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Saab Interim Report January - September 2011 Presentation

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Saab Q3 interim report 2011 presentation from the press and analyst meeting.

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Saab Interim Report January - September 2011 Presentation

  1. 1. INTERIM REPORTJANUARY – SEPTEMBER 2011PRESIDENT AND CEO HÅKAN BUSKHE, CFO LARS GRANLÖF19 OCTOBER, 2011INTERIM REPORT, PRESS AND ANALYST MEETING
  2. 2. SUMMARY JAN – SEPT 2011 Important orders secured in Q3 • Upgrade of naval sonar system • Components to the Carl-Gustaf weapon system • System maintenance and development studies regarding Gripen Sales decreased 1 percent, MSEK 16,151 (16,381) Operating margin at 14.1 percent (4.4) Operating cash flow, MSEK 2,260 (2,149) Net cash position at MSEK 5,081 Divestment of shares in the 3D mapping company C3 Technologies AB, capital gain of MSEK 916 Acquisition of Saab Sensis finalizedPAGE 2
  3. 3. CHALLENGING MARKET CONDITIONS European and the U.S. state budgets being scrutinized Demanding market situation with increased competitive pressure Delays in customers decision making processes evident Civil security market continues to grow and commercial air market recoveringPAGE 3
  4. 4. ORDERS RECEIVED Book-to-bill ratio (12 months rolling) 1,2 11,900 Large orders Small orders 1 Book-to-Bill ratio 0,8 72% MSEK 7,047 0,6 5,478 5,038 5,215 5,431 0,4 4,101 3,995 3,862 3,285 58% 57% 57% 18% 58% 46% 3,147 29% 23% 51% 0,2 40% 49% 71% 77% 42% 43% 43% 82% 28% 42% 54% 60% 0 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011PAGE 4
  5. 5. STRENGTH FOR MARKET EXPANSION Strategic priorities Inauguration of offices in the UK In total cash positive M&A and India activities in 2011 Research centre in Brazil and Strong net cash position India Readiness plan for short-term Acquisition of Sensis Corporation unstable and demanding markets in the U.S. completed Performance prerequisite for Acquisition of E-COM growth Divestment of shares in C3 Technologies ABPAGE 5
  6. 6. SAAB SENSIS Stronger market presence - globally as well as in the U.S. Center of excellence for Air Traffic Management Solutions • Airline traffic volume growth and resulting congestion • Desire to meet future safety, capacity and environmental needs Structural measures to enhance our competitive position • Reductions announced in OctoberPAGE 6
  7. 7. HIGHLIGHTS JAN – SEPTEMBER 2011 AERONAUTICS DYNAMICS ELECTRONIC SECURITY AND SUPPORT DEFENCE DEFENCE AND SYSTEMS SOLUTIONS SERVICES System Further deliveries First order worth Upgrade of a Call-off contract for maintenance and of the Carl-Gustaf MSEK 43 and naval sonar technical services development man-portable frame agreement system (SE) for Norrlandsflyg’s studies regarding weapon system with Cassidian for Five year frame helicopter fleet Gripen (SE) RBS 70 NG – the the new advanced contract with the (SE) Test pilots at latest air defence UAV system U.S. Army Frame agreement Empire Test Pilots’ system. New Talarion Contracting with Eurocopter for School continues sighting system Contracts for Command (U.S.) support of their co-operation with with improved supply of the multi- NH90 helicopters Sweden and Saab precision and role naval (EU) using the Gripen increased all-target surveillance radar fighter aircraft (UK) capability (SE) Sea Giraffe AMB (U.S.)PAGE 7
