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INTERIM REPORT JANUARY - MARCH 2010 CEO ÅKE SVENSSON, CFO LARS GRANLÖF 21 APRIL, 2010 INTERIM REPORT, PRESS AND ANALYST MEETING
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Page 1: JANUARY - MARCH 2010 · Training systems for the Norwegian Armed Forces Agreement for remotely operated tower trials in Australia. ... Dynamics 634 969 6,623 Electronic Defence Systems

INTERIM REPORTJANUARY - MARCH 2010

CEO ÅKE SVENSSON, CFO LARS GRANLÖF21 APRIL, 2010INTERIM REPORT, PRESS AND ANALYST MEETING

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PAGE 2

JANUARY – MARCH 2010

Global economic environment impactedSaab’s markets with continued delays in customers’ decision making processesOrder bookings from Swedish FMV for the continued development of GripenSales on expected levelProfitability affected by a provision in Security and Defence Solutions Focus on execution continues and full-year outlook remains unchanged

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PAGE 3

STRENGTHENING THE COMPANY

Strategy• Stronger market focus• More focused business portfolio• Further increased efficiency

Structure• Five business areas • Harmonised processes in the functional dimension

Behaviour• Efficiency initiatives progressing to plan

1,500

250

600

650

2009 2010 201120082007

Billion+ programme,cost reduction plan (MSEK)

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PAGE 4

AERONAUTICS – Q1 HIGHLIGHTS

Several orders from FMVGripen on field trials in IndiaGripen on the short-list in BrazilNotice of lay-offs in production (115 employees) Saab J 35 Draken turns 50 and Swedish aviation celebrates 100 years

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PAGE 5

STRONG SWEDISH SUPPORT FOR GRIPEN

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”VISIBLE COSTS, INVISIBLE BENEFITS”

Gripen has repaid to Swedish society at least 2.6 times the initial investment, only in terms of technology transfer

Professor emeritus Gunnar Eliasson

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PAGE 7

DYNAMICS – Q1 HIGHLIGHTS

RBS 70 contract with Finland Carl-Gustaf contract with Australia Defence ForceNotice of lay-offs in production (70 employees)

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PAGE 8

ELECTRONIC DEFENCE SYSTEMS – Q1 HIGHLIGHTS

Upgrade and development of reconnaissance systems in GripenSuccessful field trials in the U.S. with new countermeasure system 20th Erieye radar system produced

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PAGE 9

SECURITY AND DEFENCE SOLUTIONS –Q1 HIGHLIGHTS

Maintenance and support contract for British Army training systemsTraining systems for the Norwegian Armed ForcesAgreement for remotely operated tower trials in Australia

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PAGE 10

PROVISIONS WITHIN CIVIL SECURITY

Charges of MSEK 160, including write-downs of MSEK 20, mainly related to a project within civil securitySaab has underestimated the complexity of the projectExtensive review currently ongoing in cooperation with the customer

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PAGE 11

SUPPORT AND SERVICES – Q1 HIGHLIGHTS

System maintenance order for GripenSeveral smaller and mid-sized ordersSupport of Swedish coast guard operations in Somalia

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PAGE 12

DIVERSITY, 30/70 GOAL FOR 2015

Anne Gynnerstedt,Head of Group Legal Affairs

Lena Olving, Chief Operating Officer

Gunilla Fransson, Head of Business Area

Cecilia Schön Jansson,Head of Group Communications

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PAGE 13

OUTLOOK 2010

We remain cautious regarding order intake and foresee sales on the same level as 2009Due to the effect of continued business improvement activities we expect profitability to increaseOur long-term financial targets remain

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JANUARY - MARCH 2010FINANCIALS

LARS GRANLÖF21 APRIL, 2010FINANCIALS, JANUARY - MARCH 2010

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PAGE 15

ORDER BOOKINGS AND ORDER BACKLOG

Jan-Mar Jan-Mar 31 MarchMSEK 2010 2009 2010

Aeronautics 2,082 1,090 15,855Dynamics 634 969 6,623Electronic Defence Systems 1,101 403 7,275Security and Defence Solutions 920 1,509 7,586Support and Services 924 620 4,196Corporate/Internal -183 -490 -1,981Saab Group 5,478 4,101 39,554

