 Other information 82 Financial statements and notes 86 Dividend motivation 138 Proposed disposition of 139 earnings 2019 Auditor's report 140 Information to shareholders 145 Multi-year overview 146 Glossary 147 Saab in the world 148 Sustainability report Sustainability is an integral part of Saab’s strat- egy. The sustainability report provides an About this report overview of Saab’s sustainability work with Sustainability priorities are integrated throughout the annual report. Pages 54–70 describe Saab’s sustaina- goals and results. bility work in greater detail. The formal annual report comprises pages 38-139. Certain figures have been rounded off, so tables and calculations do not always add up exactly. A printed copy of the annual report can be ordered from [email protected]. → 54 SAAB ANNUAL AND SUSTAINABILITY REPORT 2019 1 2019 IN BRIEF A year of good progress • Organic growth of 6% driven by a strong order backlog, increased deliveries and successful project execution. • Operating income increased 15% and the mar- gin improved to 8.3% (7.7). Profitability strength- ened in four business areas during the year. • The improved results was driven by a high activ- ity level and continued focus on cost efficiency. • Strategic investments in the U.S. with a new pro- ORGANIC duction facility as well as in innovation and devel- GROWTH opment. • Cash flowstrengthened and was positive in the fourth quarter due to key milestone payments. • Healthy balance sheet that supports % further growth. 6 SALES 35,433 MSEK 2 SAAB ANNUAL AND SUSTAINABILITY REPORT 2019 2019 IN BRIEF OPERATING MARGIN EQUITY/ASSETS (EBIT) RATIO % % 34.8 Share of business areas 8.3operating income ORGANIC Aeronautics GROWTH Dynamics Surveillance Support & Services Industrial Products and Services 6% Kockums SALES DIVIDEND PAYOUT RATIO 35,433 32% MSEK SAAB ANNUAL AND SUSTAINABILITY REPORT 2019 3 CHAIRMAN’S STATEMENT A strong Swedish base and growing global presence Saab has seen substantial international growth in recent years with an increased presence in key countries and with international partners. This has been possible thanks to the company’s strong Swedish base and a competitive product portfolio. Saab is now taking further steps in its growth journey, while maintaining a focus on sustainability and creating greater value – for society and all of the company’s stakeholders. In a global and highly competitive defence market, a clear and focused strategy is vital. For Saab, this means a focus on selec- ted markets, an attractive portfolio, continuous technological development, securing talent and sustainability. This is key to becoming even more competitive. In 2019, Saab’s operations continued to develop positively, while progress was made in executing the strategy. Several of Saab’s business areas reported growth and strengthened their market position. Management and employees successfully drove the business forward during the year as Saab is progres- sing toward its long-term goals. AN INNOVATIVE GLOBAL COMPANY Staying on the forefront of technological development, with a modern and advanced portfolio of defence and security pro- ducts, requires continuous investment in research and develop- ment as well as in human resources. Saab has made significant investments in the last decade, which, combined with strategic partnerships, have facilitated the company’s growth and resul- ted in a strong position in the global defence market. WITH STRONG EXPORT POTENTIAL Through a strong product portfolio, Saab can offer modern and cost-efficient solutions to both current and new customers. Thanks to the major investments made in the last decade, the company has an offering on the absolute cutting edge of tech- nology. The Gripen E/F, the new advanced trainer T-7A, the A26 submarine, a radar portfolio including Global Eye and the new generation of the Carl-Gustaf ground combat weapon are just a few, but important, examples. With several contracts for these systems being delivered, Saab has a strong and clear position in the export market. To build on this, the company will continue to invest in its core technologies going forward. Giraffe 4A 4 SAAB ANNUAL AND SUSTAINABILITY REPORT 2019 CHAIRMAN’S STATEMENT A strong Swedish base and growing global presence A VISION THAT AFFECTS EVERY ASPECT OF THE OPERATIONS Saab began its journey just before World War II with the aim of developing and supplying fighter aircraft to Sweden. It was a way for the country to increase its defence capabilities and guaran- tee access to materiel. Sweden is Saab’s strongest base, but Marcus Wallenberg, Chairman sales are increasingly coming from abroad and development and production capabilities are being added in a growing num- ber of countries. Today we find ourselves in a situation where political structu- res are changing and geopolitical developments have deterio- rated. This affects what countries are doing to improve their defence capabilities. Saab’s vision to keep people safe is just as important today as it was when the company was founded. With As a company in the defence industry, it is of great a growing export business, Saab also has a responsibility to importance to work actively to live up to laws and regulations on support more countries in this effort. This is something Saab’s anti-corruption, information security and exports. Saab’s comp- Board of Directors attaches great importance to. liance programmes in these areas should be world-class in the industry. The business also has to continue to operate respon- THE JOURNEY CONTINUES sibly for people and the environment throughout the entire value During the year, Håkan Buskhe decided to step down as Presi- chain. We have zero tolerance for corruption in the company, dent and CEO of Saab after having been with the company for and it is my firm belief that Saab can only be profitable in the long nearly ten years. I want to thank Håkan for his contribution in term if we operate in a socially and environmentally sustainable transforming Saab into a growing and even more international way. company. The Board of Directors has appointed Micael Johans- Finally, Saab’s employees are very important to our ability to son as his successor as CEO. I am convinced that Micael, with achieve the long-term goals. I want to thank all our employees his experience and expertise, is the right person to lead Saab for their passion and contributions to the Group during the year. forward. Now we look forward to taking further steps toward Saab’s goals and to create sustainable long-term value for both society and FOCUS ON SUSTAINABILITY AND VALUE CREATION all of the company’s stakeholders A commitment to sustainability sets the foundation for a company’s long-term development and growth. Saab creates Stockholm, February 2020 value by providing security and defence capabilities to Sweden and other countries. This is the basis of our sustainability com- Marcus Wallenberg mitment. Chairman SAAB ANNUAL AND SUSTAINABILITY REPORT 2019 5 CEO COMMENT A unique position for continued growth In October, Micael Johansson took over as the new President and CEO of Saab. Micael has worked at Saab since 1985 and in the last three years served as Deputy CEO and thereby played an important role in Saab’s development. Micael Johansson, President & CEO WHAT POSITION DOES SAAB HAVE TODAY? For several years, Saab has been making investments to guar- antee world-leading products to the market. In doing so, we have strengthened our market position by establishing a broad international base with development and production in a num- ber of countries. These investments have helped Saab to greatly increase the order backlog and facilitated ongoing growth. This has included contracts for major systems as well as what we describe as small and medium-sized orders.
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