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Saab: Saab's results for January-March 2012

Press release published at The Swedish Wire
Defence and security company Saab presents the results for January-March 2012.

Results January-March 2012

· Order bookings amounted to MSEK 4,000 (5,215) and the order backlog at the end of March 2012 amounted to MSEK 35,657 (40,957).

· Sales increased 2 per cent to MSEK 5,573 (5,452), with a positive impact from acquisitions of 4 per cent.

· Gross income amounted to MSEK 1,574 (1,427), ­corresponding to a gross margin of 28.2 per cent (26.2).

· Operating income was MSEK 398 (368), corresponding to an operating margin of 7.1 per cent (6.7).

· Net income was MSEK 265 (277), with earnings per share after dilution of SEK 2.56 (2.56).

· Operating cash flow amounted to MSEK -48 (559). The operating cash flow was negative mainly as a result of utilisation of and reduction in advances and milestone payments compared to the same period 2011.

· The outlook for 2012 remains unchanged.

Outlook 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-Mar Jan Change, % Jan-Dec 2011
2012 -Mar
2011
Order bookings  4,000 5,215  -23 18,907
Order backlog  35,657 40,957 -13 37,172
Sales  5,573 5,452 2 23,498
Gross income  1,574 1,427 10 6,707
Gross margin, % 28.2 26.2   28.5
Operating income (EBIT) 398 368 8 2,941
Operating margin, % 7.1 6.7   12.5
Net income 265 277 -4 2,217
Earnings per share before 2.65 2.66   21.19
dilution, SEK
Earnings per share after dilution, 2.56 2.56   20.38
SEK
Return on equity *, % 17.4 5.8   18.1
Operating cash flow ** -48 559 -109 2,477
Operating cash flow per share -0.44 5.12   22.69
after dilution, SEK
* The return on equity is measured    
over a rolling 12-month period
 ** Operating cash flow includes    
cash flow from operating
activities
of MSEK -16 (655) and cash flow
from investing activities
excluding
change in short-term investments
and other interest-bearing
financial
assets of MSEK -32 (-96)

Statement by the President and CEO, Håkan Buskhe

The market situation is challenging with many customers delaying their investment decisions due to restrained government budgets. However, we continue to see an increased interest in our cost-efficient high-technology products and solutions. Among European nations there is an increasing interest in co-operation in the field of research and development and defence material.

In Sweden, the Armed Forces presented their intention to upgrade the fighter aircraft fleet to Gripen E/F and gave a clear commitment to Gripen as the backbone of the Swedish Air Force. The Gripen is highly competitive in terms of capabilities, and can be upgraded in a cost-efficient way to meet future requirements of the Swedish Armed Forces.

The level of small and medium sized order bookings was stable during the first quarter 2012 compared to 2011, but the lack of large orders led to a lower level of order bookings.

One of our main priorities is to increase our local presence in strategically important markets to drive future growth. In the period we for instance saw a strong order increase in the U.S.

Sales increased slightly and the operating margin improved mainly as the result of a changed product and project mix. Based on our order backlog and current market opportunities the outlook for 2012, with slightly increased sales and an operating margin in line with 7.5 per cent, excluding material net capital gains, remains firm.

Different delivery schedules impacted our operating cash flow, which was negatively affected by the utilisation of, and reduction in, advances and milestone payments compared to the same period 2011.

Switzerland also reconfirmed the commitment to their 2011 down selection of Gripen for further negotiations for a potential order.

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-March 2012.
Thursday, 19 April, 10.00am C.E.T
Grand Hotel, Bolinderska Rummet, Blaiseholmshamnen 8, Stockholm, Sweden
Live webcast
If you are unable to attend in person, please visit http://www.saabgroup.com/en/InvestorRelations 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) 734 187214
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 April 19 at 07.30am CET.
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.

 

 
This information was distributed by Cision
 

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