SAAB — Interim / Quarterly Report 2016

Jul 21, 2016

CONTINUED GROWTH

Market development

Strong growth in order bookings

Gripen E offers increased defence capabilities

Sales growth

Strong cash flow

INTERIM REPORT JANUARY-JUNE 2016

Q2

Håkan Buskhe, President and CEO

UNCHANGED OUTLOOK STATEMENT 2016:

Financial highlights

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %	Q2 2016	Q2 2015	Full Year 2015
Order bookings	11,462	18,996	-40	6,848	14,196	81,175
Order backlog	111,593	67,853	64			113,834
Sales	13,854	11,329	22	7,064	5,940	27,186
Gross income	3,080	2,674	15	1,569	1,358	6,486
Gross margin, %	22.2	23.6		22.2	22.9	23.9
EBITDA	1,075	830	30	551	392	2,859
EBITDA margin, %	7.8	7.3		7.8	6.6	10.5
Operating income (EBIT)	611	367	66	317	157	1,900
Operating margin, %	4.4	3.2		4.5	2.6	7.0
Net income	414	257	61	191	167	1,402
Earnings per share after dilution, SEK	3.71	2.21		1.71	1.42	12.79
Return on equity, % ¹⁾	13.0	8.6				11.5
Operational cash flow	4,193	-1,806		1,137	-1,001	-500
Free cash flow	4,051	-2,082		1,096	-1,141	-726
Free cash flow per share after dilution, SEK	37.91	-19.57		10.25	-10.72	-6.82

1) Return on equity is measured over a rolling 12-month period.

Significant orders, quarter 2

New Lightweight Torpedo System	1,533
Airborne Early Warning and Control
System	1,105

Large orders Orders exceeding MSEK 100 accounted for 51% (69) of total orders during the period.

MSEK

Order backlog duration:

Defence/Civil A total of 87% (91) of order bookings was attributable to defencerelated operations in the

period.

Market A total of 59% (36) of order bookings was related to markets outside Sweden in the period.

Sales, MSEK

Jan-Jun 2013 Jan-Jun 2014 Jan-Jun 2015 Jan-Jun 2016

Orders

Second quarter 2016

January-June 2016

Sales

Second quarter 2016

January-June 2016

Sales growth

Per cent	Jan-Jun 2016	Jan-Jun 2015	Q2 2016		Q2 2015 Full Year 2015
Organic sales growth	23	- 6	20	- 6	11
Acquisitions Currency effects regarding	-	7	-	8	3
revaluation of foreign subsidiaries	- 1	2	- 1	2	2
Total sales growth	2 2	3	1 9	4	1 6

Sales per market segment

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %
Air	6,203	4,666	33
Land	3,071	2,385	29
Naval	2,345	1,952	20
Civil Security	971	1,028	-6
Commercial Aeronautics	1,046	1,077	-3
Other	218	221	-1
Total	13,854	11,329	2 2

Gross margin, %

Jan-Jun 2013 Jan-Jun 2014 Jan-Jun 2015 Jan-Jun 2016

Operating margin, %

Jan-Jun 2013 Jan-Jun 2014 Jan-Jun 2015 Jan-Jun 2016

Earnings per share after dilution, SEK

Change in net debt Jan-Jun 2016

Net liquidity (+) / net debt (-),
31 Dec 2015	-3,217
Cash flow from operating activities	4,791
Change in net pension obligation	-771
Net investments	-817
Sale of subsidiaries	77
Dividend	-530
Currency impact and unrealised
results from financial investments	62
Net liquidity (+) / net debt (-),
30 Jun 2016	-405

Income

Second quarter 2016

January-June 2016

Financial net

MSEK	Jan-Jun 2016	Jan-Jun 2015
Financial net related to pensions	-32	-33
Net interest items	-	-27
Currency gains/losses	- 1	24
Other financial items	-45	3
Total	-78	-33

Tax

MSEK

Return on capital employed and equity

Financial position and liquidity

Capital expenditures

Cash flow

	Total Group Jan-Jun 2016	Total Group Jan-Jun 2015
Cash flow from operating activities before changes in working capital, excluding taxes and other financial items	1,227	613
Change in working capital	3,783	-1,933
Cash flow from operating activities excluding taxes and other financial items	5,010	-1,320
Cash flow from investing activities ¹⁾	-817	-486
Operational cash flow	4,193	-1,806
Taxes and other financial items	-219	-262
Sales and acquisitions	77	-14
Free cash flow	4,051	-2,082

1) Cash flow from investing activities excluding change in short-term investments and other interest-bearing financial assets and excluding sale of and investment in financial assets, investments in operations and sale of subsidiaries. If investments in and sale of financial fixed assets are considered to be of operating nature, the item is included in investing activities.

Free cash flow, MSEK

Jan-Jun 2013 Jan-Jun 2014 Jan-Jun 2015 Jan-Jun 2016

Key indicators of financial position and liquidity

MSEK	30 Jun 2016	31 Dec 2015	Change	30 Jun 2015
Net liquidity / debt ¹⁾	-405	#REF! -3,217	2,812	-4,592
Intangible fixed assets	6,743	6,476	267	6,299
Goodwill	5,069	5,045	24	5,061
Capitalised development costs	1,415	1,157	258	892
Other intangible fixed assets	259	274	-15	346
Tangible fixed assets, etc ²⁾	4,842	4,796	46	4,637
Inventories	5,762	5,243	519	6,871
Accounts receivable	3,295	2,913	382	2,612
Other receivables	5,684	8,102	-2,418	4,905
Amounts due from customers ³⁾	5,170	7,549	-2,379	4,324
Advance payments from customers	3,560	1,098	2,462	978
Equity/assets ratio, %	31.9	36.8		37.2
Return on equity, %	13.0	11.5		8.6
Equity per share, SEK ⁴⁾	113.25	121.28	-8.03	111.48

1) The Group's net liquidity/debt refers to liquid assets, short-term investments and interest-bearing receivables less interest-bearing liabilities and provisions for pensions excluding provisions for pensions attributable to special employers' contribution. For a detailed break-down of interest-bearing receivables and interest-bearing liabilities, see note 6.

2) Including tangible fixed assets, biological assets and investment properties.

