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FINANCIAL INFORMATION – NOTES
Net result of cash flow hedges
The net result of cash flow hedges comprises the effective share of the cumulative
net change in fair value of a cash flow hedging instrument attributable to hedge
transactions that have not yet taken place.
Translation reserve
The translation reserve comprises exchange rate differences that arise from the
translation of financial reports from operations that have prepared their reports in a
currency other than the currency of the Group’s financial reports. The Parent Com-
pany and the Group present their financial reports in SEK. The translation reserve
at year-end amounts to MSEK 161 (-353). Of the translation reserve MSEK 18 (0)
has been reclassified to gains.
Revaluation reserve
The revaluation reserve comprises the difference between the fair value and carry-
ing amount of operating properties reclassified as investment properties. Of the
revaluation reserve, MSEK 0 (0) has been transferred to retained earnings upon the
sale of investment properties.
Reserve for available-for-sale financial assets
The reserve comprises changes in the value of available-for-sale financial assets
recognised directly against other comprehensive income. For more information,
see note 1. These revaluations amounted to MSEK 27 (0) in 2014. When the assets
are sold, the cumulative changes in value are reversed to profit or loss. No reversals
were made in 2014.
PARENT COMPANY
Restricted reserves
Restricted reserves may not be reduced through profit distributions.
Revaluation reserve
When a tangible or financial fixed asset is revaluated, the revaluation amount is allo-
cated to a revaluation reserve.
Statutory reserve
Provisions to the statutory reserve have previously amounted to at least 10 per
cent of net income for the year, until the statutory reserve corresponded to at least
20 per cent of the Parent Company’s capital stock. As of 2006 provisions are
voluntary and the Parent Company makes no provisions to the s tatutory reserve.
Unrestricted equity
Retained earnings
Consists of previous year’s unrestricted equity after profit distribution and Group
contributions paid. Retained earnings together with net income for the year
comprise unrestricted equity, i.e., the amount available for distribution to the
shareholders.
NOTE 34 EARNINGS PER SHARE
2014 2013
Net income for the year attributable to
Parent Company’s shareholders (MSEK) 1,153 741
Weighted average number of common shares
outstanding :
before dilution (thousands) 106,126 106,125
after dilution (thousands) 106,916 109,150
Earnings per share, before dilution (SEK) 10.86 6.98
Earnings per share, after dilution (SEK) 10.78 6.79
The weighted average number of shares outstanding before dilution refers to the
total number of shares in issue less the average number of repurchased treasury
shares. The weighted average number of shares outstanding after dilution is cal-
culated as of 2014 based on the effects of all potential shares (Share Matching Plan
and Performance Share Plan) that give rise to a dilution effect. A simplified method
had previously been used where the dilution effect was based on all treasury shares.
NOTE 35 INTEREST-BEARING LIABILITIES
Group
MSEK 31-12-2014 31-12-2013
Long-term liabilities
Liabilities to credit institutions 2,001 1,000
Other interest-bearing liabilities 104 95
Total 2,105 1,095
Current liabilities
Liabilities to credit institutions - 1
Liabilities to associated companies and joint ventures 244 244
Other interest-bearing liabilities 20 473
Total 264 718
Total interest-bearing liabilities 2,369 1,813
Terms and repayment schedules
Collateral for bank loans amounts to MSEK 0 (0). Of the long-term liabilities,
MSEK2,036 (1,036) falls due between one and five years of the closing day and
MSEK 69 (59) later than five years of the closing day.
Liabilities to credit institutions mainly consist of Medium Term Notes (MTN). For
more information on financial risk management, see note 41.
The fair value of MTNs exceeds book value by MSEK 37 (5). Saab otherwise
does not consider there to be a significant difference between book and fair value.
NOTE 36 LIABILITIES TO CREDIT INSTITUTIONS
Parent company
MSEK 31-12-2014 31-12-2013
Current liabilities
Overdraft facilities: Available credit/limit 94 87
Short-term portion of bank loans: Unutilised portion -94 -87
Utilised credit amount - -
Short-term borrowing from credit institutions - -
Total - -
Long-term liabilities
Overdraft facilities: Available credit/limit 4,000 4,000
Long-term portion of bank loans: Unutilised portion -4,000 -4,000
Utilised credit amount - -
Long-term borrowing from credit institutions 2,000 1,000
Total 2,000 1,000
Total liabilities to credit institutions 2,000 1,000
In 2009, Saab established a Medium Term Note (MTN) programme with a limit of
MSEK 3,000 or an equivalent value in EUR. The MTN programme provides access
to financing for up to 15 years, which is an element in diversifying loan maturities.
During 2014, a MTN of MSEK 1,000 was issued.
SAAB ANNUAL REPORT 2014 – 105