Saab 2012 Annual Report Download - page 49

SAAB ANNUAL REPORT 2012 45
ADMINISTRATION REPORT > FINANCIAL REVIEW
Important events in 2012
t Saab announced that the subsidiary Combitech had acquired Sörman
Information AB. The acquisition is part of Combitech’s strategy to grow
in the Nordic consultancy market.
t Saab held its Annual General Meeting in Stockholm on 19 April. All
members of the Saab Board of Directors were re-elected. The Saab
Board of Directors therefore consists of Håkan Buskhe, Johan Forssell,
Sten Jakobsson, Per-Arne Sandström, Cecilia Stegö Chilò, Åke Sven-
sson, Lena Treschow Torell, Marcus Wallenberg and Joakim Westh.
Marcus Wallenberg was re-elected by the Annual General Meeting as
Chairman of the Board of Saab AB. At the statutory Board meeting fol-
lowing the Annual General Meeting, Sten Jakobsson was elected Vice
Chairman of the Board.
t Saab announced that Magnus Örnberg had been appointed new Chief
Financial Officer (CFO). He took up his position on 1 November, and is
part of the Group Management Team.
t In June, Saab announced it would set up a Saab Americas Market
Area. Further, in September Saab announced that two additional Mar-
ket Areas – Europe & Greater Middle East as well as Nordic & Baltic
– would be set up and both starting 1 January, 2013.
t Complete List of Saab Market Areas as of 1 January, 2013:
AMERICAS – Washington D.C., USA
ASIA PACIFIC – Bangkok, Thailand
EUROPE & GREATER MIDDLE EAST – London, UK
INDIA – New Delhi, India
NORDIC & BALTI C – Stockholm, Sweden
SUB -SAHARAN AFRICA – Centurion, South Africa
t In July, Saab announced that the subsidiary Combitech had acquired
70 per cent of the shares in Bayes Risk Management AS, Norway, with
an option to acquire the additional 30 per cent of the shares within
18months.
t On 6 August, a recommended public cash offer by Saab for all issued
and outstanding shares in HITT N.V. was launched. HITT develops
technology and implements projects to improve safety and security at
airports and in maritime environments. On 27 August, Saab announced
it had agreed to acquire 53 per cent of the shares in HITT from the
majority shareholder Hitt Holding. Saab’s offer thereby became an
unconditional mandatory offer. As of 31 December, Saab had acquired
98.9 per cent of the issued and outstanding shares in HITT.
t In August, Saab announced it had signed a MoU (Memorandum of
Understanding) regarding a strategic investment in the Indian company
Pipavav Defence and Offshore Engineering Co Ltd (Pipavav). In con-
junction to this, the companies have signed a Technical Partnership
Agreement (TPA). The MoU covers an investment by Saab of approxi-
mately MSEK 250. In November, Saab announced it had signed a deal
with Pipavav that the investment will be made in shares which will be
issued through a directed share issue. After the investment, Saab will
hold approximately 3.5 per cent of the capital and votes in Pipavav.
t In September, Saab announced that an agreement had been made be-
tween the official receiver for Saab Automobile, Saab AB, Scania and
NEVS regarding the Saab brand. NEVS has signed a licence agree-
ment with Saab AB regarding the use of the name SAAB as the brand
for NEVS’ future electric cars. Rights and responsibilities about how to
use the name and the brand SAAB are, as is customary, regulated in
the licence agreement. The purpose is to diversify the two companies’
activities from one another, i.e. distinguish the cars from the defence
and security products.
t In October, Saab announced it had acquired 100 per cent of the
German company MEDAV GmbH, specialised in the application of
signal processing, pattern recognition and information technology,
for approximately MEUR 27 on a cash and debt free basis (about
MSEK233). In addition, the parties agreed on a potential earn out
payment of maximum MEUR 7 (about MSEK 60.5). Saab used existing
funds to finance the acquisition.
t Saab announced the shareholder representatives who, together with
the Chairman of the Board, constitute the Nomination Committee for
the Annual General Meeting 2013.
Marcus Wallenberg, Chairman of the Board of Saab, Petra Hedengran,
Investor AB, Peter Wallenberg Jr, Knut och Alice Wallenbergs Founda-
tion, Jan Andersson, Swedbank Robur Funds Anders Algotsson,
AFA Insurance. The Nomination Committee represents approximately
53per cent of the total voting rights of Saab AB based on the owner-
ship strucutre as of 31 August, 2012. The Annual General Meeting of
Saab AB will be held on Wednesday, 17 April, 2013.
t Saab announced that Görgen Johansson had been appointed Head
of the business area Dynamics. He took up his position on 1 January
2013 and is part of the Group Management Team.
t In November, Saab announced it had established a joint venture, in
which Saab holds 26 per cent ownership, with the Indian partner com-
pany QuEST Global Manufacturing. The joint venture will manufacture
and supply assemblies for the commercial aerostructures market.