interim report - saab ab · dec. 2008 dec. 2009 dec. 2010 dec. 2011 dec. 2012 june 2013 capitalised...
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INTERIM REPORTJANUARY – JUNE 2013
President and CEO Håkan Buskhe19 July, 2013
SUMMARY JAN-JUNE 2013Despite challenging market conditions; increasing order intake in 4 of 6 business areasSales development flat; organic decline by 1 per cent Adjusted for non-recurring items, operating margin increased in 4 of 6 business areas• Continued investments in development and lower sales led to an operating
loss in Electronic Defence Systems• Weaker sales and demanding market situation in Dynamics led to lower
operating margin
Efficiency measures in order to create prerequisites for achieving long-term targets; actions in 2013 aim at improvements of MSEK 500
VISIBLE SHIFT IN MILITARY SPENDINGIn 2012, world military spending fell for the first time since 1998Noticeable shift in spending from the West to other parts of the worldIn the western world austerity measures reduced military spendingRest of the world, except for the Middle East and North Africa, show a slowdown in growth rate of spending
100
7.9
23.2
22.2
40.3
44.5
2.2
% of total
Change (%)
Spending (USD billions)
Region
WORLD MILITARY SPENDING, 2012
-5.5708North America
-0.41,756World total
8.3138Middle East
2.0407Europe
3.3390Asia and Oceania
-4.7782Americas
1.239Africa
Source: SIPRI YEARBOOK 2013, Summary
Increased demands for European competitiveness in the world marketAffordability, multi-functionality and time-to-market essential
SPENDING SHIFT MEANSDIFFERENT MARKET DEMANDS
JANUARY - JUNE IN BRIEF 2013
Jan-June 2013SwedenInternational
66%
57%
55%
29%
Sales
Order backlog
Order intake
Jan-June Jan-June
MSEK 2013 Change, % 2012
Order bookings 22,036 89 11,644Order backlog 44,337 20 37,069
Sales 11,748 - 11,805
Operating income 545 -52 1,133Operating margin, % 4.6 9.6
Net income 263 841
Net liquidity 1,264 2,988
Operating cash flow -1,091 196
INTERNATIONAL GROWTH MSEK, change in %
Americas
1,8171,682 1,4071,201
Jan-June 2012 Jan-June 2013
8%17%
Africa
180380 462
698
Jan-June 2012 Jan-June 2013
-53%-34%
Rest of Europe
268460
247142
Jan-June 2012 Jan-June 2013
-42% 74%
EU excl. SE
1,6641,973 1,8982,243
Jan-June 2012 Jan-June 2013
-16% -15%
Asia
2,096
402
2,1272,468
Jan-June 2012 Jan-June 2013
421% -14%
Order intakeSales
6,2825,025
4,391
Jan-June 2012 Jan-June 2013
151%
22%
15,737Sweden14%
Australia, others
274465 582662
Jan-June 2012 Jan-June 2013
-41%-12%
Growth driven by Gripen E development order
Austerity measures impact the European market
Market conditions in Africa demanding; political turbulence
Sequestration in the USOrders received in Brazil in first half 2013
Increased competition in Asia
GRIPEN E/F UPDATE
Production of next Gripen E/F test aircraft started in June 2013• First flight during 2015
Phase 5 upgrade finished• IRST - Infrared Search and Track• Digital HUD• 4 channel AESA fully integrated
Political process in Switzerland is on-going and procurement decision is expected in 2014
FOCUSED INVESTMENTS FOR GROWTH
4 of 6 business areas improved underlying profitability; mainly due to improved project execution • Electronic Defence Systems operating loss mainly as a consequence of
investments in early stage product development
Adjusted for material non-recurring items, operating income of MSEK 776 (926), operating margin of 6.6% (7.8) Non-recurring items of negative MSEK 231 in 2013; compared to positive MSEK 207 in 2012Operating cash flow generation – remains a key focus
4,5%7,8%7,2% 6,6%
3,1%
2,6% 2,6%1,9%
Jan-June2010
Jan-June2011
Jan-June2012
Jan-June2013
24,4% 26,9%30,3%
27 ,3%
Jan-June2010
Jan-June2011
Jan-June2012
Jan-June2013
Gross margin Operating margin
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Amortisation and write-down of capitalised development costs
Operating margin excluding material capital and other non-recurring items
ELECTRONIC DEFENCE SYSTEMS Lower level of sales in first half 2013 as a consequence of lower level of order bookings in 2011 and 2012Operating loss in first half year 2013 a result of lower level of sales, increased investment in development and a different project mix compared to 2012Focus for investments in development:• Radar technologies • Module based multifunctional systems• Time-to-market
Measures have been taken to increase efficiency; including are-organisation during second quarter
EFFICIENCY IMPROVEMENTS TO REACH LONG-TERM TARGETS
To remain one of the most cost effective companies in the industry, it is a must to continuously adjust operations to market demand
Measures in 2013 aim at efficiency improvements of MSEK 500 during coming years
Actions:• Volume adjustments
• Introduction of new working practices to reduce development, production and overhead costs across the company
• An increased focus on prioritised areas within product development
Outlook Statement 2013As a consequence of the market situation, continued high investments in product development and costs for measures to increase efficiency, we have adjusted the outlook:
In 2013, we estimate that sales will be in line with 2012.
