Strong Growth 2015 Saab Group Defence And Security-Books Pdf

STRONG GROWTH 2015 Saab Group Defence and Security
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Significant orders 4th quarter Orders,MSEK Fourth quarter 2015. In October it was announced that Saab has extended the support and maintenance agreement with the. Advanced airborne surveillance, Swedish Defence Materiel Administration FMV for the SK60 trainer aircraft of the Swedish Armed. systems 10 418, Forces The contract will be in place for three years starting on 1 July 2017. Operational capabilities for Gripen NG 1 862 In November Saab signed a contract with the United Arab Emirates to deliver a new airborne Swing. Support agreement for SK60 400 Role Surveillance System SRSS. In December the contract with Brazil for operational capabilities for Gripen NG came into effect. January December 2015,Defence Civil,A total of 95 per cent. In February a contract was signed with FMV for continued development of the New Lightweight. 80 of order bookings Torpedo plus maintenance agreements for underwater weapon systems and the Hydra sonar system. was attributable to Saab also received two orders for ammunition components for the weapon system Carl Gustaf In. defence related March follow on orders were received from Hindustan Aeronautic Limited HAL India for an integrated. operations during 2015, electronic warfare self protection system for installation on the Indian armed forces Advanced Light.
Helicopter Dhruv, In June a contract with FMV for the construction of two submarines Type A26 as well as. Market conducting mid life upgrades of two Gotland class submarines was signed Saab also received a major. A total of 80 per cent, order for delivery of underwater systems In August orders were received from the UK Ministry of. 45 of order bookings, was related to markets Defence for Giraffe AMB radar systems plus upgrades of the existing British Giraffe systems. outside Sweden during The agreement with Brazil regarding Gripen came into effect in September and Saab received an. 2015 order from the Brazilian government regarding development and production of 36 Gripen NG Deliveries. will be undertaken from 2019 to 2024, Large orders For a list of significant orders received during 2015 see note 3. Orders where the total,order value exceeded, During 2015 index and price changes had a positive effect on order bookings of MSEK 183 compared.
MSEK 100 represented,86 per cent 61 of total to MSEK 346 during 2014. order bookings during, 2015 The order backlog at the end of the year amounted to MSEK 113 834 compared to MSEK 60 128 at the. beginning of the year,Order bookings by region,MSEK Full Year 2015 Full Year 2014 Change. Order backlog duration,Sweden 16 390 12 320 33, 2016 SEK 21 8 billion EU excluding Sweden 4 637 4 348 7. Rest of Europe 1 075 498 116,2017 SEK 15 9 billion.
Americas 44 040 2 276 1 835,2018 SEK 12 3 billion Asia 13 884 1 906 628. 2019 SEK 11 7 billion Africa 495 460 8,Australia etc 654 794 18. After 2019 SEK 52 1 billion,Total 81 175 22 602 259. Fourth quarter 2015, Sales during the fourth quarter 2015 amounted to MSEK 10 070 7 425 an increase of 36 per cent The. Sales MSEK increase is mainly attributable to orders regarding Gripen for Brazil and an airborne surveillance system. for the United Arab Emirates where preparation work was recognised as sales upon signing of the. contract Acquisitions had a net effect of 0 per cent 5 on sales and currency effects had a positive. effect of 1 per cent 2 The organic sales growth was 35 per cent 5. 23 750 23 527,January December 2015, Sales during 2015 increased by 16 per cent compared to 2014 Acquisitions mainly related to Saab.
Kockums that was acquired in 2014 had a positive net effect of 3 per cent 2 on sales and currency. effects had a positive effect of 2 per cent 0 The organic sales growth was 11 per cent 3. Sales in markets outside of Sweden amounted to MSEK 15 787 13 015 or 58 per cent 55 of total. sales 82per cent 79 of sales was related to the defence market. Sales per region,2012 2013 2014 2015,MSEK Full Year 2015 Full Year 2014 Change. Sweden 11 399 10 512 8,EU excluding Sweden 4 307 3 770 14. Rest of Europe 626 592 6,Americas 4 061 2 895 40,Asia 5 370 4 007 34. Africa 541 573 6,Australia etc 882 1 178 25,Total 27 186 23 527 16. SAAB YEAR END REPORT 2015 2,Sales per market segment.
MSEK Full Year 2015 Full Year 2014 Change,Air 12 642 10 481 21. Land 5 581 5 240 7,Naval 4 286 3 192 34,Civil Security 2 127 2 330 9. Commercial Aeronautics 2 096 1 838 14,Other 454 446 2. Total 27 186 23 527 16,Gross margin Income,Fourth quarter 2015. The gross margin during the fourth quarter was in line with the previous year and amounted to 25 1 per. The operating income amounted to MSEK 1 347 758 with an operating margin of 13 4 per cent. 23 9 10 2 The operating margin was strengthened following income increases in the business areas. Aeronautics Dynamics Electronic Defence Systems and Support and Services The operating income. includes a non recurring capital gain of MSEK 117 attributable to a transfer of assets related to the. unmanned helicopter Skeldar On 23 October Saab announced that business area Security and. Defence Solutions would be dissolved as of 1 January 2016 and its business units moved to other. business areas The reorganisation resulted in restructuring costs of MSEK 106 which were recognised. in Corporate in the fourth quarter A divestment of a real estate company resulted in a capital gain of. 2012 2013 2014 2015 MSEK 107 which was also recognised in Corporate during the fourth quarter see page 8. The operating income for the fourth quarter 2014 included a non recurring capital gain of MSEK 93. related to the divestment of a minority interest in Hawker Pacific Airservices Ltd Operating income. excluding non recurring items amounted to MSEK 1 229 665 with an operating margin of 12 2 percent. Operating margin,January December 2015, The gross margin during 2015 was 23 9 per cent 25 8 which was lower than in 2014 mainly due to a.