  8. 8. SALES PER MARKET SEGMENTS MSEK 5% 7,284 6,924 -5% 4,982 4,749 Jan-September 2011 9% Jan-September 2010 1,736 1,597 -23% -12% -17% 977 1,078 952 823 750 680 Air Land Naval Civil Security Comm. Aer. OthersPAGE 8
  9. 9. SALES PER MARKET REGIONMSEK 6,104 6,110 - 2% 30% Jan-September 2011 3,300 3,236 3,296 Jan-September 2010 2,541 -31% -22% 1,830 1,519 1,255 -8% 1,186 -9% 733- 796 214 264 63 85 SE EU excl SE RoE North Latin Asia Africa Austr., etc America America As a % of total sales 38 20 1 7 1 20 8 5PAGE 9
  10. 10. CHANGED OUTLOOK 2011 In 2011, we estimate that sales will decline slightly compared to 2010, including the acquisition of Sensis The operating margin, excluding material net capital gains, is expected to increase slightly in 2011 compared to the adjusted operating margin 2010 of 6.5 per cent, including the acquisition of Sensis Previous outlook: In 2011, we estimate that sales will decline slightly compared to 2010. The operating margin, excluding material net capital gains, is expected to increase slightly in 2011 compared to the adjusted operating margin 2010 of 6.5 per cent.PAGE 10
  11. 11. JANUARY - SEPTEMBER 2011FINANCIALSLARS GRANLÖF, CFO19 OCTOBER, 2011FINANCIALS, JANUARY - SEPTEMBER 2011
  12. 12. ORDER BOOKINGS AND ORDER BACKLOG Order Order Order bookings bookings backlog Jan-Sept Jan-Sept 30 Sept MSEK 2011 2010 2011 Aeronautics 2,750 4,522 13,775 Dynamics 3,070 2,698 5,854 Electronic Defence Systems 2,675 2,134 7,801 Security and Defence Solutions 3,201 2,828 8,104 Support and Services 2,443 2,409 4,675 Corporate/Internal -346 -213 -798 Saab Group 13,793 14,378 39,411PAGE 12
  13. 13. ORDER BACKLOG Order backlog duration (SEK billion): NLAW Sept 2011 Sept 2010 Dec. 2010 2011: 6.1 2010: 6.8 2011: 16.8 Airborne surveillance Aero- structures system 2012: 15.3 2011: 14.1 2012: 10.4 2013: 7.2 2012: 6.1 2013: 6.3 2014: 4.6 2013: 3.6 2014: 3.7 RBS70 ANZAC After 2014: 6.2 After 2013: 6.9 After 2014: 4.3 AT4/ Civil Carl- security Total: 39.4 Total: 37.5 Total: 41.5 Gustaf solutionsPAGE 13
  14. 14. SALES Jan-Sept Jan-Sept MSEK 2011 2010 Change Aeronautics 4,611 4,679 -1% Dynamics 2,770 3,176 -13% Electronic Defence Systems 3,108 3,004 3% Security and Defence Solutions 3,885 4,009 -3% Support and Services 2,474 2,333 6% Corporate/Internal -697 -820 Saab Group 16,151 16,381 -1%PAGE 14
  15. 15. OPERATING INCOME, EBIT Jan-Sept Jan-Sept MSEK 2011 margin 2010 margin Aeronautics 258 5.6% 128 2.7% Dynamics 272 9.8% 290 9.1% Electronic Defence Systems 259 8.3% 157 5.2% Security and Defence Solutions 247 6.4% -72 -1.8% Support and Services 261 10.5% 244 10.5% Corporate 985 -23 Saab Group 2,282 14.1% 724 4.4% Net capital gain/losses 1,169 -10PAGE 15
  16. 16. INCOME STATEMENT Jan-Sept Jan-Sept Jul-Sept Jul-Sept MSEK 2011 2010 2011 2010 Sales 16,151 16,381 4,838 5,004 Cost of goods sold -11,700 -12,430 -3,427 -3,765 Gross income 4,451 3,951 1,411 1,239 Gross margin 27.6% 24.1% 29.2% 24.8% Other operating income 1,304 121 958 40 Marketing expenses -1,260 -1,247 -432 -379 Administrative expenses -843 -804 -243 -217 Research and development costs -1,307 -1,241 -445 -390 Other operating expenses -50 -69 -28 7 Share of income in associated companies -13 13 -4 22 Operating income 2,282 724 1,217 322 Operating margin 14.1% 4.4% 25.2% 6.4% Share of income in associated companies 2 24 1 - Financial net -123 -164 11 -48 Income before taxes 2,161 584 1,229 274 Taxes -363 -150 -126 -89 Net income 1,798 434 1,103 188 Earnings per share after dilution, SEK 16.60 3.89 10.15 1.64 Tax rate 17% 26% 10% 31%PAGE 16
