INTERIM REPORT - Saab AB · One of the main sponsors of the 2nd edition Border Surveillance...

INTERIM REPORTJANUARY – MARCH 2012

PRESIDENT AND CEO HÅKAN BUSKHE, INTERIM CFO GÖRGEN JOHANSSON19 APRIL, 2012Q1 REPORT

SUMMARY JAN-MARCH 2012 (I)

High interest in cost-efficient products and solutions

Local market expansion continues, increased order intake in North America and high activity level in Asia

Stable level of medium and small orders

Sales growth in rather weak market conditions

Efficiency improvement activities contributed to increased profitability

Focus on cash-flow generation is a priority

SUMMARY JAN – MARCH 2012 (II)Important orders secured• FMV (the Swedish Defence Materiel Administration) placed an

order for system maintenance regarding Gripen.• The U.S. Federal Aviation Administration (FAA) selected Saab

Sensis Corporation for the Airport Surface Surveillance Capability (ASSC) program

• A two-year extension contract was signed for the Deployable Tactical Engagement Simulation training system (DTES) with the UK Ministry of Defence

• After the closing of the period, extension for the life of the programme for deliveries of Ailerons to Airbus 320

In Sweden, Armed Forces presented intention to upgrade the fighter aircraft fleet to Gripen E/F and gave a clear commitment to Gripen as the backbone of the Swedish Air ForceSwitzerland reconfirmed the commitment to their 2011 down selection of Gripen for further negotiations for a potential order

CHALLENGING MARKET CONDITIONS

Defending borders

Securing functions in the society

The Market place

Continued challenging market conditions even though the situation is now better than during the second half of 2011

Government budgets in Europe and the US under pressure

Political interest in Europe to co-operate in the field of research and development and defence material

HIGHLIGHTS JAN – MAR 2012, I (II)

AERONAUTICS ELECTRONIC DEFENCE SYSTEMSDYNAMICS

Hungary extended their Gripencontract with FXM for another ten yearsThe Supreme Commander announced that the fighter aircraft fleet in Sweden needs at least 60-80 upgraded Gripen to Gripen E/FNeuron ready to start ground testingThe biggest Gripen exercise ever, Lion Effort, with aircraft from four countries took place in Sweden

Several important export orders received in the Ground Combat Systems areaGrowing global market interest and good order intake in Signature Management areaFor the first time ever in Sweden, possibly in the world, an autonomous underwater vehicle (AUV) docked with a submarine with the help of a remotely operated underwater vehicle, SUBROV

Order on naval radar system Sea Giraffe for US Navy's LittoralCombat Ship Order for support of groundbased surveillance radar system Giraffe for British ArmySuccessful test of new high speed directed launcher –important milestone in the development of LEDS

HIGHLIGHTS JAN – MAR 2012, II (II)

SUPPORT AND SERVICESSECURITY AND DEFENCE SOLUTIONS

Order from the Dutch authority Rijkswaterstaat regarding delivery of the AIS automatic identification system which will increase safety on the Dutch waterwaysOne of the main sponsors of the 2nd edition Border Surveillance Conference in Brasilia and participating with speakers on common operating picture for Border safeguarding

Major support agreement with Sikorsky Aerospace Services regarding technical maintenance and support for Sweden's Black Hawk helicopters.A long term contract with American aircraft operator Silver Airlines

COMBITECH

Acquisition of SörmanInformation, to widen Combitech’s service offering within the information supply chainBuild-up of a development centre in Trollhättan with 90 new employees so farFramework agreement to assist in the development of the Norwegian emergency communications network, Nødnett

