INTERIM REPORTJANUARY – SEPTEMBER 2013
President and CEO Håkan Buskhe29 October, 2013
SUMMARY JAN-SEPT 2013
In Switzerland, the Parliament has approved of the procurement of Gripen; a referendum is expected in 2014 before a potential order for GripenOverall a challenging market situation with cuts in state budgetsOrder intake increased 59 per cent year-on-yearSales development flat; organic decline by 2 per cent Adjusted for non-recurring items the operating margin was 6.3 per centEfficiency measures progressing according to plan Lower operating cash flow as a result of differences in milestone payments, investments and acquisitions as well as a payment related to DACCIS
PAGE 2
JANUARY – SEPTEMBER IN BRIEF 2013
Jan-Sept Jan-Sept
MSEK 2013 Change, % 2012
Order bookings 25,029 59 15,755Order backlog 42,407 17 36,331
Sales 16,471 -1 16,704
Operating income 811 -42 1,395Operating margin, % 4.9 8.4
Net income 455 1,010
Net liquidity 399 1,754
Operating cash flow -2,027 -660
57%
Sales
33%
Order bookings
55%
Order backlog
SwedenInternational
PAGE 3
GLOBAL DEFENCE SPENDING
In 2012, world military spending fell for the first time since 1998Noticeable shift in spending from the West to other parts of the worldAusterity measures reduced military spendingGrowing economies in general show a slowdown in growth rate of spendingAffordability, multi-functionality and time-to-market essentialReducing share of defence investments in land domain
48%
25%
27%
44%
27%
29%
43%
27%
30%
2008 2013 2018
Source: IHS Jane’sAir ForceNavyArmy
Global Defence spending
PAGE 4
AMERICAS
EUROPE &GREATER MIDDLE
EAST
NORDIC & BALTIC
SUB SAHARAN AFRICA
INDIA
ASIA PACIFIC
MARKET AREA IMPLEMENTATION
PAGE 5
INTERNATIONAL GROWTH
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10% 19%-25% -10%
+/- % Jan – Sept 2013 vs. PY
67%+138% +13%
45%
43%
Sweden
10%+105% -13%
14%
18%
Asia
3%-7% -11%
3%
5%
Australia, others
1%-48% -39%
3%
4%
Africa 9%-18% +11%
16%
12%
Americas
Order bookings
Order backlog
Sales
Region
Europe excl. SE 19%
PAGE 6
GRIPEN UPDATE
Switzerland:Yes to procurement of Gripen E in the ParliamentIf a public referendum on the procurement of Gripen E is called this is expected to take place in 2014 with a final procurement decision thereafter
Sweden:The development is progressing according to plan and budgetThe production of next Gripen E/F test aircraft is on track for a first flight in 2015
Continued high interest in Gripen globally
PAGE 7
SEASONAL EFFECT ON OPERATING EARNINGS IN QUARTER
Adjusted for material non-recurring items an operating margin of 6.3% (7.1) Non-recurring items impacted operating income negatively by MSEK 231 in 2013; compared to positive MSEK 207 in 2012• Positive operating income in Q3 from Electronic
Defence Systems, but investments in product development continues within this business area
• Dynamics made a loss in Q3 as a result of lower sales in the period; typically the third quarter is weaker than other quarters in this business
Operating cash flow generation – remains a key focusA strong balance sheet is a pre-requisite for growth
5.1%7.1%6.9% 6.3%
3.1%2.8% 2.8%
2.0%
Jan-Sept2010
Jan-Sept2011
Jan-Sept2012
Jan-Sept2013
Operating margin
Amortisation and write-down of capitalised development costs
Operating margin adjusted for non-recurring items
PEOPLE
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OFI
TABL
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POR
TFO
LIO
41.1% 38.4%39.7%44.8%
'Sept.2010
'Sept.2011
'Sept.2012
'Sept.2013
Equity/asset ratio
PAGE 8
EFFICIENCY MEASURES MAKE ROOM FOR INVESTMENTS
Challenging market conditions demand even higher efficiency
In July we announced that additional efficiency measures had been identified that will bring MSEK 500 in efficiency improvements by end of 2014
Detailed follow-up of all identified actions
Actions taken in the third quarter 2013:• Dynamics announced layoffs and Electronic Defence Systems
initiated a competence shift programme
• Introduction of new working practices to reduce development, production and overhead costs across the company
• An increased focus on prioritised areas within product development
PAGE 9
OUTLOOK STATEMENT 2013
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.