  17. 17. RESEARCH AND DEVELOPMENT MSEK ~3 percentage points Amortisation and write-down of capitalised development costs 686 664 Self funded R&D expenditures (not including capitalised costs) 728* 446 515 485 509 291 1,127 1,156 804 861 738 761 732 503 2007 2008* 2009 2010* Q3 2008 Q3 2009 Q3 2010* Q3 2011 * Amortisation and write-down of capitalised development costs included write-downs of MSEK 250 in 2008 and MSEK 20 in the first nine months 2010PAGE 17
  18. 18. STATEMENT OF FINANCIAL POSITION 30 Sept 31 Dec Change MSEK 2011 2010 Assets Fixed assets 13,155 12,464 691 Current assets 18,597 16,814 1,783 Total assets 31,752 29,278 2,474 Shareholders’ equity and liabilities Shareholders’ equity 12,620 11,444 1,176 Long-term liabilities 4,355 4,426 -71 Short-term liabilities 14,777 13,408 1,369 Total liabilities 19,132 17,834 1,298 Total shareholders’ equity & liabilities 31,752 29,278 2,474 Equity/assets ratio 39.7% 39.1% Total net liquidity 5,081 3,291 1,790PAGE 18
  19. 19. SUMMARISED CASH FLOW JANUARY-SEPTEMBER Actual Actual MSEK Saab SAL/M&A 2011 2010 Cash flow from operations 1,544 102 1,648 1,674 Inventories -113 - -113 -284 Receivables -323 -9 -332 1,523 Advances 433 - 433 -4 Liabilities 1,048 -141 907 -384 Provisions -319 -4 -323 -335 Change in working capital 726 -154 572 516 Intangible assets -25 - -25 -63 Tangible assets -180 - -180 -154 Lease assets - 85 85 59 Acquisitions - -1,121 -1,121 - Divestments - 1,274 1,274 133 Acq/sales of financial assets 9 - 9 -16 Cash flow from investments -196 238 42 -41 Operating cash flow 2,074 186 2,260 2,149PAGE 19
  20. 20. APPENDIX
  21. 21. AERONAUTICS – HIGHLIGHTS 26% Sales, % of total 86% Split Defence/Civil 23% % of sales 44% 70% Markets outside Sweden Sales Order bookings Backlog Jan-Sept Jan-Sept Jan-Sept Jan-Sept Jan-Dec Jan-Dec MSEK MSEK 2011 2011 2010 2010 % 2010 % 2010 Order bookings Order bookings 2,750 2,750 4,522 4,522 -39 -39 6,901 6,901 Split between larger orders Split between larger orders > MSEK 100 and smaller orders 78/22 85/15 - 89/11 > MSEK 100 and smaller orders 78/22 85/15 - 89/11 Order backlog Order backlog 13,775 13,775 15,319 15,319 -10 -10 15,636 15,636 Sales Sales 4,611 4,611 4,679 4,679 -1 6,741 -1 6,741 Operating income Operating income 258 258 128 128 102 191 102 191 Operating margin, % 5.6 2.7 2.8 Operating margin, % 5.6 2.7 2.8 Operating cash flow 761 306 - 30 Operating cash flow 761 306 - 30 Number of employees 2,748 2,908 -6 2,874 Number of employees 2,748 2,908 -6 2,874PAGE 21
  22. 22. DYNAMICS - HIGHLIGHTS Split 16% Defence/Civil % of sales 90% Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec MSEK 2011 MSEK 2011 2010 2010 % % 2010 2010 Order bookings 3,070 2,698 14 3,312 Sales, % of total Order bookings 3,070 2,698 14 3,312 Split between larger orders 62/38 63/37 - 61/39 Split between larger orders 62/38 63/37 - 61/39 > MSEK 100 and smaller orders > MSEK 100 and smaller orders Order backlog 5,854 6,497 -10 5,546 Order backlog 5,854 6,497 -10 5,546 Sales 2,770 3,176 -13 4,741 79% 91% Sales 2,770 3,176 -13 4,741 86% Operating income 272 290 -6 322 Operating income 272 290 -6 322 Operating margin, % 9.8 9.1 6.8 Operating margin, % 9.8 9.1 6.8 Sales Order bookings Backlog Operating cash flow Operating cash flow 598 598 595 595 1 1 1,044 1,044 Number of employees 1,480 Number of employees 1,480 1,516 1,516 -2 1,483 1,483 Markets outside -2 SwedenPAGE 22