JANUARY - MARCH IN BRIEF 2012

Jan-Mar Jan-Mar

MSEK 2012 2011

Order bookings 4,000 5,215Order backlog (BSEK) 35.7 41.0

Sales 5,573 5,452

Operating income 398 368Operating margin, % 7.1 6.7

Net income 265 277

Net cash position 5,260 3,833

Operating cash flow -48 559

EPS, after dilution 2.56 2.56

Jan-Mar 2012SwedenInternational

66%

62%

64%

Sales

Order intake

ORDERS PER MARKET REGION JAN-MARCH 2012

14

749

42

1,181

294192

1,431

111

1,9031,828

353

209

756

151

SE EU excl SE RoE Americas Asia Africa Austr., etc

Jan - March 2012Jan - March 2011

MSEK

-25%

-1%

207%

465%

-17% -

-94%

27%

Austr, etc5%

Asia3%

SE35%

EU excl SE19%

RoE1%

Am ericas30%

Africa7%

In percentage of total orders

PAGE 8

SALES PER MARKET REGION JAN-MARCH 2012

62

940

56

527371

254

2,122

1,303

2,367

1,172

545

318

780

208

SE EU excl SE RoE Americas Asia Africa Austr., etc

Jan - March 2012Jan - March 2011

MSEK

-10%

21%

-10%

11%

-32%

-

66%

23%

Austr, etc5%

Asia23%

SE38%

EU excl SE17%

RoE1%

Americas9%

Africa7%

In percentage of total orders

PAGE 9

2,225

1,938

243260385

522

2,410

254

1,584

357332515

Air Land Naval Civil Security Comm. Aer. Others

Jan-March 2012Jan-March 2011

SalesMSEK

SALES PER MARKET SEGMENTJAN-MARCH 2012 Sales split per market

January - March 2012

Land35%

Comm. Aeron.

5%

Air40%

Others4%

Civil Security

7%

Naval9%

-8%

22%

1%

52% -22% -32%

PEOPLE ARE KEY FOR GROWTH

Combitech opened development center in Trollhättan, with competence and skills to handle complete construction commitments. 90 people recruited so farGroup-wide trainee program started Saab acclaimed for active and succesful work with equality by Swedish business magazine ”Veckans Affärer”Continued work with competence development and performance management for current employees

Strategic priorities

PAGE 11

OUTLOOK 2012

In 2012, we estimate that sales will increase slightly compared to 2011The operating margin in 2012, excluding net material capital gains, is expected to be in line with the operating margin in 2011, excluding net material capital gains, of 7.5 per cent

Strategic priorities

JANUARY - MARCH 2012FINANCIALS

Görgen Johansson, Interim CFO19 APRIL, 2012FINANCIALS, JANUARY - MARCH 2012

Q1 2012Q4 2011Q3 2011Q2 2011Q1 2011Q4 2010Q3 2010Q2 2010Q1 20100

0,2

0,4

0,6

0,8

1

1,2

Large ordersSmall ordersBook-to-Bill ratio

5,2155,478

11,900

3,862

5,038

Book-to-bill ratio(12 months rolling)

58%

42%

72%

28%

18%

82%43%

57%

43%

57%

5,431

46%

54%

3,147

40%

60%

MSEK

ORDERS RECEIVED

5,114

43%

57%

4,00019%

81%

ORDER BOOKINGS AND ORDER BACKLOG

Jan-Mar Jan-Mar 31 MarMSEK 2012 2011 2012

Aeronautics 817 963 12,489Dynamics 554 1,528 4,977Electronic Defence Systems 520 1,234 6,204Security and Defence Solutions 1,247 777 7,609Support and Services 955 923 4,634Combitech 246 242 358Corporate/Internal -339 -452 -614Saab Group 4,000 5,215 35,657

Order Order Orderbookings bookings backlog

ORDER BACKLOG

Order backlog duration(SEK billion):

Mar. 2012 Mar. 2011 Dec. 20112012: 14.3 2011: 14.2 2012: 17.72013: 9.3 2012: 11.5 2013: 8.42014: 5.2 2013: 6.1 2014: 4.82015: 3.1 2014: 4.4 2015: 2.7After 2015: 3.8 After 2014: 4.8 After 2015: 3.6

Total: 35.7 Total: 41.0 Total: 37.2

NLAW

RBS70

AT4/Carl-

Gustaf

Aero-structures

ANZAC

Civil security

solutions

Airborne surveillance

system

SALES

AeronauticsDynamicsElectronic Defence SystemsSecurity and Defence SolutionsSupport and Services Combitech Corporate/InternalSaab Group