changed product mix as Saab has more large projects with a substantial share of customer funded. 7 1 7 0 research and development Total depreciation and amortisation amounted to 959 872 Depreciation of. 5 7 tangible fixed assets amounted to MSEK 451 406. Total investments in research and development R D amounted to 6 841 5 970 Internally funded. expenditures in R D amounted to MSEK 1 765 1 338 of which MSEK 524 171 was capitalised The. internally funded investments in development are mainly attributable to radar and sensor technology as. well as development related to the T X program The increased capitalisation of development costs is. related to a new version of an airborne surveillance system. Amortisation of intangible fixed assets amounted to MSEK 508 466 of which amortisation of. 2012 2013 2014 2015 capitalised development expenditures amounted to MSEK 323 320 The share of income in associated. companies and joint ventures amounted to MSEK 40 18. The operating income amounted to MSEK 1 900 1 659 with an operating margin of 7 0 per cent. 7 1 Adjusted operating income amounted to MSEK 1 782 1 566 and the adjusted operating margin. was 6 6 percent 6 7, Earnings per share after During 2015 and 2014 reversal of risk provisions attributable to the remaining risks related to the. dilution SEK termination of Saab s leasing fleet of turbo prop aircraft SAL contributed positively to the operating. 14 52 Financial net,10 78 MSEK Full Year 2015 Full Year 2014. 6 79 Financial net related to pensions 64 57,Net interest items 79 7. Currency gains losses 118 5,Other financial items 92 81. 2012 2013 2014 2015,Total 169 136, Financial net related to pensions is the financial cost for net pension obligations recognised in the.
balance sheet See note 10 for more information regarding defined benefit pension plans. Net interest items refer to return on liquid assets and short term investments and to interest. expenses on short term and long term interest bearing liabilities. Currency gains losses reported in financial net are mainly related to hedges of the tender portfolio. which are valued at fair value In 2015 the valuation was to a large extent impacted by changes in the. market valuation of derivatives with exposure in the currencies USD and EUR. Other net financial items consist of costs attributable to the programme for the sale of trade. receivables unrealised results from the market valuation of short term investments and other currency. effects for example changes related to liquid assets in currencies other than SEK. In December 2015 Saab divested its holding in the Indian company Pipavav Defence and Offshore. Engineering Company Limited The divestment resulted in a capital gain of MSEK 117 which is. recognised in other financial items A combination of negative currency effects and share price. development resulted in a value decline of MSEK 19 in 2014 which is also recognised in other financial. SAAB YEAR END REPORT 2015 3,Change in net debt Jan Dec 2015 Tax. MSEK Current and deferred taxes amounted to MSEK 329 355 the equivalent to an effective tax rate of. 19 per cent 23 The lower tax rate is mainly attributable to non taxable income such as capital gains. Net liquidity net debt, 31 Dec 2014 2 113 Return on capital employed and equity. Cash flow from operating activities 358, The pre tax return on capital employed was 11 2 per cent 11 1 and the after tax return on equity was. 11 5 per cent 9 9 both measured over a rolling 12 month period. Change in net pension obligation 635, Net investments 1 084 Financial position and liquidity. Financial lease 435 At the end of December 2015 the net debt amounted to MSEK 3 217 an increase of MSEK 1 104. Dividend 501 compared to year end 2014, Currency impact and unrealised Cash flow from operating activities was positive and amounted to MSEK 358.
results from financial investments 77 Provisions for pensions excluding special employers contribution as of 31 December 2015. amounted to MSEK 1 893 compared to MSEK 2 528 at year end 2014 This had a positive impact of. Net liquidity net debt MSEK 635 on net debt The decrease in provisions was mainly due to the increase in the discount rate. 31 Dec 2015 3 217 used in the valuation of pension obligations from 2 50 per cent to 3 25 per cent during the year This. was partially offset by the change of the inflation assumption for calculating the pension obligation from. 1 50 per cent to 1 75 per cent For more information about Saab s defined benefit plans see note 10. During 2015 net debt also increased due to net investments amounting to approximately. MSEK 1 084 Saab has also signed a financial lease agreement regarding an aircraft intended for. business travel education and training This has increased net debt with MSEK 435 during the year. Dividend to the parent company s shareholders of MSEK 501 was paid out during the year. Currency exchange rate differences in liquid assets and unrealised results from financial investments. had an impact on net debt of MSEK 77, In order to strengthen the company s financial flexibility the long term external funding was. Free cash flow MSEK increased by MSEK 2 360 and the short term external funding was increased by MSEK 533 during. 2015 As of 31 December 2015 short term investments and liquid assets amounted to MSEK 3 845. Capitalised development costs on the balance sheet amounted to MSEK 1 157 at 31 December 2015. and to MSEK 952 at 31 December 2014, 396 Inventories decreased by MSEK 576 during 2015 following large deliveries during mainly the fourth. quarter Inventories are recognised after deducting utilised advances. Tangible fixed assets increased mainly as a result of the above mentioned financial lease of an. 1 094 aircraft, Trade receivables decreased while accrued revenues increased primarily relating to Gripen E. Capital expenditures, The cash flow effect of capital expenditures in tangible fixed assets amounted to MSEK 799 732. 2012 2013 2014 2015 Investments in intangible fixed assets amounted to MSEK 594 239 of which MSEK 524 171 was. related to capitalised development costs and MSEK 70 68 to other intangible fixed assets. Cash flow from operating activities excluding taxes and other financial items amounted to. MSEK 886 346 see note 8, Saab has an established programme to sell trade receivables to strengthen its financial position and.