PAGE 10
Interim reportJANUARY – SEPTEMBER 2013 Financials more in detailMagnus Örnberg, CFO29 October, 2013
PAGE 12
SUMMARY JAN-SEPT 2013P
RO
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BIL
ITY
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MA
NC
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PEOPLEPEOPLE
PRO
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NC
EPE
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AN
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FIN
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L P
OS
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N
Operating cash flow negative; mainly due to timing differences in milestone payments, investments, acquisitions and a payment related to DACCISNet liquidity decreased due to negative operating cash flow, investments and dividend paid
Gross margin impacted by a different project and product mixEfficiency measures according to planInvestments in future product launches continue; mainly in Electronic Defence Systems Aeronautics continued strong result, whereas Dynamics had a weak third quarter due to lower volume
GR
OW
TH Good order intake despite challenging marketsFocus on small orders through the Market Area organisation
0
2 000
4 000
6 000
8 000
10 000
12 000
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 20130
0,2
0,4
0,6
0,8
1
1,2
1,4
1,6
Small orders* Large orders Book-to-Bill ratio
Book-to-bill ratio (12 months rolling)
5,431
46%
54%
3,147
40%
60%
Order bookingsMSEK
ORDERS RECEIVED
5,114
43%
57%
4,00019%
81%
7,644
70%
30%
4,111
46%
54%
4,928
53%
47%
86%
14%
18,865
77%
23%3,171
*Small orders = Orders below MSEK 100
69%
31%
2,993
19 000 Level of small orders upheld in third quarter Level of small orders upheld in third quarter
PAGE 13
PAGE 14
3,916
2,210
975
3,4954,053
2,337
11,411
3,638
1,7131,133
2,979
5,393
Aeron. Dynamics EDS SDS S&S Combitech
MSEKAustr, etc
3%Asia10%
SE67%
EU excl SE9%
RoE1%
Americas9%
Africa1%
Sales per region
4,398
3,267
971
2,320
3,957
3,094
4,873
3,963
2,384
1,142
2,3922,869
Aeronautics Dynamics EDS SDS S&S Combitech
MSEK11%
-27% -7%
Austr, etc5%
Asia18%
SE43%
EU excl SE
17%RoE2%
Americas12%
Africa4%
Order bookings per region
-
3%
18%
Sales per business area
Order bookings per business area
Jan-Sept 2013
Jan-Sept 2012
Jan-Sept 2013
Jan-Sept 2012
GROWTH PER BUSINESS AREA
ORDER BACKLOG
Order backlog duration(SEK billion):Sept 2013 Sept 2012 Dec 20122013: 6.4 2012: 6.6 2013: 16.12014: 14.5 2013: 13.3 2014: 7.92015: 9.8 2014: 7.2 2015: 4.62016: 6.9 2015: 4.0 2016: 2.7After 2016: 4.8 After 2015: 5.2 After 2016: 2.9
Total: 42.4 Total: 36.3 Total: 34.2
S&S15%
AN42%
Dyn.10%
EDS19%
SDS16%
Combitech1%
Austr, etc3%
Asia14%
SE45%
EU excl SE
17%
RoE2%
Americas16%
Africa3%
Order backlog split, September 2013
PAGE 15
-159
69
234
388
78
195208223
354
222
14189
265
-101
Aeronautics Dynamics EDS SDS S&S Combitech Corporate
PAGE 16
The Group generated an EBIT-margin of 4.9 (8.4) per centExcluding material non-recurring items an EBIT margin of 6.3 (7.1)
The Group generated an EBIT-margin of 4.9 (8.4) per centExcluding material non-recurring items an EBIT margin of 6.3 (7.1)
5.3% 7.3% 11.9% 5.9% 7.2%(2.2%)
-3.5%
5.3%(3.9%)
5.6% 8.4% 11.1%
8.0% 7.8%
MSEK
Operating margin, %(excl. non-recurring
items)
Jan-Sept 2013Jan-Sept 2012
(excl. material non-recurring
item MSEK 72)
OPERATING INCOMEJanuary – September 2013
FIRST IMPACT FROM ADDITIONAL EFFICIENCY MEASURES
Implementation of action plan started in all unitsImpact from efficiency measures in line with plan
Actions taken:Electronic Defence Systems reduction of headcounts by 150-175 employees in Gothenburg, Sweden, through a competence shift programme Dynamics redundancy notice to reduce positions by 70 Actions to streamline Group wide processes intensifiedExternal consultants reduced by 150Efficiency measures taken in operations in Australia