Jan-Mar Jan-MarMSEK 2012 2011 Change

1,4191,0351,1811,323

779311

-4755,573

1,508962

1,0351,303

907239

-5025,452

-6%8%

14%2%

-14%30%

2%

OPERATING INCOME, EBIT

Aeronautics 78 5.5% 79 5.2%Dynamics 108 10.4% 89 9.3% Electronic Defence Systems 91 7.7% 36 3.5%Security and Defence Solutions 60 4.5% 71 5.4%Support and Services 67 8.6% 75 8.3%Combitech 39 12.5% 28 11.7%Corporate -45 -10

Saab Group 398 7.1% 368 6.7%

Jan-Mar Jan-MarMSEK 2012 margin 2011 margin

INCOME STATEMENT

Sales 5,573 5,452Cost of goods sold -3,999 -4,025Gross income 1,574 1,427Gross margin 28.2% 26.2%Other operating income 41 73Marketing expenses -457 -398Administrative expenses -275 -310Research and development costs -479 -406Other operating expenses -3 -12Share of income inassociated companies -3 -6Operating income 398 368Operating margin 7.1% 6.7%Share of income inassociated companies 1 1Result from financial investments -31 15Income before taxes 368 384Taxes -103 -107Net income 265 277

Jan-Mar Jan-MarMSEK 2012 2011

Earnings per share after dilution, SEK 2.56 2.56Tax rate 28% 28%

RESEARCH AND DEVELOPMENT

1 1561 127804738

588664686

728515

1,340

327262268250167

15214419115778

Q1 2012Q1 2011Q1 2010Q1 2009Q1 200820112010200920082007

Amortisation and write-down ofcapitalised development costsSelf funded R&D expenditures (notincluding capitalised costs)

MSEK

* Amortisation and write-down of capitalised development costs included write-downs of MSEK 250 in 2008 and MSEK 20 in the first quarter of 2010

2-3 %-points impact from changed view on application of accounting principles

STATEMENT OF FINANCIAL POSITION

31 Mar 31 Dec ChangeMSEK 2012 2011

AssetsFixed assets 12,484 12,888 -404Current assets 18,383 18,911 -528 Total assets 30,867 31,799 -932

Shareholders’ equity and liabilitiesShareholders’ equity 13,381 13,069 312Long-term liabilities 4,295 4,409 -114Short-term liabilities 13,191 14,321 -1,130Total liabilities 17,486 18,730 -1,244 Total shareholders’ equity & liabilities 30,867 31,799 -932

Equity/assets ratio 43.4% 41.1%

Total net liquidity 5,260 5,333 -73

SUMMARISED CASH FLOW JANUARY-MARCH

Cash flow from operations 514 -7 507 460

Inventories -163 - -163 -295Receivables 674 -125 549 370Advances -160 - -160 670Liabilities -502 -125 -627 -377Provisions -110 -12 -122 -173Change in working capital -261 -262 -523 195

Intangible assets -17 - -17 -12Tangible assets -85 - -85 -50Lease assets - 131 131 52Acquisitions - -78 -78 -86Divestments - 17 17 -Acq/sales of financial assets - - - -Cash flow from investments -102 70 -32 -96

Operating cash flow 151 -199 -48 559

Actual ActualMSEK Saab SAL/M&A 2012 2011

APPENDIX

AERONAUTICS – HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 817 963 -15 3,807Split between larger orders > MSEK 100 and smaller orders 48/52 70/30 - 84/16

Order backlog 12,489 15,090 -17 13,091Sales 1,419 1,508 -6 6,351Operating income 78 79 -1 332Operating margin, % 5.5 5.2 5.2

Operating cash flow -122 440 - 223Number of employees 2,799 2,824 -1 2,748

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 817 963 -15 3,807Split between larger orders > MSEK 100 and smaller orders 48/52 70/30 - 84/16

Order backlog 12,489 15,090 -17 13,091Sales 1,419 1,508 -6 6,351Operating income 78 79 -1 332Operating margin, % 5.5 5.2 5.2

Operating cash flow -122 440 - 223Number of employees 2,799 2,824 -1 2,748

24%

Order bookingsSales Backlog

34% 57%

74%

Sales, % of total

Markets outside Sweden

89%

Split Defence/Civil

% of sales

DYNAMICS - HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 554 1,528 -64 4,246Split between larger orders 0/100 76/24 - 59/41> MSEK 100 and smaller orders