Order Order Orderbookings bookings backlog

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PAGE 16

ORDER BACKLOG

NLAW

RBS70

AT4/Carl-Gustaf

Tornado

ANZAC

Civil security

solutions

Airborne surveillance

system

Order backlog duration(SEK billion):

2010: 15.4 2011: 9.8 2012: 5.72013: 3.2After 2013: 5.5

Total: 39.6

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PAGE 17

SALES

AeronauticsDynamicsElectronic Defence SystemsSecurity and Defence SolutionsSupport and Services Corporate/InternalSaab Group

Jan-Mar Jan-MarMSEK 2010 2009 Change

1,703986940

1,200743

-1885,384

1,8431,005

9881,060

814-298

5,412

-8%-2%-5%13%-9%

-1%

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PAGE 18

OPERATING INCOME, EBIT

Aeronautics 53 3.1% 5.6% 3 0.2% 0.2% Dynamics 85 8.6% 8.6% 75 7.5% 7.5% Electronic Defence Systems 37 3.9% 3.9% 27 2.7% 2.7%Security and Defence Solutions -96 -8.0% -8.0% 11 1.0% 1.0%Support and Services 56 7.5% 7.5% 103 12.7% 12.7%Corporate -9 -69

Saab Group 126 2.3% 3.1% 150 2.8% 2.8%

Jan-Mar adj. Jan-Mar adj.MSEK 2010 margin margin 2009 margin margin

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PAGE 19

INCOME STATEMENT

Sales 5,384 5,412Cost of goods sold -4,113 -4,047Gross income 1,271 1,365Gross margin 23.6% 25.2%Other operating income 36 40Marketing expenses -385 -424Administrative expenses -316 -334Research and development costs -459 -407Other operating expenses -16 -59Share in income ofassociated companies -5 -31Operating income 126 150Operating margin 2.3% 2.8%Share in income ofassociated companies - -Result from financial investments -27 -187Income before taxes 99 -37Taxes -27 10Net income 72 -27

Jan-Mar Jan-MarMSEK 2010 2009

Earnings per share after dilution, SEK 0.63 -0.24Tax rate 27% 27%

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PAGE 20

STATEMENT OF FINANCIAL POSITION

31 Mar 31 Dec ChangeMSEK 2010 2009

AssetsFixed assets 13,625 14,110 -485Current assets 15,170 16,320 -1,150 Total assets 28,795 30,430 -1,635

Shareholders’ equity and liabilitiesShareholders’ equity 10,908 10,682 226Long-term liabilities 4,503 4,468 35Short-term liabilities 13,384 15,280 -1,896Total liabilities 17,887 19,748 -1,861Total shareholders’ equity & liabilities 28,795 30,430 -1,635

Equity/assets ratio 37.9% 35.1%

Total net debt 717 634 83

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PAGE 21

SUMMARISED CASH FLOW JANUARY-MARCH 2010

Cash flow from operations 594 31 625 328

Inventories -295 2 -293 -483Receivables 199 -39 160 495Advances -72 - -72 310Liabilities -153 -165 -318 -904Provisions -86 -23 -109 -97Change in working capital -407 -225 -632 -679

Intangible assets -27 - -27 -26Tangible assets -49 - -49 -50Lease assets - 9 9 -Acquisitions - - - -Divestments - - - -Acq/sales of financial assets -5 6 1 -29Cash flow from investments -81 15 -66 -105

Operating cash flow 106 -179 -73 -456

ActualMSEK Saab SAL/M&A 2010 2009

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APPENDIX

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PAGE 23

AERONAUTICS – HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009

Order bookings 2,082 1,090 91 3,417Split between larger orders > MSEK 100 and smaller orders 93/7 68/32 - -

Order backlog 15,855 18,780 -16 3791)

Sales 1,703 1,843 -8 7,571Operating income/loss 53 3 - 6Operating margin, % 3.1 0.2 0.1