2013 YTD YE 20142013
COGS(60%)
OPEX(40%)
MSEK 500
STATUS REPORT
Major impact to come from:• Personnel reductions by adjusting operations to lower volumes• More focused R&D processes• Lowering marketing and sales costs
PAGE 17
Yearly run rate
HIGHLIGHTS INCOME STATEMENT
Sales 16,471 16,704 -1
Gross margin 27.2% 29.5%
Marketing expenses -1,517 -1,551 -2%% of sales 9.2% 9.3%
Administrative expenses -773 -847 -9%% of sales 4.7% 5.1%
Research and development costs -1,272 -1,458 -13%% of sales 7.7% 8.7%
Operating income 811 1,395 -42%Operating margin 4.9% 8.4%
Financial net -192 -23
Income before taxes 619 1,372Taxes -164 -362Net income 455 1,010 -55%
Jan-Sept Jan-SeptMSEK 2013 2012 %-change
Earnings per share after dilution, SEK 4.21 9.49Tax rate 26% 26%
Excluding M&A and currency impact -2 per cent
Focused monitoring of marketing and administrative expenses
Higher focus on prioritised areas in R&D
Operating income distorted by material non-recurring items
Financial net distorted by material non-recurring items
PAGE 18
FINANCIAL NET
Jan-Sept 2012
Jan-Sept 2013MSEK
21-22Currency gains/losses
-48-53Financial net related to pensions
-38-111Other net financial items
53-4Net interest items
-23-192TOTAL
-2 -11Interest from unutilised advance payments
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 negatively as the market value of marketable securities decreased
*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.
PAGE 19
AMORTISATION OF CAPITALISED DEVELOPMENT AT A LOWER LEVEL
3 628
1,4351,7511,9502,4283,038
Sept.2013
Dec. 2012Dec. 2011Dec. 2010Dec. 2009Dec. 2008
Capitalised development costs on the balance sheet
635
6711113
2921547
Jan-Sep2013
Jan-Sept2012
2012201120102009'2008
Capitalised development costsView on criteria for capitalising development costs changed in 2009Since then, development costs are capitalised at a later stage in all projects and all capitalised development costs are amortised over maximum ten yearsCapitalised development costs increased in 2012 due to the development of Gripen E
Level of amortisation of capitalised development expenses in coming years:Approximately MSEK2013: 4702014: 3702015: 3502016: 300
686728
340463
590588664
Sept.2013
Sept.2012
Dec.2012
Dec.2011
Dec.2010
Dec.2009
Dec.2008
Amortisation and write- downs of capitalised development
PAGE 20
MSEKPipavav Defence 247TIKAB 11Hydrolek 32Tangible fixed assets 383
Jan-June 2013Jan-June 2012
MSEK
Cash flow beforechange of working
Capital
Change in Workingcapital
Investments
Operating cashflow
1,491
890
-1,915
-2,272
-236
-645
-2,027-660
Jan-June 2013Jan-June 2012
MSEK
Cash flow beforechange of working
Capital
Change in Workingcapital
Investments
Operating cashflow
1,491
890
-1,915
-2,272
-236
-645
-2,027-660
Change in working capital:Build-up of inventories MSEK 586 (586)Change in receivables of MSEK -168 (-1,283)Advances MSEK -279 (125)Other Liabilities MSEK 1,918 (2,095)
Impacted by build up of project activities and timing differences in milestone payments
Provisions MSEK 215 (392)
Investments:
Jan-Sept 2013Jan-Sept 2012
PAGE 21
OPERATING CASH FLOW
NET LIQUIDITY IMPACTED BY NEGATIVE OPERATING CASH FLOW
Positive net liquidity, despite negative operating cash flow
A strong balance sheet supports investments in marketing, research and development and mergers and acquisitions activities
At the end of the first nine months the Equity asset ratio was 44.8 per cent (38.4)
1,996
-1,382
-46-477
-645
399
953
31 Dec. 2012 Cash flow fromoperating
activities 30 Sept2013
Pensions Investments Dividend Currency impact 30 Sept. 2013
