SAAB: Interim Report January - September 2000.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Oct. 25, 2000 * Order bookings after nine months amounted to SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 23 billion, of which SEK 5 billion during the third quarter * Sales amounted to SEK 12,313 m. (pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma 12,399). * Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased to SEK 876 m. (pro forma 725). * Earnings per share amounted to SEK 4.81 (pro forma 4.42). * After-tax return on shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. 14.5% and pre-tax return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). 12.0% Comment by the President "The acquisition of Celsius took place at the beginning of March this year. Since then, operations have been characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by intensive, internal integration work with major structural changes, as well as considerable activity and success in our markets. "Order bookings after nine months amounted to SEK 23 billion, an all-time high, and the order backlog at the end of the same period was SEK 41 billion. This corresponds to over two years' invoicing in·voice n. 1. A detailed list of goods shipped or services rendered, with an account of all costs; an itemized bill. 2. The goods or services itemized in an invoice. tr.v. and at least one year's invoicing for all individual business areas. "Several of the orders obtained represent important breakthroughs, either in markets or products. Examples include the mobile combat training center for the Netherlands, the Netherlands, The officially Kingdom of The Netherlands byname Holland Country, northwestern Europe. Area: 16,034 sq mi (41,528 sq km). Population (2005 est.): 16,300,000. Capital: Amsterdam. Seat of government: The Hague. Most of the people are Dutch. first serial order for the Bamse air defense missile, the Gripen aircraft for South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , a new generation of marine command and control systems, and equipment for a new generation of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. satellites. "We now have an internationally competitive product portfolio in all our future-oriented business areas. "In connection with the extensive structural measures necessitated through the acquisition of Celsius, a detailed review has been made of certain major projects. We have found that a number of development projects in the torpedo torpedo, in naval warfare torpedo, in naval warfare, a self-propelled submarine projectile loaded with explosives, used for the destruction of enemy ships. Although there were attempts at subsurface warfare in the 16th and 17th cent. and missiles operations from the former Celsius Group have required further provisions due to cost overruns Noun 1. cost overrun - excess of cost over budget; "the cost overrun necessitated an additional allocation of funds in the budget" cost - the total spent for goods or services including money and time and labor . This will have no influence on the long-term earnings capability. However, the third quarter also contains a positive extraordinary item through the revenue from SPP's surplus, which in total means a small positive effect on the period's income. "Normally, the third quarter is affected by some seasonal fluctuations and a somewhat lower sales in our type of operations and this year is no exception. The income has also, in addition to above mentioned costs, been burdened with certain other extraordinary expenditures such as integration costs in AertechTelub. The fourth quarter is expected to be strong also this year. "The integration and structuring process has so far entailed streamlining with the aid of divestments and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. ; focusing and rationalization rationalization, in psychology: see defense mechanism. in the business areas, mainly Dynamics; closure of the head office functions in Celsius; new management structures and changes on managerial level, and various other measures. This work is closely following the plan which aims at generating at least SEK 400 million a year in cost savings within three years." Business areas Saab consists of the business areas Infomatics, Aerospace, Technical Support & Services, Dynamics, Space, Aviation Services and Other operations. Infomatics Business area Infomatics focuses on command and control systems, simulation systems and avionics avionics (ā'vēŏn`ĭks), electronic instruments used in air or space flight; also the design and production of such instruments. Early planes had few instruments, but as aviation and aircraft became more complex, so did instrumentation. as well as commercial operations in IT and electronics. During the quarter, operations were acquired in the area of EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. , Electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. Coexistence co·ex·ist intr.v. co·ex·ist·ed, co·ex·ist·ing, co·ex·ists 1. To exist together, at the same time, or in the same place. 