Operating cash flow -33 -310 - -434Number of employees 2,988 3,091 -3 -271)

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009

Order bookings 2,082 1,090 91 3,417Split between larger orders > MSEK 100 and smaller orders 93/7 68/32 - -

Order backlog 15,855 18,780 -16 3791)

Sales 1,703 1,843 -8 7,571Operating income/loss 53 3 - 6Operating margin, % 3.1 0.2 0.1

Operating cash flow -33 -310 - -434Number of employees 2,988 3,091 -3 -271)

1) Refers to quarterly change

31%

Order bookingsSales Backlog

46%

5%

65%

Sales, % of total

Markets outsideSweden

87%

Split Defence/Civil

% of sales

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PAGE 24

DYNAMICS - HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009Order bookings 634 969 -35 3,133Split between larger orders 57/43 51/49 - -> MSEK 100 and smaller orders

Order backlog 6,623 8,447 -22 -3571)

Sales 986 1,005 -2 4,580Operating income 85 75 13 269Operating margin, % 8.6 7.5 5.9

Operating cash flow -11 103 - 369Number of employees 1,682 1,805 -7 -571)

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009Order bookings 634 969 -35 3,133Split between larger orders 57/43 51/49 - -> MSEK 100 and smaller orders

Order backlog 6,623 8,447 -22 -3571)

Sales 986 1,005 -2 4,580Operating income 85 75 13 269Operating margin, % 8.6 7.5 5.9

Operating cash flow -11 103 - 369Number of employees 1,682 1,805 -7 -571)

1) Refers to quarterly change

18%

Order bookingsSales Backlog

60% 70% 90%

Sales, % of total

Markets outsideSweden

93%

Split Defence/Civil

% of sales

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PAGE 25

ELECTRONIC DEFENCE SYSTEMS

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009

Order bookings 1,101 403 173 2,625Split between larger orders 44/56 0/100 - -> MSEK 100 and smaller orders

Order backlog 7,275 8,775 -17 1161)

Sales 940 988 -5 4,670Operating income 37 27 37 24Operating margin, % 3.9 2.7 0.5

Operating cash flow 375 333 13 506Number of employees 2,553 2,615 -2 -481)

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009

Order bookings 1,101 403 173 2,625Split between larger orders 44/56 0/100 - -> MSEK 100 and smaller orders

Order backlog 7,275 8,775 -17 1161)

Sales 940 988 -5 4,670Operating income 37 27 37 24Operating margin, % 3.9 2.7 0.5

Operating cash flow 375 333 13 506Number of employees 2,553 2,615 -2 -481)

1) Refers to quarterly change

14%

Order bookingsSales Backlog

66% 46% 71%

Sales, % of total

Markets outsideSweden

Split Defence/Civil

% of sales 99%

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PAGE 26

SECURITY AND DEFENCE SOLUTIONS HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009

Order bookings 920 1,509 -39 6,045Split between larger orders 19/81 58/42 - -

> MSEK 100 and smaller orders

Order backlog 7,586 7,676 -1 -1601)

Sales 1,200 1,060 13 5,800Operating income -96 11 - 278Operating margin, % -8.0 1.0 4.8

Operating cash flow -15 -193 - -217Number of employees 2,563 2,462 4 -51)

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009

Order bookings 920 1,509 -39 6,045Split between larger orders 19/81 58/42 - -

> MSEK 100 and smaller orders

Order backlog 7,586 7,676 -1 -1601)

Sales 1,200 1,060 13 5,800Operating income -96 11 - 278Operating margin, % -8.0 1.0 4.8

Operating cash flow -15 -193 - -217Number of employees 2,563 2,462 4 -51)

1) Refers to quarterly change

22%

Order bookingsSales Backlog

72% 89%80%

Markets outside Sweden

Sales, % of totalSplit Defence / Civil

% of sales

66%

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PAGE 27

SUPPORT AND SERVICES - HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009

Order bookings 924 620 49 4,057Split between larger orders 17/83 0/100 - -> MSEK 100 and smaller orders

