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Saab Q3 interim report 2011 presentation from the press and analyst meeting.
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INTERIM REPORTJANUARY – SEPTEMBER 2011
PRESIDENT AND CEO HÅKAN BUSKHE, CFO LARS GRANLÖF19 OCTOBER, 2011INTERIM REPORT, PRESS AND ANALYST MEETING
PAGE 2
SUMMARY JAN – SEPT 2011Important orders secured in Q3• Upgrade of naval sonar system
• Components to the Carl-Gustaf weapon system
• System maintenance and development studies regarding Gripen
Sales decreased 1 percent, MSEK 16,151 (16,381)
Operating margin at 14.1 percent (4.4)
Operating cash flow, MSEK 2,260 (2,149)
Net cash position at MSEK 5,081
Divestment of shares in the 3D mapping company C3 Technologies AB, capital gain of MSEK 916
Acquisition of Saab Sensis finalized
PAGE 3
CHALLENGING MARKET CONDITIONS
European and the U.S. state budgets being scrutinized
Demanding market situation with increased competitive pressure
Delays in customers decision making processes evident
Civil security market continues to grow and commercial air market recovering
PAGE 4
ORDERS RECEIVED
Q3 2011Q2 2011Q1 2011Q4 2010Q3 2010Q2 2010Q1 2010Q4 2009Q3 2009Q2 2009Q1 2009
0
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
7,047
3,2853,9954,101
Book-to-bill ratio(12 months rolling)
58%
42%
72%
28%
18%
82%43%
57%
43%
57%
42%
58%
77%
23%
71%
29%
49%
51%
5,431
46%
54%
3,147
40%
60%
MSEK
PAGE 5
Inauguration of offices in the UK and India
Research centre in Brazil and India
Acquisition of Sensis Corporation in the U.S. completed
Acquisition of E-COM
Divestment of shares in C3 Technologies AB
STRENGTH FOR MARKET EXPANSION
Strategic priorities
In total cash positive M&A activities in 2011
Strong net cash position
Readiness plan for short-termunstable and demanding markets
Performance prerequisite for growth
PAGE 6
SAAB SENSIS
Stronger market presence - globally as well as in the U.S.
Center of excellence for Air Traffic Management Solutions• Airline traffic volume growth and resulting congestion
• Desire to meet future safety, capacity and environmental needs
Structural measures to enhance our competitive position• Reductions announced in October
PAGE 7
HIGHLIGHTS JAN – SEPTEMBER 2011
AERONAUTICS ELECTRONIC DEFENCE SYSTEMS
SUPPORT AND SERVICES
DYNAMICS SECURITY AND DEFENCE SOLUTIONS
System maintenance and developmentstudies regardingGripen (SE)
Test pilots at Empire Test Pilots’School continues co-operation with Sweden and Saab using the Gripenfighter aircraft (UK)
Further deliveriesof the Carl-Gustaf man-portableweapon system
RBS 70 NG – the latest air defencesystem. New sighting system with improved precision and increased all-target capability (SE)
Upgrade of a naval sonar system (SE)
Five year frame contract with the U.S. Army Contracting Command (U.S.)
Call-off contract for technical services for Norrlandsflyg’shelicopter fleet(SE)
Frame agreement with Eurocopter for support of their NH90 helicopters (EU)
First order worth MSEK 43 and frame agreement with Cassidian for the new advanced UAV system Talarion
Contracts for supply of the multi-role naval surveillance radar Sea Giraffe AMB (U.S.)
PAGE 8
7,284
4,749
680952
750
1,736
6,924
977
4,982
8231,078
1,597
Air Land Naval Civil Security Comm. Aer. Others
Jan-September 2011
Jan-September 2010
MSEK
SALES PER MARKET SEGMENTS
-17% -12%
-23%
9%
-5%
5%
PAGE 9
SALES PER MARKET REGION
733
264
796
63
6,104
1,255
3,296
1,186
214
3,300
1,830
3,236
1,519
2,541
85
6,110
SE EU excl SE RoE North
America
Latin
America
Asia Africa Austr., etc
Jan-September 2011
Jan-September 2010
MSEK -
2%
-9%
-22%
30%
-31%
-
-8%
As a % of total sales
38 20 1 7 1 20 8 5
PAGE 10
CHANGED OUTLOOK 2011
In 2011, we estimate that sales will decline slightly compared to 2010, including the acquisition of Sensis
The operating margin, excluding material net capital gains, is expected to increase slightly in 2011 compared to the adjusted operating margin 2010 of 6.5 per cent, including the acquisition of Sensis
Previous outlook:
In 2011, we estimate that sales will decline slightly compared to 2010.
