Saab 2011 Annual Report Download - page 79

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1 January – 31 December
MSEK Note 2011 2010
Operating activities
Income after financial items 2,783 776
Transferred to pension fund -132 -147
Adjustments for items not affecting cash flow 46 141 2,317
Income tax paid -450 -196
Cash flow from operating activities before changes
in working capital 2,342 2,750
Cash flow from changes in working capital
Increase(–)/Decrease(+) in inventories -243 586
Increase(–)/Decrease(+) in current receivables -96 855
Increase(+)/Decrease(–) in advance payments from
customers 409
194
Increase(+)/Decrease(–) in other current liabilities 610 399
Increase(+)/Decrease(–) in provisions -630 -297
Cash flow from operating activities 2,392 4,487
Investing activities
Investments in intangible fixed assets -26 -70
Capitalised development costs -15 -47
Investments in tangible fixed assets -325 -262
Investments in lease assets -1 -2
Sale of tangible fixed assets 23 11
Sale of lease assets 301 65
Investments in and sale of short-term investments -2,967 -993
Sale of and investments in other financial assets 306 -6
Investments in operations and associated compa-
nies, net effect on liquidity 8, 46 -1,135 -
Sale of subsidiaries and associated companies, net
effect on liquidity 8, 46 1,264 161
Cash flow from investing activities -2,575 -1,143
Financing activities
Repayment of loans -50 -1,950
Repurchase of shares - -80
Dividend paid to Parent Company’s shareholders -367 -237
Cash flow from financing activities -417 -2,267
CASH FLOW FOR THE YEAR 46 -600 1,077
Liquid assets at beginning of year 2,544 1,463
Exchange rate difference in liquid assets -26 4
Liquid assets at year-end 46 1,918 2,544
For Saab’s operating cash flow, see Note 46 and page 76.
CONSOLIDATED
STATEMENT OF CASH FLOWS
CAPITAL EXPENDITURES
Gross capital expenditures in property, plant and equipment,
excluding lease assets, amounted to MSEK 325 (262).
Investments in intangible assets amounted to MSEK 41 (117)
of which MSEK 15 (47) are related to capitalised product
development and MSEK 26 (70) to other intangible assets.
CASH FLOW
Operating cash flow amounted to MSEK 2,477 (4,349) in
2011. The lower level compared to 2010 was mainly caused
by certain projects in Aeronautics which entered into their final
stages in 2010 and 2011. These projects were successfully
delivered to the customer, and Saab managed to execute
them at a lower cost than originally planned. Therefore a final
price adjustment was made in the fourth quarter 2011 of about
MSEK 850. This had a negative impact on the operating cash
flow of both Aeronautics and Electronic Defence Systems.
Operating cash flow was distributed between cash flow from
core operating activities of MSEK2,123 (4,043), acquisitions
and divestments of operations and associated companies of
MSEK 129 (161) and the leasing aircraft business of
MSEK225 (145). See table on page 76.
Saab has an established programme to sell accounts receiv-
able to strengthen its financial position and increase financial
flexibility. The accounts receivable sold are in most cases re-
lated to customers with high credit worthiness, and one hun-
dred per cent of the value of the receivables is sold at favour-
able funding levels. As per 31 December 2011, receivables of
MSEK872 were sold, compared to MSEK1,409 at 31De-
cember 2010. Hence it had a negative impact of MSEK 537 on
cash flow for the year.
For more detailed information on operating cash flow, refer to
Note 46.
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
SAAB ANNUAL REPORT 2011 75