increase financial flexibility As of 31 December 2015 net receivables of MSEK 1 299 were sold. compared to MSEK 1 071 as of 31 December 2014 This had a positive impact on cash flow from. operating activities amounting to MSEK 228 during 2015. The operational cash flow amounted to MSEK 500 1 197 It is defined as cash flow from operating. activities excluding taxes and other financial items and acquisitions and divestments of intangible fixed. assets tangible fixed assets and lease assets The improved operational cash flow in 2015 compared. to 2014 is mainly attributable to milestone payments in Saab Kockums and the Gripen programmes. Free cash flow amounted to MSEK 726 1 094 For more detailed information about the cash flow. see note 8, Key indicators of financial position and liquidity. MSEK 31 Dec 2015 31 Dec 2014 Change,Net liquidity debt 3 217 2 113 1 104. Intangible fixed assets 6 476 6 351 125,Goodwill 5 045 5 015 30. Capitalised development costs 1 157 952 205,Other intangible fixed assets 274 384 110. Tangible fixed assets etc 4 796 4 024 772,Inventories 5 243 5 819 576.
Accounts receivable 2 913 3 414 501,Other receivables 8 102 4 255 3 847. Amounts due from customers 7 549 3 505 4 044,Advance payments from customers 1 098 856 242. Equity assets ratio 36 8 38 5,Return on equity 11 5 9 9. Equity per share SEK 121 28 107 02 14 26, 1 The Group s net liquidity debt refers to liquid assets short term investments and interest bearing receivables less interest bearing liabilities and provisions for pensions excluding provisions for. pensions attributable to special employers contribution For a detailed break down of interest bearing receivables and interest bearing liabilities see note 6. 2 Including tangible fixed assets biological assets and investment properties. 3 Amounts due from customers relate to long term customer contracts according to the percentage of completion method. 4 The return on equity is measured over a rolling 12 month period. 5 Number of shares excluding treasury shares 2015 Dec 105 957 065 2014 Dec 105 499 980. SAAB YEAR END REPORT 2015 4,Business area structure.
Saab implemented changes to the business area structure as of 1 January 2015 The new business area Industrial Products and Services includes the. business units Aerostructures previously in business area Aeronautics Avionics Systems previously in business area Electronic Defence Systems the. independent technology consulting firm Combitech previously a business area Saab Ventures product portfolio previously part of Saab Corporate. and a development project which up until year end 2014 was part of Saab Corporate. BUSINESS AREA AERONAUTICS, MSEK Full Year 2015 Full Year 2014 Change Q4 2015 Q4 2014. Order bookings 39 349 6 213 533 2 999 5 712,Order backlog 59 476 26 388 125. Sales 6 262 5 454 15 2 114 1 833,EBITDA 548 439 25 315 170. EBITDA margin 8 8 8 0 14 9 9 3,Operating income EBIT 509 398 28 305 160. Operating margin 8 1 7 3 14 4 8 7,Operational cash flow 632 401 280 180.
Defence Civil of sales 99 1 99 1 99 1 99 1,No of FTE s 2 723 2 690 1. For a description of the business area activities see note 3 Comparative numbers for 2014 have been restated following structural changes see the annual report 2014 note 50 for more information. During 2015 the agreement with the Brazilian government regarding development and production. of 36 Gripen NG came into effect Of the total order of SEK 39 3 billion approximately SEK 35 5 Large orders. billion was attributable to Aeronautics Orders where the total. order value exceeded,Sales income and margin MSEK 100 represented. Sales increased during 2015 compared to 2014 mainly related to Gripen NG for Brazil and 98 per cent 95 of total. Gripen E for Sweden order bookings during, The operating margin was negatively impacted by the significant investments in the T X program. This work will continue in 2016, In December Saab and UMS Aero Group AG formed a joint venture under the name UMS Market. Sales related to markets, Skeldar AG The cooperation means that Saab transferred all assets relating to the Skeldar.
outside Sweden, unmanned helicopter to UMS Skeldar The transfer generated a capital gain of MSEK 117 accounted for 26 per. Excluding non recurring items the operating margin amounted to 8 9 percent during the fourth cent 10 during 2015. The operational cash flow 2015 was negative due to timing differences between activity and. milestone payments and to investments in the T X program. BUSINESS AREA DYNAMICS, MSEK Full Year 2015 Full Year 2014 Change Q4 2015 Q4 2014. Order bookings 4 261 2 325 83 731 1 068,Order backlog 4 963 3 915 27. Sales 3 199 2 974 8 1 238 929,EBITDA 227 226 261 142. EBITDA margin 7 1 7 6 21 1 15 3,Operating income EBIT 171 165 4 246 127.