The operating margin in 2013, excluding material net capital gains and other non-recurring items, is expected to be in line with the operating margin in the first half-year 2013, excluding material non-recurring items.
Interim reportJANUARY – JUNE 2013 Financials more in detailMagnus Örnberg, CFO19 July, 2013
PAGE 12
SUMMARY JAN-JUNE 2013P
RO
FITA
BIL
ITY
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PEOPLEPEOPLE
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FITA
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PRO
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GR
OW
TH Order intake strong, flat sales developmentMarket situation with tough competition – important to adapt operations
FIN
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L P
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ITIO
N
Pension net liability changes as discount rates changeOperating cash flow negative; mainly due to timing differencesin milestone paymentsNet liquidity decreased due to negative operating cash flow, investments and dividend paid
Different project and product mix impacted gross marginFocus on reducing overhead costs; Marketing, Administrative costs reduced in the first half year 2013Focused investments in future product launches; mainly in Electronic Defence Systems
Q2 2013Q1 2013Q4 2012Q3 2012Q2 2012Q1 2012Q4 2011Q3 2011Q2 2011Q1 20110
0,2
0,4
0,6
0,8
1
1,2
1,4
1,6 Large ordersSmall orders*Book-to-Bill ratio
5,215
Book-to-bill ratio(12 months rolling)
58%
42%
5,431
46%
54%
3,14740%60%
MSEK
ORDERS RECEIVED
5,114
43%
57%
4,00019%81%
7,644
70%
30%
4,111
46%
54%
4,928
53%
47%
86%
14%
Order intake of orders below MSEK 100 held up well in the second quarter
Order intake of orders below MSEK 100 held up well in the second quarter
18,865
77%23%
3,171
*Small orders = Orders below MSEK 100
PAGE 14
3,873
1,427637
2,9832,1061,547
11,239
2,464
1,364749
2,563
4,633
Aeron. Dynamics EDS SDS S&S Combitech
MSEK
GROWTH PER BUSINESS AREA
Austr, etc1%
Asia10%
SE71%
EU excl SE8%
RoE1%
Americas8%
Africa1%
Sales per region
3,123
2,394
672
1,623
2,677
2,289
3,482
2,774
1,848
820
1,6601,969
Aeronautics Dynamics EDS SDS S&S Combitech
MSEK 11%
-23% -14%
Austr, etc5%
Asia18%
SE43%
EU excl SE
16%RoE2%
Americas12%
Africa4%
Order bookings per region
4%
2%
22%
Sales per business area
Order bookings per business area
Jan-June 2013
Jan-June 2012
Jan-June 2013
Jan-June 2012
ORDER BACKLOG Order backlog duration(SEK billion):
June 2013 June 2012 Dec 20122013: 10.5 2012: 10.4 2013: 16.12014: 13.4 2013: 11.9 2014: 7.92015: 9.4 2014: 6.6 2015: 4.62016: 6.7 2015: 3.7 2016: 2.7After 2016: 4.3 After 2015: 4.5 After 2016: 2.9
Total: 44.3 Total: 37.1 Total: 34.2
S&S15%
AN42%
Dyn.9%
EDS18%
SDS15%
Combitech1%
Austr, etc3%
Asia14%
SE45%
EU excl SE
17%
RoE2%
Americas16%
Africa3%
Order backlog splitJune 2013
-166
17
162
283
60
161149
301
237
142187
75
195
-125
Aeronautics Dynamics EDS SDS S&S Combitech Corporate
PAGE 16
EBIT PER BUSINESS AREA AND CORPORATE
The Group generated EBIT of MSEK 545 (1,133), an EBIT margin of 4.6 (9.6) per centExcluding material non-recurring items an EBIT of MSEK 776 (926), an EBIT margin of 6.6 (7.8)
The Group generated EBIT of MSEK 545 (1,133), an EBIT margin of 4.6 (9.6) per centExcluding material non-recurring items an EBIT of MSEK 776 (926), an EBIT margin of 6.6 (7.8)
5.2% 6.8% 11.8% 10.1% 13.1%(6.4%)
-6.3%
5.6%(3.6%)
5.1% 9.9% 11.7%8.9% 9.1%
MSEK
Operating margin, %(excl. non-recurring
items)
Jan-June 2013Jan-June 2012
(excl. material non-recurring
item MSEK 65)
HIGHLIGHTS INCOME STATEMENT
Sales 11,748 11,805 -
Gross margin 27.3% 30.3%