2. , which will further strengthen Infomatics' know-how in the field of undesirable interaction between electronics systems. Sales amounted to SEK 2,995 m. (pro forma 2,875). Operating income was SEK 158 m. (pro forma 58), corresponding to an operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 5.3 percent. The improvement is mainly attributable to the systems business and to the phasing out of certain development projects. Order bookings, which during the first nine months have been very good for most of the business units, totaled SEK 3,266 m. (pro forma 1,702). During the third quarter order bookings were SEK 808 m. and included among others orders from FMV FMV - full-motion video regarding further development of the environment simulator (1) Software that enables the execution of an application written for a different computer environment. Same as emulator. (2) Software that models the interactions of hypothetical or real-world objects or business processes. , STRIC, for the Air Force and for multispectral, mobile camouflage camouflage (kăm`əfläzh), in warfare, the disguising of objects with artificial aids, especially for the purpose of making them blend into their surroundings or of deceiving the observer as to the location of strategic points. systems for the Leopard 2 tanks, an order from the Brazil oil company Petrobras for radar-based level gauging systems for tank terminals and an order from Ericsson regarding a radio link for military use. In addition to this, an order was received in the beginning of October for a digital recorder See DVR and CD-R. to the upgrade of the display systems in the Spanish F-18. Aerospace Business area Aerospace develops and manufactures military aircraft systems and is a partner and supplier in subsystems for manufacturers of large commercial aircraft. Sales amounted to SEK 2,717 m. (pro forma 2,973), of which Commercial Programs including sales of spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. to Saab Aircraft was SEK 164 m. (141). The decrease is mainly due to less work on the Swedish further development program for Gripen. During the first nine months, 12 (12) Gripen aircraft have been delivered. A total of 93 aircraft have thus been delivered out of the total of 204 ordered by the Swedish Defence Materiel Administration The Swedish Defence Materiel Administration (Försvarets materielverk, FMV) is a Swedish government agency that reports to the Ministry of Defence. The agency is responsible for the supply of materiel to the Swedish defence organisation. It is located in Stockholm. , FMV. Gripen is currently being delivered to FMV at a rate of 17 aircraft per year. Operating income was SEK 238 m. (pro forma 261), corresponding to an operating margin of 8.8 percent. The period's investments in the export program for the Gripen were higher than last year and are expected to be higher also on a whole-year basis. The cost for this effort has been charged to income. Order bookings was SEK 11,596 m. (pro forma 1,647), including the South African order for 28 Gripen aircraft with related equipment, training, etc. of SEK 9.3 bn. Order bookings during the third quarter amounted to SEK 908 m. and included among others an order worth close to SEK 600 m. from FMV for upgrading of earlier delivered Gripen aircraft. Technical Support & Services In recent years, Saab has grown both organically and through acquisitions in the field of advanced services, which is considered to be an interesting future market. Business area Technical Support & Services provides advanced services for both commercial and military customers. The business area is dominated by AerotechTelub, which was formed on January 1 this year and is owned to 57 percent by Saab and to 43 percent by TietoEnator. AerotechTelub is an advanced service company primarily oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. towards technical services, operation and maintenance, and systems for testing, simulation, traffic management and customized information systems. The business area also includes Saab Nyge Aero, which is active in aircraft maintenance, aerial aerial: see antenna, in electronics. target towing and special flight operations. Sales amounted to SEK 1,660 m. (pro forma 1,649). Operating income was SEK 106 m. (pro forma 101), corresponding to an operating margin of 6.4 percent. Order bookings amounted to SEK 2,087 m. (pro forma 1,616), of which SEK 557 m. in the third quarter related to a computerized computerized adapted for analysis, storage and retrieval on a computer. computerized axial tomography see computed tomography. test system for the Swedish Army's Leopard 2 battle tanks and a new radio system for the Gripen, among other projects. In addition, an outline agreement has been signed with the National Police Board in the area of IT security. Dynamics Saab's activities in precision engagement have been gathered in business area Dynamics, which develops and produces missile systems, portable anti- armor systems and underwater Underwater 1. The condition a call option is in when its strike price is higher than the market price of the underlying stock. 