Saab 2011 Annual Report Download - page 75

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
The order backlog primarily includes :
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INCOME, MARGIN AND PROFITABILITY
In 2011, the gross margin was positively impacted by several sales transac-
tions by Saab Aircraft Leasing and reversals of risk provisions related to
these transactions.
Operating income in 2011 included capital gains of MSEK 1,169. It also in-
cluded structural costs for Saab Sensis totalling MSEK 27 and costs related
to the acquisition process of Sensis of MSEK 25.
Saab Sensis reported a loss before structural costs of MSEK -34 in 2011.
In 2010, operating income was impacted by structural costs and other non-
recurring items of MSEK 616 and capital gains of MSEK 14.
Total depreciation and amortisation amounted to MSEK 1,261 (1,358).
Depreciation and write-down of tangible fixed assets amounted to
MSEK352 (382), while depreciation of the leasing fleet amounted to
MSEK114 (146).
Total expenditure for research and development amounted to MSEK 5,116
(5,008). The expenditures in research and development that are internally
funded amounted to MSEK 1,355 (1,203), of which a total of MSEK 15 (47)
has been capitalised.
Amortization and write-down of intangible fixed assets amounted to
MSEK795 (830), of which amortization and write-down of capitalised devel-
opment costs amounted to MSEK 588 (664). In 2010, it included a write-
down of capitalised development costs of MSEK 20.
The share of income in associated companies, MSEK -16 (14), primarily
relates to net income in Hawker Pacific Airservices Ltd.
FINANCIAL NET
MSEK Jan–Dec 2011 Jan–Dec 2010
Project interest from unutilised
advance payment
-30 -17
Net interest items 33 -40
Currency losses/gains -32 57
Financial net related to pensions -60 -168
Other net financial items -69 -31
Total -158 -199
Project interest on unutilised advance payment refers to orders that are
financed to a significant extent with advance payment from customers.
The effect on interest of advance financing is recognised in gross income
and reduces financial net.
The currency losses/gains reported above related to the tender portfolio
where the hedged part was valued at market value. Other net financial
items consisted of income from shares in associated companies and other
exchange rate effects. Other exchange rate effects included an accounting
loss related to a pre-maturity closing of an interest rate swap.
Current and deferred taxes during the year amounted to MSEK -566 (-322),
or an effective tax rate of 20 per cent (41). Tax-exempt income in 2011 led to
a lower tax rate in the year.
The pre-tax return on capital employed was 22.2 per cent (7.9) and the
after-tax return on equity was 18.1 per cent (4.1), both measured over a
rolling 12-month period.
1 January – 31 December
MSEK 2011 2010
Net income for the year 2,217 454
Other comprehensive income:
Translation differences -60 16
Net gain/loss on cash flow hedges
Change in value 22 658
Reversed through profit and/or loss -278 108
Tax attributable to net gain/loss on cash flow hedges 69 -201
Share of other comprehensive income in associated companies -26 2
Other comprehensive income -273 583
Net comprehensive income for the year 1,944 1,037
of which Parent Company’s shareholders’ interest 1,995 1,006
of which non-controlling interest -51 31
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
SAAB ANNUAL REPORT 2011 71