Defence and security company Saab presents the results for January-June 2012.
Results January - June 2012
• Order bookings amounted to MSEK 11,644 (10,646) and the order backlog at the
end of June 2012 was MSEK 37,069 (40,657).
• Sales increased 4 per cent to MSEK 11,805 (11,313). Excluding acquisitions the
development was flat. Exchange rates had no significant impact on sales.
• Gross income amounted to MSEK 3,566 (3,040), corresponding to a gross margin
of 30.2 per cent (26.9).
• Operating income was MSEK 1,124 (1,065), corresponding to an operating margin
of 9.5 per cent (9.4). This included a positive non-recurring item of MSEK 207
from reduction of a potential earn-out liability. 2011 included capital gains of
MSEK 253.
• Net income was MSEK 803 (695), with earnings per share after dilution of SEK
7.61 (6.45).
• Operating cash flow amounted to MSEK 196 (2,334). The operating cash flow was
lower mainly as a result of utilisation of and reduction in advances and
milestone payments compared to the same period 2011.
• The outlook statement for 2012 has changed as a result of a positive non
-recurring item during the first half-year.
Changed outlook statement 2012:
In 2012, we estimate that sales will increase slightly compared to 2011.
The operating margin in 2012, excluding material net capital gains and other non
-recurring items, is expected to be in line with the operating margin in 2011,
excluding material net capital gains, of 7.5 per cent.
Previous outlook statement 2012:
In 2012, we estimate that sales will increase slightly compared to 2011.
The operating margin in 2012, excluding material net capital gains, is expected
to be in line with the operating margin in 2011, excluding material net capital
gains, of 7.5 per cent.
Financial highlights
MSEK Jan Jan Change, Apr-Jun Apr Jan
-Jun -Jun % 2012 -Jun -Dec
2012 2011 2011 2011
Order bookings 11,644 10,646 9 7,644 5,431 18,907
Order backlog 37,069 40,657 -9 1,412*** -300*** 37,172
Sales 11,805 11,313 4 6,232 5,861 23,498
Gross income 3,566 3,040 17 1,992 1,613 6,707
Gross margin, % 30.2 26.9 32.0 27.5 28.5
Operating 1,124 1,065 6 726 697 2,941
income (EBIT)
Operating margin, % 9.5 9.4 11.6 11.9 12.5
Net income 803 695 16 538 418 2,217
Earnings per share 7.88 6.72 5.23 4.06 21.19
before dilution,
SEK
Earning per share 7.61 6.45 5.06 3.89 20.38
after dilution, SEK
Return on equity, 18.4 7.9 18.1
%*
Operating cash flow 196 2,334 -92 244 1,775 2,477
**
Operating cash flow 1.80 21.38 2.24 16.26 22.69
per share after
dilution, SEK
* The return on
equity is measured
over
at rolling 12-month
period
** Operating cash
flow includes cash
flow from operating
activities of MSEK
107
(2,252) and cash
flow from investing
activities
excluding change in
short
-term
investments and
other interest
-bearing
financial assets of
MSEK 89 (82)
*** Refer to
quarterly change
Statement by the President and CEO, Håkan Buskhe:
We secured several important large orders in the first half-year, including a
significant development and support order for Gripen from the Swedish
Procurement Agency, FMV.
A Declaration of Intent was signed between Sweden and Switzerland about a
potential joint acquisition of Gripen as well as co-operation in other areas
within security and defence. It was signed in conjunction with the Swedish
Minister for Defence, Karin Enström’s, visit to Switzerland in June for a
bilateral meeting with her Swiss colleague, Federal Councillor Ueli Maurer.
Currently, we see a greater interest in Gripen than perhaps ever before.
Our efforts to become more local in strategically important markets continued.
At the beginning of 2012 the market areas India, South Africa and North America
were established. In the second quarter, the successful creation of the market
area North America was extended to include the region of South America, aligning
Saab’s presence on the whole American continent.
The announcement of the intended public offer for the Dutch Traffic Management
services company, HITT N.V. during the period is a step in line with our goal to
strengthen our global, leading market position in the Traffic Management field.
The intended acquisition will strengthen our position, especially in civilian
growth markets such as China and India.
In order to develop our technology leadership and secure future offerings in
current challenging market conditions, we see a continued need to invest in
internally funded development.
The operating cashflow was lower as a result of utilised, and reduced, advances
and milestone payments compared to the same period 2011. It remains a priority
to ensure a strong operational cash-flow generation.
General market conditions remain challenging.
Press and analyst meeting
Press and financial analysts are invited to a press and analyst meeting where
CEO Håkan Buskhe together with interim CFO Görgen Johansson present the results
for January-June 2012.
Thursday, 19 July, 10.00 C.E.T
Grand Hotel, Blaiseholmshamnen 8, Stockholm, Sweden. Venue: Bolinderska rummet.
Live webcast
If you are unable to attend in person, please visit
http://www.saabgroup.com/About-Saab/Investor-relations/ where a live webcast of
the presentation will be available together with the presentation material. All
viewers will be able to post questions to the presenters. The webcast will also
be available at Saab’s website afterwards.
R.S.V.P
E-mail: ann-sofi.jonsson@saabgroup.com
Tel: +46 (0) 8 463 01 52
For further information, please contact:
Saab Press Centre, +46 (0)734 180 018
Saab Investor Relations, Ann-Sofi Jönsson, +46 (0)734 187214
www.saabgroup.com
The information is that which Saab AB is required to declare by the Securities
Business Act and/or the Financial instruments Trading Act. The information was
submitted for publication on July 19 at 07.30 C.E.T.
Saab serves the global market with world-leading products, services and
solutions ranging from military defence to civil security. Saab has operations
and employees on all continents and constantly develops, adopts and improves new
technology to meet customers’ changing needs.
Saab's results January-June 2012
| Quelle: SAAB AB
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