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INTERIM REPORTJANUARY - SEPTEMBER 2010
PRESIDENT AND CEO HÅKAN BUSKHE, CFO LARS GRANLÖF20 OCTOBER, 2010INTERIM REPORT, PRESS AND ANALYST MEETING
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A FLYING START
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JANUARY – SEPTEMBER 2010Important orders secured, still impacted by delayed customer decision making processesDue to a different project mix and a lower activity level in someprojects sales declinedHigher costs in the first half year had a negative impact on profitabilityStrong cash flow generation, driven by excellent project executionA solid balance sheet, providing us with a strong platform for the future
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STRENGTHENING THE COMPANY
Stronger market focus - Growth
More focused portfolio - Portfolio
More efficient operations - Performance• Billion+ programme according to plan
• Increasing focus on execution of operationalpriorities
• Structural actions in fourth quarter of 2010, expected restructuring costs of up to MSEK 500
1,500
250
600
650
2009 2010 201120082007
Billion+ programme,cost reduction plan (MSEK)
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MARKET UPDATEContinued delays in defence and civil security customer decision making processes Commercial air market recovering Swedish budget proposition in October highlights GripencommitmentThe Swedish Defence and Security Export Agency (FXM) established in August 2010
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AERONAUTICS, Q3 2010 Order bookings increased following order intake for Airbus A380 Order from FMV for the integration of the active radar-guidedBeyond Visual Range missile, MeteorProfitability increased due to good results from efficiencyimprovement measures
7
DYNAMICS,Q3 2010
Largest individualmultispectral camouflage order so far (MSEK 670) Order received from FMV for 3D Rapid mapping systemU.S. Marine Corps order for Solar Shading and Concealment Systems, SOLSCONSUnder absorption of costs in some areas and a changedproduct mix impactedprofitability
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ELECTRONIC DEFENCE SYSTEMS, Q3 2010 Contract for Pilot, Naval Surveillance RadarSuccessful trials of helicopter Electronic Warfare self-protection system for Swedish NH90Saab’s Civil Aircraft Missile Protection System achieved civil certification (STC)Profitability impacted by high development costs, for example for LEDS (Land Electronic Defence System)
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SECURITY AND DEFENCE SOLUTIONS,Q3 2010
Multi-year contract for U.S. Marine Corps Range Target SystemsOrder for upgrading security system in Prague’s subwaySAFE launched – new generation Safety and Security Management SystemJudgement in Saab’s favour in DACCIS trial Profitability improved as a result of efficient project execution and the DACCIS claim
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SEK 4.5 BILLION ORDER FOR AIRBORNE SURVEILLANCE SYSTEM, OCTOBER 2010
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SUPPORT AND SERVICES, Q3 2010
Good order intake in smaller and mid-sized orders, especiallyin SwedenExtension of service contract with FMV for Swedish target flightoperationsProfitability improved due to efficient project execution
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CHANGED OUTLOOK 2010
We remain cautious regarding order intake and foresee sales at about the same level as 2009.Our reported operating income will be lower compared to 2009, reflecting expected restructuring costs in the fourth quarter 2010. The adjusted operating margin will be at about the same level as 2009.Our long-term financial targets remain.