Order backlog 4,196 3,262 29 1851)

Sales 743 814 -9 3,564Operating income 56 103 -46 410Operating margin, % 7.5 12.7 11.5

Operating cash flow 250 60 - 81Number of employees 1,768 1,796 -2 191)

Jan-Mar Jan-Mar Jan-DecMSEK 2010 2009 %-change 2009

Order bookings 924 620 49 4,057Split between larger orders 17/83 0/100 - -> MSEK 100 and smaller orders

Order backlog 4,196 3,262 29 1851)

Sales 743 814 -9 3,564Operating income 56 103 -46 410Operating margin, % 7.5 12.7 11.5

Operating cash flow 250 60 - 81Number of employees 1,768 1,796 -2 191)

1) Refers to quarterly change

12%

Order bookingsSales Backlog

26%9%

31%

Markets outside Sweden

Sales, % of totalSplit Defence / Civil

% of sales

76%

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PAGE 28

SALES BY MARKET

44%

30%

8%

6%

7%5%

Air Land

Naval Civil Security

Commercial Aeronautics Others

Jan-March 2010

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PAGE 29

OPERATING INCOME, EBIT/EBITDA

Aeronautics EBIT 53 3.1% 3 0.2%EBITDA 114 6.7% 65 3.5%

Dynamics EBIT 85 8.6% 75 7.5%EBITDA 124 12.6% 118 11.7%

Electronic Defence Systems EBIT 37 3.9% 27 2.7%EBITDA 171 18.2% 151 15.3%

Security & Defence Solutions EBIT -96 -8.0% 11 1.0%EBITDA -53 -4.4% 37 3.5%

Support & Sevices EBIT 56 7.5% 103 12.7%EBIDA 60 8.1% 107 13.1%

Corporate EBIT -9 -69EBITDA 18 -43

Saab Group EBIT 126 2.3% 150 2.8%EBITDA 434 8.1% 435 8.0%

Jan-Mar Jan-MarMSEK 2010 margin 2009 margin

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PAGE 30

COMPREHENSIVE INCOME

Net income/loss for the period 72 -27

Other comprehensive income:Translation differences for the period 7 140Net gain/loss on cash flow hedges 201 -118Share of other comprehensive income in associated companies - -Tax attributable to comprehensive income -53 31

Other comprehensive income/loss for the period 155 53

Net comprehensive income/loss for the period 227 26

Jan-Mar Jan-MarMSEK 2010 2009

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PAGE 31

OPERATING CASH FLOW VS STATEMENT OF CASH FLOW

Operating cash flow -73 -456

Cash flow from financing:Establishment of pension fund - -Loans raised/amortized -1,290 20Dividend - -Share repurchase - -

Cash flow from investments –interest bearing:Short-term investments 551 -Financial investments 74 125

Statement of Cash flow -738 -311

Jan-Mar Jan-Mar MSEK 2010 2009

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PAGE 32

31 Mar 31 DecMSEK 2010 2009 Change

AssetsIntangible fixed assets 6,899 7,108 -209Tangible fixed assets 3,151 3,174 -23Lease assets 1,390 1,464 -74Biological assets 256 256 0Investment properties 25 25 0Shares in associated companies 354 356 -2Financial investments 102 116 -14Long-term receivables 1,265 1,327 -62Deferred tax assets 183 284 -101Total fixed assets 13,625 14,110 -485

Inventories 5,042 4,698 344Derivatives 1,046 1,002 44Tax receivables 30 43 -13Accounts receivables 2,940 2,837 103Prepaid expenses and accrued income 945 705 240Other receivables 4,121 4,696 -575Liquid assets and short-term investments 728 2,014 -1,286Total current assets 14,852 15,995 -1,143Assets held for sale 318 325 -7Total assets 28,795 30,430 -1,635