The operating margin, excluding material net capital gains, is expected to increase slightly in 2011 compared to the adjusted operating margin 2010 of 6.5 per cent.
JANUARY - SEPTEMBER 2011FINANCIALS
LARS GRANLÖF, CFO19 OCTOBER, 2011FINANCIALS, JANUARY - SEPTEMBER 2011
PAGE 12
ORDER BOOKINGS AND ORDER BACKLOG
Jan-Sept Jan-Sept 30 SeptMSEK 2011 2010 2011
Aeronautics 2,750 4,522 13,775Dynamics 3,070 2,698 5,854Electronic Defence Systems 2,675 2,134 7,801Security and Defence Solutions 3,201 2,828 8,104Support and Services 2,443 2,409 4,675Corporate/Internal -346 -213 -798Saab Group 13,793 14,378 39,411
Order Order Orderbookings bookings backlog
PAGE 13
ORDER BACKLOG
Order backlog duration(SEK billion):
Sept 2011 Sept 2010 Dec. 2010
2011: 6.1 2010: 6.8 2011: 16.82012: 15.3 2011: 14.1 2012: 10.42013: 7.2 2012: 6.1 2013: 6.32014: 4.6 2013: 3.6 2014: 3.7After 2014: 6.2 After 2013: 6.9 After 2014: 4.3
Total: 39.4 Total: 37.5 Total: 41.5
NLAW
RBS70
AT4/Carl-
Gustaf
Aero-structures
ANZAC
Civil security
solutions
Airborne surveillance
system
PAGE 14
SALES
AeronauticsDynamicsElectronic Defence SystemsSecurity and Defence SolutionsSupport and Services Corporate/InternalSaab Group
Jan-Sept Jan-SeptMSEK 2011 2010 Change
4,6112,7703,1083,8852,474-697
16,151
4,6793,1763,0044,0092,333-820
16,381
-1%-13%
3%-3%6%
-1%
PAGE 15
OPERATING INCOME, EBIT
Aeronautics 258 5.6% 128 2.7%
Dynamics 272 9.8% 290 9.1%
Electronic Defence Systems 259 8.3% 157 5.2%
Security and Defence Solutions 247 6.4% -72 -1.8%
Support and Services 261 10.5% 244 10.5%
Corporate 985 -23
Saab Group 2,282 14.1% 724 4.4%
Net capital gain/losses 1,169 -10
Jan-Sept Jan-Sept
MSEK 2011 margin 2010 margin
PAGE 16
INCOME STATEMENT
Sales 16,151 16,381 4,838 5,004Cost of goods sold -11,700 -12,430 -3,427 -3,765Gross income 4,451 3,951 1,411 1,239Gross margin 27.6% 24.1% 29.2% 24.8%Other operating income 1,304 121 958 40Marketing expenses -1,260 -1,247 -432 -379Administrative expenses -843 -804 -243 -217Research and development costs -1,307 -1,241 -445 -390Other operating expenses -50 -69 -28 7Share of income inassociated companies -13 13 -4 22Operating income 2,282 724 1,217 322Operating margin 14.1% 4.4% 25.2% 6.4%Share of income inassociated companies 2 24 1 -Financial net -123 -164 11 -48Income before taxes 2,161 584 1,229 274Taxes -363 -150 -126 -89 Net income 1,798 434 1,103 188
Jan-Sept Jan-Sept Jul-Sept Jul-SeptMSEK 2011 2010 2011 2010
Earnings per share after dilution, SEK 16.60 3.89 10.15 1.64
Tax rate 17% 26% 10% 31%
PAGE 17
RESEARCH AND DEVELOPMENT
804738
686
515
1,127
861732761
503
1,156
728*446
509485
291
664
Q3 2011Q3 2010Q3 2009Q3 20082010200920082007
Amortisation and write-down ofcapitalised development costs
Self 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 nine months 2010
**
~3 percentagepoints
PAGE 18
STATEMENT OF FINANCIAL POSITION
30 Sept 31 Dec ChangeMSEK 2011 2010
Assets
Fixed assets 13,155 12,464 691Current assets 18,597 16,814 1,783 Total assets 31,752 29,278 2,474
Shareholders’ equity and liabilities
Shareholders’ equity 12,620 11,444 1,176Long-term liabilities 4,355 4,426 -71Short-term liabilities 14,777 13,408 1,369Total liabilities 19,132 17,834 1,298 Total shareholders’ equity & liabilities 31,752 29,278 2,474