Operating margin 5 3 5 5 19 9 13 7,Operational cash flow 251 69 375 108. Defence Civil of sales 87 13 84 16 92 8 84 16,No of FTE s 1 533 1 461 5. For a description of the business area activities see note 3. Order bookings were substantially higher in 2015 compared to 2014 and included an order from. FMV regarding continued development of the New Lightweight Torpedo and maintenance Large orders. agreements for underwater weapon systems and the Hydra sonar system The Finnish Defence Orders where the total. Forces ordered deliveries of the NLAW anti tank weapon and Saab also received orders for the order value exceeded. new weapon system Carl Gustaf M4 including an order from the Slovak army In addition an MSEK 100 represented. 45 per cent 23 of total, order was received from the US army for the portable anti tank weapon system AT4 CS RS order bookings during. Reduced Sensitivity 2015,Sales income and margin, Sales increased during 2015 compared to 2014 following strong order bookings in 2015 Market. Sales related to markets, During the fourth quarter 2015 sales and the operating income were strengthened compared to.
outside Sweden, 2014 following increased deliveries and changed product mix This also resulted in a positive accounted for 81 per. operating income for the year cent 81 during 2015, The operational cash flow was negative during 2015 as a result of activity related to future. deliveries,SAAB YEAR END REPORT 2015 5,BUSINESS AREA ELECTRONIC DEFENCE SYSTEMS. MSEK Full Year 2015 Full Year 2014 Change Q4 2015 Q4 2014. Order bookings 11 982 2 484 382 6 515 847,Order backlog 14 005 6 365 120. Sales 4 132 4 052 2 1 604 1 154,EBITDA 642 625 3 303 192.
EBITDA margin 15 5 15 4 18 9 16 6,Operating income EBIT 221 211 5 195 86. Operating margin 5 3 5 2 12 2 7 5,Operational cash flow 295 589 38 200. Defence Civil of sales 98 2 97 3 98 2 97 3,No of FTE s 2 180 2 190. For a description of the business area activities see note 3 Comparative numbers for 2014 have been restated following structural changes see the annual report 2014 note 50 for more information. Order bookings during 2015 increased compared to 2014 and included an order for an airborne. surveillance system for the United Arab Emirates where SEK 5 6 billion was related to Electronic Large orders. Defence Systems an order of SEK 1 7 billion related to the Brazilian government s Gripen order Orders where the total. and an order from the Indian armed forces related to an integrated self protection system order value exceeded. MSEK 100 represented, The UK Ministry of Defence ordered additional Giraffe AMB radar systems plus upgrades of the. 84 per cent 42 of total, existing British Giraffe radars and associated equipment order bookings during.
Sales income and margin, Sales and the operating margin were positively impacted in the fourth quarter by preparation work Market. related to the order for an airborne surveillance system for the United Arab Emirates that was Sales related to markets. recognised as sales upon signing of the contract outside Sweden. accounted for 77 per,cent 76 during 2015, The operational cash flow was negative during 2015 due to timing differences in activity and. milestone payments within large projects and continued high investments in product development. related to radar and sensor technology,BUSINESS AREA SECURITY AND DEFENCE SOLUTIONS. MSEK Full Year 2015 Full Year 2014 Change Q4 2015 Q4 2014. Order bookings 15 651 6 110 156 2 962 2 210,Order backlog 16 056 6 823 135. Sales 6 387 5 762 11 2 075 1 999,EBITDA 470 468 201 258.
EBITDA margin 7 4 8 1 9 7 12 9,Operating income EBIT 336 356 6 166 222. Operating margin 5 3 6 2 8 0 11 1,Operational cash flow 1 096 157 786 482. Defence Civil of sales 76 24 68 32 80 20 74 24,No of FTE s 3 054 3 234 6. For a description of the business area activities see note 3. During 2015 FMV ordered two submarines type A26 as well as mid life upgrade of two Gotland. class submarines The total order for the year amounted to SEK 8 6 billion Large orders. In the fourth quarter a contract was signed with FMV for the regular yearly overhaul and Orders where the total. modification of two of the Swedish Navy s corvettes order value exceeded. MSEK 100 represented,73 per cent 47 of total,Sales income and margin order bookings during. Sales increased during 2015 compared to 2014 primarily as a result of the acquisition of Saab 2015. The operating margin was at a lower level in 2015 than in 2014 mainly due to a challenging market Market. and delays in certain procurements related to Training and Simulation and to Critical Systems and Sales related to markets. Communication Solutions outside Sweden,accounted for 57 per.
Saab Kockums generated a strong operating income in 2015. cent 73 during 2015, The operational cash flow was positive in 2015 as a result of timing differences between activity. and milestone payments mainly within Saab Kockums, The number of FTE s decreased during 2015 compared to year end 2014 following continuous. adjustments of operations,SAAB YEAR END REPORT 2015 6. BUSINESS AREA SUPPORT AND SERVICES, MSEK Full Year 2015 Full Year 2014 Change Q4 2015 Q4 2014. Order bookings 9 417 4 720 100 5 604 2 635,Order backlog 12 053 7 976 51.