STATEMENT OF FINANCIAL POSITION

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PAGE 33

31 Mar 31 DecMSEK 2010 2009 Change

Shareholders’ equity and liabilitiesParent Company´s shareholders’ interest 10,761 10,542 219Non-controlling interest 147 140 7Total shareholders´ equity 10,908 10,682 226Long-term interest-bearing liabilities 1,125 1,126 -1Other liabilities 295 287 8Provision for pensions 4 4 0Other provisions 2,225 2,146 79Deferred tax liabilities 854 905 -51Total long-term liabilities 4,503 4,468 35

Short-term interest-bearing liabilities 1,234 2,519 -1,285Advance payments from customers 372 442 -70Accounts payable 1,356 1,730 -374Derivatives 1,105 1,181 -76Tax liabilities 215 212 3Other liabilities 680 746 -66Accrued expenses and deferred income 7,733 7,668 65Provisions 660 753 -93Total current liabilities 13,355 15,251 -1,896Liabilities related to assets held for sale 29 29 0Total shareholders’ equity and liabilities 28,795 30,430 1,635

Equity/assets ratio,% 37.9 35.1

STATEMENT OF FINANCIAL POSITION

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STATEMENT OF FINANCIAL POSITION, 31 MARCH, 2010 SUBDIVIDED

Saab Aircraft Elimi- SaabMSEK Saab Leasing nations GroupIntangible assets 6,899 - - 6,899Tangible assets 3,432 - - 3,432Lease assets 4 1,386 - 1,390Long-term interest-bearing receivables 422 - - 422Shares, etc 1,924 - -1,500 424Other long-term receivables 860 15 - 875Deferred tax assets - 218 -35 183Inventories 4,988 54 - 5,042Short-term interest-bearing receivables 496 1,402 -1,402 496Other current assets 7,452 88 - 7,540Derivatives 1,046 - - 1,046Liquid assets and short-term investments 714 14 - 728Assets held for sale 318 - - 318Total assets 28,555 3,177 -2,937 28,795Shareholders’ equity 10,824 1,584 -1,500 10,908Provision for pensions 4 - - 4Other provisions 2,106 779 - 2,885Deferred tax liabilities 889 - -35 854Interest-bearing liabilities 3,761 - -1,402 2,359Advance payments from customers 372 - - 372Derivatives 1,105 - - 1,105Other liabilities 9,494 814 - 10,308Total shareholders’ equity & liabilities 28,555 3,177 -2,937 28,795

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CHANGES IN SHAREHOLDERS EQUITY

Capital Other Net res. Translation Revaluation Retained Total excl.stock capital on cash f. reserve reserve earnings non-.

contr. Hedges controlling intr.

Opening balance, 1 January, 2010 1,746 543 84 -21 51 8,139 10,542

Total net comprehensive income of the period 145 6 69 220

Transactions with shareholders:

Dividend - -

Repurchase of shares - -

Share matching plan 11 11

Acquisitions and sale of operations -12 -12

Closing balance, 31 March, 2010 1,746 543 229 -15 51 8,207 10,761

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PAGE 36

NET LIQUIDITY / NET DEBT

LiabilitiesLong-term interest-bearing liabilities -1,125 -1,126Short-term interest-bearing liabilities -1,234 -2,519Provisions for pensions -4 -4Total interest-bearing liabilities -2,363 -3,649

AssetsShort-term investments - 551Liquid assets 728 1,463Interest-bearing receivables 918 1,001Total liquid investments 1,646 3,015

Total net liquidity/debt (-) -717 -634

31 March Year-EndMSEK 2010 2009

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PAGE 37

LIQUIDITY

Liquid investments at the beginning of the year 1,463

Operating cash flow -73Financial investments 625Loans raised/amortized -1,290Share repurchase -Dividend to shareholders -Other changes, translation differencies etc 3

Liquid investments 31 March 728

MSEK 2010

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PAGE 38

NUMBER OF EMPLOYEES

31 Mar 31 DecMSEK 2010 2009 Change

Aeronautics 2,988 3,015 -27Dynamics 1,682 1,739 -57Electronic Defence Systems 2,553 2,601 -48Security & Defence Solutions 2,563 2,568 -5Support & Services 1,768 1,749 19Corporate 1,411 1,487 -76Saab Group 12,965 13,159 -194

APPENDIX

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