Marketing expenses -1,046 -1,079 -3%% of sales 8.9% 9.1%
Administrative expenses -554 -567 -2%% of sales 4.7% 4.8%
Research and development costs -892 -1,057 -16%% of sales 7.6% 9.0%
Operating income 545 1,133 -52%Operating margin 4.6% 9.6%
Financial net -180 -8
Income before taxes 365 1,125Taxes -102 -284Net income 263 841 -69%
Jan-June Jan-JuneMSEK 2013 2012 %-change
Earnings per share after dilution, SEK 2.48 7.96Tax rate 28% 25%
Organic decline of 1 per cent
Focused monitoring of marketing and administrative expenses
Higher focues on prioritisedareas in R&D
Operating income distorted by material non-recurring items
Financial net distorted by material non-recurring items
FINANCIAL NET
Jan-June2012
Jan-June2013MSEK
21-33Currency gains/losses
-32-35Financial net related to pensions
-13-106Other net financial items
24-4Net interest items
-8-180TOTAL
-2 -8Interest from unutilised advancepayments
Financial net reduced mainly due to a non-recurring item, booked in other net financial items, of MSEK 83, related to a lost legal dispute*Due to higher interest rates net interest items was impacted negativelyas the market value of marketable securities decreasedNegative impact from strengthened USD, GBP and Euro vs. SEK
*On 25 April, Saab announced it had lost a dispute in the Danish Supreme Court related to a command and control system for the Danish Army, DACCIS, developed to create common situational awareness and to monitor and lead forces. Under the verdict Saab was to repay the damages awarded by the Maritime and Cómmercial Court in 2012, payments received under the DACCIS contract, interest and court cost. MSEK 83 was related to interest costs and booked in Other net financial items.
AMORTISATION OF CAPITALISED DEVELOPMENT
545(4.6%)
1,133(9.6%)
1,042(8.9%)
1,695(14.4%)
Jan-June 2013Jan-June 2012
MSEKEBITDA(margin)
EBIT(margin) 3 628
1,5401,7511,9502,4283,038
June 2013Dec. 2012Dec. 2011Dec. 2010Dec. 2009Dec. 2008
Capitalised development costs
Total depreciation, amortisation and write-downs
Amortisation of capitalised development costs 2013: 227, 2012: 306
Amortisation of development costs of MSEK 227 (306) in the period Amortisation of development costs of MSEK 227 (306) in the period
OPERATING CASH FLOW
Non-recurring item of MSEK 314 related to lost legal disputeChange in working capital impacted by build up of projectactivities and timing differences in milestone paymentsMajor investments in 2013:
Jan-June 2013Jan-June 2012
89
-467
-1,091
196
-1,076
1,183
107
622
Cash flow beforechange of working
Capital
Change in Workingcapital
Investments Operating cashflow
-1,246
-624
MSEK
MSEKPipavav Defence 247TIKAB 11Tangible fixed assets 231
STRONG BALANCE SHEET
Positive net liquidity, despite negative operating cash flow
Strong balance sheet supports investments in marketing, research and development and mergers and aquisitions activities
At the end of the first half-year the Equity asset ratio was 42.7 per cent (37.6)
PAGE 22
FOCUS GOING FORWARD
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Secure impacts from Market Area organisation
Focus on reducing overhead costs
Monitor and control outcome of measures to increaseefficiency
Cash flow management
• Project tendering and execution
• Improve capital efficiency
PAGE 23
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APPENDIX
AERONAUTICS – HIGHLIGHTS
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 11,239 3,873 190
Split between larger orders
>MSEK 100 and smaller orders 96/4 82/18
Order backlog 19,061 13,841 38
Sales 3,482 3,123 11
Operating income 237 162 46