Equity/assets ratio 39.7% 39.1%
Total net liquidity 5,081 3,291 1,790
PAGE 19
SUMMARISED CASH FLOW JANUARY-SEPTEMBER
Cash flow from operations 1,544 102 1,648 1,674
Inventories -113 - -113 -284Receivables -323 -9 -332 1,523Advances 433 - 433 -4Liabilities 1,048 -141 907 -384Provisions -319 -4 -323 -335Change in working capital 726 -154 572 516
Intangible assets -25 - -25 -63Tangible assets -180 - -180 -154Lease assets - 85 85 59Acquisitions - -1,121 -1,121 -Divestments - 1,274 1,274 133Acq/sales of financial assets 9 - 9 -16Cash flow from investments -196 238 42 -41
Operating cash flow 2,074 186 2,260 2,149
Actual Actual
MSEK Saab SAL/M&A 2011 2010
APPENDIX
PAGE 21
AERONAUTICS – HIGHLIGHTS
Jan-Sept Jan-Sept Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 2,750 4,522 -39 6,901Split between larger orders > MSEK 100 and smaller orders 78/22 85/15 - 89/11
Order backlog 13,775 15,319 -10 15,636Sales 4,611 4,679 -1 6,741Operating income 258 128 102 191Operating margin, % 5.6 2.7 2.8
Operating cash flow 761 306 - 30Number of employees 2,748 2,908 -6 2,874
Jan-Sept Jan-Sept Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 2,750 4,522 -39 6,901Split between larger orders > MSEK 100 and smaller orders 78/22 85/15 - 89/11
Order backlog 13,775 15,319 -10 15,636Sales 4,611 4,679 -1 6,741Operating income 258 128 102 191Operating margin, % 5.6 2.7 2.8
Operating cash flow 761 306 - 30Number of employees 2,748 2,908 -6 2,874
26%
Order bookingsSales Backlog
44%23%
70%
Sales, % of total
Markets outsideSweden
86%
Split Defence/Civil
% of sales
PAGE 22
DYNAMICS - HIGHLIGHTS
Jan-Sep Jan-Sep Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 3,070 2,698 14 3,312Split between larger orders 62/38 63/37 - 61/39> MSEK 100 and smaller orders
Order backlog 5,854 6,497 -10 5,546Sales 2,770 3,176 -13 4,741Operating income 272 290 -6 322Operating margin, % 9.8 9.1 6.8
Operating cash flow 598 595 1 1,044Number of employees 1,480 1,516 -2 1,483
Jan-Sep Jan-Sep Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 3,070 2,698 14 3,312Split between larger orders 62/38 63/37 - 61/39> MSEK 100 and smaller orders
Order backlog 5,854 6,497 -10 5,546Sales 2,770 3,176 -13 4,741Operating income 272 290 -6 322Operating margin, % 9.8 9.1 6.8
Operating cash flow 598 595 1 1,044Number of employees 1,480 1,516 -2 1,483
16%
Order bookingsSales Backlog
79% 86% 91%
Sales, % of total
Markets outsideSweden
90%
Split Defence/Civil
% of sales
PAGE 23
ELECTRONIC DEFENCE SYSTEMS -HIGHLIGHTS
Jan-Sep Jan-Sep Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 2,675 2,134 25 5,494Split between larger orders 41/59 15/85 - 58/42> MSEK 100 and smaller orders
Order backlog 7,801 6,197 26 8,240Sales 3,108 3,004 3 4,354Operating income 259 157 65 99Operating margin, % 8.3 5.2 2.3
Operating cash flow 642 432 49 594Number of employees 2,601 2,496 4 2,453
Jan-Sep Jan-Sep Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 2,675 2,134 25 5,494Split between larger orders 41/59 15/85 - 58/42> MSEK 100 and smaller orders