  23. 23. ELECTRONIC DEFENCE SYSTEMS - HIGHLIGHTS Split 18% Defence/Civil % of sales 99% Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec MSEK 2011 2011 2010 % 2010 MSEK 2010 % 2010 Order bookings 2,675 2,134 25 5,494 Order bookings 2,675 2,134 25 5,494 Sales, % of total Split between larger orders 41/59 15/85 - 58/42 Split between larger orders 41/59 15/85 - 58/42 > MSEK 100 and smaller orders > MSEK 100 and smaller orders Order backlog 7,801 6,197 26 8,240 Order backlog 7,801 6,197 26 8,240 Sales 3,108 3,004 3 4,354 75% 77% 85% Sales 3,108 3,004 3 4,354 Operating income 259 157 65 99 Operating income 259 157 65 99 Operating margin, % 8.3 5.2 2.3 Operating margin, % 8.3 5.2 2.3 Operating cash flow Operating cash flow 642 642 432 432 49 49 594 594 Sales Order bookings Backlog Number of employees 2,601 Number of employees 2,601 2,496 2,496 4 4 2,453 2,453 Markets outside SwedenPAGE 23
  24. 24. SECURITY AND DEFENCE SOLUTIONS - HIGHLIGHTS 22% Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec MSEK 2011 2011 2010 % 2010 73% MSEK 2010 % 2010 Order bookings 3,201 2,828 13 6,647 Order bookings 3,201 2,828 13 6,647 Split between larger orders 32/68 16/84 - 40/60 Split between larger orders 32/68 16/84 - 40/60 Split Defence / Civil > MSEK 100 and smaller orders > MSEK 100 and smaller orders Sales, % of total % of sales Order backlog 8,104 6,728 20 8,434 Order backlog 8,104 6,728 20 8,434 Sales Sales 3,885 3,885 4,009 4,009 -3 -3 6,210 6,210 63% 79% Operating income Operating income 247 247 -72 -72 - 137 137 78% - Operating margin, % 6.4 -1.8 2.2 Operating margin, % 6.4 -1.8 2.2 Operating cash flow -316 682 - 1,066 Operating cash flow -316 682 - 1,066 Number of employees 3,024 2,529 20 2,525 Number of employees 3,024 2,529 20 2,525 Sales Order bookings Backlog Markets outside SwedenPAGE 24
  25. 25. SUPPORT AND SERVICES - HIGHLIGHTS 14% Jan-Sep Jan-Sep Jan-Dec Jan-Sep Jan-Sep Jan-Dec MSEK 2011 2011 2010 % 2010 80% MSEK 2010 % 2010 Order bookings 2,443 2,409 1 4,124 Order bookings 2,443 2,409 1 4,124 Split between larger orders 24/76 15/85 - 32/68 Split between larger orders 24/76 15/85 - 32/68 Split Defence / Civil > MSEK 100 and smaller orders > MSEK 100 and smaller orders Sales, % of total % of sales Order backlog 4,675 4,092 14 4,743 Order backlog 4,675 4,092 14 4,743 Sales 2,474 2,333 6 3,403 Sales 2,474 2,333 6 3,403 22% 17% Operating income 261 244 7 351 43% Operating income 261 244 7 351 Operating margin, % 10.5 10.5 10.3 Operating margin, % 10.5 10.5 10.3 Operating cash flow Operating cash flow 473 473 523 523 -10 -10 894 894 Number of employees 1,710 Number of employees 1,710 1,731 1,731 -1 1,721 -1 1,721 Sales Order bookings Backlog Markets outside SwedenPAGE 25
  26. 26. SALES PER MARKET Sales split per market January - September 2011 Sales 7,284 4% 6,924 6% MSEK 5% 11% 45% 4,982 4,749 29% Air Land Naval Civil Security Commercial Aeronautics 1,736 Others 1,597 977 1,078 952 823 750 680 Jan-Sept 2011 Jan-Sept 2010 Air Land Naval Civil Security Comm. Aer. OthersPAGE 26
  27. 27. OPERATING INCOME, EBIT/EBITDA Jan-Sept Jan-Sept MSEK 2011 Margin 2010 Margin Aeronautics EBIT 258 5.6% 128 2.7% EBITDA 445 9.7% 312 6.7% Dynamics EBIT 272 9.8% 290 9.1% EBITDA 395 14.3% 407 12.8% Electronic Defence Systems EBIT 259 8.3% 157 5.2% EBITDA 627 20.2% 547 18.2% Security & Defence Solutions EBIT 247 6.4% -72 -1.8% EBITDA 319 8.2% 20 0.5% Support & Services EBIT 261 10.5% 244 10.5% EBITDA 275 11.1% 256 11.0% Corporate EBIT 985 -23 EBITDA 1,062 72 Saab Group EBIT 2,282 14.1% 724 4.4% EBITDA 3,123 19.3% 1,614 9.9%PAGE 27