2. The condition a put option is in when its strike price is lower than the market price of the underlying stock. systems for land, sea and air applications. Sales amounted to SEK 1,502 m. (pro forma 1,999). Sales decreased in several parts of the operation, but the decrease is mainly due to large deliveries of STRIX during 1999. An intensive integration work is ongoing in the business area to realize cost synergies Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. Notes: The savings in operating costs usually come in the form of laying off employees. and focus the business. This has produced effect as from the third quarter, which showed a positive operating income of SEK 28 m. Operating income for the first nine months by that amounted to SEK 1 m. (pro forma -23). Order bookings totaled SEK 2,608 m. (pro forma 1,631), of which SEK 1,699 m. in the third quarter including among others the first serial production order for the Bamse air defense missile from FMV worth above SEK 1 billion, an order worth over SEK 300 m. from France regarding the new version of the AT 4 CS, anti armor weapon system, an order from FMV for advanced mobile underwater data acquisition systems and several orders for Carl Gustaf ammunition This article is largely based on the article in the out-of-copyright 11th edition of the Encyclopdia Britannica, which was produced in 1911. It should be brought up to date to reflect subsequent history or scholarship (including the references, if any). . At the end of September, a further successful test flight was performed with the autonomous stand-off missile Standoff missiles are missiles used against land-based targets in an offensive operation; their main goal is to break an opponent's defensive line and push them back. Often, a standoff missile is also a short-range ballistic missile. TAURUS KEPD KEPD Kinetic Energy Penetrator Destructor 350, which is being developed together with the German company LFK LFK Lenkflugkoerpersysteme GmbH (European Aeronautic Defence and Space Company) LFK Luftforsvarets Forsyningskommando LFK Light French Kissing (Lenkflugkorpersysteme GmbH) for the German Air Force. Space Space, which is owned to 60 percent by Saab and 40 percent by Ericsson, develops and manufactures onboard Refers to a chip or other hardware component that is directly attached to the printed circuit board (motherboard). Contrast with offboard. See inboard. computers, antennas and other electronic and mechanical equipment for the space industry. Sales amounted to SEK 518 m. (506). Close to 50 percent of sales went to the commercial telecom market and 94 percent of total sales were to markets outside Sweden. Operating income was SEK 44 m. (51), giving an operating margin of 8.5 percent. The deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in earnings is due to internally financed development costs related to the intensified in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: focus on the commercial telecom market. Order bookings amounted to SEK 501 m. (558), of which SEK 172 m. in the third quarter including onboard computers and antennas to Alcatel concerning Eutelsat's Atlantic Bird Atlantic Bird is the name for a set of satellites operated by Eutelsat operating over the Atlantic Ocean. Two of the original three satellites replaced the France Telecom Telecom 2 series satellites which Eutelsat had acquired in 1999. 2 and HotBird 6 spacecraft spacecraft Vehicle designed to operate, with or without a crew, in a controlled flight pattern above Earth's lower atmosphere. Since streamlining is not needed in the high vacuum of this environment, a spacecraft's shape is designed according to its mission (see and microwave electronics to Hughes for the new high-speed multimedia satellite system called Spaceway. Close to half of the order bookings related to markets outside the institutional market and in September the second sales office in the USA was opened in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. in order to be closer to customers. Aviation Services Celsius Aviation Services, CAS, is active in commercial aircraft maintenance with the focus on the USA. Partly as a result of the economic cycle, the work of finding a new owner for CAS has been more complex than expected. A review of the business structure is now ongoing and discussions have started with potential purchasers of individual companies in the business among other things. Sales during the first nine months amounted to SEK 2,356 m. (2,170) and operating income was SEK 105 m. (150). The deterioration in earnings is mainly due to a general cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the markets processed by CAS. Order bookings amounted to SEK 2,516 m. (2,078). During the third quarter, a new outline agreement for jet engine