3) Amounts due from customers relate to long-term customer contracts according to the percentage of completion method.

4) Number of shares excluding treasury shares; 2016 Jun: 106,160,381; 2015 Jun: 105,720,470; 2015 Dec: 105,957,065.

Operating segments

BUSINESS AREA AERONAUTICS

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %	Q2 2016	Q2 2015	Full Year 2015
Order bookings	493	661	-25	199	457	39,349
Order backlog	56,607	24,587	130			59,476
Sales	3,361	2,462	37	1,739	1,364	6,262
EBITDA	188	104	81	112	39	548
EBITDA margin, %	5.6	4.2		6.4	2.9	8.8
Operating income (EBIT)	169	84	101	102	30	509
Operating margin, %	5.0	3.4		5.9	2.2	8.1
Operational cash flow	1,120	-159		-391	-205	-632
Defence/Civil (% of sales)	99/1	98/2		99/1	99/1	99/1
No. of FTE's	2,809	2,677	5			2,723

Sales, income and margin

Cash flow

Large orders Orders exceeding

MSEK 100 was 8% (38) of total order bookings in the period.

Market Sales related to markets outside Sweden was 29% (7) in the period.

Business units Gripen E, Gripen C/D, Gripen Brazil, Advanced Pilot Training Systems and Operations Contracts.

BUSINESS AREA DYNAMICS

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %	Q2 2016	Q2 2015	Full Year 2015
Order bookings	4,008	3,187	26	2,121	2,014	5,273
Order backlog	8,159	6,679	22			6,284
Sales	2,116	1,562	35	1,044	794	4,009
EBITDA	113	-113		56	-91	249
EBITDA margin, %	5.3	-7.2		5.4	-11.5	6.2
Operating income (EBIT)	79	-147		39	-106	175
Operating margin, %	3.7	-9.4		3.7	-13.4	4.4
Operational cash flow	138	-155		245	-127	-101
Defence/Civil (% of sales)	94/6	85/15		94/6	84/16	89/11
No. of FTE's	2,071	2,028	2			2,041

Orders

Sales, income and margin

Cash flow

Simulation.

Market Sales related to markets outside Sweden was 82% (79) in the period.

Business units Ground Combat, Missile Systems, Underwater Systems, Barracuda and Training and

BUSINESS AREA SURVEILLANCE

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %	Q2 2016	Q2 2015	Full Year 2015
Order bookings	2,911	4,041	-28	1,724	2,318	15,456
Order backlog	16,856	10,600	59			17,707
Sales	3,852	3,234	19	2,051	1,712	7,305
EBITDA	376	247	52	199	87	820
EBITDA margin, %	9.8	7.6		9.7	5.1	11.2
Operating income (EBIT)	128	- 1	-	73	-39	320
Operating margin, %	3.3	-		3.6	-2.3	4.4
Operational cash flow	1,955	-326		389	-324	-49
Defence/Civil (% of sales)	82/18	80/20		83/17	79/21	81/19
No. of FTE's	3,627	3,606	1			3,563

Orders

Sales, income and margin

Cash flow

Large orders Orders exceeding MSEK 100 was 40% (40) of total order bookings in

the period.

Business units

Surface Radar Solutions, Airborne Surveillance Systems, Electronic Warfare Systems, Traffic Management and Combat Systems and C4I Solutions

BUSINESS AREA SUPPORT AND SERVICES

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %	Q2 2016	Q2 2015	Full Year 2015
Order bookings	2,230	1,277	75	1,227	708	10,557
Order backlog	13,063	7,889	66			13,393
Sales	2,610	2,283	14	1,326	1,183	6,012
EBITDA	243	169	44	140	77	570
EBITDA margin, %	9.3	7.4		10.6	6.5	9.5
Operating income (EBIT)	235	159	48	137	72	549
Operating margin, %	9.0	7.0		10.3	6.1	9.1
Operational cash flow	1,714	-248		445	-28	-637
Defence/Civil (% of sales)	75/25	68/32		75/25	70/30	77/23
No. of FTE's	2,163	2,194	- 1			2,185

Orders

Sales, income and margin

Cash flow

Large orders Orders exceeding MSEK 100 was 24% (0) of total order bookings in the period.

Market

Sales related to markets outside Sweden was 47% (43) in the period.

Business units

Aviation Services, Airborne ISR, Gripen Support, Networks and Public Safety, Tactical Solutions och Maintenance Production.

BUSINESS AREA INDUSTRIAL PRODUCTS AND SERVICES

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %	Q2 2016	Q2 2015	Full Year 2015
Order bookings	2,055	1,760	17	1,302	726	3,632
Order backlog	9,806	9,517	3			9,587
Sales	1,842	1,778	4	969	912	3,562
EBITDA	96	120	-20	34	77	260
EBITDA margin, %	5.2	6.7		3.5	8.4	7.3
Operating income (EBIT)	78	101	-23	25	67	213
Operating margin, %	4.2	5.7		2.6	7.3	6.0
Operational cash flow	-41	-32		82	-77	-15
Defence/Civil (% of sales)	40/60	38/62		42/58	40/60	40/60
No. of FTE's	2,405	2,365	2			2,381

Orders

Sales, income and margin

Cash flow

Large orders Orders exceeding MSEK 100 was 34% (15) of total order bookings in the period.

Market Sales related to markets outside Sweden was 43% (46) in the period.

Business units

Aerostructures, Avionics Systems, Combitech and the Venture portfolio.

BUSINESS UNIT SAAB KOCKUMS

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %	Q2 2016	Q2 2015	Full Year 2015
Order bookings	812	9,733	-92	680	8,867	10,268
Order backlog	9,619	10,425	- 8			9,928
Sales	1,121	815	38	489	476	1,847
EBITDA	76	196	-61	33	133	262
EBITDA margin, %	6.8	24.0		6.7	27.9	14.2
Operating income (EBIT)	59	179	-67	25	124	228
Operating margin, %	5.3	22.0		5.1	26.1	12.3
Operational cash flow	227	71		-13	92	808
Defence/Civil (% of sales)	100/0	100/0		100/0	100/0	100/0
No. of FTE's	825	843	- 2			803

Orders

Sales, income and margin

Cash flow

Large orders Orders exceeding MSEK 100 was 50% (95) of total order bookings in the period.

