Saab 2014 Annual Report Download - page 76

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FINANCIAL INFORMATION – FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
MSEK Note 2014 2013
Operating activities
Income after financial items 1,523 979
Adjustments for items not affecting cash flow 46 725 1,224
Income tax paid -394 -368
Cash flow from operating activities before
changes in working capital 1,854 1,835
Cash flow from changes in working capital
Increase (–)/Decrease( +) in inventories -856 -147
Increase (–)/Decrease (+) in current receivables -282 -1,346
Increase (+)/Decrease (–) in advance payments from customers 21 278
Increase (+)/Decrease (–) in other current liabilities -914 -1,005
Increase (+)/Decrease (-) in provisions -536 -277
Cash flow from operating activities -713 -662
Investing activities
Investments in intangible fixed assets -68 -44
Capitalised development costs -171 -24
Investments in tangible fixed assets -732 -543
Sale of tangible fixed assets 15 46
Sale of lease assets 105 81
Sale of and investments in short-term investments 720 1,936
Dividend from joint ventures - 430
Investments in other financial assets - -248
Sale of other financial assets 40 10
Investments in operations and associated
companies, net effect on liquidity 8, 46 152 -68
Sale of subsidiaries and associated companies,
net effect on liquidity 46 299 -
Cash flow from investing activities 360 1,576
Financing activities
Repayment of loans -468 -1,100
Raising of loans 1,000 845
Repurchase of shares -252 -
Dividend paid to Parent Company’s shareholders -479 -477
Dividend paid to non-controlling interests -5 -1
Cash flow from financing activities -204 -733
CASH FLOW FOR THE YEAR 46 -557 181
Liquid assets at beginning of year 1,764 1,616
Exchange rate difference in liquid assets 77 -33
Liquid assets at year-end 46 1,284 1,764
2013 has been restated according to the changed accounting principles for joint arrangements (IFRS 11), see note 22 for
more information.
CAPITAL EXPENDITURES
Gross capital expenditures in property,
plant and equipment, amounted to
MSEK 732 (543). Expenditures were
higher partly due to investments in a
new plant in Linköping.
Investments in intangible assets
amounted to MSEK 239 (68), of which
MSEK 171 (24) was related to capitali-
sed development costs, mainly within
radar and sensor technology, and
MSEK 68 (44) to other intangible
assets.
CASH FLOW
As of 2014, operational cash flow is
reported by business area as opposed
to previously when free cash flow was
reported by business area and named
operating cash flow.
Cash flow from operating activities
excluding taxes and other financial
items amounted to MSEK -346 (-155),
see note 46.
During the second quarter of 2013,
payments of MSEK 314 relating to a
lost legal dispute were made.
Saab has an established pro-
gramme to sell accounts receivable to
strengthen its financial position and
increase financial flexibility. As of
31December 2014, net receivables of
MSEK 1,071 were sold, compared to
MSEK 555 as of 31 December 2013.
This had a positive impact on the cash
flow of MSEK 516 from operating acti-
vities during 2014.
The operational cash flow amounted
to MSEK -1,197 (-639). It is defined as
cash flow from operating activities,
excluding taxes and other financial
items, acquisitions and divestments of
intangible assets, tangible assets and
lease assets. The lower level of opera-
tional cash flow in 2014 compared to
2013 is mainly attributable to invest-
ments, timing differences in invoicing,
milestone deliveries and payments.
Free cash flow amounted to
MSEK-1,094 (-1,460). For more detai-
led information about the free cash
flow, see note 46.
72 – SAAB ANNUAL REPORT 2014