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OUR WAY FORWARDGrowth• Concentrated market efforts
Portfolio• Secure growth and leading technology
development technology in prioritized areasPerformance• Increasing focus on execution of operational
priorities
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SAAB GROUP
CMOCorporate
functions
Aeronautics Electronic DefenceSystems
Support and Services
Dynamics Security and DefenceSolutions
Marketing and business development
Functionalmanagement
CEO
Dep. CEO & COO
JANUARY - SEPTEMBER 2010FINANCIALS
LARS GRANLÖF, CFO20 OCTOBER, 2010FINANCIALS, JANUARY - SEPTEMBER 2010
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ORDER BOOKINGS AND ORDER BACKLOG
Jan-Sept Jan-Sept 30 SeptMSEK 2010 2009 2010
Aeronautics 4,522 1,628 15,319Dynamics 2,698 2,395 6,497Electronic Defence Systems 2,134 1,541 6,197Security and Defence Solutions 2,828 4,180 6,728Support and Services 2,409 2,300 4,092Corporate/Internal -213 -663 -1,382Saab Group 14,378 11,381 37,451
Order Order Orderbookings bookings backlog
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ORDER BACKLOG
NLAW
RBS70
AT4/Carl-Gustaf
Tornado
ANZAC
Civil security
solutions
Airborne surveillance
system
Order backlog duration(SEK billion):
2010: 6.8 2011: 14.1 2012: 6.12013: 3.6After 2013: 6.9
Total: 37.5
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SALES
AeronauticsDynamicsElectronic Defence SystemsSecurity and Defence SolutionsSupport and Services Corporate/InternalSaab Group
Jan-Sept Jan-SeptMSEK 2010 2009 Change
4,6793,1763,0044,0092,333-820
16,381
5,4383,0993,2673,5602,532
-1,01716,879
-14%2%
-8%13%-8%
-3%
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OPERATING INCOME, EBIT
Aeronautics 128 2.7% 4.5% -67 -1.2% 0.6% Dynamics 290 9.1% 8.8% 252 8.1% 8.1% Electronic Defence Systems 157 5.2% 5.2% 93 2.8% 2.8%Security and Defence Solutions -72 -1.8% -1.4% 157 4.4% 4.4%Support and Services 244 10.5% 10.5% 262 10.3% 10.3%Corporate -23 174
Saab Group 724 4.4% 5.1% 871 5.2% 4.9%
Jan-Sept adj. Jan-Sept adj.MSEK 2010 margin margin 2009 margin margin
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INCOME STATEMENT
Sales 16,879Cost of goods sold -12,627Gross income 4,252Gross margin 25.2%Other operating income 147Marketing expenses -1,261Administrative expenses -913Research and development costs -1,246Other operating expenses -44Share of income inassociated companies -64Operating income 871Operating margin 5.2%Share of income inassociated companies 1Result from financial investments -357Income before taxes 515Taxes -139Net income 376
Jan-SeptMSEK 2009
16,381-12,430
3,95124.1%
121-1,247
-804-1,241
-69
13724
4.4%
24-164584
-150434
Jan-Sept2010
Earnings per share after dilution, SEK 3.42Tax rate 27%
3.8926%
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STATEMENT OF FINANCIAL POSITION
30 Sept 31 Dec ChangeMSEK 2010 2009
AssetsFixed assets 13,056 14,110 -1,054Current assets 14,616 16,320 -1,704 Total assets 27,672 30,430 -2,758
Shareholders’ equity and liabilitiesShareholders’ equity 11,366 10,682 684Long-term liabilities 4,309 4,468 -159Short-term liabilities 11,997 15,280 -3,283Total liabilities 16,306 19,748 -3,442Total shareholders’ equity & liabilities 27,672 30,430 -2,758
Equity/assets ratio 41.1% 35.1%
Total net liquidity/debt(-) 1,151 -634 1,785
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SUMMARISED CASH FLOW JANUARY-SEPTEMBER 2010
Cash flow from operations 1,482
Inventories -329 -910Receivables 1,834Advances -4 -266Liabilities -1,485Provisions -211Change in working capital -1,038
Intangible assets -74Tangible assets -153Lease assets 47Acquisitions -67Divestments 11Acq/sales of financial assets -31Cash flow from investments -267
Operating cash flow 177
MSEK 2009
1,595 79 1,674
45 -2841,590 -67 1,523
- -4-296 -88 -384-365 30 -335596 -80 516
-63 - -63-154 - -154
-1 60 59- - -- 133 133
-24 8 -16-242 201 -41
1,949 200 2,149
ActualSaab SAL/M&A 2010