Market Sales related to markets outside Sweden was 6% (8) in the period.

Owners

	% of capital	% of votes
Investor AB	30.0	40.5
Knut and Alice
Wallenberg
Foundation	8.7	7.7
Swedbank Robur
funds	5.8	5.1
AFA Insurance	4.6	4.1
Unionen	2.7	2.4
Handelsbanken funds	2.1	1.8
DFA funds	1.5	1.4
Fidelity funds	1.5	1.3
Lannebo funds	1.1	1.0
Gladiator	0.9	0.8

Personnel

	30 Jun 2016	31 Dec 2015
Number of
employees	14,823	14,685
FTE's	14,721	14,519

Corporate

Acquisitions and divestments 2016

Share repurchase

Risks and uncertainties

Order for New Lightweight Torpedo system

Other significant events January-June 2016

Significant events after the conclusion of the period

ABOUT SAAB

Short facts

Vision

Mission

Business concept

ORGANISATION

REVENUE MODEL

SAAB'S STRATEGY

Profitable growth

Performance

Portfolio

People

FINANCIAL GOALS

Sales

Operating margin

Equity/assets ratio

Dividend

CONSOLIDATED INCOME STATEMENT

MSEK	Note	Jan-Jun 2016	Jan-Jun 2015	Rolling 12 Months	Full Year 2015
Sales	3	13,854	11,329	29,711	27,186
Cost of goods sold		-10,774	-8,655	-22,819	-20,700
Gross income		3,080	2,674	6,892	6,486
Gross margin, %		22.2	23.6	23.2	23.9
Other operating income		139	76	434	371
Marketing expenses		-1,039	-1,032	-2,068	-2,061
Administrative expenses		-666	-626	-1,363	-1,323
Research and development costs		-830	-738	-1,657	-1,565
Other operating expenses		-39	-10	-77	-48
Share in income of associated companies and joint ventures		-34	23	-17	40
Operating income (EBIT) ¹⁾	3	611	367	2,144	1,900
Operating margin, %		4.4	3.2	7.2	7.0
Financial income		41	73	137	169
Financial expenses		-119	-106	-351	-338
Net financial items		-78	-33	-214	-169
Income before taxes		533	334	1,930	1,731
Taxes		-119	-77	-371	-329
Net income for the period		414	257	1,559	1,402
of which Parent Company's shareholders' interest		396	235	1,523	1,362
of which non-controlling interest		18	22	36	40
Earnings per share before dilution, SEK ²⁾		3.73	2.23	14.38	12.88
Earnings per share after dilution, SEK ³⁾		3.71	2.21	14.27	12.79
1) Includes depreciation/amortisation and write-downs		-464	-463	-960	-959
2) Average number of shares before dilution		106,043,264	105,588,578	105,942,148	105,714,805
3) Average number of shares after dilution		106,852,757	106,378,369	106,746,086	106,450,263

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

MSEK	Jan-Jun 2016	Jan-Jun 2015	Rolling 12 Months	Full Year 2015
Net income for the period	414	257	1,559	1,402
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations	-946	733	-840	839
Tax attributable to revaluation of net pension obligations	208	-161	186	-183
Total	-738	572	-654	656
Items that may be reversed in the income statement:
Translation differences	93	109	-36	-20
Available-for-sale financial assets	-	69	-96	-27
Cash flow hedges	-35	-23	-32	-20
Tax attributable to cash flow hedges	- 2	1	8	11
Total	5 6	156	-156	-56
Other comprehensive income/loss for the period	-682	728	-810	600
Net comprehensive income/loss for the period	-268	985	749	2,002
of which Parent Company's shareholders' interest	-308	967	732	2,007
of which non-controlling interest	40	18	17	- 5

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

MSEK	Note	30 Jun 2016	31 Dec 2015	30 Jun 2015
ASSETS
Fixed assets:
Intangible fixed assets	5	6,743	6,476	6,299
Tangible fixed assets		4,517	4,472	4,315
Biological assets		291	290	289
Investment properties		34	34	33
Shares in associated companies and joint ventures		646	602	460
Financial investments		187	190	382
Long-term receivables	11	457	444	212
Deferred tax assets		440	351	429
Total fixed assets		13,315	12,859	12,419
Current assets:
Inventories		5,762	5,243	6,871
Derivatives		827	1,058	846
Tax receivables		286	106	186
Accounts receivable		3,295	2,913	2,612
Other receivables		5,684	8,102	4,905
Prepaid expenses and accrued income		1,274	962	1,400
Short-term investments		5,746	2,995	1,773
Liquid assets	9	1,832	850	981
Total current assets		24,706	22,229	19,574
TOTAL ASSETS		38,021	35,088	31,993
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity:
Parent Company's shareholders' interest		12,023	12,851	11,786
Non-controlling interest		88	61	100
Total shareholders' equity		12,111	12,912	11,886
Long-term liabilities:
Long-term interest-bearing liabilities	6	5,593	4,872	2,949
Other liabilities		168	136	143
Provisions for pensions	11	3,316	2,373	2,479
Other provisions		972	1,097	939
Deferred tax liabilities		28	34	46
Total long-term liabilities		10,077	8,512	6,556
Current liabilities:
Short-term interest-bearing liabilities	6	308	853	2,714
Advance payments from customers		3,560	1,098	978
Accounts payable		2,277	2,340	1,760
Derivatives		1,435	1,614	1,376
Tax liabilities		31	37	40
Other liabilities		770	725	629
Accrued expenses and deferred income		7,065	6,549	5,565
Provisions		387	448	489
Total current liabilities		15,833	13,664	13,551
Total liabilities		25,910	22,176	20,107
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		38,021	35,088	31,993