Sales 5 345 3 570 50 2 602 1 039,EBITDA 596 394 51 430 128. EBITDA margin 11 2 11 0 16 5 12 3,Operating income EBIT 578 376 54 426 124. Operating margin 10 8 10 5 16 4 11 9,Operational cash flow 513 32 298 58. Defence Civil of sales 80 20 76 24 89 11 75 25,No of FTE s 1 825 1 818. For a description of the business area activities see note 3. Order bookings in 2015 compared to 2014 increased primarily due to an order for an airborne. surveillance system to the United Arab Emirates where SEK 4 0 billion was attributable to Support Large orders. and Services as well as the Brazilian Government s order for Gripen NG where SEK 2 1 billion was Orders where the total. attributable to Support and Services Moreover the volume of small and medium sized orders was order value exceeded. significant MSEK 100 represented,77 per cent 58 of total.
order bookings during,Sales income and margin 2015. Sales increased during 2015 compared to 2014 and the operating margin was strengthened. primarily because preparation work related to the order for an airborne surveillance system for the Market. United Arab Emirates was recognised as sales upon signing of the contract Also a strong Sales related to markets. invoicing pace in small and medium sized projects contributed outside Sweden. accounted for 59 per,cent 37 during 2015, The operational cash flow was negative in 2015 mainly due to timing differences between activity. and milestone payments during the year,BUSINESS AREA INDUSTRIAL PRODUCTS AND SERVICES. MSEK Full Year 2015 Full Year 2014 Change Q4 2015 Q4 2014. Order bookings 3 632 2 604 39 879 673,Order backlog 9 587 9 537 1. Sales 3 562 3 465 3 1 022 1 017,EBITDA 260 143 82 121 87.
EBITDA margin 7 3 4 1 11 8 8 6,Operating income EBIT 213 112 90 104 79. Operating margin 6 0 3 2 10 2 7 8,Operational cash flow 15 320 43 144. Defence Civil of sales 40 60 43 57 45 55 45 55,No of FTE s 2 381 2 370. For a description of the business area activities see note 3 Comparative numbers for 2014 have been restated following structural changes see the annual report 2014 note 50 for more information. Orders bookings during 2015 increased compared to 2014 mainly due to orders received in the. business unit Avionics Systems related to the Brazilian government s order for Gripen NG Large orders. Orders where the total,Sales income and margin order value exceeded. MSEK 100 represented, Sales were somewhat higher in 2015 compared to 2014 mainly due to more deliveries within the 30 per cent 22 of total.
business unit Aerostructures and good development both within the business unit Avionics order bookings during. Systems and the technology consultancy Combitech 2015. The operating margin was strengthened in 2015 compared to 2014 as a result of improved. operating income in Avionics Systems and holdings in Saab Ventures Market. In May Saab and DigitalGlobe Inc a world leading provider of high resolution earth imagery Sales related to markets. solutions announced the creation of a joint venture Vricon Inc outside Sweden. accounted for 45 per,cent 46 during 2015, The operational cash flow was negative in 2015 mainly due to a high activity level connected to. preparations for future deliveries within Aerostructures. SAAB YEAR END REPORT 2015 7, Owners Corporate reported an operating income of MSEK 128 41 in 2015. According to Modular Finance Reversal of risk provisions attributable to the remaining risks related to the termination of Saab s. Saab s largest shareholders as of leasing fleet of turboprop aircraft SAL contributed positively to the operating income during 2015 and. 31 December 2015 were 2014 In 2014 the owned share of the lease portfolio was divested and the part held via operating. leases was reduced As of 31 December 2015 Saab has a lease portfolio of 0 6 aircraft consisting of. Investor AB an owned share of 0 0 and a leased share of 0 6 The agreements for the leased aircraft expired in. Wallenberg foundations January 2015 and the lease portfolio was discontinued during 2015. Swedbank Robur funds On 23 October Saab announced that business area Security and Defence Solutions would be. AFA Insurance dissolved as of 1 January 2016 and its business units moved to other business areas The. Unionen reorganisation resulted in restructuring costs of MSEK 106. Handelsbanken funds A divestment of a real estate company resulted in a capital gain of MSEK 107 see below. DFA funds USA In October 2014 Saab divested its minority interest in Hawker Pacific Airservices which resulted in a. Lannebo funds capital gain of MSEK 93 Also in 2014 the divestment of a Group company whose assets were mainly. Nordea funds attributable to property had a positive impact on the operating income. SEB funds Operational cash flow attributable to Corporate amounted to MSEK 110 57 during 2015 Sale of. trade receivables had a positive effect of MSEK 228 See more information on cash flow on page 4. Acquisitions and divestments 2015, In December Saab and UMS Aero Group AG a Swiss supplier of tactical unmanned aerial vehicles. UAVs formed a joint venture under the name UMS Skeldar AG The cooperation means that Saab. Personnel transferred all assets relating to the Skeldar unmanned helicopter to UMS Skeldar The transfer resulted. in a capital gain of MSEK 117 attributable to business area Aeronautics. 31 Dec 2015 31 Dec 2014, During the fourth quarter 2015 Saab acquired a real estate company which owns the property where. Number of Saab has its operations in J rf lla Sweden The real estate company was then divested at a price. employees 14 685 14 716 corresponding to estimated fair value to J rf lla Veddesta Holding AB a jointly owned company where. FTE s 14 519 14 561 Saab holds 35 percent and Saab Pension Fund holds 65 percent J rf lla Veddesta Holding AB is. classified as a joint venture The acquisition was financed through loans from Saab AB and Saab. Pension Fund Saab s loan to J rf lla Veddesta Holding AB amounts to MSEK 254 The loan is on. market conditions The transaction resulted in a capital gain of MSEK 107 which is recognised in. Share repurchase, Saab held 3 193 279 treasury shares as of 31 December 2015 compared to 3 650 364 at year end.
