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Swedish defence group Saab reports boost in profits

Thursday, 19 April 2012
Defence and Security Company Saab’s operating income presented for the period January -March 2012 was Skr 398 million against Skr368 million for same period a year ago. This corresponds to an operating margin of 7.1 per cent over 6.7 same period in the past.

Net income was Skr265million as opposed to Skr 277 corresponding period a year ago, with earnings per share after dilution of Skr 2.56 unlike the Skr2.56 in the past.

Analysts had expected an operating profit of Skr374 million, according to consensus summaries.

Sales amounted to Skr5.573 million in the period against Skr5.452 million. Analysts had predicted sales to reach Skr 5.582 million. Sales thus increased by 2 per cent to with a positive impact from acquisitions of 4 per cent, the company wrote in a press release. Saab repeats that the sales revenue in 2012 is expected to increase slightly through 2011.

Operating cash flow amounted to Skr -48 compared on Skr559 in same period in the past. 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. But gross income amounted to Skr 1,574 (1,427), ¬corresponding to a gross margin of 28.2 per cent (26.2).
Order bookings amounted to Skr 4,000 (5,215) and the order backlog at the end of March 2012 amounted to Skr 35,657 (40,957).

President and CEO, Håkan Buskhe  wrote on the press release that  “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.”

he continued that in Sweden, the Armed Forces there 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,” add he CEO
by Team

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