Saab is the sort ofcompany that should be finding life hard in the post-Cold War era. Coming from a small country such as Sweden, the defence group lacks the size of larger competitors from Europe and the US. And its main customer, the Swedish defence force, is relentlessly cutting spending.

But if Ake Svensson, Saab's new chief executive is worried about the outlook, he is certainly not showing it. He admits life has changed dramatically since the Berlin Wall came down in 1989 and the terrorist attacks on the US in 2001. But these events have created opportunities, as much as threats, he says. The company's financial performance has been resilient and its balance sheet is strong.