Saab 2010 Annual Report Download - page 141
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Capital stock and number of shares
Saab’s capital stock amounted to ,,, on December
and consisted of ,, unlisted Series shares and ,,
listed Series shares. Series shares have ten votes each, while Series
shares have one vote each. e quota value per share is . e
Series share is listed on Stockholm’s Large Cap list. A
round lot consists of shares.
In , ,, Series shares in Saab were converted at the
request of shareholders to Series shares, which reduced the total
number of votes in the company from ,, to ,,. Saab’s
Series shares are owned by Investor .
Saab’s market capitalisation was . billion at year-end .
e price of the Series share rose during the year by per cent, com-
pared to an increase of per cent for the index. e total return
on Saab’s Series share – i.e., the dividend plus the change in the share
price – has been - per cent over the last ve years.
Trading volume and statistics
A total of ,, Series shares were traded in , nearly all of
which was through Stockholm. e marketplaces -
Europe, Europe, , Burgundy, Chi- X, Germany
and Turqouise accounted in total for less than per cent of turnover
in the Saab share. e share’s closing price reached a high of
. on January and a low of . on July.
Beta shows how much a share uctuates in relation to the market
as a whole. A low beta (<) indicates a low risk in relation to other
stocks in the market. A high beta (>) means a higher risk. According
to SIX’s calculations the beta for Saab’s Series B share was ., indi-
cating that it uctuated in line with the market average, measured
according to SIX General Index over a -month period. Saab’s stock
covariance was ., which means that . per cent of the share’s
price performance is due to the market’s development as a whole.
Ownership structure
Saab had , shareholders as of year-end . Swedish investors
accounted for . per cent of the capital stock and . per cent of the
votes. Swedish equity funds owned approximately per cent of the
capital stock and per cent of the votes. Individual Swedish investors
held approximately per cent of the capital stock and per cent of
the votes.
Dividend and dividend policy
Saab’s long-term dividend policy is to distribute – per cent of
income aer tax over a business cycle. For , the Board of Direc-
tors is proposing a dividend of . (.) per share.
Saab’s Share Matching Plan
In April , Saab’s Annual General Meeting resolved to oer employ-
ees the opportunity to participate in a voluntary share matching plan
where they can purchase Series shares in Saab during a -month
period. Purchases are made through withdrawals of between and per
cent of the employee’s monthly salary. If the employee retains the pur-
chased shares for three years aer the investment date and is still
employed by the Saab Group, the employee will be allotted a correspond-
ing number of Series B shares.
e plan was introduced in autumn in Sweden and Norway.
In , it was expanded to include employees in Denmark, Ger-
many, the , the U.S., Switzerland and Australia, and in it was
expanded again to cover employees in South Africa. In April ,
Saab’s Annual General Meeting resolved to introduce a performance-
based plan for senior executives and key employees entitling them to
– matching shares depending on the category the employee
belongs to. In addition to the requirement that the employee remain
employed by Saab aer three years, there is a requirement that earn-
ings per share grow in the range of to per cent.
e Annual General Meetings in and resolved to
renew the share matching plan and performance share plan.
In , Saab repurchased million shares and in and
it repurchased ,, shares per year to hedge the plans.
e Annual General Meeting on April resolved to renew
the Board of Directors’ mandate to decide to repurchase up to per
cent of the company’s shares, of which ,, shares to hedge the
year’s share matching plan and performance share plan. e purpose
of the authorisation was to provide the Board with greater scope in
working with the company’s capital structure and enable acquisi-
THE SAAB SHARE
138 SAAB ANNUAL REPORT 2010
SHAREHOLDER INFORMATION > THE SAAB SHARE