Saab 2012 Annual Report Download - page 140

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Capital stock and number of shares
Saab’s capital stock amounted to SEK 1,746,405,504 on 31 December
2012 and consisted of 1,907,123 unlisted Series A shares and
107,243,221 listed Series Bshares. Series A shares have ten votes each,
while Series B shares have one vote each. The quota value per share is
SEK 16. The Series B share is listed on NASDAQ OMX Stockholm’s Large
Cap list. A round lot consists of 100 shares.
Saab’s Series A shares are owned by Investor AB.
Saab’s market capitalisation was SEK 14.7 billion at year-end
2012. The price of the Series B share decreased during the year by 5
per cent, compared to an increase of 12 per cent for the OMX index.
The total return on Saab’s Series B share – i.e., the dividend plus the
change in the share price – has been 17 per cent over the last ve
years.
Trading volume and statistics
A total of 32,962,432 Series B shares (47,073,222) were traded on NAS-
DAQ OMX Stockholm in 2012. The share’s price reached a high of SEK
150.30 on 6 February and a low of SEK 101.00 on 18 May.
Ownership structure
Saab had 28,833 shareholders (29,056) as of year-end 2012. Swed-
ish investors accounted for 74.0 per cent (73.6) of the capital stock
and 77.5 per cent (76.5) of the votes.
Dividend and dividend policy
Saab’s long-term dividend policy is to distribute 20–40 per cent of
income after tax over a business cycle. For 2012, the Board of Direc-
tors proposes a dividend of SEK 4.50 (4.50) per share. This would
correspond to 30 per cent (21) of net income for 2012.
Saab’s Share Matching Plan
In April 2007, Saab’s Annual General Meeting resolved to offer employ-
ees the opportunity to participate in a voluntary share matching plan
where they can purchase Series B shares in Saab during a 12-month
period. Purchases are made through deductions of between 1 and 5
per cent of the employee’s monthly salary. If the employee retains the
purchased shares for three years after the investment date and is still
employed by the Saab Group, the employee will be allotted a corre-
sponding number of Series Bshares.
The plan was introduced in autumn 2007 in Sweden and Norway. In
2008 it was expanded to include employees in Denmark, Germany,
the UK, the U.S., Switzerland and Australia. South Africa was
included in 2009, Finland in 2010 and thereafter the Czech Republic
in 2011. India will be included in the Share Matching Plan 2012 start-
ing in January 2013.
In April 2008, Saab’s Annual General Meeting resolved to intro-
duce a performance-based plan for senior executives and key
employees entitling them to 2–5 matching shares depending on the
category the employee belongs to. In addition to the requirement that
the employee remain employed by Saab after three years, there is a
requirement that earnings per share grow in the range of 5 to 15 per
cent on average per year during the three-year period. The Annual
General Meetings in 2009, 2010, 2011 and 2012 resolved to renew
the share matching plan and performance share plan.
The 2011 share matching plan comprises all employees, includ-
ing senior executives and key persons. The performance share plan
for 2011 and 2012, which is directed to senior executives and key
persons, entitles participants to 1–4 matching shares, depending on
the category the employee belongs to.
In 2007, Saab repurchased 1 million shares, in 2008 and 2009 it
repurchased 1,340,000 shares per year, and in 2010 it repurchased
838,131 shares to hedge the plans. In 2011 and 2012 no shares were
purchased.
The Annual General Meeting on 19 April 2012 renewed the Board
of Directors’ mandate to repurchase up to 10 per cent of the Compa-
ny’s shares, of which 1,340,000 shares to hedge the share matching
plan and performance share plan.
The purpose of the authorisation was to provide the Board with
greater scope in working with the company’s capital structure and
enable acquisitions when considered appropriate, as well as to
secure the Group’s share matching plan and performance share plan.
The mandate applied until the Annual General Meeting 2013. Repur-
chases may be effected over the stock exchange or through offer-
ings to shareholders. During 2012, the Board has not decided to uti-
lise its authorisation for repurchases and thus no shares were
repurchased in 2012.
THE SAAB SHARE
136 SAAB ANNUAL REPORT 2012
SHAREHOLDER INFORMATION > THE SAAB SHARE