Operating margin, % 6.8 5.2
Operating cash flow -341 -129 -
Number of FTEs 3,101 2,764 12
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 11,239 3,873 190
Split between larger orders
>MSEK 100 and smaller orders 96/4 82/18
Order backlog 19,061 13,841 38
Sales 3,482 3,123 11
Operating income 237 162 46
Operating margin, % 6.8 5.2
Operating cash flow -341 -129 -
Number of FTEs 3,101 2,764 12
28%
Order bookingsSales Backlog
28%
6%
42%
Sales, % of total
Markets outsideSweden
84%
Split Defence/Civil
% of sales
DYNAMICS - HIGHLIGHTS
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 1,364 1,427 -4
Split between larger orders >MSEK 100 and small orders 43/57 27/73
Order backlog 4,282 4,481 -4
Sales 1,848 2,394 -23
Operating income 187 283 -34
Operating margin, % 10.1 11.8
Operating cash flow 396 382 4
Number of FTEs 1,577 1,536 3
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 1,364 1,427 -4
Split between larger orders >MSEK 100 and small orders 43/57 27/73
Order backlog 4,282 4,481 -4
Sales 1,848 2,394 -23
Operating income 187 283 -34
Operating margin, % 10.1 11.8
Operating cash flow 396 382 4
Number of FTEs 1,577 1,536 3
15%
Order bookingsSales Backlog
85% 88% 91%
Sales, % of total
Markets outsideSweden
88%
Split Defence/Civil
% of sales
ELECTRONIC DEFENCE SYSTEMS -HIGHLIGHTS
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 4,633 1,547 199
Split between larger orders > MSEK 100 and small orders 69/31 42/58
Order backlog 8,044 6,066 33
Sales 1,969 2,289 -14
Operating income -125 301 -142
Operating margin, % -6.3 13.1Operating cash flow 432 75 476
Number of FTEs 2,574 2,533 2
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 4,633 1,547 199
Split between larger orders > MSEK 100 and small orders 69/31 42/58
Order backlog 8,044 6,066 33
Sales 1,969 2,289 -14
Operating income -125 301 -142
Operating margin, % -6.3 13.1Operating cash flow 432 75 476
Number of FTEs 2,574 2,533 2
16%
Order bookingsSales Backlog
72% 44% 60%
Sales, % of total
Markets outsideSweden
Split Defence/Civil
% of sales 97%
SECURITY AND DEFENCE SOLUTIONS - HIGHLIGHTS
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 2,464 2,106 17
Split between larger orders > MSEK 100 and small orders 29/71 32/68
Order backlog 6,804 7,164 -5
Sales 2,774 2,677 4
Operating income 142 149 -5
Operating margin, % 5.1 5.6
Operating cash flow -482 -324Number of FTEs 3,034 3,041
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 2,464 2,106 17
Split between larger orders > MSEK 100 and small orders 29/71 32/68
Order backlog 6,804 7,164 -5
Sales 2,774 2,677 4
Operating income 142 149 -5
Operating margin, % 5.1 5.6
Operating cash flow -482 -324Number of FTEs 3,034 3,041
22%
Order bookingsSales Backlog
79% 80%85%
Markets outside Sweden
Sales, % of totalSplit Defence / Civil
% of sales
70%
SUPPORT AND SERVICES - HIGHLIGHTS
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 2,563 2,983 -14
Split between larger orders >MSEK 100 and small orders 64/36 46/54
Order backlog 6,586 5,942 11
Sales 1,660 1,623 2
Operating income 195 161 21
Operating margin, % 11.7 9.9
Operating cash flow -37 535 -107
Number of FTEs 1,815 1,775 2
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 2,563 2,983 -14
Split between larger orders >MSEK 100 and small orders 64/36 46/54
Order backlog 6,586 5,942 11
Sales 1,660 1,623 2
Operating income 195 161 21
Operating margin, % 11.7 9.9
Operating cash flow -37 535 -107
Number of FTEs 1,815 1,775 2
13%
Order bookingsSales Backlog
28% 19% 29%
Markets outside Sweden
Sales, % of totalSplit Defence / Civil
% of sales
75%
COMBITECH - HIGHLIGHTS