Order backlog 7,801 6,197 26 8,240Sales 3,108 3,004 3 4,354Operating income 259 157 65 99Operating margin, % 8.3 5.2 2.3
Operating cash flow 642 432 49 594Number of employees 2,601 2,496 4 2,453
18%
Order bookingsSales Backlog
75% 77% 85%
Sales, % of total
Markets outsideSweden
Split Defence/Civil
% of sales 99%
PAGE 24
SECURITY AND DEFENCE SOLUTIONS - HIGHLIGHTS
Jan-Sep Jan-Sep Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 3,201 2,828 13 6,647Split between larger orders 32/68 16/84 - 40/60
> MSEK 100 and smaller orders
Order backlog 8,104 6,728 20 8,434Sales 3,885 4,009 -3 6,210Operating income 247 -72 - 137Operating margin, % 6.4 -1.8 2.2
Operating cash flow -316 682 - 1,066Number of employees 3,024 2,529 20 2,525
Jan-Sep Jan-Sep Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 3,201 2,828 13 6,647Split between larger orders 32/68 16/84 - 40/60
> MSEK 100 and smaller orders
Order backlog 8,104 6,728 20 8,434Sales 3,885 4,009 -3 6,210Operating income 247 -72 - 137Operating margin, % 6.4 -1.8 2.2
Operating cash flow -316 682 - 1,066Number of employees 3,024 2,529 20 2,525
22%
Order bookingsSales Backlog
78% 63% 79%
Markets outside Sweden
Sales, % of totalSplit Defence / Civil
% of sales
73%
PAGE 25
SUPPORT AND SERVICES - HIGHLIGHTS
Jan-Sep Jan-Sep Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 2,443 2,409 1 4,124Split between larger orders 24/76 15/85 - 32/68> MSEK 100 and smaller orders
Order backlog 4,675 4,092 14 4,743Sales 2,474 2,333 6 3,403Operating income 261 244 7 351Operating margin, % 10.5 10.5 10.3
Operating cash flow 473 523 -10 894Number of employees 1,710 1,731 -1 1,721
Jan-Sep Jan-Sep Jan-Dec
MSEK 2011 2010 % 2010
Order bookings 2,443 2,409 1 4,124Split between larger orders 24/76 15/85 - 32/68> MSEK 100 and smaller orders
Order backlog 4,675 4,092 14 4,743Sales 2,474 2,333 6 3,403Operating income 261 244 7 351Operating margin, % 10.5 10.5 10.3
Operating cash flow 473 523 -10 894Number of employees 1,710 1,731 -1 1,721
14%
Order bookingsSales Backlog
22% 17%43%
Markets outside Sweden
Sales, % of totalSplit Defence / Civil
% of sales
80%
PAGE 26
7,284
4,749
680952
750
1,736
6,924
977
4,982
8231,078
1,597
Air Land Naval Civil Security Comm. Aer. Others
Jan-Sept 2011
Jan-Sept 2010
Sales
MSEK
SALES PER MARKETSales split per market January - September 2011
45%
29%
11%
5%
6%4%
Air
Land
Naval
Civil Security
Commercial Aeronautics
Others
PAGE 27
OPERATING INCOME, EBIT/EBITDA
Aeronautics EBIT 258 5.6% 128 2.7%EBITDA 445 9.7% 312 6.7%
Dynamics EBIT 272 9.8% 290 9.1%EBITDA 395 14.3% 407 12.8%
Electronic Defence Systems EBIT 259 8.3% 157 5.2%EBITDA 627 20.2% 547 18.2%
Security & Defence Solutions EBIT 247 6.4% -72 -1.8%EBITDA 319 8.2% 20 0.5%
Support & Services EBIT 261 10.5% 244 10.5%EBITDA 275 11.1% 256 11.0%
Corporate EBIT 985 -23EBITDA 1,062 72
Saab Group EBIT 2,282 14.1% 724 4.4%
EBITDA 3,123 19.3% 1,614 9.9%
Jan-Sept Jan-Sept
MSEK 2011 Margin 2010 Margin
PAGE 28
COMPREHENSIVE INCOME
Net income for the period 1,798 434
Other comprehensive income:Translation differences for the period -102 -61Net gain/losses on cash flow hedges -229 785Share of other comprehensive income in associated companies -26 10Tax attributable to other comprehensive income 62 -207