maintenance valued at SEK 1,020 m. was signed with the American defense. Other operations Other operations include long-term commitments in the form of the leasing portfolio and maintenance operations for Saab's regional aircraft, as well as a number of niche companies. To handle the long-term provision of capital for these companies and to realize values, we are seeking structural solutions for several of these operations. During the third quarter the 30 percent stake in the drilling rig Louisiana was divested. Sales, income and orders Sales Group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. increased by 83 percent to SEK 12,313 m. (6,733, pro forma 12,399). This is on the level with pro forma last year except for Dynamics due to the fact that last year several contracts were finalized See finalization. and this year includes the development phase of several new projects and for Aerospace due to decreased pace in the Swedish further development program for Gripen. The increase in Other operations is mainly attributable to sales of spares in Saab Aircraft. Income Operating income increased 21 percent to SEK 876 m. (725, pro forma 725), corresponding to an operating margin of 7.1 percent. The improved operating income is mainly attributable to Infomatics, the structural work within Dynamics and to capital gains totaling SEK 353 m. from the divestments of Combitech Network and Traffic Systems. Project interest on non-utilized advance payments, accounted for in gross margin, amounted to SEK 128 m. (183). The ongoing termination of the regional aircraft business is still better than plan. The period's losses for Regional Aircraft of SEK -361 m. (-607) and in Saab Aircraft Leasing of SEK -72 m. (-90) have as previously been charged against the termination reserve and loss risk reserve respectively. Marketing activities have in general been higher in all business areas this year compared to the corresponding period last year. Research and development costs amounted to SEK 603 m. (pro forma 570). The increase is partly attributable to development work on the export version of Gripen. Other operating income consists among others of capital gains from divesting operations of SEK 353 m. (32). The divestment divestment to strip one's investment from an entity. of the drill rig Louisiana had no effect on income. Items affecting comparability amounted to SEK 33 m. (212) and related this year to funds of SEK 521 m. received from SPP (1) (Scalable Parallel Processor) A multiprocessing computer that can be upgraded by adding more CPUs. (2) (Standard Parallel Port) The Centronics parallel port that was used on the first PCs. and provisions of SEK 488 m. for certain development projects in the torpedo and missiles operations from the former Celsius Group. Items affecting comparability for the previous year relate mainly to dissolution Act or process of dissolving; termination; winding up. In this sense it is frequently used in the phrase dissolution of a partnership. The dissolution of a contract is its Rescission by the parties themselves or by a court that nullifies its binding force and reinstates each of provisions regarding Regional Aircraft. The Saab Group has received a total of SEK 1,262 m. from SPP, of which SEK 722 m. has been paid in cash. The remaining SEK 540 m. has been reported as a long-term receivable. The proportion of SPP's surplus which relates to Saab has been taken to income in the third quarter and has influenced earnings by SEK 521 m. after discounting the receivable at present value. The portion totaling SEK 741 m. which relates to the former Celsius Group is included in the purchase analysis and has not affected earnings. Net financial income and expenses amounted to SEK -67 m. (pro forma -11). The decrease is mainly due to lower liquid funds and a lower interest rate. The deterioration of the financial net compared to the outcome last year is primarily due to the cash acquisition of Celsius, which corresponds to a decreased interest income of about SEK 250 m. The share in income of HDW HDW Hardware HDW Howaldtswerke-Deutsche Werft (German Shipbuilding Company) HDW Harley-Davidson of Washington HDW Hemoglobin Distribution Width HDW Hollow Dielectric Waveguide HDW High density satellite derived wind HDW Harvard Data Warehouse , which amounted to SEK 40 (0) m., is being reported as financial income. The average return on externally invested liquid funds was 4.76 (4,85) percent. Income after financial income and expenses amounted to SEK 809 m. (pro forma 714). Current and deferred taxes amounted to SEK -234 m. (pro forma -214), corresponding to an effective tax rate of 29 percent on income after financial income and expenses. Order bookings Group order bookings during the first nine months amounted to SEK 23,098 m. (pro forma 9,582). Order bookings during the third quarter was SEK 5,209 m. The order backlog at the end of the period was SEK 41,381 m., compared to SEK 29,891 m. at the beginning of the year. Liquidity, finance and