2014 The Annual General Meeting on 15 April 2015 authorised the Board of Directors to repurchase up. to 10 per cent of Saab s shares to hedge the Share Matching Plan and Performance Share Plan No. share repurchases were made during 2015,Risks and uncertainties. Saab s operations primarily involve the development production and supply of technologically. advanced hardware and software to customers around the world. Projects generally entail significant investments long periods of time and technological development. or refinement of products In addition to customer and supplier relations international operations. involve joint ventures and collaborations with other industries as well as to the establishment of. operations abroad, Operations can entail various degrees of risk The key risk areas are political operating and financial. Various policies and instructions govern the management of significant risks Saab conducts significant. development projects and manages the associated risks. The market is characterised by challenging conditions where customers orders are deferred to the. future partially due to financial reasons During 2015 political standpoints have had a negative impact. Altogether this has increased the market risk and the increased risk is expected to remain in 2016. For a general description of the risk areas see pages 50 53 of the annual report 2014. Proposed dividend, The Board of Directors proposes a dividend to shareholders of SEK 5 00 per share 4 75 or a total of. MSEK 530 501 This has been calculated based on the number of outstanding shares as of. 31 December 2015 amounting to 105 957 065 105 499 980 18 April 2016 has been proposed as the. record day for the dividend which is expected to be paid on 21 April 2016. Nomination committee, The members have been appointed based on the shareholder structure on 31 August 2015 in. accordance with a resolution by the Saab Annual General Meeting. Members of the Saab Nomination Committee for the Annual General Meeting 2016 are Marcus. Wallenberg Chairman of the Board of Saab AB Petra Hedengran Investor AB Peter Wallenberg Jr. Knut and Alice Wallenberg s Foundation Tomas Hedberg Swedbank Robur Funds and Anders. Algotsson AFA Insurance, The Nomination Committee is assigned to prepare proposals regarding Chairman of the Annual.
General Meeting Board of Directors Chairman of the Board and remuneration to the Board and to the. The Annual General Meeting of Saab AB will be held in Link ping on Thursday 14 April 2016. SAAB YEAR END REPORT 2015 8,Other significant events January December 2015. In January 2015 Saab signed a revolving credit facility of SEK 4 billion with an initial term of five. years and a possibility to extend the term with one plus one year This was done in order to. refinance the existing facility with maturity 2016 and to be used for general corporate purposes. Saab announced that it is teaming with Dutch shipbuilder Damen Shipyards Group to explore. future opportunities in the international submarine market. The Annual General Meeting AGM on 15 April 2015 decided on a dividend to shareholders of. SEK 4 75 per share total MSEK 501, The AGM decided to re elect all Board members H kan Buskhe Johan Forssell Sten Jakobsson. Sara Mazur Per Arne Sandstr m Cecilia Steg Chil Lena Treschow Torell Marcus Wallenberg. and Joakim Westh Marcus Wallenberg was re elected as Chairman of the Board. The AGM decided to re elect PricewaterhouseCoopers AB as Auditor until the close of the Annual. General Meeting of 2019, Saab and Embraer have signed an agreement that establishes a partnership regarding the. procurement of Gripen for Brazil The partnership agreement is part of Saab s commitment to. deliver industrial co operation in relation to the procurement Embraer will have a leading role in. the programme and also undertake an extensive share of work in the production and delivery of. both the single and two seat versions of the Gripen NG Brazil s next generation fighter jet. In April Saab signed a revolving credit facility of SEK 2 billion with maturity 2020 01 15 and a. possibility to extend the term with one plus one year The facility will be used for general corporate. purposes and strengthens Saab s financial flexibility. As of April 2015 air traffic control at rnsk ldsvik Airport is operated with Remote Tower Services. by the Swedish air navigation service provider LFV at the Remote Tower Center in Sundsvall. Order for new advanced airborne, surveillance systems In May Saab and DigitalGlobe Inc a leading global provider of high resolution earth imagery. solutions announced the creation of a joint venture Vricon Inc to produce photo realistic 3D. In November 2015 Saab signed a contract products and digital elevation models globally for enterprise and government geospatial markets. with the United Arab Emirates to expand In September Saab increased the existing Medium Term Note programme MTN from. and enhance the Emirates airborne SEK 3 billion to SEK 6 billion. surveillance capabilities Saab will deliver a, In October Saab issued 3 year Medium Term Notes of total MSEK 350 with maturity on.
new airborne Swing Role Surveillance, 10 December 2018 The total size of the MTN programme is SEK 6 billion and Saab has now. System SRSS incorporating a new version, issued bonds amounting to SEK 4 15 billion under the programme. of the Saab Erieye radar system The order, In October Saab announced changes to its business area structure and Group management. value amounts to approximately, Business area Security and Defence Solutions was dissolved as of 1 January 2016 and its. USD 1 27 billion,business units were moved to other business areas.