Other comprehensive income for the period -295 527
Net comprehensive income for the period 1,503 961
Jan-Sept Jan-SeptMSEK 2011 2010
PAGE 29
OPERATING CASH FLOW VS STATEMENT OF CASH FLOW
Operating cash flow 2,260 2,149
Cash flow from financing:Repayments of loans -126 -1,923Dividend paid -367 -237Repurchase of shares - -80
Cash flow from investments –interest bearing:Short-term investments -2,569 15Other financial investments 394 55
Statement of Cash flow -408 -21
Jan-Sept Jan-SeptMSEK 2011 2010
PAGE 30
30 Sept 31 DecMSEK 2011 2010 Change
AssetsIntangible fixed assets 6,899 6,413 486Tangible fixed assets 3,245 3,052 193Lease assets 1,017 1,154 -137Biological assets 302 299 3Investment properties 227 236 -9Shares in associated companies 308 251 57Financial investments 191 203 -12Long-term receivables 941 856 85
Deferred tax assets 25 - 25
Total fixed assets 13,155 12,464 691
Inventories 4,207 4,100 107Derivatives 470 1,105 -635Tax receivables 30 46 -16Accounts receivable 3,565 3,052 513Prepaid expenses and accrued income 765 680 85Other receivables 3,333 3,630 -297Liquid assets and short-term investments 6,227 4,088 2,139Total current assets 18,597 16,701 1,896
Assets held for sale - 113 -113
Total assets 31,752 29,278 2,474
STATEMENT OF FINANCIAL POSITION
PAGE 31
30 Sept 31 DecMSEK 2011 2010 Change
Shareholders’ equity and liabilitiesParent Company´s shareholders’ interest 12,508 11,274 1,234Non-controlling interest 112 170 -58Total shareholders´ equity 12,620 11,444 1,176
Long-term interest-bearing liabilities 1,218 1,117 101Other liabilities 189 294 -105Provision for pensions 4 5 -1Other provisions 1,985 2,207 -222Deferred tax liabilities 959 803 156Total long-term liabilities 4,355 4,426 -71
Short-term interest-bearing liabilities 446 589 -143Advance payments from customers 1,048 643 405Accounts payable 1,435 1,799 -364Derivatives 750 750 -Tax liabilities 248 265 -17Other liabilities 1,952 819 1,133Accrued expenses and deferred income 8,155 7,751 404Provisions 743 792 -49Total current liabilities 14,777 13,408 1,369
Liabilities related to assets held for sale - - -Total shareholders’ equity and liabilities 31,752 29,278 2,474
Equity/assets ratio,% 39.7 39.1
STATEMENT OF FINANCIAL POSITION
PAGE 32
STATEMENT OF FINANCIAL POSITION, SEPTEMBER 30, 2011 SUBDIVIDED
Saab Aircraft Elimi- SaabMSEK Saab Leasing nations Group
Intangible assets 6,899 - - 6,899Tangible assets 3,774 - - 3,774Lease assets 2 1,015 - 1,017Long-term interest-bearing receivables 254 - - 254Shares, etc 1,854 1 -1,500 355Other long-term receivables 818 13 - 831Deferred tax assets 151 265 -391 25Inventories 4,191 16 - 4,207Short-term interest-bearing receivables 268 1,588 -1,588 268Other current assets 7,399 26 - 7,425Derivatives 470 - - 470Liquid assets and short-term investments 6,207 20 - 6,227Assets held for sale - - - -Total assets 32,287 2,944 -3,479 31,752Shareholders’ equity 12,681 1,439 -1,500 12,620Provisions for pensions 4 - - 4Other provisions 1,869 859 - 2,728Deferred tax liabilities 1,350 - -391 959Interest-bearing liabilities 3,252 - -1,588 1,664Advance payments from customers 1,048 - - 1,048Derivatives 750 - - 750Other liabilities 11,333 646 - 11,979Total shareholders’ equity & liabilities 32,287 2,944 -3,479 31,752
