For information please find the pro forma financial statements for the combined operations of Saab and Celsius based on already published figures
Enclosed are the pro forma figures for the Saab Group including Celsius for the whole year 1999 and the first quarter of 1999.
The pro forma is based on the official financial statements for Saab and Celsius according to annual reports and interim reports, with the following exceptions:
After adjustments for among others Celsius’ claim on SPP, provision for restructuring costs and the result of decided structural deals, for example HDW, the fair value analysis results in a goodwill of approximately SEK 700 million. The goodwill will be amortized over 20 years. Structural changes among the acquired companies that may take place during 2000 will affect the fair value analysis.
Dates for financial information in 2000
April 27 Interim Report January
– March
July 13 Interim Report January – June
October 25 Interim Report January - September
For further information, please contact
Agneta Kammeby, Investor
Relations, tel +46 13 18 71 25
| Income Statement | ||
| SEK m. | Pro forma 3 months 1999 |
Pro forma 12 months 1999 |
| Sales | 4,200 | 19,353 |
| Cost of goods sold | -3,181 | -14,734 |
| Gross margin | 1,019 | 4,619 |
| Operating expenses | -627 | -2,737 |
| Research and development costs | -180 | -903 |
| Items affecting comparability | 0 | 255 |
| Share in income of associated companies | -12 | 44 |
| Operating income 1) | 200 | 1,278 |
| Result from financial investments | -25 | -55 |
| Income after financial items | 175 | 1,223 |
| Taxes | -52 | -386 |
| Minority interest | -11 | -29 |
| Net income for the period | 112 | 808 |
| Earnings per share, SEK 2) | 1.05 | 7.59 |
| Earnings per share after full conversion, SEK 3) | 1.03 | 7.40 |
| 1) Includes depreciation of | -319 | -1,349 |
| of which depreciation on leasing assets | -118 | -511 |
| 2) Number of shares: 106,459,675 as per December 31, 1999 | ||
| 3) Number of shares after full conversion: 109,247,175 |
Sales and operating income by business area
Sales |
|
Operating income |
|||
| SEK m. | Pro forma 3 months 1999 |
Pro forma Whole year 1999 |
Pro forma 3 months 1999 |
Pro forma Whole year 1999 |
|
| Infomatics | 886 | 4,294 | -13 | 199 | |
| Aerospace | 861 | 3,803 | 82 | 422 | |
| Dynamics | 678 | 3,393 | -12 | -39 | |
| Technical Support & Services | 548 | 2,528 | 44 | 174 | |
| Space | 176 | 676 | 17 | 65 | |
| Corporate/internal | -199 | -797 | 15 | -40 | |
| 2,950 | 13,897 | 133 | 781 | ||
| CAS | 629 | 3,009 | 47 | 212 | |
| Other operations | 621 | 2,447 | 20 | 285 | |
| Saab Group | 4,200 | 19,353 | 200 | 1,278 | |
Order bookings and order backlog by business area
Orders |
|
Order backlog |
|
| SEK m. | Pro forma Whole year 1999 |
Pro forma Dec. 31, 1999 |
|
| Infomatics | 4,607 | 6,647 | |
| Aerospace | 3,540 | 18,702 | |
| Dynamics | 2,793 | 3,953 | |
| Technical Support & Services | 2,311 | 923 | |
| Space | 706 | 764 | |
| Corporate/internal | -2,417 | -2,156 | |
| 11,540 | 28,833 | ||
| CAS | 2,607 | 338 | |
| Other operations | 1,376 | 2,738 | |
| Saab Group | 15,523 | 31,909 |
Depreciation by business area
| SEK m. | Pro forma 3 months 1999 |
Pro forma Whole year 1999 |
|
| Infomatics | 43 | 181 | |
| Aerospace | 41 | 165 | |
| Dynamics | 31 | 117 | |
| Technical Support & Services | 24 | 110 | |
| Space | 8 | 33 | |
| Corporate/internal | 10 | 82 | |
| 157 | 688 | ||
| CAS | 21 | 92 | |
| Other operations | 141 | 569 | |
| Saab Group | 319 | 1,349 |
Key ratios
| Pro
forma 3 months 1999 |
Pro
forma 12 months 1999 |
|
| Operating margin before depreciation | 9.6% | 11.2% |
| Operating margin after depreciation | 4.8% | 6.6% |
| Equity / assets ratio, excl Regional aircraft and SAL | - | 17.2% |
| Equity / assets ratio | - | 12.4% |
Balance sheet, pro forma Dec.31, 1999
| SEK m. | Saab | Regional aircraft | SAL | Elimi-nations | Saab Group |
| Assets | |||||
| Goodwill and other intangible assets | 1,842 | 1,842 | |||
| Property, plant and equipment, etc. | 4,434 | 1 | 4,435 | ||
| Lease assets | 833 | 8,130 | 8,963 | ||
| Long-term interest bearing receivables | 1,240 | 1,240 | |||
| Shares, etc. | 2,719 | -1,500 | 1,219 | ||
| Deferred tax receivables | 771 | 665 | -477 | 959 | |
| Inventories, etc. | 3,967 | 3,967 | |||
| Short-term interest bearing receivables | 243 | 243 | |||
| Other receivables | 5,949 | 919 | 6,868 | ||
| Cash and marketable securities | 4,741 | 1,711 | 1,804 | 8,256 | |
| Total assets | 26,739 | 2,376 | 10,854 | -1,977 | 37,992 |
| Shareholders’ equity and liabilities | |||||
| Shareholders’ equity | 4,601 | 1,599 | -1,500 | 4,700 | |
| Minority interest in subsidiaries | 750 | 2 | 752 | ||
| Provision for pensions | 3,604 | 3,604 | |||
| Other provisions | 1,863 | 2,376 | 3,114 | -477 | 6,876 |
| Liabilities to credit institutions | 3,123 | 3,123 | |||
| Convertible debenture loan | 217 | 217 | |||
| Lease obligations | 109 | 4,482 | 4,591 | ||
| Advance payments from customers, net | 4,954 | 4,954 | |||
| Other liabilities | 7,518 | 1,657 | 9,175 | ||
| Total shareholders’ equity and liabilities | 26,739 | 2,376 | 10,854 | -1,977 | 37,992 |
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