MSEK
PAGE 22
PAGE 23
FOCUS GOING FORWARD
Secure impacts from Market Area organisationImplement and secure impact from additional efficiency measuresImprove operating cash flow • Project tendering and execution
• Improve capital efficiency
Performance management
www.saabgroup.comwww.saabgroup.com
APPENDIX
AMERICASOrder intake Sales
2013 %-change 2012 2013 %-change 2012Americas 2,159 -18 2,626 2,005 11 1,804
Traffic Management business impacted by sequestration Order intake upheld at a good level with a book-bill above 1
• Orders received for an upgrade of the Mission System Erieye from Brazil• Saab’s subsidiary MEDAV GmbH received an order for the electromagnetic signal-sensor
part of the Brazilian border security program Sisfron• An order was received for Multispectral Static Camouflage Nets from Canadian Department
of National Defence (DND)
A Memorandum of Understanding (MOU) for training and simulation system with Anacom, supplier to the Brazilian Defence Forces, was signed Saab Barracuda signed a partner agreement with Força Delta Equipamentos Militares for the semi-manufacturing of multispectral camouflage for signature management purposes in BrazilA reorganisation of our U.S. organisation has been made to enable closer relationships with customers
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PAGE 25
EUROPEOrder intake Sales
2013 %-change 2012 2013 %-change 2012Sweden 16,712 +138 7,023 7,052 +13 6,217EU excl. Sweden 2,155 -24 2,818 2,727 -15 3,204Rest of Europe 346 -37 548 347 79 194
Challenging market conditions set to remain for coming yearSeveral orders received
• Orders received for the development of Gripen E, next generation Gripen, from Sweden• First contract for Skeldar from Spain to deploy the Skeldar Unmanned Aerial System (UAS) for
maritime operations• A five-year contract with the airline British Midland Regional Ltd (BMI Regional) for component
maintenance and the repair of BMI Regional’s fleet of Embraer aircraft
Saab acquired Hydro-Lek Limited, a UK manipulator and tooling manufacturer for underwater vehicles, which strengthens Saab’s product portfolio of remotely operated, autonomous and hybrid underwater vehiclesEfficiency measures initiated in operations in Sweden
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PAGE 26
ASIA PACIFIC AND AFRICAOrder intake Sales
2013 %-change 2012 2013 %-change 2012Asia 2,517 105 1,230 2,919 -13 3,370Africa 327 -48 633 614 -39 1,008Australia, others 813 -7 877 807 -11 907
Market growth has slowed down due to macro economyIncreased competitionUpheld order bookings
• A contract with Watpac Construction Pty Ltd for the installation and commissioning of electronic security systems for the Australian Department of Defence
• Two orders from Hindustan Aeronautic Limited (HAL), India, for serial production of an integrated electronic warfare self-protection system for installation on the Indian Army’s and Air force’s Advanced Light Helicopter
Strategic investment in the listed Indian company Pipavav Defence and Offshore Engineering Company Limited (Pipavav)Efficiency measures taken in operations in Australia
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PAGE 27
AERONAUTICS – HIGHLIGHTS28%
Order bookingsSales Backlog
28%
Sales, % of total
Markets outsideSweden
84%
Split Defence/Civil
% of sales
MSEKJan-Sep
2013Jan-Sep
2012 %Order bookings 11,411 3,916 191Split betw een larger orders >MSEK 100 and smaller orders 95/5 80/20
Order backlog 17,843 12,610 41Sales 4,873 4,398 11Operating income 354 234 51operating margin, % 7.3 5.3
Operating cash flow -478 -473Number of FTEs 3,143 2,877 9
PAGE 28
DYNAMICS - HIGHLIGHTS15%
Order bookingsSales Backlog
85% 88% 91%
Sales, % of total
Markets outsideSweden
