Saab presents the year-end results for 2021.
Key highlights Q4 2021
- Order intake of
SEK 12,218m with strong growth in small and medium orders of 41% and 50%, respectively. Order backlog amounted toSEK 105bn (100). -
Sales amounted to
SEK 11,943m (12,491) with continued good activity in the defence business while civil aviation business remained weak. -
EBITDA showed an improvement and amounted to
SEK 1,587m (1,229), corresponding to a margin of 13.3% (9.8). EBITDA also improved compared to adjusted EBITDA of 1,544 in Q4 2020 with a margin of 12.5%. -
Operating income amounted to
SEK 1,076m (766), and corresponded to a margin of 9.0% (6.1). The operating margin improved compared to the adjusted operating income of 8.8% in Q4 2020. -
Operational cash flow in the quarter was
SEK 1,522m (2,901) and came in atSEK 3,276m (2,773) for the full year. -
The Board proposes a dividend for 2021 of
SEK 4.90 (4.70) per share. - Outlook 2022: organic growth to be around 5%, an operating income improvement between 8-12% and operational cash flow to be positive for 2022, however at a lower level than in 2021.
Statement by
In 2021, we strengthened our platform for future growth by continuing to grow our order intake. This was despite the fact that the HX-fighter campaign in
In the fourth quarter, demand for our products remained high with small and medium sized orders growing 41% and 50%, respectively. Order intake was particularly strong in
Sales declined in the fourth quarter and was down -4%, in line with our outlook. Aeronautics and Kockums reported growth while Dynamics and Surveillance had lower sales. In Surveillance, sales declined mainly due to the strong volumes related to GlobalEye in Q4 2020 and in Dynamics due to a more even sales pattern in 2021. Looking ahead, capitalizing on the strong market, executing on our backlog and work to restore stability in the civil aviation business will continue to be our key focus. For the full year 2022, we expect organic sales growth to be around 5%.
Operating income amounted to
Operational cash flow in the quarter amounted to
The risks related to the global pandemic remains to some extent, and there is a continued risk for resource and supply chain shortages. We proactively manage the challenges by new ways of working, which we learned and implemented during the pandemic. By this, we have largely mitigated the impact on our business. We continue to be cautious in our planning and have a close dialogue with our suppliers to mitigate potential future effects.
We are accelerating our sustainability agenda and firmly believe that defence and security capabilities are prerequisites for peace, security and stability. We are especially reminded by this in times where geopolitical tensions and security threats are increasing. Our sustainability commitment is based on Saab's mission to keep people and society safe, and we contribute to the global community by focusing on key UN goals for sustainable development identified in our strategy. During the period, we made further progress in our work to manage sustainability risks and decided to implement a Responsible Sales Policy. Saab is committed to work with future sustainability challenges, including driving corporate climate action by setting Science-Based Targets and through transparent reporting. I am confident that this journey will support long-term value creation for all our stakeholders.
Finally, I would like to thank our over 18,000 employees for their commitment and hard work in a challenging but successful 2021.
Financial highlights
MSEK | Full Year 2021 | Full Year 2020 | Change, % | Q4 2021 | Q4 2020 | Change, % |
Order bookings | 43,569 | 42,328 | 3 | 12,218 | 18,106 | -33 |
Order backlog | 105,177 | 99,816 | 5 | |||
Sales | 39,154 | 35,431 | 11 | 11,943 | 12,491 | -4 |
Gross income | 8,205 | 5,676 | 45 | 2,412 | 2,139 | 13 |
Gross margin, % | 21.0 | 16.0 | 20.2 | 17.1 | ||
EBITDA | 4,826 | 2,833 | 70 | 1,587 | 1,229 | 29 |
EBITDA margin, % | 12.3 | 8.0 | 13.3 | 9.8 | ||
Operating income (EBIT) | 2,888 | 1,315 | 120 | 1,076 | 766 | 40 |
Operating margin, % | 7.4 | 3.7 | 9.0 | 6.1 | ||
Adjusted operating income ¹⁾ | 2,888 | 2,738 | 5 | 1,076 | 1,081 | 0 |
Adjusted operating margin, % ¹⁾ | 7.4 | 7.4 | 9.0 | 8.8 | ||
Net income | 2,025 | 1,092 | 85 | 791 | 603 | 31 |
of which Parent Company's shareholders' interest | 1,926 | 1,073 | 79 | 733 | 598 | 23 |
Earnings per share after dilution, SEK | 14.45 | 8.01 | 5.52 | 4.48 | ||
Return on equity, % ²⁾ | 9.0 | 5.1 | ||||
Operational cash flow | 3,276 | 2,773 | 1,522 | 2,901 | ||
Free cash flow | 2,737 | 3,753 | 1,377 | 3,055 | ||
Free cash flow per share after dilution, SEK | 20.53 | 28.03 | 10.36 | 22.87 | ||
Average number of shares after dilution | 133,293,340 | 133,877,141 | 132,861,467 | 133,553,781 | ||
¹⁾ Items affecting comparability, see note 5 | ||||||
²⁾ Return on equity is measured over a rolling 12-month period. |
For more information and explanations regarding the usage of these key ratios, please see http://saab.com/investors/financial-data/key-ratios/
Saab's Year-End Report 2021 Presentation
Saab's CEO and President
Date: Friday, 11 February at 10:00 (CET).
You are welcome to watch the live webcast or dial in to the conference call. It is possible to post questions over the conference call and the web.
Live webcast: https://www.saab.com/investors/webcast/Q4-2021
Conference call:
Please, dial in using one of the numbers below.
The presentation material and the webcast will be available on http://www.saab.com/investors
For further information, please contact:
Mattias Rådström, Head of Media Relations
+46 (0)734 180 018
presscentre@saabgroup.com
+46 (0)734 182 071
merton.kaplan@saabgroup.com
www.saab.com
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Saab is a leading defence and security company with an enduring mission, to help nations keep their people and society safe. Empowered by its 18,000 talented people, Saab constantly pushes the boundaries of technology to create a safer, more sustainable and more equitable world. Saab designs, manufactures and maintains advanced systems in aeronautics, weapons, command and control, sensors and underwater systems. Saab is headquartered in
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