Saab 2011 Annual Report Download - page 150

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.
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 on -
  Stockholm in , where approximately  per cent were
traded. e marketplaces , , Burgundy, Chi- X and Turqou-
ise accounted in total for about  per cent of turnover. e share’s
price reached a high of . on  May and a low of  .
on  November.
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.
Dividend and dividend policy
Saab’s long-term dividend policy is to distribute – per cent of
income aer tax over a business cycle. For , the Board of Direc-
tors is proposing a dividend of  . (.) per share. is would
correspond to  per cent of net income for  ().
Saab’s Share Matching Plan
In April , Saab’s Annual General Meeting resolved to oer employees
the opportunity to participate in a voluntary share matching plan where
they can purchase Series B shares in Saab during a -month period. Pur-
chases are made through deductions of between  and  per cent of the
employee’s monthly salary. If the employee retains the purchased shares
for three years aer the investment date and is still employed by the Saab
Group, the employee will be allotted a corresponding number of Series B
shares. e plan was introduced in autumn  in Sweden and Norway.
In  it was expanded to include employees in Denmark, Germany, the
UK, 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 aer three
years, there is a requirement that earnings 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. e 
share matching plan comprises all employees, including senior executives
and key persons. e performance share plan for , which is directed
to senior executives and key persons entitles participants to – matching
shares, depending on the category the employee belongs to.
In , Saab repurchased  million shares, in  and  it repur-
chased ,, shares per year, and in  it repurchased , shares
to hedge the plans.
e Annual General Meeting on  April  renewed the Board of
Directors’ mandate to repurchase up to  per cent of the Company’s
shares, of which ,, shares to hedge the 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
acquisitions when considered appropriate, as well as to secure the Group’s
share matching plan. e mandate applied until the next Annual General
Meeting. Repurchases may be eected over the stock exchange or
through oerings to shareholders. It was also proposed that the Board’s
mandate include the possibility to transfer repurchased shares as allowed
by law. Repurchased shares can also be transferred in connection with the
company’s share matching plan and performance share plan.
During the second quarter , Saab announced that the Board had
decided to utilise its authorisation for repurchases and that the repur-
chases could be made on NASDAQ OMX Stockholm at a price within
the registered share price interval on each occasion.
No shares were repurchased in .
THE SAAB SHARE
146 SAAB ANNUAL REPORT 2011
SHAREHOLDER INFORMATION > THE SAAB SHARE