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

MSEK	Capital stock	Other capital contri butions	Net result of cash flow hedges	Translation reserve	Available-for sale and revaluation reserve	Retained earnings	Total parent company's shareholders' interest	Non controlling interest	Total shareholders' equity
Opening balance, 1 January 2015	1,746	543	-562	161	38	9,365	11,291	82	11,373
Net comprehensive income/loss for the period January-June 2015 Transactions with shareholders:			-18	109	69	807	967	18	985
Share matching plan Dividend						29 -501	29 -501		29 -501
Closing balance, 30 June 2015	1,746	543	-580	270	107	9,700	11,786	100	11,886
Net comprehensive income/loss for the period July-December 2015 Transactions with shareholders:			42	-117	-96	1,211	1,040	-23	1,017
Share matching plan Dividend						37	37	-10	37 -10
Acquisition and sale of non-controlling interest						-12	-12	-6	-18
Closing balance, 31 December 2015	1,746	543	-538	153	11	10,936	12,851	61	12,912
Opening balance, 1 January 2016	1,746	543	-538	153	11	10,936	12,851	61	12,912
Net comprehensive income/loss for the period			-56	90		-342	-308	40	-268
Transactions with shareholders:
Share matching plan						37	37		37
Dividend Acquisition and sale of non-controlling						-530	-530		-530
interest						-27	-27	-13	-40
Closing balance, 30 June 2016	1,746	543	-594	243	11	10,074	12,023	88	12,111

CONSOLIDATED STATEMENT OF CASH FLOWS

MSEK Note	Jan-Jun 2016	Jan-Jun 2015	Full Year 2015
Operating activities:
Income after financial items	533	334	1,731
Adjustments for items not affecting cash flows	650	171	688
Dividend from associated companies and joint ventures	14	-	25
Income tax paid	-189	-154	-266
Cash flow from operating activities before changes in working capital	1,008	351	2,178
Cash flow from changes in working capital:
Increase(-)/Decrease(+) in inventories	-509	-1,070	349
Increase(-)/Decrease(+) in current receivables	1,873	-166	-3,573
Increase(+)/Decrease(-) in advance payments from customers	2,453	121	284
Increase(+)/Decrease(-) in other current liabilities	80	-562	1,426
Increase(+)/Decrease(-) in provisions	-114	-256	-306
Cash flow from operating activities	4,791	-1,582	358
Investing activities:
Investments in intangible fixed assets	-64	-41	-70
Capitalised development costs	-412	-98	-524
Investments in tangible fixed assets	-301	-350	-799
Sales and disposals of tangible fixed assets	22	3	7
Investments in and sale of short-term investments	-2,700	-514	-1,722
Investments in financial assets	-97	-74	-368
Sale of financial assets	9	4	226
Investments in operations, net effect on liquidity 10	-	- 4	-221
Sale of subsidiaries, net effect on liquidity	77	-	312
Cash flow from investing activities	-3,466	-1,074	-3,159
Financing activities:
Repayments of loans	-564	-	-1,865
Raising of loans	732	2,837	4,758
Dividend paid to Parent Company's shareholders	-530	-501	-501
Dividend paid to non-controlling interest	-	-	-10
Cash flow from financing activities	-362	2,336	2,382
Cash flow for the period	963	-320	-419
Liquid assets at the beginning of the period	850	1,284	1,284
Exchange rate difference in liquid assets	19	17	-15
Liquid assets at end of period 9	1,832	981	850

QUARTERLY CONSOLIDATED INCOME STATEMENT

MSEK	Q2 2016	Q1 2016	Q4 2015	Q3 2015	Q2 2015	Q1 2015	Q4 2014	Q3 2014
Sales	7,064	6,790	10,070	5,787	5,940	5,389	7,425	5,130
Cost of goods sold	-5,495	-5,279	-7,540	-4,505	-4,582	-4,073	-5,574	-3,800
Gross income	1,569	1,511	2,530	1,282	1,358	1,316	1,851	1,330
Gross margin, %	22.2	22.3	25.1	22.2	22.9	24.4	24.9	25.9
Other operating income	100	39	272	23	54	22	261	77
Marketing expenses	-543	-496	-569	-460	-553	-479	-629	-511
Administrative expenses	-337	-329	-392	-305	-329	-297	-333	-300
Research and development costs	-436	-394	-481	-346	-380	-358	-416	-322
Other operating expenses Share of income in associated companies and joint	-14	-25	-30	-8	-6	-4	3	-10
ventures	-22	-12	17	-	13	10	21	-6
Operating income (EBIT) ¹⁾	317	294	1,347	186	157	210	758	258
Operating margin, %	4.5	4.3	13.4	3.2	2.6	3.9	10.2	5.0
Financial income	-9	50	132	-36	46	27	52	19
Financial expenses	-66	-53	-143	-89	9	-115	-70	-48
Net financial items	-75	-3	-11	-125	55	-88	-18	-29
Income before taxes	242	291	1,336	61	212	122	740	229
Taxes	-51	-68	-227	-25	-45	-32	-154	-59
Net income for the period	191	223	1,109	36	167	90	586	170
of which Parent Company's shareholders' interest	183	213	1,101	26	151	84	579	166
of which non-controlling interest	8	10	8	10	16	6	7	4
Earnings per share before dilution, SEK ²⁾	1.72	2.01	10.40	0.25	1.43	0.80	5.49	1.57
Earnings per share after dilution, SEK ³⁾	1.71	1.99	10.32	0.24	1.42	0.79	5.45	1.55
1) Includes depreciation/amortisation and write-downs	-234	-230	-253	-243	-235	-228	-230	-221
of which depreciation of leasing aircraft	-	-	-	-	-	-	-1	-2
2) Average number of shares before dilution	106,094,093	105,992,435	105,900,182	105,781,884	105,643,700	105,533,455	105,438,516	106,060,673
3) Average number of shares after dilution	106,912,764	106,853,562	106,688,771	106,529,247	106,442,012	106,402,040	106,239,161	106,888,805

QUARTERLY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

MSEK	Q2 2016	Q1 2016	Q4 2015	Q3 2015	Q2 2015	Q1 2015	Q4 2014	Q3 2014
Net income for the period	191	223	1,109	3 6	167	9 0	586	170
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations	-433	-513	339	-233	1,257	-524	-173	-324
Tax attributable to revaluation of net pension obligations	95	113	-73	51	-276	115	36	71
Total	-338	-400	266	-182	981	-409	-137	-253
Items that may be reversed in the income statement:
Translation differences	134	-41	-66	-63	-156	265	174	169
Net gain/loss on available-for-sale financial assets	-	-	-90	- 6	- 3	72	10	-77
Net gain/loss on cash flow hedges	-179	144	190	-187	56	-79	-315	-517
Tax attributable to net gain/loss on cash flow hedges	34	-36	-39	49	-14	15	67	114
Total	-11	6 7	- 5	-207	-117	273	-64	-311
Other comprehensive income/loss for the period	-349	-333	261	-389	864	-136	-201	-564
Net comprehensive income/loss for the period	-158	-110	1,370	-353	1,031	-46	385	-394
of which Parent Company's shareholders' interest	-181	-127	1,375	-335	1,024	-57	381	-398
of which non-controlling interest	23	17	- 5	-18	7	11	4	4