88%
Split Defence/Civil
% of sales
MSEKJan-Sep
2013Jan-Sep
2012 %Order bookings 1,713 2,210 -22Split betw een larger orders >MSEK 100 and smaller orders 35/65 36/64
Order backlog 4,092 4,389 -7Sales 2,384 3,267 -27Operating income 141 388 -64operating margin, % 5.9 11.9
Operating cash flow 322 386Number of FTEs 1,594 1,573 1
PAGE 29
ELECTRONIC DEFENCE SYSTEMS -HIGHLIGHTS
16%
Order bookingsSales Backlog
72% 44% 60%
Sales, % of total
Markets outsideSweden
Split Defence/Civil
% of sales 97%
MSEKJan-Sep
2013Jan-Sep
2012 %Order bookings 5,393 2,337 131Split betw een larger orders >MSEK 100 and smaller orders 66/34 39/61
Order backlog 7,849 6,013 31Sales 2,869 3,094 -7Operating income -101 223 -145operating margin, % -3.5 7.2
Operating cash flow 302 -34Number of FTEs 2,558 2,563 0
PAGE 30
SECURITY AND DEFENCE SOLUTIONS - HIGHLIGHTS
22%
Order bookingsSales Backlog
79% 80%85%
Markets outside Sweden
Sales, % of totalSplit Defence / Civil
% of sales
70% MSEKJan-Sep
2013Jan-Sep
2012 %Order bookings 3,638 4,053 -10Split betw een larger orders >MSEK 100 and smaller orders 33/67 46/54
Order backlog 6,672 7,923 -16Sales 3,963 3,957 0Operating income 222 208 7operating margin, % 5.6 5.3
Operating cash flow -731 -495Number of FTEs 2,985 3,107 -4
PAGE 31
SUPPORT AND SERVICES - HIGHLIGHTS13%
Order bookingsSales Backlog
28% 19% 29%
Markets outside Sweden
Sales, % of totalSplit Defence / Civil
% of sales
75% MSEKJan-Sep
2013Jan-Sep
2012 %Order bookings 2,979 3,495 -15Split betw een larger orders >MSEK 100 and smaller orders 56/44 39/61
Order backlog 6,241 5,735 9Sales 2,392 2,320 3Operating income 265 195 36operating margin, % 11.1 8.4
Operating cash flow -67 387Number of FTEs 1,823 1,813 1
PAGE 32
COMBITECH - HIGHLIGHTS
22% 17%43%
Sales, % of total
Split Defence / Civil % of sales
57%
MSEKJan-Sep
2013Jan-Sep
2012 %Order bookings 1,133 975 16Order backlog 438 424 3Sales 1,142 971 18Operating income 89 78 14operating margin, % 7.8 8.0
Operating cash flow 129 -58Number of FTEs 1,293 1,223 6
PAGE 33
OPERATING INCOME, EBIT/EBITDA
MSEKJan-Sep
2013 MarginJan-Sep
2012 Margin
Aeronautics EBIT 354 7.3 234 5.3EBITDA 464 9.5 409 9.3
Dynamics EBIT 141 5.9 388 11.9EBITDA 184 7.7 522 16.0
Electronic Defence Systems EBIT -101 -3.5 223 7.2EBITDA 255 8.9 541 17.5
Security & Defence Solutions EBIT 222 5.6 208 5.3EBITDA 318 8.0 324 8.2
Support & Services EBIT 265 11.1 195 8.4EBITDA 279 11.7 209 9.0
Combitech EBIT 89 7.8 78 8.0EBITDA 95 8.3 82 8.4
Corporate EBIT -159 69EBITDA -38 175
Saab Group EBIT 811 4.9 1,395 8.4EBITDA 1,557 9.5 2,262 13.5
PAGE 34
COMPREHENSIVE INCOME
Jan-Sep Jan-SepMSEK 2013 2012Net income for the period 455 1,010
Other comprehensive income:Revaluation of net pension obligation 1,187 -408Translation differences -160 -163Available-for-sale financial assets -116 -Cash flow hedges -81 178Tax attributable to other comprehensive income -241 60
Other comprehensive income for the period 589 -333
Net comprehensive income for the period 1,044 677
PAGE 35
OPERATING CASH FLOW VS STATEMENT OF CASH FLOW
Jan-Sep Jan-SepMSEK 2013 2012Operating cash flow -2,027 -660
Cash flow from financing:Repayments of loans - -86Raising of loans 25 -Dividend paid -477 -474
Cash flow from investments - interest-bearing:Short-term investments 2,254 1,092Other financial investments and receivables 7 16
Cash flow for the period -218 -112
PAGE 36
STATEMENT OF FINANCIAL POSITION30 Sep 31 Dec
MSEK 2013 2012 ChangeAssetsIntangible fixed assets 6,451 6,849 -398Tangible fixed assets 3,222 3,162 60Lease assets 197 304 -107Biological assets 305 306 -1Investment properties 33 33 -Shares in associated companies 305 300 5Financial investments 317 193 124Long-term receivables 105 138 -33Deferred tax assets 232 213 19Total fixed assets 11,167 11,498 -331
