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FINANCIAL INFORMATION – FINANCIAL STATEMENTS
CONSOLIDATED INCOME STATEMENT
MSEK Note 2015 2014
Sales 4, 5 27,186 23,527
Cost of goods sold -20,700 -17,450
Gross income 6,486 6,077
Other operating income 6 371 430
Marketing expenses -2,061 -2,144
Administrative expenses -1,323 -1,214
Research and development costs -1,565 -1,487
Other operating expenses 7 -48 -21
Share in income of associated companies and joint ventures 21 40 18
Operating income 5, 11 ,12 1,900 1,659
Financial income 169 103
Financial expenses -338 -239
Net financial items 13 -169 -136
Income before taxes 1,731 1,523
Taxes 15 -329 -355
Net income for the year 1,402 1,168
Attributable to:
Parent Company’s shareholders 1,362 1,153
Non-controlling interest 40 15
Earnings per share before dilution (SEK) 16 12.88 10.86
Earnings per share after dilution (SEK) 16 12.79 10.78
ORDERS
Order bookings were higher in 2015
than in 2014 mainly due to several
large orders, including Gripen for Brazil,
the submarine A26 for Sweden and an
airborne surveillance system for the
United Arab Emirates (UAE). In addi-
tion, the volume of small and medium-
sized orders increased.
In all, 95 per cent (80) of order boo-
kings were attributable to defence-
related operations and 80 per cent (45)
were attributable to customers outside
Sweden.
During 2015, index and price
changes had a positive effect on order
bookings of MSEK 183 compared to
MSEK 346 during 2014.
Orders received, where the total
order value exceeded MSEK 100,
represented 86 per cent (61) of total
order bookings.
The order backlog at the end of the
year amounted to MSEK113,834
compared to MSEK 60,128 at the
beginning of the year.
Order backlog duration:
2016: SEK 21.8 billion
2017: SEK 15.9 billion
2018: SEK 12.3 billion
2019: SEK 11.7 billion
After 2019: SEK 52.1 billion
SALES PER REGION
MSEK
Jan-Dec
2015
Jan-Dec
2014
Sweden 11,399 10,512
EU excluding Sweden 4,307 3,770
Rest of Europe 626 592
Americas 4,061 2,895
Asia 5,370 4,007
Africa 541 573
Australia, etc. 882 1,178
Total 27,186 23,527
SALES PER MARKET SEGMENT
MSEK
Jan-Dec
2015
Jan-Dec
2014
Air 12,642 10,481
Land 5,581 5,240
Naval 4,286 3,192
Civil Security 2,127 2,330
Commercial Aeronautics 2,096 1,838
Other 454 446
Total 27,186 23,527
SALES
Sales during 2015 increased by 16 per
cent compared to 2014.
Acquisitions, mainly related to Saab
Kockums that was acquired in 2014,
had a positive net effect of 3 per cent
(2) on sales and currency effects
had a positive effect of 2 per cent (0).
The organic sales growth was 11 per
cent (-3).
Sales in markets outside of Sweden
amounted to MSEK 15,787 (13,015),
or 58 per cent (55), of total sales.
82per cent (79) of sales was related
to the defence market.
INCOME, MARGIN AND PROFITABILITY
The gross margin during 2015 was 23.9 per cent (25.8), which was lower than in
2014, mainly due to a changed project mix as Saab has more large projects with a
substantial share of customer funded research and development. Total deprecia-
tion and amortisation amounted to 959 (872). Depreciation of tangible fixed assets
amounted to MSEK 451 (406).
Total investments in research and development (R&D) amounted to 6,841
(5,970). Internally funded expenditures in R&D amounted to MSEK 1,765 (1,338),
of which MSEK 524 (171) was capitalised. The internally funded investments in
development are mainly attributable to radar and sensor technology as well as
development related to the T-X program. The increased capitalisation of develop-
ment costs is related to a new version of an airborne surveillance system.
Amortisation of intangible fixed assets amounted to MSEK 508 (466), of which
amortisation of capitalised development expenditures amounted to MSEK323 (320).
The share of income in associated companies and joint ventures amounted to
MSEK 40 (18).
The operating income amounted to MSEK 1,900 (1,659) with an operating margin
of 7.0 per cent (7.1). The operating income adjusted for non-recurring items
amounted to MSEK 1,782 (1,566) and the adjusted operating margin was 6.6 per
cent (6.7).
During 2015 and 2014, reversal of risk provisions attributable to the remaining
risks related to the termination of Saab’s leasing fleet of turbo prop aircraft (SAL),
contributed positively to the operating income.
Current and deferred taxes amounted to MSEK -329 (-355), the equivalent to an
effective tax rate of 19 per cent (23). The lower tax rate is mainly attributable to non-
taxable income such as capital gains.
The pre-tax return on capital employed was 11.2 per cent (11.1) and the after-
tax return on equity was 11.5 per cent (9.9), both measured over a rolling 12-month
period.
SAAB ANNUAL REPORT 2015– 61