Order backlog 4,977 6,102 -18 5,460Sales 1,035 962 8 4,335Operating income 108 89 21 484Operating margin, % 10.4 9.3 11,2

Operating cash flow 61 340 -82 588Number of employees 1,481 1,426 4 1,475


Order backlog 4,977 6,102 -18 5,460Sales 1,035 962 8 4,335Operating income 108 89 21 484Operating margin, % 10.4 9.3 11,2


17%


89% 81% 91%

Sales, % of total


94%

Split Defence/Civil

% of sales

ELECTRONIC DEFENCE SYSTEMS -HIGHLIGHTS


Order backlog 6,204 8,382 -26 6,855Sales 1,181 1,035 14 4,561Operating income 91 36 153 297Operating margin, % 7.7 3,5 6.5



Order backlog 6,204 8,382 -26 6,855Sales 1,181 1,035 14 4,561Operating income 91 36 153 297Operating margin, % 7.7 3,5 6.5


19%


79% 78% 84%

Sales, % of total


Split Defence/Civil

% of sales 99%

SECURITY AND DEFENCE SOLUTIONS - HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 1,247 777 60 4,582Split between larger orders 30/70 18/82 - 40/60

> MSEK 100 and smaller orders

Order backlog 7,609 7,752 -2 7,712Sales 1,323 1,303 2 5,704Operating income 60 71 -15 394Operating margin, % 4.5 5.4 6.9Operating cash flow -171 106 -261 584Number of employees 2,986 2,505 19 2,994

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 1,247 777 60 4,582Split between larger orders 30/70 18/82 - 40/60

> MSEK 100 and smaller orders

Order backlog 7,609 7,752 -2 7,712Sales 1,323 1,303 2 5,704Operating income 60 71 -15 394Operating margin, % 4.5 5.4 6.9Operating cash flow -171 106 -261 584Number of employees 2,986 2,505 19 2,994

22%


74% 82% 81%


Sales, % of totalSplit Defence / Civil

% of sales

68%

SUPPORT AND SERVICES - HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 955 923 3 3,174Split between larger orders 0/100 24/76 - 26/74> MSEK 100 and smaller orders

Order backlog 4,634 4,738 -2 4,455Sales 779 907 -14 3,428Operating income 67 75 -11 426Operating margin, % 8,6 8.3 12.4

Operating cash flow 422 135 213 420Number of employees 1,763 1,741 1 1,742

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 955 923 3 3,174Split between larger orders 0/100 24/76 - 26/74> MSEK 100 and smaller orders

Order backlog 4,634 4,738 -2 4,455Sales 779 907 -14 3,428Operating income 67 75 -11 426Operating margin, % 8,6 8.3 12.4

Operating cash flow 422 135 213 420Number of employees 1,763 1,741 1 1,742

13%


23% 23%42%


Sales, % of totalSplit Defence / Civil

% of sales

76%

COMBITECH - HIGHLIGHTS

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 246 242 2 1,118Order backlog 358 230 56 344Sales 311 239 30 1,000Operating income 39 28 39 92Operating margin, % 12.5 11.7 9.2

Operating cash flow -14 53 -126 87Number of employees 1,198 846 42 923

Jan-Mar Jan-Mar Jan-DecMSEK 2012 2011 % 2011Order bookings 246 242 2 1,118Order backlog 358 230 56 344Sales 311 239 30 1,000Operating income 39 28 39 92Operating margin, % 12.5 11.7 9.2

Operating cash flow -14 53 -126 87Number of employees 1,198 846 42 923

5%

22% 17%43%

Sales, % of total

Split Defence / Civil % of sales

46%

OPERATING INCOME, EBIT/EBITDA

Aeronautics EBIT 78 5.5% 79 5.2%EBITDA 136 9.6% 141 9.4%

Dynamics EBIT 108 10.4% 89 9.3%EBITDA 150 14.5% 126 13.1%

Electronic Defence Systems EBIT 91 7.7% 36 3.5%EBITDA 197 16.7% 166 16.0%

Security & Defence Solutions EBIT 60 4.5% 71 5.4%EBITDA 94 7.1% 92 7.1%

Support & Services EBIT 67 8.6% 75 8.3%EBITDA 72 9.2% 79 8.7%

Combitech EBIT 39 12.5% 28 11.7%EBITDA 41 13.2% 29 12.1%

Corporate EBIT -45 -10EBITDA -11 3

Saab Group EBIT 398 7.1% 368 6.7%EBITDA 679 12.2% 636 11.7%

Jan-Mar Jan-MarMSEK 2012 Margin 2011 Margin

COMPREHENSIVE INCOME

Net income for the period 265 277

Other comprehensive income:Translation differences -48 -148Net gain/losses on cash flow hedges 116 290Share of other comprehensive income in associated companies - -8Tax attributable to other comprehensive income -31 -76