  28. 28. COMPREHENSIVE INCOME Jan-Sept Jan-Sept MSEK 2011 2010 Net income for the period 1,798 434 Other comprehensive income: Translation differences for the period -102 -61 Net gain/losses on cash flow hedges -229 785 Share of other comprehensive income in associated companies -26 10 Tax attributable to other comprehensive income 62 -207 Other comprehensive income for the period -295 527 Net comprehensive income for the period 1,503 961PAGE 28
  29. 29. OPERATING CASH FLOW VS STATEMENT OF CASH FLOW Jan-Sept Jan-Sept MSEK 2011 2010 Operating cash flow 2,260 2,149 Cash flow from financing: Repayments of loans -126 -1,923 Dividend paid -367 -237 Repurchase of shares - -80 Cash flow from investments – interest bearing: Short-term investments -2,569 15 Other financial investments 394 55 Statement of Cash flow -408 -21PAGE 29
  30. 30. STATEMENT OF FINANCIAL POSITION 30 Sept 31 Dec MSEK 2011 2010 Change Assets Intangible fixed assets 6,899 6,413 486 Tangible fixed assets 3,245 3,052 193 Lease assets 1,017 1,154 -137 Biological assets 302 299 3 Investment properties 227 236 -9 Shares in associated companies 308 251 57 Financial investments 191 203 -12 Long-term receivables 941 856 85 Deferred tax assets 25 - 25 Total fixed assets 13,155 12,464 691 Inventories 4,207 4,100 107 Derivatives 470 1,105 -635 Tax receivables 30 46 -16 Accounts receivable 3,565 3,052 513 Prepaid expenses and accrued income 765 680 85 Other receivables 3,333 3,630 -297 Liquid assets and short-term investments 6,227 4,088 2,139 Total current assets 18,597 16,701 1,896 Assets held for sale - 113 -113 Total assets 31,752 29,278 2,474PAGE 30
  31. 31. STATEMENT OF FINANCIAL POSITION 30 Sept 31 Dec MSEK 2011 2010 Change Shareholders’ equity and liabilities Parent Company´s shareholders’ interest 12,508 11,274 1,234 Non-controlling interest 112 170 -58 Total shareholders´ equity 12,620 11,444 1,176 Long-term interest-bearing liabilities 1,218 1,117 101 Other liabilities 189 294 -105 Provision for pensions 4 5 -1 Other provisions 1,985 2,207 -222 Deferred tax liabilities 959 803 156 Total long-term liabilities 4,355 4,426 -71 Short-term interest-bearing liabilities 446 589 -143 Advance payments from customers 1,048 643 405 Accounts payable 1,435 1,799 -364 Derivatives 750 750 - Tax liabilities 248 265 -17 Other liabilities 1,952 819 1,133 Accrued expenses and deferred income 8,155 7,751 404 Provisions 743 792 -49 Total current liabilities 14,777 13,408 1,369 Liabilities related to assets held for sale - - - Total shareholders’ equity and liabilities 31,752 29,278 2,474 Equity/assets ratio,% 39.7 39.1PAGE 31
  32. 32. STATEMENT OF FINANCIAL POSITION, SEPTEMBER 30, 2011 SUBDIVIDED Saab Aircraft Elimi- Saab MSEK Saab Leasing nations Group Intangible assets 6,899 - - 6,899 Tangible assets 3,774 - - 3,774 Lease assets 2 1,015 - 1,017 Long-term interest-bearing receivables 254 - - 254 Shares, etc 1,854 1 -1,500 355 Other long-term receivables 818 13 - 831 Deferred tax assets 151 265 -391 25 Inventories 4,191 16 - 4,207 Short-term interest-bearing receivables 268 1,588 -1,588 268 Other current assets 7,399 26 - 7,425 Derivatives 470 - - 470 Liquid assets and short-term investments 6,207 20 - 6,227 Assets held for sale - - - - Total assets 32,287 2,944 -3,479 31,752 Shareholders’ equity 12,681 1,439 -1,500 12,620 Provisions for pensions 4 - - 4 Other provisions 1,869 859 - 2,728 Deferred tax liabilities 1,350 - -391 959 Interest-bearing liabilities 3,252 - -1,588 1,664 Advance payments from customers 1,048 - - 1,048 Derivatives 750 - - 750 Other liabilities 11,333 646 - 11,979 Total shareholders’ equity & liabilities 32,287 2,944 -3,479 31,752PAGE 32