Inventories 4,974 4,420 554Derivatives 461 514 -53Tax receivables 165 39 126Accounts receivable 2,540 3,454 -914Other receivables 3,151 2,548 603Prepaid expenses and accrued income 1,012 886 126Short-term investments 1,679 3,963 -2,284Liquid assets 1,369 1,616 -247Total current assets 15,351 17,440 -2,089Total assets 26,518 28,938 -2,420
PAGE 37
STATEMENT OF FINANCIAL POSITION30 Sep 31 Dec
MSEK 2013 2012 ChangeShareholders' equity and liabilitiesParent Company's shareholders' interest 11,790 11,168 622Non-controlling interest 87 112 -25Total shareholders' equity 11,877 11,280 597Long-term interest-bearing liabilities 102 105 -3Other liabilities 213 315 -102Provisions for pensions 1,703 2,874 -1,171Other provisions 1,117 1,286 -169Deferred tax liabilities 406 184 222Total long-term liabilities 3,541 4,764 -1,223
Short-term interest-bearing liabilities 1,649 1,637 12Advance payments from customers 820 553 267Accounts payable 1,372 1,904 -532Derivatives 252 254 -2Tax liabilities 139 228 -89Other liabilities 720 760 -40Accrued expenses and deferred income 5,704 6,993 -1,289Provisions 444 565 -121Total current liabilities 11,100 12,894 -1,794Total shareholders' equity and liabilities 26,518 28,938 -2,420Equity/assets ratio, % 44.8 39.0
PAGE 38
CHANGES IN SHAREHOLDERS’ EQUITY
Capital stock
Other capital contr.
Net res. of cash f.
hedges
Translation reserve
Available-for-sale and
revaluation
Retained earnings
Total excl. non-controlling intr.
Opening balance, 1 January 2013 1,746 543 531 -226 11 8,563 11,168
Net comprehensive income for the period -55 -151 -116 1,386 1,064Transactions with shareholders:
Dividend -477 -477Share matching plan 35 35Closing balance, 30 September 2013 1,746 543 476 -377 -105 9,507 11,790
PAGE 39
NET LIQUIDITY
30 Sep 31 DecMSEK 2013 2012AssetsLiquid assets 1,369 1,616Short-term investments 1,679 3,963Interest-bearing receivables 569 579Total interest-bearing assets 3,617 6,158
LiabilitiesLiabilities to credit institutions -1,101 -1,104Other interest-bearing liabilities -650 -638Provision for pensions* -1,467 -2,420Total interest-bearing liabilities -3,218 -4,162Total net liquidity 399 1,996
*Excluding provisions for pensions attributable to special employers' contribution
PAGE 40
LIQUIDITY
MSEK 2013Liquid assets at the beginning of the year 1,616
Operating cash flow -2,027Financial investments 2,254Raising of loans 25Dividend to shareholders -477Other changes, translation differencies etc -22Liquid assets at the end of the period 1,369
PAGE 41
NUMBER OF FULL TIME EQUIVALENTS
30 Sep 31 DecNumber 2013 2012 ChangeAeronautics 3,143 2,932 211Dynamics 1,594 1,568 26Electronic Defence Systems 2,558 2,578 -20Security and Defence Solutions 2,985 3,105 -120Support and Services 1,823 1,805 18Combitech 1,293 1,245 48Corporate 707 667 40Saab Group 14,103 13,900 203
PAGE 42
Quarterly information 2013/2012
Q3 Q2 Q1 Q4Sales 2013 2013 2013 2012Aeronautics 1,391 1,717 1,765 1,678Dynamics 536 971 877 1,512Electronic Defence Systems 900 931 1,038 1,182Security and Defence Solutions 1,189 1,503 1,271 2,019Support & Services 732 838 822 1,091Combitech 322 410 410 439Corporate - - - -Internal sales -347 -484 -321 -615Total 4,723 5,886 5,862 7,306
Operating income and marginAeronautics 117 8.4% 121 7.0% 116 6.6% 125 7.4%Dynamics -46 -8.6% 115 11.8% 72 8.2% 233 15.4%Electronic Defence Systems 24 2.7% -80 -8.6% -45 -4.3% -106 -9.0%Security and Defence Solutions 80 6.7% 120 8.0% 22 1.7% 209 10.4%Support & Services 70 9.6% 107 12.8% 88 10.7% 215 19.7%Combitech 14 4.3% 31 7.6% 44 10.7% 44 10.0%Corporate 7 - -265 - 99 - -65 -Total 266 5.6% 149 2.5% 396 6.8% 655 9.0%
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