In December Saab and UMS Aero Group AG a Swiss supplier of tactical unmanned aerial. vehicles UAVs announced the forming of a joint venture under the name UMS Skeldar AG. Saab s assets relating to the Skeldar unmanned helicopter were transferred to UMS Skeldar. In December 2015 Saab signed Schuldschein loan agreements of MEUR 100 The total loans. amount to MEUR 100 of which MEUR 23 was settled in the fourth quarter 2015 and MEUR 77 in. the first half year 2016, For information regarding significant orders received in 2015 see page 2 and the comments regarding. Business Areas on pages 5 to 7 and also note 3, Significant events after the conclusion of the period. In January Saab signed a contract for the production and delivery of ammunition for the Carl Gustaf. man portable weapon system The total order value is approximately SEK 1 4 billion Deliveries will take. place during 2016 2019,SAAB YEAR END REPORT 2015 9. ABOUT SAAB SAAB S STRATEGY, Saab serves the global market with world leading products services and Saab s strategy is built on four priority areas Our aim is to create long. solutions ranging from military defence to civil security Saab has term value by accomplishing these strategic priorities. operations and employees on all continents and constantly develops Saab shall also maintain a solid balance sheet focus on capital. adopts and improves new technology to meet customers changing efficiency and generate strong cash flow. Profitable growth, Short facts Local presence on prioritised markets enables us to strengthen the.
Saab s series B share is listed on Nasdaq Stockholm Large Cap relationship with our customers We focus on markets where we have a. Ticker SAAB B strong market position and on product areas with good growth. Saab has approximately 14 700 employees opportunities. Local presence in 33 countries,Customers in more than 100 countries Performance. We have a long tradition of integrating high tech systems and we. Vision reconsider and develop our tools methods and work procedures. It is a human right to feel safe continuously This enables us to offer high performance and cost efficient. Mission solutions, To make people safe by pushing intellectual and technological. boundaries Portfolio, The portfolio is focused on areas with significant competitive advantages. Business concept and growth potential Investments are made in product innovation. Saab constantly develops adopts and improves new technology to meet development of prioritised products and system integration expertise. changing customer needs Saab serves the global market of Acquisition of businesses shall strengthen key areas and add to our local. governments authorities and corporations with products services and presence. solutions for defence aviation and civil security, Saab shall be an employer of choice in the global market We are. ORGANISATION focusing on securing and developing the right skills for current and future. needs Motivated driven and high performing employees are the. Saab s operations are divided into six business areas for control and backbone of our offering efficiency and growth. reporting purposes Aeronautics Dynamics Electronic Defence Systems. Security and Defence Solutions Support and Services and Industrial. Products and Services In addition Corporate comprises Group staff and. departments as well as secondary operations such as Saab Aircraft. FINANCIAL TARGETS, As of 1 January 2016 business area Security and Defence Solutions is.
The organic sales growth should average 5 per cent annually over a. dissolved and its business units moved to other business areas. business cycle, To ensure presence in local key markets Saab also has five market. areas Nordic Baltic Europe Middle East Africa North America Latin. America and Asia Pacific Operating margin, The operating margin EBIT should be at least 10 per cent per year the. target is formulated as an average over a business cycle. REVENUE MODEL Equity assets ratio, Saab s earnings are primarily generated by long term customer contracts The equity assets ratio should be over 30 per cent. service assignments and sale of goods Margins vary depending on the. nature of the project Dividend, Long term customer contracts entail the development and The long term dividend objective is to distribute 20 40 per cent of net. manufacture of complex systems These account for nearly 60 per cent of income to shareholders over a business cycle. sales Long term contracts are continually recognised in revenue. meaning that income and expenses are recognised as the project is. completed Cash flows for these contracts depend on the timing of. advance payments and milestone payments during the order and. execution period, Service assignments which account for around 25 per cent of Saab s.
sales are comprised of consulting and support services Examples. include training and ongoing maintenance associated with previous. deliveries, The third part of Saab s sales model is the sale of products and spare. parts that Saab manufactures and stocks or purchases on behalf of. SAAB YEAR END REPORT 2015 10,CONSOLIDATED INCOME, MSEK Note Full Year 2015 Full Year 2014 Q4 2015 Q4 2014. Sales 3 27 186 23 527 10 070 7 425,Cost of goods sold 20 700 17 450 7 540 5 574. Gross income 6 486 6 077 2 530 1 851,Gross margin 23 9 25 8 25 1 24 9. Other operating income 371 430 272 261,Marketing expenses 2 061 2 144 569 629.
Administrative expenses 1 323 1 214 392 333, Research and development costs 1 565 1 487 481 416. Other operating expenses 48 21 30 3, Share in income of associated companies and joint ventures 40 18 17 21. Operating income EBIT 3 1 900 1 659 1 347 758,Operating margin 7 0 7 1 13 4 10 2. Financial income 169 103 132 52,Financial expenses 338 239 143 70. Net financial items 169 136 11 18,Income before taxes 1 731 1 523 1 336 740.
Taxes 329 355 227 154,Net income for the period 1 402 1 168 1 109 586. of which Parent Company s shareholders interest 1 362 1 153 1 101 579. of which non controlling interest 40 15 8 7, Earnings per share before dilution SEK 12 88 10 86 10 40 5 49. Earnings per share after dilution SEK 12 79 10 78 10 32 5 45. 1 Includes depreciation amortisation and write downs 959 872 253 230. of which depreciation of leasing aircraft 8 1, 2 Average number of shares before dilution 105 714 805 106 125 666 105 900 182 105 438 516. 3 Average number of shares after dilution 106 450 263 106 916 255 106 688 771 106 239 161. SAAB YEAR END REPORT 2015 11,CONSOLIDATED STATEMENT OF. COMPREHENSIVE INCOME, MSEK Full Year 2015 Full Year 2014 Q4 2015 Q4 2014.