  33. 33. 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, 2011 1,746 543 648 -12 51 8,298 11,274 Net comprehensive income for the period -168 -83 1,812 1,561 Transactions with shareholders: Dividend -367 -367 Repurchase of shares - Share matching plan 39 39 Acquisition and sale of non-controlling interest 1 1 Closing balance, 30 September, 2011 1,746 543 480 -95 51 9,783 12,508PAGE 33
  34. 34. NET LIQUIDITY / NET DEBT 30 Sept 31 Dec MSEK 2011 2010 Assets Short-term investments 4,113 1,544 Liquid assets 2,114 2,544 Interest-bearing receivables 522 914 Total liquid investments 6,749 5,002 Liabilities Long-term interest-bearing liabilities -1,218 -1,117 Short-term interest-bearing liabilities -446 -589 Provisions for pensions -4 -5 Total interest-bearing liabilities -1,668 -1,711 Total net liquidity 5,081 3,291PAGE 34
  35. 35. LIQUIDITY MSEK 2011 2010 Liquid assets at the beginning of the year 2,544 1,463 Operating cash flow 2,260 2,149 Short-term investments -2,569 15 Repayments of loans -126 -1,923 Repurchase of shares - -80 Dividend to shareholders -367 -237 Other changes, translation differencies etc 372 36 Liquid assets September 30 2,114 1,423PAGE 35
  36. 36. APPENDIX NUMBER OF EMPLOYEES Sept 30 Dec 31 Number 2011 2010 Change Aeronautics 2,748 2,874 -126 Dynamics 1,480 1,483 -3 Electronic Defence Systems 2,601 2,453 148 Security & Defence Solutions 3,024 2,525 499 Support & Services 1,710 1,721 -11 Corporate 1,477 1,480 -3 Saab Group 13,040 12,536 504PAGE 36
  37. 37. Quarterly information 2011 and 2010 July-Sept Apr-June Jan-Mar Oct-Dec Sales 2011 2011 2011 2010 Aeronautics 1,268 1,835 1,508 2,062 Dynamics 724 1,084 962 1,565 Electronic Defence Systems 979 1,094 1,035 1,350 Security and Defence Solutions 1,310 1,272 1,303 2,201 Support and Services 786 781 907 1,070 Corporate 200 261 243 313 Internal sales -429 -466 -506 -508 Total 4,838 5,861 5,452 8,053 Operating income Aeronautics 22 1.7% 157 8.6% 79 5.2% 63 3.1% Dynamics 60 8.3% 123 11.3% 89 9.3% 32 2.0% Electronic Defence Systems 42 4.3% 181 16.5% 36 3.5% -58 -4.3% Security and Defence Solutions 109 8.3% 67 5.3% 71 5.4% 209 9.5% Support and Services 79 10.1% 107 13.7% 75 8.3% 107 10.0% Corporate 905 62 18 -102 Total 1,217 25.2% 697 11.9% 368 6.7% 251 3.1%PAGE 37
  38. 38. Quarterly information 2010 and Oct – Dec 2009 July-Sept Apr-June Jan-Mar Oct-Dec Sales 2010 2010 2010 2009 Aeronautics 1,278 1,698 1,703 2,133 Dynamics 1,023 1,167 986 1,481 Electronic Defence Systems 905 1,159 940 1,403 Security and Defence Solutions 1,382 1,427 1,200 2,240 Support and Services 756 834 743 1,032 Corporate 224 233 219 249 Internal sales -564 -525 -407 -770 Total 5,004 5,993 5,384 7,768 Operating income Aeronautics 57 4.5% 18 1.1% 53 3.1% 73 3.4% Dynamics 31 3.0% 174 14.9% 85 8.6% 17 1.1% Electronic Defence Systems 6 0.7% 114 9.8% 37 3.9% -69 -4.9% Security and Defence Solutions 130 9.4% -106 -7.4% -96 -8.0% 121 5.4% Support and Services 69 9.1% 119 14.3% 56 7.5% 148 14.3% Corporate 29 -43 -9 213 Total 322 6.4% 276 4.6% 126 2.3% 503 6.5%PAGE 38

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