Saab 2014 Annual Report Download - page 108

FINANCIAL INFORMATION – NOTES
NOTE 28 INVENTORIES
Group
MSEK 31-12-2014 31-12-2013
Raw materials and consumables 2,004 2,048
Work in progress 2,916 1,722
Finished goods and goods for resale 899 793
Total 5,819 4,563
Saab and the Swedish Ministry of Enterprise, Energy and Communications have
reached agreement with the National Debt Office to co-finance Saab’s participation
in the Airbus A380 project. The co-financing is in the form of a royalty loan maximi-
sed at MSEK 350. Repayment will take the form of a royalty on each delivery to Air-
bus. Through 2014, the National Debt Office has paid out MSEK 263 (263). The
debt as of 31 December 2014 amounts to MSEK 162 (177), which reduces inven-
tory in the financial statements.
The Group’s cost of goods sold includes inventory write-downs of MSEK 78
(130). The reversal of previous write-downs amounts to MSEK 85 (93). The value of
inventories measured at fair value less selling expenses amounts to MSEK 161
(128). Of inventories, MSEK 193 is expected to be realised more than twelve
months after the closing day.
The change in work in progress is mainly related to higher activity levels in larger
projects.
Parent Company
MSEK 31-12-2014 31-12-2013
Raw materials and consumables 1,524 1,574
Work in progress 2,214 1,267
Finished goods and goods for resale 715 671
Advance payments to suppliers 37 141
Total 4,490 3,653
Cost of goods sold for the Parent Company includes inventory write-downs of
MSEK 71 (128) after the reversal of previous write-downs of MSEK 84 (92).
The value of inventories measured at fair value less selling expenses amounts to
MSEK 161 (128). Of the Parent Company’s inventories, MSEK 43 is expected to be
realised more than twelve months after the closing day.
NOTE 29 ACCOUNTS RECEIVABLE
Accounts receivable in the Group amount to MSEK 3,414 (3,295). As part of the
sales programme arranged in 2009, Saab sold receivables in 2014 in order to
strengthen its financial position and increase financial flexibility.
The receivables were sold in their entirety which reduced the receivables by
MSEK 1,071 (555), at year-end and also had a positive impact on cash flow of
MSEK 516 (-297).
During the year, accounts receivable were written down by MSEK 6 (15).
Reversals of previous write-downs amounted to MSEK 13 (3).
Accounts receivable in the Parent Company amount to MSEK 1,826 (1,489).
During the year, receivables were written down by MSEK 2 (12). Reversals of
previous write-downs amounted to MSEK 7 (2). See also note 41.
NOTE 30 PREPAID EXPENSES AND
ACCRUED INCOME
Group Parent Company
MSEK 31-12-2014 31-12-2013 31-12-2014 31-12-2013
Prepaid expenses 608 466 499 507
Accrued service income 170 106 2 2
Other accrued income 335 282 293 227
Total 1,113 854 794 736
Prepaid expenses primarily relate to pension premiums, rents, licenses
and insurance.
NOTE 31 LIQUID ASSETS
Group
MSEK 31-12-2014 31-12-2013
Cash and bank balances 1,284 651
Bank deposits - 1,113
Total according to statement of financial position 1,284 1,764
Total according to statement of cash flows 1,284 1,764
Bank deposits relate to short-term investments, the large part of which has a
maturity of less than one month. The Group’s unutilised account overdraft facility
amounted to MSEK 94 (87) at year-end. With regard to the Group’s other loan faci-
lities, refer to notes 36 and 41.
NOTE 32 ASSETS HELD FOR SALE
The Group holds no significant assets or liabilities for sale.
NOTE 33 SHAREHOLDERS’ EQUITY
The shares in the Parent Company are divided into two series, A and B. Both
classes of shares carry equal rights, with the exception that each Series A share is
entitled to ten votes and each Series B share one vote. The shares have a quota
value of SEK 16.
Outstanding shares at
31 December 2014
Number of
shares
Per cent of
shares
Per cent of
votes
Series A 1,907,123 1.8 15.5
Series B 103,592,857 98.2 84.5
Total 105,499,980 100.0 100.0
Outstanding shares at
31 December 2013
Number of
shares
Per cent of
shares
Per cent of
votes
Series A 1,907,123 1.8 15.4
Series B 104,507,021 98.2 84.6
Total 106,414,144 100.0 100.0
Change in number of
outstanding shares 2014 Series A Series B Total
Number of outstanding shares at
1 January 1,907,123 104,507,021 106 414 144
Repurchase of shares - -1,340,000 -1,340,000
Early share matching - 27,212 27,212
Share matching plan - 398,624 398,624
Number of outstanding
shares at 31 December 1,907,123 103,592,857 105,499,980
In 2014, 1,340,000 Series B shares were repurchased on the market to secure
Saab’s Share Matching Plan and Performance Share Plan. During the year,
425,836 shares were matched in Saab’s Share Matching Plan. Transferred shares
correspond to 0.4 per cent of the share capital. A total of 3,650,364 shares are
held in treasury. Shares held in treasury have no voting rights.
The dividend to shareholders amounted to MSEK 479 (477), or SEK 4.50 (4.50)
per share.
Management of the Group’s capital
The Group’s capital under management consists of equity. The Group’s capital
management goal is to facilitate continued operating growth and to remain
prepared to capitalise on business opportunities. Saab’s equity/asset goal is at
least 30 per cent.
104 – SAAB ANNUAL REPORT 2014