KEY RATIOS BY QUARTER

MSEK	Q2 2016	Q1 2016	Q4 2015	Q3 2015	Q2 2015	Q1 2015	Q4 2014	Q3 2014
Equity/assets ratio, (%)	31.9	33.9	36.8	35.1	37.2	37.0	38.5	40.1
Return on capital employed, % ³⁾	11.3	11.3	11.2	8.1	8.7	10.6	11.1	9.7
Return on equity, % ³⁾	13.0	12.7	11.5	7.8	8.6	9.3	9.9	7.6
Equity per share, SEK ¹⁾ ³⁾	113.25	120.17	121.28	108.36	111.48	106.54	107.02	103.41
Free cash flow, MSEK ³⁾	1,096	2,955	869	487	-1,141	-941	1,006	-710
Free cash flow per share after dilution, SEK ²⁾ ³⁾	10.25	27.65	8.15	4.57	-10.72	-8.84	9.47	-6.64
1) Number of shares excluding treasury shares				106,160,381 106,027,804 105,957,065 105,843,298 105,720,470 105,566,929 105,499,980 105,377,052
2) Average number of shares after dilution				106,912,764 106,853,562 106,688,771 106,529,247 106,442,012 106,402,040 106,239,161 106,888,805

3) For more information and explanations regarding the usage of these key ratios, please see saabgroup.com, investor, financial data, key ratios.

QUARTERLY INFORMATION PER OPERATING SEGMENT

MSEK	Q2 2016	Operating margin	Q1 2016	Operating margin	Q4 2015	Operating margin	Q3 2015	Operating margin
Sales
Aeronautics	1,739		1,622		2,114		1,686
Dynamics	1,044		1,072		1,555		892
Surveillance	2,051		1,801		2,613		1,458
Support and Services	1,326		1,284		2,795		934
Industrial Products and Services	969		873		1,022		762
Saab Kockums	489		632		599		433
Internal sales	-554		-494		-628		-378
Total	7,064		6,790		10,070		5,787
Operating income/loss
Aeronautics	102	5.9%	67	4.1%	305	14.4%	120	7.1%
Dynamics	39	3.7%	40	3.7%	294	18.9%	28	3.1%
Surveillance	73	3.6%	55	3.1%	318	12.2%	3	0.2%
Support and Services	137	10.3%	98	7.6%	417	14.9%	-27	-2.9%
Industrial Products and Services	25	2.6%	53	6.1%	104	10.2%	8	1.0%
Saab Kockums	25	5.1%	34	5.4%	-19	-3.2%	68	15.7%
Corporate	-84		-53		-72		-14
Total	317	4.5%	294	4.3%	1,347	13.4%	186	3.2%

		Operating
MSEK	Q2 2015	margin	Q1 2015	margin
Sales
Aeronautics	1,364		1,098
Dynamics	794		768
Surveillance	1,712		1,522
Support and Services	1,183		1,100
Industrial Products and Services	912		866
Saab Kockums	476		339
Internal sales	-501		-304
Total	5,940		5,389
Operating income/loss
Aeronautics	30	2.2%	54	4.9%
Dynamics	-106	-13.4%	-41	-5.3%
Surveillance	-39	-2.3%	38	2.5%
Support and Services	72	6.1%	87	7.9%
Industrial Products and Services	67	7.3%	34	3.9%
Saab Kockums	124	26.1%	55	16.2%
Corporate	9		-17
Total	157	2.6%	210	3.9%

2015 has been restated according to the structural changes described in the annual report 2015, page 35.

MULTI-YEAR OVERVIEW

MSEK	2015	2014	2013	2012	2011
Order bookings	81,175	22,602	49,809	20,683	18,907
Order backlog at 31 December	113,834	60,128	59,870	34,151	37,172
Sales	27,186	23,527	23,750	24,010	23,498
Sales in Sweden, %	42	45	41	36	37
Sales in Europe excluding Sweden, %	18	19	20	21	20
Sales in North America, %	9	10	11	11	8
Sales in Latin America, %	6	2	2	1	-
Sales in Rest of the world, %	25	24	26	31	35
Operating income (EBIT)	1,900	1,659	1,345	2,050	2,941
Operating margin, %	7.0	7.1	5.7	8.5	12.5
Depreciation/amortisation less depreciation/amortisation of lease aircraft	959	864	1,022	1,136	1,147
EBITDA	2,859	2,523	2,367	3,186	4,088
EBITDA margin, %	10.5	10.7	10.0	13.3	17.4
Income after financial items	1,731	1,523	979	2,003	2,783
Net income for the year	1,402	1,168	742	1,560	2,217
Total assets	35,088	29,556	27,789	28,938	31,799
Equity	12,912	11,373	12,227	11,280	13,069
Free cash flow ¹⁾	-726	-1,094	-1,460	-396	2,477
Return on capital employed, % ¹⁾	11.2	11.1	9.1	14.6	22.2
Return on equity, % ¹⁾	11.5	9.9	6.3	12.8	18.1
Equity/assets ratio, %	36.8	38.5	44.0	39.0	41.1
Earnings per share before dilution, SEK ¹⁾	12.88	10.86	6.98	15.00	21.19
Earnings per share after dilution, SEK ¹⁾	12.79	10.78	6.79	14.52	20.38
Dividend per share, SEK	5.00	4.75	4.50	4.50	4.50
Equity per share, SEK ¹⁾	121.28	107.02	114.04	105.43	122.94
Number of employees at year-end	14,685	14,716	14,140	13,968	13,068
Number of shares excluding treasury shares as of 31 December	105,957,065	105,499,980	106,414,144	105,930,829	105,331,958
Average number of shares before dilution	105,714,805	106,125,666	106,125,107	105,632,911	104,982,315
Average number of shares after dilution	106,450,263	106,916,255	109,150,344	109,150,344	109,150,344

1) For more information and explanations regarding the usage of these key ratios, please see saabgroup.com, investor, financial data, key ratios.