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 749 637 18
Order backlog 376 385 -2
Sales 820 672 22
Operating income 75 60 25
Operating margin, % 9.1 8.9
Operating cash flow 149 3Number of FTEs 1,278 1,144 12
Jan-Jun Jan-JunMSEK 2013 2012 %
Order bookings 749 637 18
Order backlog 376 385 -2
Sales 820 672 22
Operating income 75 60 25
Operating margin, % 9.1 8.9
Operating cash flow 149 3Number of FTEs 1,278 1,144 12
7%
22% 17%43%
Sales, % of total
Split Defence / Civil % of sales
57%
OPERATING INCOME, EBIT/EBITDA
Aeronautics EBIT 237 6.8% 162 5.2%EBITDA 311 8.9% 278 8.9%
Dynamics EBIT 187 10.1% 283 11.8%EBITDA 215 11.6% 368 15.4%
Electronic Defence Systems EBIT -125 -6.3% 301 13.1%EBITDA 113 5.7% 515 22.5%
Security & Defence Solutions EBIT 142 5.1% 149 5.6%EBITDA 206 7.4% 217 8.1%
Support & Services EBIT 195 11.7% 161 9.9%EBITDA 204 12.3% 170 10.5%
Combitech EBIT 75 9.1% 60 8.9%EBITDA 79 9.6% 63 9.4%
Corporate EBIT -166 17EBITDA -86 84
Saab Group EBIT 545 4.6% 1,133 9.6%EBITDA 1,042 8.9% 1,695 14.4%
Jan-Jun Jan-JunMSEK 2013 Margin 2012 Margin
COMPREHENSIVE INCOME
Net income for the period 263 841
Other comprehensive income:Revaluation of net pension obligation 1,086 54Translation differences -38 51Net loss on cash flow hedges -277 -68Net loss on available-for-sale financial assets -63 -Tax attributable to other comprehensive income -175 4
Other comprehensive income for the period 533 41
Net comprehensive income for the period 796 882
Jan-Jun Jan-JunMSEK 2013 2012
OPERATING CASH FLOW VS STATEMENT OF CASH FLOW
Operating cash flow -1,091 196
Cash flow from financing:Repayments of loans -144 -54Dividend paid -477 -474
Cash flow from investments –Interest-bearing:Short-term investments 2,314 672Other financial investments 4 -5
Cash flow for the period 606 335
Jan-Jun Jan-JunMSEK 2013 2012
30 Jun 31 DecMSEK 2013 2012 Change
AssetsIntangible fixed assets 6,605 6,849 -244Tangible fixed assets 3,182 3,162 20Lease assets 233 304 -71Biological assets 304 306 -2Investment properties 33 33 0Shares in associated companies 319 300 19Financial investments 378 193 185Long-term receivables 115 138 -23Deferred tax assets 237 213 24Total fixed assets 11,406 11,498 -92
Inventories 4,568 4,420 148Derivatives 312 514 -202Tax receivables 45 39 6Accounts receivable 2,956 3,454 -498Prepaid expenses and accrued income 1,077 886 191Other receivables 3,030 2,548 482Liquid assets and short-term investments 3,827 5,579 -1,752Total current assets 15,815 17,440 -1,625
Total assets 27,221 28,938 -1,717
STATEMENT OF FINANCIAL POSITION
30 Jun 31 DecMSEK 2013 2012 Change
Shareholders’ equity and liabilitiesParent Company’s shareholders’ interest 11,535 11,168 367Non-controlling interest 81 112 -31Total shareholders’ equity 11,616 11,280 336Long-term interest-bearing liabilities 103 105 -2Other liabilities 309 315 -6Provisions for pensions 1,792 2,874 -1,082Other provisions 1,144 1,286 -142Deferred tax liabilities 371 184 187Total long-term liabilities 3,719 4,764 -1,045
Short-term interest-bearing liabilities 1,485 1,637 -152Advance payments from customers 801 553 248Accounts payable 1,738 1,904 -166Derivatives 406 254 152Tax liabilities 37 228 -191Other liabilities 661 760 -99Accrued expenses and deferred income 6,262 6,993 -731Provisions 496 565 -69Total current liabilities 11,886 12,894 -1,008
Total shareholders’ equity and liabilities 27,221 28,938 -1,717
Equity/assets ratio,% 42.7 39.0
STATEMENT OF FINANCIAL POSITION
CHANGES IN SHAREHOLDERS’ EQUITY
Capital Other Net res. Translation Revaluation Retained Total excl.stock capital of cash f. reserve reserve, etc earnings non-.