investments Finance and liquidity Cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , less liabilities to credit institutions, have compared to pro forma opening balance increased by SEK 98 m. to SEK 5,874 m. (5,776). The increase is mainly a net of the SEK 1,262 m. received from SPP and payments related to the phasing out of Regional Aircraft of SEK 361 m. and the payment of dividend of SEK 266 m. and to continued high utilization of advances within Gripen. However, the Group's financial position is strong and net liquidity after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. for provision for pensions amounted to SEK 2,375 m., compared to SEK 2,370 m. in the pro forma opening balance. Capital expenditures The Group's capital expenditures in property, plant and equipment, excluding leasing assets, amounted to SEK 304 m. (pro forma 559). The decrease is mainly due to lower investments in buildings and a few major investments during 1999. Personnel At the end of the period, the number of employees in the Group was 15,646, compared with 16,665 at the beginning of the year. Ownership Saab's principal owners are Investor AB Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family. The company owns a controlling stake in several large Swedish companies. In 2006 it had a market value of 119 billion kronor (€13 billion). ($16 billion). , BAE SYSTEMS BAE Systems British manufacturer of aircraft, missiles, avionics, naval vessels, and other aerospace and defense products. BAE Systems was formed (1999) from the merger of British Aerospace (BAe) with Marconi Electronic Systems. , the Wallenberg foundations, US funds, Third National Pension Insurance Fund, AMF AMF ACE (Allied Command, Europe) Mobile Force AMF Autorité des Marchés Financiers (French) AMF Action Message Format AMF Arab Monetary Fund AMF Asian Monetary Fund AMF Autocrine Motility Factor , Skandia, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg, FPG FPG Fasting plasma glucose, see there and Handelsbanken funds. Accounting Principles This Interim Report has been drawn up in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with earlier accounting principles. Celsius is included in the Saab Group as from January 1, 2000. For comparability pro forma figures are published, which refers to the Saab Group including Celsius for the whole year 1999 and the quarters of 1999. The pro forma figures will be adjusted in pace with the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the Group. The sales pro forma figures for 1999 have been changed since the half-year report. Linkoping, October 25, 2000 Bengt Halse President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. This Interim Report has not been subject to review by the Company's auditors. Dates for financial information: The 2000 Report will be published on February 16, 2001. Income statement
Pro forma Pro forma
9 months 9 months 9 months 12 months
SEK m. 2000 1999 1999 1999
Sales 12,313 6,733 12,399 18,018
Cost of goods sold -9,304 -4,934 -9,535 -13,882
Gross margin 3,009 1,799 2,864 4,136
Marketing expenses -1,094 -553 -990 -1,390
Administrative expenses -838 -408 -962 -1,309
Research and development costs -603 -378 -570 -858
Items affecting comparability 33 174 212 255
Other operating income 454 144 239 347
Other operating expenses -81 -52 -67 -65
Share in income of associated -4 -1 -1 9
companies
1)
Operating income 876 725 725 1,125
Result from financial investments -67 239 -11 -9
Income after financial items 809 964 714 1,116
Taxes -234 -289 -214 -352
Minority interest -63 -35 -29 -29
Net income 512 640 471 735
2)
Earnings per share, SEK 4.81 6.01 4.42 6.90
Earnings per share after full 4.69 5.86 4.31 6.73
3)
conversion, SEK
1)
Includes depreciation of -919 -668 -944 -1,311
of which depreciation on -391 -353 -353 -511
leasing assets
2)
Number of shares: 106,459,675
as per Sept. 30, 2000
3)
Number of shares after full
conversion: 109,247,175
Sales by business area
Pro forma Pro forma Whole
9 months 9 months year 3RD Q
SEK m. 2000 1999 Change 1999 2000
Infomatics 2,995 2,875 4% 4,294 915
Aerospace 2,717 2,973 -9% 3,964 846
Technical Support & 1,660 1,649 1% 2,367 489
Services
Dynamics 1,502 1,999 -25% 3,393 484
Space 518 506 2% 676 179
Internal sales -559 -536 -797 -96
8,833 9,466 -7% 13,897 2,817
CAS 2,356 2,170 9% 3,009 791
Other operations 1,124 763 1,112 368
Saab Group 12,313 12,399 -1% 18,018 3,976
Operating income by business area
Per- Pro forma Pro forma
9 months centage 9 months Whole year 3rd Q
SEK m. 2000 of sales 1999 1999 2000
Infomatics 158 5.3% 58 199 58
Aerospace 238 8.8% 261 450 64
Technical Support & 106 6.4% 101 146 34
Services
Dynamics 1 0.1% -23 -39 28
Space 44 8.5% 51 65 14
Corporate 309 18 -40 -20
856 9.7% 466 781 178
CAS 105 4.5% 150 212 39
Other operations -85 109 132 3
Saab Group 876 7.1% 725 1,125 220
Balance sheet
Sept.30, Sept.30, Pro forma Dec. 31,
SEK m. 2000 1999 1999
Assets
Goodwill and other intangible 1,773 382 1,827
assets
Property, plant and equipment, 4,174 2,710 4,339
etc.