2013 has been restated according to the changed accounting principles for joint arrangements (IFRS 11). 2012 has been restated according to the changed accounting principles for pensions (IAS 19). Financials for 2011 are not restated.

KEY RATIOS AND GOALS

	Long-term target	Jan-Jun 2016	Jan-Jun 2015	Full Year 2015
Organic sales growth, %	5	23	- 6	11
Operating margin, %	10	4.4	3.2	7.0
Equity/assets ratio, %	30	31.9	37.2	36.8

PARENT COMPANY INCOME STATEMENT

MSEK	Jan-Jun 2016	Jan-Jun 2015	Full Year 2015
Sales	8,855	7,284	18,022
Cost of goods sold	-7,123	-5,719	-14,209
Gross income	1,732	1,565	3,813
Gross margin, %	19.6	21.5	21.2
Operating income and expenses	-1,952	-1,568	-3,605
Operating income (EBIT)	-220	- 3	208
Operating margin, %	-2.5	-0.0	1.2
Financial income and expenses	-43	52	68
Income after financial items	-263	4 9	276
Appropriations	-	-	-160
Income before taxes	-263	4 9	116
Taxes	24	-46	-153
Net income for the period	-239	3	-37

Parent Company

PARENT COMPANY BALANCE SHEET

MSEK Note	30 Jun 2016	31 Dec 2015	30 Jun 2015
ASSETS
Fixed assets:
Intangible fixed assets	692	803	975
Tangible fixed assets	2,904	2,882	2,714
Financial fixed assets	7,623	7,474	7,759
Total fixed assets	11,219	11,159	11,448
Current assets:
Inventories	4,012	3,668	5,301
Current receivables	8,655	10,133	8,448
Short term investments	5,699	2,994	1,773
Liquid assets	1,212	211	337
Total current assets	19,578	17,006	15,859
TOTAL ASSETS	30,797	28,165	27,307
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity:
Restricted equity	2,977	2,977	2,983
Unrestricted equity	4,288	5,020	5,016
Total shareholders' equity	7,265	7,997	7,999
Untaxed reserves, provisions and liabilities:
Untaxed reserves	2,139	2,139	1,979
Provisions	852	755	593
Liabilities 6	20,541	17,274	16,736
Total untaxed reserves, provisions and liabilities	23,532	20,168	19,308
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	30,797	28,165	27,307

Liquidity, financing, capital expenditures and number of employees

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1 Corporate information

NOTE 2 Accounting principles

NOTE 3 Segment reporting

Aeronautics

Dynamics

Surveillance

Support and Services

Industrial Products and Services

Saab Kockums

Order bookings per operating segment

	Jan-Jun	Jan-Jun	Change,	Q2		Q2 Full Year
MSEK	2016	2015	%	2016	2015	2015
Aeronautics	493	661	-25	199	457	39,349
Dynamics	4,008	3,187	26	2,121	2,014	5,273
Surveillance	2,911	4,041	-28	1,724	2,318	15,456
Support and Services Industrial Products and	2,230	1,277	75	1,227	708	10,557
Services	2,055	1,760	17	1,302	726	3,632
Saab Kockums	812	9,733	-92	680	8,867	10,268
Internal	-1,047	-1,663		-405	-894	-3,360
Total	11,462	18,996	-40		6,848 14,196	81,175

Order bookings per region

MSEK		Jan-Jun 2016 Jan-Jun 2015	Change, %
Sweden	4,695	12,194	-61
Rest of Europe	2,164	2,805	-23
North America	629	933	-33
Latin America	-89	24	-471
Asia	3,427	2,534	35
Africa	271	202	34
Australia, etc.	365	304	20
Total	11,462	18,996	-40

Order backlog per operating segment

MSEK	30 Jun 2016	31 Dec 2015	30 Jun 2015
Aeronautics	56,607	59,476	24,587
Dynamics	8,159	6,284	6,679
Surveillance	16,856	17,707	10,600
Support and Services	13,063	13,393	7,889
Industrial Products and Services	9,806	9,587	9,517
Saab Kockums	9,619	9,928	10,425
Internal	-2,517	-2,541	-1,844
Total	111,593	113,834	67,853

NOTE 3 Continued

Order backlog per region MSEK	30 Jun 2016	31 Dec 2015	30 Jun 2015
Sweden	40,198	41,276	42,903
Rest of Europe	10,522	10,688	10,602
North America	4,995	5,699	5,502
Latin America	39,800	40,732	656
Asia	14,550	13,679	6,279
Africa	771	886	961
Australia etc.	757	874	950
Total	111,593	113,834	67,853

Significant orders received (approx. values MSEK)	Country	Order value
New Lightweight Torpedo system	Sweden	1,533
Ammunition for the Carl-Gustaf man-portable weapon
system		1,443
Airborne Early Warning and Control (AEW&C)		1,105

Sales per operating segment

MSEK	Jan-Jun 2016	Jan-Jun 2015	Change, %	Q2 2016		Q2 2015 Rolling 12 Months	Full Year 2015
Aeronautics	3,361	2,462	37	1,739	1,364	7,161	6,262
of which external sales	3,163	2,320	36	1,633	1,228	6,777	5,934
of which internal sales	198	142	39	106	136	384	328
Dynamics	2,116	1,562	35	1,044	794	4,563	4,009
of which external sales	2,067	1,486	39	1,021	762	4,465	3,884
of which internal sales	49	76	-36	23	32	98	125
Surveillance	3,852	3,234	19	2,051	1,712	7,923	7,305
of which external sales	3,730	3,130	19	1,990	1,653	7,631	7,031
of which internal sales	122	104	17	61	59	292	274
Support and Services	2,610	2,283	14	1,326	1,183	6,339	6,012
of which external sales	2,494	2,198	13	1,280	1,133	6,108	5,812
of which internal sales	116	85	36	46	50	231	200
Industrial Products and Services	1,842	1,778	4	969	912	3,626	3,562
of which external sales	1,270	1,341	- 5	651	671	2,542	2,613
of which internal sales	572	437	31	318	241	1,084	949
Saab Kockums	1,121	815	38	489	476	2,153	1,847
of which external sales	1,119	814	37	488	475	2,150	1,845
of which internal sales	2	1	-	1	1	3	2
Corporate/eliminations	-1,048	-805		-554	-501	-2,054	-1,811
of which external sales	11	40		1	18	37	66
of which internal sales	-1,059	-845		-555	-519	-2,091	-1,877
Total	13,854	11,329	22	7,064	5,940	29,711	27,186

