Saab 2011 Annual Report Download - page 74

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1 January – 31 December
MSEK Note 2011 2010
Sales 3, 4 23,498 24,434
Cost of goods sold -16,791 -18,843
Gross income 6,707 5,591
Other operating income 5 1,351 222
Marketing expenses -1,879 -1,727
Administrative expenses -1,217 -1,235
Research and development costs -1,928 -1,820
Other operating expenses 6 -77 -70
Share in income of associated companies 21 -16 14
Operating income 10, 11 ,12 2,941 975
Share in income of associated companies 21 4 26
Financial income 162 116
Financial expenses -324 -341
Net financial items 13 -158 -199
Income before taxes 2,783 776
Taxes 15 -566 -322
Net income for the year 2,217 454
Attributable to:
Parent Company’s shareholders 2,225 433
Non-controlling interest -8 21
Earnings per share before dilution (SEK) 34 21.19 4.12
Earnings per share after dilution (SEK) 34 20.38 3.97
CONSOLIDATED
INCOME STATEMENT
ORDERS
Order bookings for 2011 decreased by 28 per cent compared to
2010 to MSEK18,907 (26,278).
The order intake was lower compared to the previous year, partly
as a result of major orders in 2010 which included a large order
from FMV (Swedish Defence Material Administration) for six Gripen
aircraft intended for the Royal Thai Air Force of approximately
SEK2.2 billion and an order for an airborne surveillance system of
approximately SEK 4.5 billion. 2011 did not include any orders of
similar significant size. In addition, we saw further delays in cus-
tomers’ investment decision making processes during the second
half of 2011 as a result of subdued global economic conditions.
The order backlog at the end of the year amounted to
MSEK37,172 (41,459).
During 2011, index and price changes had a positive effect on
order bookings of MSEK 308 (377).
In all, 85 per cent (86) of order bookings were attributable to
defence-related operations and 56 per cent (66) of order book-
ings are from customers outside Sweden.
Orders received where the order sum was larger than MSEK 100
represented 48 per cent (58) of total order bookings.
Order backlog duration :
2012: SEK 17.7 billion
2013: SEK 8.4 billion
2014: SEK 4.8 billion
2015: SEK 2.7 billion
After 2015: SEK 3.6 billion
SALES
Sales decreased slightly compared to 2010 as a result of lower
activity levels in major projects and the challenging business
climate in South Africa.
Exchange rates had a 1 per cent negative impact on sales due
to depreciation of the ZAR and USD to SEK.
Saab Sensis contributed to sales with MSEK 265.
In 2010, sales decreased with approximately MSEK 100 as an
effect of lower revenue recognition related to a terminated
contract in Security and Defence Solutions.
Sales in markets outside Sweden amounted to MSEK 14,819
(15,211), or 63 per cent (62) of total sales.
Of sales, 84 per cent (83) was related to the defence market.
SALES BY REGION
MSEK
Jan-Dec
2011
Jan-Dec
2010
Sweden 8,679 9,223
EU excluding
Sweden 4,514 4,737
Rest of Europe 320 368
Americas 1,899 2,199
Asia 5,176 3,937
Africa 1,789 2,833
Australia, etc. 1,121 1,137
Total 23,498 24,434
SALES BY MARKET SEGMENTS
MSEK
Jan-Dec
2011
Jan-Dec
2010
Air 10,611 10,393
Land 7,201 7,611
Naval 2,065 2,278
Civil Security 1,479 1,427
Commercial
Aeronautics 1,309 1,348
Other 833 1,377
Total 23,498 24,434
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
70 SAAB ANNUAL REPORT 2011