contr. hedges controlling intr.
Opening balance, 1 January, 2013 1,746 543 531 -226 11 8,563 11,168
Net comprehensive income for the period -201 -32 -63 1,118 822
Transactions with shareholders:
Dividend -477 -477
Share matching plan 22 22
Closing balance, 30 June, 2013 1,746 543 330 -258 -52 9,226 11,535
NET LIQUIDITY
Change in 2013
871 -467-477
Pensions
Investments
Dividend2,988
1,996
June 2013Dec. 2012June 2012
-624Cashflowfrom operating activities*
Other
1,264
MSEK
Development of net liquidity
-35
The discount rate used in the valuation of pension obligations increasedfrom 3.00 to 3.75 per cent in the first half year
*On 25 April, Saab announced it had lost a dispute in the Danish Supreme Court related to a command and control system for the Danish Army, DACCIS, developed to create common situational awareness and to monitor and lead forces. Under the verdict Saab was to repay the damages awarded by the Maritime and Cómmercial Court in 2012, payments received under the DACCIS contract, interest and court cost. This had a negative impact on cash flow from operating activities of MSEK 314.
NET LIQUIDITY
AssetsShort-term investments 1,620 3,963Liquid assets 2,207 1,616Interest-bearing receivables 574 579Total liquid investments 4,401 6,158
LiabilitiesLiabilities to credit institutions -1,105 -1,104Other interest-bearing liabilities -483 -638Provisions for pensions 1) -1,549 -2,420Total interest-bearing liabilities -3,137 -4,162
Total net liquidity 1,264 1,996
1) Excluding provisions for pensions attributable to special employers’ contribution
31 Jun 31 DecMSEK 2013 2012
LIQUIDITY
Liquid assets at the beginning of the year 1,616
Operating cash flow -1,091Short-term investments etc 2,314Repayments of loans -144Dividend to shareholders -477Other changes, translation differencies etc -11
Liquid assets June 30 2,207
MSEK 2013
NUMBER OF FULL TIME EQUIVALENTS
Jun 30 Dec 31Number 2013 2012 Change
Aeronautics 3,101 2,932 169Dynamics 1,577 1,568 9Electronic Defence Systems 2,574 2,578 -4Security & Defence Solutions 3,034 3,105 -71Support & Services 1,815 1,805 10Combitech 1,278 1,245 33Corporate 717 667 50Saab Group 14,096 13,900 196
APPENDIX
Quarterly information 2013/2012Q2 Q1 Q4 Q3
Sales 2013 2013 2012 2012Aeronautics 1,717 1,765 1,678 1,275Dynamics 971 877 1,512 873Electronic Defence Systems 931 1,038 1,182 805Security and Defence Solutions 1,503 1,271 2,019 1,280Support and Services 838 822 1,091 697Combitech 410 410 439 299Corporate - - - -Internal sales -484 -321 -615 -330Total 5,886 5,862 7,306 4,899
Operating incomeAeronautics 121 7.0% 116 6.6% 125 7.4% 72 5.6%Dynamics 115 11.8% 72 8.2% 233 15.4% 105 12.0%Electronic Defence Systems -80 -8.6% -45 -4.3% -106 -9.0% -78 -9.7%Security and Defence Solutions 120 8.0% 22 1.7% 209 10.4% 59 4.6%Support and Services 107 12.8% 88 10.7% 215 19.7% 34 4.9%Combitech 31 7.6% 44 10.7% 44 10.0% 18 6.0%Corporate -265 - 99 - -65 - 52 -Total 149 2.5% 396 6.8% 655 9.0% 262 5.3%
PAGE 41PAGE 41
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