Net income for the period 1 402 1 168 1 109 586,Other comprehensive income loss. Items that will not be reversed in the income statement. Revaluation of net pension obligations 839 1 220 339 173. Tax attributable to revaluation of net pension obligations 183 266 73 36. Total 656 954 266 137, Items that may be reversed in the income statement. Translation differences 20 517 66 174,Available for sale financial assets 27 27 90 10. Cash flow hedges 20 1 163 190 315,Tax attributable to cash flow hedges 11 253 39 67. Total 56 366 5 64, Other comprehensive income loss for the period 600 1 320 261 201.
Net comprehensive income loss for the period 2 002 152 1 370 385. of which Parent Company s shareholders interest 2 007 167 1 375 381. of which non controlling interest 5 15 5 4,SAAB YEAR END REPORT 2015 12. CONSOLIDATED STATEMENT OF,FINANCIAL POSITION,MSEK Note 31 Dec 2015 31 Dec 2014. Fixed assets,Intangible fixed assets 5 6 476 6 351. Tangible fixed assets 4 472 3 702,Biological assets 290 289. Investment properties 34 33, Shares in associated companies and joint ventures 602 397.
Financial investments 190 292,Long term receivables 10 444 152. Deferred tax assets 351 656,Total fixed assets 12 859 11 872. Current assets,Inventories 5 243 5 819,Derivatives 1 058 469. Tax receivables 106 60,Accounts receivable 2 913 3 414. Other receivables 8 102 4 255,Prepaid expenses and accrued income 962 1 113.
Short term investments 2 995 1 270,Liquid assets 8 850 1 284. Total current assets 22 229 17 684,TOTAL ASSETS 35 088 29 556. SHAREHOLDERS EQUITY AND LIABILITIES,Shareholders equity. Parent Company s shareholders interest 12 851 11 291. Non controlling interest 61 82,Total shareholders equity 12 912 11 373. Long term liabilities, Long term interest bearing liabilities 6 4 872 2 105.
Other liabilities 136 141,Provisions for pensions 10 2 373 3 149. Other provisions 1 097 1 234,Deferred tax liabilities 34 48. Total long term liabilities 8 512 6 677,Current liabilities. Short term interest bearing liabilities 6 853 264,Advance payments from customers 1 098 856. Accounts payable 2 340 1 840,Derivatives 1 614 1 400.
Tax liabilities 37 47,Other liabilities 725 978,Accrued expenses and deferred income 6 549 5 609. Provisions 448 512,Total current liabilities 13 664 11 506. Total liabilities 22 176 18 183, TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 35 088 29 556. SAAB YEAR END REPORT 2015 13,CONSOLIDATED STATEMENT OF. CHANGES IN EQUITY,Other Net result Available for Total parent.
capital of cash sale and company s Non Total, Capital contri flow Translation revaluation Retained shareholders controlling shareholders. MSEK stock butions hedges reserve reserve earnings interest interest equity. Opening balance 1 January 2014 1 746 543 346 353 11 9 843 12 136 91 12 227. Net comprehensive income loss for the year 908 514 27 200 167 15 152. Transactions with shareholders,Repurchase of shares 252 252 252. Share matching plan 50 50 50,Dividend 479 479 5 484. Acquisition and sale of non controlling,interest 3 3 19 16. Closing balance 31 December 2014 1 746 543 562 161 38 9 365 11 291 82 11 373. Opening balance 1 January 2015 1 746 543 562 161 38 9 365 11 291 82 11 373. Net comprehensive income loss for the year 24 8 27 2 018 2 007 5 2 002. Transactions with shareholders,Share matching plan 66 66 66.
Dividend 501 501 10 511,Acquisition and sale of non controlling. interest 12 12 6 18, Closing balance 31 December 2015 1 746 543 538 153 11 10 936 12 851 61 12 912. SAAB YEAR END REPORT 2015 14,CONSOLIDATED STATEMENT OF. CASH FLOWS,MSEK Note Full Year 2015 Full Year 2014. Operating activities,Income after financial items 1 731 1 523.
Adjustments for items not affecting cash flows 688 723. Dividend from associated companies and joint ventures 25 2. Income tax paid 266 394, Cash flow from operating activities before changes in working capital 2 178 1 854. Cash flow from changes in working capital,Increase Decrease in inventories 349 856. Increase Decrease in current receivables 3 573 282. Increase Decrease in advance payments from customers 284 21. Increase Decrease in other current liabilities 1 426 914. Increase Decrease in provisions 306 536,Cash flow from operating activities 358 713. Investing activities,Investments in intangible fixed assets 70 68. Capitalised development costs 524 171,Investments in tangible fixed assets 799 732.
Sales and disposals of tangible fixed assets 7 15,Sales and disposals of lease assets 105. Sale of and investments in short term investments 1 722 720. Investments in other financial assets 354,Sale of other financial assets 222 40. Investments in operations and associated companies net effect on liquidity 9 235 152. Sale of subsidiaries and associated companies net effect on liquidity 316 299. Cash flow from investing activities 3 159 360,Financing activities. Repayments of loans 1 865 468,Raising of loans 4 758 1 000. Repurchase of shares 252, Dividend paid to Parent Company s shareholders 501 479.
Dividend paid to non controlling interest 10 5,Cash flow from financing activities 2 382 204. Cash flow for the period 419 557, Liquid assets at the beginning of the period 1 284 1 764. Exchange rate difference in liquid assets 15 77,Liquid assets at end of period 8 850 1 284.


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