Lease assets 8,212 8,269 8,963
Long-term interest bearing 1,559 1,180
receivables
Shares, etc. 924 39 999
Deferred tax receivables 970 457 959
Inventories, etc. 4,056 1,763 3,954
Short-term interest bearing 629 231
receivables
Other receivables 6,045 2,297 6,474
Cash and marketable securities 6,169 12,003 7,705
Total assets 34,511 27,920 36,631
Shareholders' equity and
liabilities
Shareholders' equity 5,147 4,432 4,700
Minority interest in 821 191 752
subsidiaries
Provision for pensions 3,499 1,963 3,406
Other provisions 5,999 5,366 6,596
Liabilities to credit 2,255 37 3,123
institutions
Convertible debenture loan 228 216 217
Lease obligations 4,203 4,647 4,591
Advance payments from customers, 3,886 4,483 4,631
net
Other liabilities 8,473 6,585 8,615
Total shareholders' equity and
liabilities 34,511 27,920 36,631
Subdivided summary of balance sheet, September 30, 2000
Regional Elimi- Saab
SEK m. Saab Aircraft SAL nations Group
Assets
Goodwill and other intangible 1,773 0 0 0 1,773
assets
Property, plant and equipment, 4,173 0 1 0 4,174
etc.
Lease assets 652 0 7,560 0 8,212
Long-term interest bearing 1,559 0 0 0 1,559
receivables
Shares, etc. 2,424 0 0 -1,500 924
Deferred tax receivables 694 564 0 -288 970
Inventories, etc. 4,056 0 0 0 4,056
Short-term interest bearing 629 0 0 0 629
receivables
Other receivables 4,937 0 1,108 0 6,045
Cash and marketable securities 2,843 1,451 1,875 0 6,169
Total assets 23,740 2,015 10,544 -1,788 34,511
Shareholders' equity and
liabilities
Shareholders' equity 4,815 0 1,832 -1,500 5,147
Minority interest in 810 0 11 0 821
subsidiaries
Provision for pensions 3,499 0 0 0 3,499
Other provisions 1,419 2,015 2,853 -288 5,999
Liabilities to credit 2,255 0 0 0 2,255
institutions
Convertible debenture loan 228 0 0 0 228
Lease obligations 113 0 4,090 0 4,203
Advance payments from customers, 3,886 0 0 0 3,886
net
Other liabilities 6,715 0 1,758 0 8,473
Total shareholders' equity and
liabilities 23,740 2,015 10,544 -1,788 34,511
Sales and income per quarter
Pro forma
2000 1999
SEK m. 1stQ 2ndQ 3rdQ 1stQ 2ndQ 3rdQ 4thQ
Sales 4,187 4,150 3,976 3,896 4,970 3,533 5,619
Operating income 247 409 220 192 406 127 400
Operating margin 5.9% 9.9% 5.5% 4.9% 8.2% 3.6% 7.1%
Net financial income 8 -35 -40 -28 30 -13 2
Income after financial 255 374 180 164 436 114 402
items
Net income 161 254 97 103 290 78 264
Earnings per share, SEK 1.51 2.39 0.91 0.97 2.72 0.73 2.48
1)
1)
Number of shares:
106,459,675 as per
Sept. 30, 2000.
Summary of cash flow statement
9 months 9 months 1999 Whole
1) year
SEK m. 2000 1999
Cash flow from operating activities Income after financial items
excl.
share in 813 970 1,380
income of associated companies
Depreciation and write-down charged to 919 668 918
income
Items affecting comparability -174 -255
Tax -221 -37 -182
Cash flow from operating activities
before 1,511 1,427 1,861
changes in working capital
Working capital
Inventories etc. -102 478 524
Receivables 459 196 8
Advance payments from customers, net -745 -708 -1,136
Other liabilities -142 -1,053 -554
Lease obligations -388 -306 -362
Provisions -597 -686 -929
Change in working capital -1,515 -2,079 -2,449
Cash flow from operating activities -4 -652 -588
Investments in intangible fixed assets -69 -93 -104
Investments in shares etc. 70 -1 -1,285
Investments in tangible fixed assets -240 -302 -280
Investments in lease assets 360 43 -83
Change in long-term receivables -29 0 -28
Cash flow from investments 92 -353 -1,780
Operating cash flow 88 -1,005 -2,368
1) Change compared to pro forma balance sheet as per December 31,
1999.
Key ratios
Pro forma Pro forma
9 months 9 months 12 months
2000 1999 1999
Operating margin before depreciation 11,4% 10,6% 10.7%
Operating margin after depreciation 7.1% 5.8% 6.2%
Pre-tax return on capital employed 12.0% - -
After-tax return on shareholders' 14.5% - -
equity
Equity/assets ratio, excl. Regional 20.3% - 18.2%
aircraft and SAL
Equity/assets ratio 14.9% - 12.8%
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