Other comprehensive income for the period 37 58

Net comprehensive income for the period 302 335


OPERATING CASH FLOW VS STATEMENT OF CASH FLOW

Operating cash flow -48 559

Cash flow from financing:Repayments of loans -49 -69Dividend paid - -Repurchase of shares - -

Cash flow from investments –interest bearing:Short-term investments 682 -1,254Other financial investments -13 4

Statement of Cash flow 572 -760


31 Mar 31 DecMSEK 2012 2011 Change

AssetsIntangible fixed assets 6,558 6,699 -141Tangible fixed assets 3,255 3,272 -17Lease assets 596 771 -175Biological assets 305 305 -Investment properties 224 224 -Shares in associated companies 274 288 -14Financial investments 196 197 -1Long-term receivables 995 1,046 -51Deferred tax assets 81 86 -5Total fixed assets 12,484 12,888 -404

Inventories 4,498 4,334 164Derivatives 490 520 -30Tax receivables 26 23 3Accounts receivable 2,868 3,153 -285Prepaid expenses and accrued income 1,015 829 186Other receivables 3,144 3,579 -435Liquid assets and short-term investments 6,342 6,473 -131Total current assets 18,383 18,911 -528Assets held for sale - - -Total assets 30,867 31,799 -932


31 Mar 31 DecMSEK 2012 2011 Change

Shareholders’ equity and liabilitiesParent Company´s shareholders’ interest 13,270 12,950 320Non-controlling interest 111 119 -8Total shareholders´ equity 13,381 13,069 312Long-term interest-bearing liabilities 1,217 1,218 -1Other liabilities 424 439 -15Provision for pensions 12 12 -Other provisions 1,729 1,728 1Deferred tax liabilities 913 1,012 -99Total long-term liabilities 4,295 4,409 -114

Short-term interest-bearing liabilities 474 520 -46Advance payments from customers 865 1,022 -157Accounts payable 1,681 1,785 -104Derivatives 394 628 -234Tax liabilities 415 244 171Other liabilities 778 747 31Accrued expenses and deferred income 7,954 8,629 -675Provisions 630 746 -116Total current liabilities 13,191 14,321 -1,130Liabilities related to assets held for sale - - -Total shareholders’ equity and liabilities 30,867 31,799 -932

Equity/assets ratio,% 43.4 41.1


STATEMENT OF FINANCIAL POSITION, MARCH 31, 2012 SUBDIVIDED

Saab Aircraft Elimi- SaabMSEK Saab Leasing nations GroupIntangible assets 6,558 - - 6,558Tangible assets 3,784 - - 3,784Lease assets 3 593 - 596Long-term interest-bearing receivables 246 - - 246Shares, etc 1,828 - -1,500 328Other long-term receivables 882 9 - 891Deferred tax assets 81 308 -308 81Inventories 4,484 14 - 4,498Short-term interest-bearing receivables 375 1,351 -1,351 375Other current assets 6,548 130 - 6,678Derivatives 490 - - 490Liquid assets and short-term investments 6,341 1 - 6,342Assets held for sale - - - -Total assets 31,620 2,406 -3,159 30,867Shareholders’ equity 13,720 1,161 -1,500 13,381Provisions for pensions 12 - - 12Other provisions 1,605 754 - 2,359Deferred tax liabilities 1,221 - -308 913Interest-bearing liabilities 3,042 - -1,351 1,691Advance payments from customers 865 - - 865Derivatives 394 - - 394Other liabilities 10,761 491 - 11,252Total shareholders’ equity & liabilities 31,620 2,406 -3,159 30,867

CHANGES IN SHAREHOLDERS EQUITY

Capital Other Net res. Translation Revaluation Retained Total excl.stock capital on cash f. reserve reserve earnings non-.

contr. hedges controlling intr.