PAGE 33
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, 2011 1,746 543 648 -12 51 8,298 11,274
Net comprehensive income for the period -168 -83 1,812 1,561
Transactions with shareholders:
Dividend -367 -367
Repurchase of shares -
Share matching plan 39 39
Acquisition and sale of non-controlling interest 1 1
Closing balance, 30 September, 2011 1,746 543 480 -95 51 9,783 12,508
PAGE 34
NET LIQUIDITY / NET DEBT
AssetsShort-term investments 4,113 1,544Liquid assets 2,114 2,544Interest-bearing receivables 522 914Total liquid investments 6,749 5,002
LiabilitiesLong-term interest-bearing liabilities -1,218 -1,117Short-term interest-bearing liabilities -446 -589
Provisions for pensions -4 -5Total interest-bearing liabilities -1,668 -1,711
Total net liquidity 5,081 3,291
30 Sept 31 Dec
MSEK 2011 2010
PAGE 35
LIQUIDITY
Liquid assets at the beginning of the year 2,544 1,463
Operating cash flow 2,260 2,149Short-term investments -2,569 15Repayments of loans -126 -1,923Repurchase of shares - -80Dividend to shareholders -367 -237Other changes, translation differencies etc 372 36
Liquid assets September 30 2,114 1,423
MSEK 2011 2010
PAGE 36
NUMBER OF EMPLOYEES
Sept 30 Dec 31Number 2011 2010 Change
Aeronautics 2,748 2,874 -126Dynamics 1,480 1,483 -3Electronic Defence Systems 2,601 2,453 148Security & Defence Solutions 3,024 2,525 499Support & Services 1,710 1,721 -11Corporate 1,477 1,480 -3Saab Group 13,040 12,536 504
APPENDIX
PAGE 37
Quarterly information 2011 and 2010
July-Sept Apr-June Jan-Mar Oct-Dec
Sales 2011 2011 2011 2010
Aeronautics 1,268 1,835 1,508 2,062Dynamics 724 1,084 962 1,565Electronic Defence Systems 979 1,094 1,035 1,350Security and Defence Solutions 1,310 1,272 1,303 2,201Support and Services 786 781 907 1,070Corporate 200 261 243 313Internal sales -429 -466 -506 -508Total 4,838 5,861 5,452 8,053
Operating income
Aeronautics 22 1.7% 157 8.6% 79 5.2% 63 3.1%Dynamics 60 8.3% 123 11.3% 89 9.3% 32 2.0%Electronic Defence Systems 42 4.3% 181 16.5% 36 3.5% -58 -4.3%Security and Defence Solutions 109 8.3% 67 5.3% 71 5.4% 209 9.5%Support and Services 79 10.1% 107 13.7% 75 8.3% 107 10.0%Corporate 905 62 18 -102Total 1,217 25.2% 697 11.9% 368 6.7% 251 3.1%
PAGE 38
Quarterly information 2010 and Oct – Dec 2009
July-Sept Apr-June Jan-Mar Oct-Dec
Sales 2010 2010 2010 2009
Aeronautics 1,278 1,698 1,703 2,133Dynamics 1,023 1,167 986 1,481Electronic Defence Systems 905 1,159 940 1,403Security and Defence Solutions 1,382 1,427 1,200 2,240Support and Services 756 834 743 1,032Corporate 224 233 219 249Internal sales -564 -525 -407 -770Total 5,004 5,993 5,384 7,768
Operating income
Aeronautics 57 4.5% 18 1.1% 53 3.1% 73 3.4%Dynamics 31 3.0% 174 14.9% 85 8.6% 17 1.1%Electronic Defence Systems 6 0.7% 114 9.8% 37 3.9% -69 -4.9%Security and Defence Solutions 130 9.4% -106 -7.4% -96 -8.0% 121 5.4%Support and Services 69 9.1% 119 14.3% 56 7.5% 148 14.3%Corporate 29 -43 -9 213Total 322 6.4% 276 4.6% 126 2.3% 503 6.5%
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