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SAAB ANNUAL REPORT 2011 49
ADMINISTRATION REPORT > FINANCIAL INFORMATION
IMPORTANT EVENTS IN 2011
t Saab announced it has signed a 5-year Multi-Currency revolving credit
facility of SEK 4 billion to refinance the existing credit facility maturing in
March 2012. The terms of the credit facility reflect Saab’s strong financial
position and contain no financial covenants. The credit margin is 0.65
per cent with a commitment fee of 35 per cent of the margin. The facil-
ity is self-arranged and the agreement was signed with a total of eight
banks with an MSEK 500 commitment each.
t Saab AB held its Annual General Meeting 2011 on Thursday, 7 April
2011 in Stockholm. Håkan Buskhe and Michael O’Callaghan were elect-
ed to the Saab Board of Directors and Johan Forssell, Sten Jakobsson,
Per-Arne Sandström, Cecilia Stegö Chilò, Åke Svensson, Lena Treschow
Torell, Marcus Wallenberg and Joakim Westh were re-elected as Board
Members. Erik Belfrage and George Rose declined re-election. Marcus
Wallenberg was re-elected as Chairman of the Board of Saab AB.
t Saab announced it had received information from the Indian Ministry
of Defence that Gripen has not been shortlisted for the Indian Medium
Multi-Role Combat Aircraft (MMRCA) programme.
t Saab launched an investigation after details emerged in the Swedish me-
dia about a contract with a South African consultant about which Saab
had no prior knowledge. After having completed a review of the contract
and the financial transactions of the company Sanip Pty Ltd during the
period in question, it was revealed that approximately MZAR 24 had
been paid from BAE Systems to Sanip. These payments were trans-
ferred to the South African consultant shortly thereafter. The investigation
and assembled materials were submitted to the attorney Tomas Nilsson,
who thereafter commented on the investigation and handed it over to the
Swedish National Anti-Corruption Unit.
t Saab announced that the Board has decided to utilise its authorisation to
repurchase the company’s own series B shares to hedge the company’s
share matching plans and performance share plans. Acquisitions will be
made on NASDAQ OMX Stockholm at a price within the registered share
price interval on each occasion. Acquisitions can be made as of 20 July
2011 until next year’s Annual General Meeting. However, no acquisi-
tions will be made during the 30-day period prior to the public release of
quarterly results, including the date of release.
t On 16 June 2011, it was announced that Board Member Michael
O’Callaghan would immediately resign from his position as a result of
BAE Systems’ sale of its shareholding in Saab AB.
t Saab formed its own Academy to focus more on employee training and
competence development. The Academy is headed by Mikael Grodzin-
sky, who left his position as Head of Group Human Resources within the
Group Management during autumn 2011.
t Saab announced that Carina Brorman had been appointed as new Sen-
ior Vice President and Head of Group Communications. She assumed
her new post on 1 October 2011.
t Saab announced that Anne Gynnerstedt, Senior Vice President and
Head of Group Legal Affairs, would leave her position in autumn 2011.
t Saab announced the shareholder representatives who, together with the
Chairman of the Board, constitute the Nomination Committee for the An-
nual General Meeting 2012: Marcus Wallenberg, Chairman of the Board
of Saab AB; Petra Hedengran, Investor AB; Peter Wallenberg Jr, Knut
and Alice Wallenberg Foundation; Thomas Eriksson, Swedbank Robur
Funds; and Thomas Ehlin, Nordea Investment Funds. The Nomination
Committee represents approximately 52 percent of the voting rights of
Saab AB based on the ownership structure as of 31 August 2011. The
Annual General Meeting of Saab AB will be held on Thursday, 19 April,
2012.
t Switzerland announced that it had made a type-selection of Gripen for
negotiations as a future multirole fighter aircraft for the Swiss Air Force.
t Saab announced that Lena Eliasson had been appointed as new Senior
Vice President and Head of Group Human Resources and that Annika
Bäremo had been appointed new Senior Vice President, General Coun-
sel and Head of Group Legal Affairs at Saab. Both are members of the
Group Management.
t Saab announced that Lars Granlöf, Senior Vice President and Chief
Financial Officer, would leave his position at the end of February 2012.
He thereafter is available to the company during a transition period.