MSEK	Jan-Jun 2016	% of sales	Jan-Jun 2015	% of sales	Full Year 2015	% of sales
Sweden	5,945	43	5,595	49	11,399	42
Rest of Europe	2,294	17	2,193	19	4,933	18
North America	1,366	10	1,102	10	2,477	9
Latin America	848	6	196	2	1,584	6
Asia	2,683	19	1,541	14	5,370	20
Africa	218	2	229	2	541	2
Australia, etc.	500	4	473	4	882	3
Total	13,854	100	11,329	100	27,186	100

Sales per region Information on large customers

Seasonal variation

Operating income per operating segment

MSEK	Jan-Jun 2016	% of sales	Jan-Jun 2015	% of sales	12 Months	Rolling Full Year 2015
Aeronautics	169	5.0	84	3.4	594	509
Dynamics	79	3.7	-147	-9.4	401	175
Surveillance	128	3.3	-1	-	449	320
Support and Services	235	9.0	159	7.0	625	549
Industrial Products and
Services	78	4.2	101	5.7	190	213
Saab Kockums	59	5.3	179	22.0	108	228
The operating segments' operating
income	748	5.4	375	3.3	2,367	1,994
Corporate	-137		-8		-223	-94
Total	611	4.4	367	3.2	2,144	1,900

Depreciation/amortisation and write-downs per operating segment

		Jan-Jun Jan-Jun	Change,	Q2	Q2		Rolling Full Year
MSEK	2016	2015	%	2016		2015 12 Months	2015
Aeronautics	19	20	-5	10	10	38	39
Dynamics	34	34	-	17	15	74	74
Surveillance	248	248	-	126	126	500	500
Support and Services Industrial Products	8	10	-20	3	5	19	21
and Services	18	19	-5	9	10	46	47
Saab Kockums	17	17	-	8	9	34	34
Corporate	120	115	4	61	60	249	244
Total	464	463	0	234	235	960	959

Operational cash flow per operating segment

	Jan-Jun Jan-Jun		Q2	Q2		Rolling Full Year
MSEK	2016	2015	2016		2015 12 Months	2015
Aeronautics	1,120	-159	-391	-205	647	-632
Dynamics	138	-155	245	-127	192	-101
Surveillance	1,955	-326	389	-324	2,232	-49
Support and Services	1,714	-248	445	-28	1,325	-637
Industrial Products and
Services	-41	-32	82	-77	-24	-15
Saab Kockums	227	71	-13	92	964	808
Corporate	-920	-957	380	-332	163	126
Total	4,193	-1,806		1,137 -1,001	5,499	-500

Capital employed per operating segment

MSEK	30 Jun 2016	31 Dec 2015	30 Jun 2015
Aeronautics	1,894	2,186	1,903
Dynamics	3,065	3,243	2,920
Surveillance	7,048	7,445	7,475
Support and Services	2,375	3,389	2,792
Industrial Products and Services	2,164	2,028	1,753
Saab Kockums	699	647	599
Corporate	3,479	1,641	2,116
Total	20,724	20,579	19,558

Full time equivalents (FTE's) per operating segment Number at end of the period 30 Jun 2016 31 Dec 2015 30 Jun 2015

Aeronautics	2,809	2,723	2,677
Dynamics	2,071	2,041	2,028
Surveillance	3,627	3,563	3,606
Support and Services	2,163	2,185	2,194
Industrial Products and Services	2,405	2,381	2,365
Saab Kockums	825	803	843
Corporate	821	823	836
Total	14,721	14,519	14,549

NOTE 4 Dividend to Parent Company's shareholders

NOTE 5 Intangible fixed assets

MSEK	30 Jun 2016	31 Dec 2015	30 Jun 2015
Goodwill	5,069	5,045	5,061
Capitalised development costs	1,415	1,157	892
Other intangible assets	259	274	346
Total	6,743	6,476	6,299

NOTE 6 Net liquidity/debt

MSEK	30 Jun 2016	31 Dec 2015	30 Jun 2015
Assets:
Liquid assets	1,832	850	981
Short-term investments	5,746	2,995	1,773
Total liquid investments	7,578	3,845	2,754
Short-term interest-bearing receivables	47	48	22
Long-term interest-bearing receivables Long-term receivables attributable to	396	367	103
pensions	49	49	59
Long-term interest-bearing financial
investments	139	141	142
Total interest-bearing assets	8,209	4,450	3,080
Liabilities:
Liabilities to credit institutions Liabilities to associated companies and	5,093	4,762	4,845
joint ventures	218	251	234
Other interest-bearing liabilities	590	712	584
Provisions for pensions ¹⁾	2,713	1,942	2,009
Total interest-bearing liabilities and
provisions for pensions	8,614	7,667	7,672
Net liquidity (+) / net debt (-)	-405	-3,217	-4,592

1) Excluding provisions for pensions attributable to special employers' contribution.