Opening balance, 1 January, 2012 1,746 543 457 -51 51 10,204 12,950

Net comprehensive income for the period 82 -51 279 310

Transactions with shareholders:

Dividend - -

Repurchase of shares -

Share matching plan 10 10

Closing balance, 31 March, 2012 1,746 543 539 -102 51 10,493 13,270

NET LIQUIDITY / NET DEBT

AssetsShort-term investments 3,855 4,555Liquid assets 2,487 1,918Interest-bearing receivables 621 610Total liquid investments 6,963 7,083

LiabilitiesLong-term interest-bearing liabilities -1,217 -1,218Short-term interest-bearing liabilities -474 -520Provisions for pensions -12 -12Total interest-bearing liabilities -1,703 -1,750

Total net liquidity 5,260 5,333

31 Mar 31 DecMSEK 2012 2011

LIQUIDITY

Liquid assets at the beginning of the year 1,918

Operating cash flow -48Short-term investments 682Repayments of loans -49Repurchase of shares -Dividend to shareholders -Other changes, translation differencies etc -16

Liquid assets March 31 2,487

MSEK 2012

NUMBER OF EMPLOYEES

Mar 31 Dec 31Number 2012 2011 Change

Aeronautics 2,799 2,748 51Dynamics 1,481 1,475 6Electronic Defence Systems 2,565 2,557 8Security & Defence Solutions 2,986 2,994 -8Support & Services 1,763 1,742 21Combitech 1,198 923 275Corporate 651 629 22Saab Group 13,443 13,068 375

APPENDIX

Quarterly information 2012/2011Jan-Mar Oct-Dec July-Sept Apr-June

Sales 2012 2011 2011 2011Aeronautics 1,419 1,740 1,268 1,835Dynamics 1,035 1,565 724 1,084Electronic Defence Systems 1,181 1,453 979 1,094Security and Defence Solutions 1,323 1,819 1,310 1,272Support and Services 779 954 786 781Combitech 311 304 200 257Corporate - - - 4Internal sales -475 -488 -429 -466Total 5,573 7,347 4,838 5,861

Operating incomeAeronautics 78 5.5% 74 4.3% 22 1.7% 157 8.6%Dynamics 108 10.4% 212 13.5% 60 8.3% 123 11.3%Electronic Defence Systems 91 7.7% 38 2.6% 42 4.3% 181 16.5%Security and Defence Solutions 60 4.5% 147 8.1% 109 8.3% 67 5.3%Support and Services 67 8.6% 165 17.3% 79 10.1% 107 13.7%Combitech 39 12.5% 41 13.5% 3 1.5% 20 7.8%Corporate -45 -18 902 42Total 398 7.1% 659 9.0% 1,217 25.2% 697 11.9%

Quarterly information 2011/2010

Jan-Mar Oct-Dec July-Sept Apr-JuneSales 2011 2010 2010 2010Aeronautics 1,508 2,062 1,278 1,698Dynamics 962 1,565 1,023 1,167Electronic Defence Systems 1,035 1,350 905 1,159Security and Defence Solutions 1,303 2,201 1,382 1,427Support and Services 907 1,070 756 834Combitech 239 277 187 232Corporate 4 36 37 1Internal sales -506 -508 -564 -525Total 5,452 8,053 5,004 5,993Operating incomeAeronautics 79 5.2% 63 3.1% 57 4.5% 18 1.1%Dynamics 89 9.3% 32 2.0% 31 3.0% 174 14.9%Electronic Defence Systems 36 3.5% -58 -4.3% 6 0.7% 114 9.8%Security and Defence Solutions 71 5.4% 209 9.5% 130 9.4% -106 -7.4%Support and Services 75 8.3% 107 10.0% 69 9.1% 119 14.3%Combitech 28 11.7% 35 12.6% 7 3.7% 21 9.1%Corporate -10 -137 22 -64Total 368 6.7% 251 3.1% 322 6.4% 276 4.6%

INTERIM REPORT - Saab AB · One of the main sponsors of the 2nd edition Border Surveillance...

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