Committed credit lines

MSEK	Facilities	Drawings	Available
Revolving credit facility (Maturity 2021)	6,000	-	6,000
Overdraft facility (Maturity 2017)	96	1	95
Total	6,096	1	6,095
Parent Company MSEK		30 Jun 2016 31 Dec 2015	30 Jun 2015
Long-term liabilities to credit institutions	5,092	4,360	2,425
Short-term liabilities to credit institutions	1	402	2,420
Total	5,093	4,762	4,845

NOTE 7 Capital employed

MSEK	30 Jun 2016	31 Dec 2015	30 Jun 2015
Total assets	38,021	35,088	31,993
Less non-interest bearing liabilities	17,297	14,509	12,435
Return on capital capital employed	20,724	20,579	19,558

NOTE 8 Financial instruments

Classification and categorisation of financial assets and liabilities ¹⁾

Carrying amount	30 Jun 2016	31 Dec 2015
Financial assets:
Financial investments at fair value through profit and loss	48	49
Financial investments held to maturity ²⁾	139	141
Long-term receivables	457	444
Derivatives identified as hedges	786	972
Derrivatives at fair value through profit and loss for trading	41	86
Accounts receivable and other receivables	9,520	11,540
Short-term investments at fair value	5,746	2,995
Liquid assets	1,832	850
Total financial assets	18,569	17,077
Financial liabilities:
Interest-bearing liabilities ³⁾	5,901	5,725
Derivatives identified as hedges	1,389	1,561
Derrivatives at fair value through profit and loss for trading	46	53
Other liabilities	5,810	5,486
Total financial liabilities	13,146	12,825

¹⁾ Derivatives with positive values are recognised as assets and derivatives with negative values are recognised as liabilities. Derivatives with a legal right of offset amount to MSEK 702.

²⁾ Fair value 2016 Jun: MSEK 141; 2015 Dec: MSEK 142.

³⁾ Fair value 2016 Jun: MSEK 5,908; 2015 Dec: MSEK 5,749.

Valuation methods for financial assets and liabilities

Level 1

Level 2

Level 3

Assets at fair value

MSEK	30 Jun 2016	Level 1	Level 2	Level 3
Bonds and interest-bearing
securities	5,746	5,746	-	-
Forward exchange contracts	788	-	788	-
Currency options	12	-	12	-
Cross currency basis swaps	21	-	21	-
Electricity derivatives	6	6	-	-
Shares and participations	48	-	-	48
Total	6,621	5,752	821	48
Liabilities at fair value
MSEK
	30 Jun 2016	Level 1	Level 2	Level 3
Forward exchange contracts	1,258	-	1,258	-
Currency options	5	-	5	-
Interest rate swaps	159	-	159	-

Electricity derivatives 12 12 - - Total 1,435 12 1,423 -

NOTE 9 Supplemental information on Statement of cash flows

Liquid assets				Free cash flow vs. statement of cash flows
MSEK	30 Jun 2016	31 Dec 2015	30 Jun 2015
The following components are included in liquid assets:
Cash and bank balances Bank deposits	1,232 600	850 -	981 -	Investing activities – interest bearing:
Total according to balance sheet	1,832	850	981	Other financial investments and
Total according to statement of cash flows	1,832	850	981	Financing activities:

MSEK	Jan-Jun 2016	Jan-Jun 2015	Q2 2016	2015	Q2 Full Year 2015
Free cash flow Investing activities – interest bearing:	4,051	-2,082	1,096	-1,141	-726
Short-term investments Other financial investments and	-2,700	-514	-194	-994	-1,722
receivables	-26	-60	-19	-54	-353
Financing activities:
Repayments of loans	-564	-	-210	-	-1,865
Raising of loans	732	2,837	111	2,829	4,758
Dividend paid to the Parent
Company's shareholders	-530	-501	-530	-501	-501
Dividend paid to non-controlling interest	-	-	-	-	-10
Cash flow for the period	963	-320	254	139	-419

Free cash flow

MSEK	Total Group Jan-Jun 2016	Total Group Jan-Jun 2015	Q2 2016	Q2 2015	Total Group Full year 2015
Cash flow from operating activities before changes in working capital, excluding taxes and other financial items	1,227	613	632	273	2,706
Cash flow from changes in working capital:
Inventories	-509	-1,070	-196	-462	349
Current receivables	1,873	-166	878	-488	-3,573
Advance payments from customers	2,453	121	-289	206	284
Other current liabilities	80	-562	591	-171	1,426
Provisions	-114	-256	-41	-98	-306
Change in working capital	3,783	-1,933	943	-1,013	-1,820
Cash flow from operating activities excluding taxes and other financial items	5,010	-1,320	1,575	-740	886
Investing activities:
Investments in intangible fixed assets	-476	-139	-304	-64	-594
Investments in tangible fixed assets	-301	-350	-156	-200	-799
Sales and disposals of tangible fixed assets	22	3	22	3	7
Investments in financial fixed assets	-62	-	-	-	-
Cash flow from investing activities ¹⁾	-817	-486	-438	-261	-1,386
Operational cash flow	4,193	-1,806	1,137	-1,001	-500
Taxes and other financial items	-219	-262	-118	-129	-528
Sale of and investments in shares etc.	-	-10	-	- 7	211
Acquisitions of operations	-	- 4	-	- 4	-221
Sale of subsidiaries	77	-	77	-	312
Free cash flow	4,051	-2,082	1,096	-1,141	-726

1) Cash flow from investing activities excluding change in short-term investments and other interest-bearing financial assets and

excluding sale of and investment in financial assets, investments in operations and sale of subsidiaries. If investments in and sale of

financial fixed assets are considered to be of operating nature, the item is included in investing activities.

NOTE 11 Defined-benefit plans

Pension obligation according to IAS 19

MSEK	30 Jun 2016	30 Jun 2015
Defined-benefit obligation	8,494	7,814
Special employers' contribution	603	470
Less plan assets	5,830	5,864
Total provisions for pensions	3,267	2,420
of which reported as long-term receivable	49	59

NOTE 12 Contingent liabilities

NOTE 13 Transactions with related parties

NOTE 14 Definitions

Capital employed

Earnings per share

EBITDA

EBITDA margin

Effective tax rate

Equity/assets ratio

Equity per share

Free cash flow

Free cash flow per share

Gross margin

Net investments

Net liquidity/net debt

Operating margin

Operational cash flow

Order backlog

Order bookings

Organic sales growth

Return on capital employed

Return on equity

GLOSSARY

EKN

FMV

FRN

FTE

IAS

IFRS

MTN

SAL

REVIEW REPORT

Introduction

Scope of Review Conclusion

Stockholm 21 July 2016 PricewaterhouseCoopers AB

Bo Hjalmarsson Authorised Public Accountant

Saab AB is disclosing the information here in pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 7:30 (CET) on 21 July 2016.

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Press and financial analyst conference 21 July 2016 at 10.00 (CET) Grand Hôtel, Venue: New York, Blasieholmshamnen 8, Stockholm

Contact Marie Bergström to register and more information, ph +46 8 463 02 45

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