Saab 2010 Annual Report Download - page 107

NOTE 36
LIABILITIES TO CREDIT INSTITUTIONS
Parent Company
MSEK 31-12-2010 31-12-2009
Current liabilities
Overdraft facilities: Available credit/limit 1,254 2,222
Short-term portion of bank loans: Unutilised portion -131 -2,222
Utilised credit amount 1,123 -
Short-term borrowing from credit institutions - 1,800
Total 1,123 1,800
Long-term liabilities
Overdraft facilities: Available credit/limit 4,000 5,212
Long-term portion of bank loans: Unutilised portion -4,000 -4,000
Utilised credit amount - 1,212
Long-term borrowing from credit institutions 1,100 1,100
Total 1,100 2,312
Total liabilities to credit institutions 2,223 4,112
In December , Saab established a  programme of   billion in
order to enable the issuance of long-term loans on the capital market. Under
the terms of this programme, Saab has issued bonds and Floating Rate Notes
for  ,.
e Parent Company has   in nancing arranged in connection
with the acquisition of . per cent of the shares in Aker Holding  in .
e loan amounts to  ,. Saab’s investment amounted to approximately
 . billion, of which about  per cent was nanced through the above
mentioned loans. e risk associated with the loans has been reduced through
agreements that secure this part of the invested amount, because of which the
transactions in the nancial position for the Group are netted as a receivable.
e current liability in the previous year also included a commercial paper
programme of  ,. e liabilities are valued at amortised cost.
NOTE 37
EMPLOYEE BENEFITS
Saab has two types of pension plans: dened-benet and dened-contribu-
tion. In dened-benet plans, post-employment compensation is based on a
percentage of the recipient’s salary. Saab has around ten types of dened-ben-
et plans. e predominant plan is the  plan, and the second largest plan
refers to state-funded retirement pension. Saab’s dened-benet plans are
secured in three ways: as a liability in the balance sheet, in pension funds or
funded through insurance with Alecta. e Saab Pension Fund, that secured
part of the  plan, had assets of , (,) as of  December ,
compared to an obligation of  , (,) according to  , or a sol-
vency margin of  per cent().
e portion secured through insurance with Alecta refers to a dened-
benet plan that comprises several employers and is reported according to a
pronouncement by the Swedish Financial Reporting Board,  . For scal
year , the Group did not have access to the information that would make
it possible to report this plan as a dened-benet plan. e  pension plan,
which is secured through insurance with Alecta, is therefore reported as a
dened-contribution plan. Alecta’s surplus can be distributed to policyhold-
ers and/or insureds. At year-end , Alecta’s surplus in the form of the col-
lective funding ratio amounted to  per cent (). e collective funding
ratio is the market value of Alecta’s assets as a percentage of the insurance
obligations calculated according to Alecta’s actuarial assumptions, which
does not conform to  .
In dened-contribution plans, pensions are based on the premiums paid.
Group
MSEK 31-12-2010 31-12-2009
Wholly or partially funded obligations
Present value of defined-benefit obligations 4,969 5,372
Fair value of assets under management -4,298 -3,907
Net wholly or partially funded obligations 671 1,465
Present value of unfunded defined-benefit obligations 264 205
Present value of net obligation 935 1,670
Unreported actuarial losses -1,404 -2,145
Net obligation employee benefits -469 -475
The net amount is reported in the following items in the statement of financial
position
Provisions for pensions 5 4
Long-term receivables 474 479
The net amount is divided among plans in the
following countries
Sweden -413 -435
USA -61 -44
Germany 5 4
Net amount in the statement of financial position -469 -475
Unreported actuarial losses amount to  , (,). Actuarial losses
are calculated as the dierence between pension obligations and the liability
according to the statement of nancial position. If the actuarial losses are
more than  per cent of the pension obligation, the portion exceeding  per
cent is amortised over the remaining period of employment for employees
covered by dened-benet plans. According to the above table, the actuarial
losses exceed the pension obligation for  by more than  per cent. is
means that the dierence between   and  , will be distrib-
uted over anticipated remaining years in service.
During , amortisation will be  .
Unreported actuarial losses
Group 31 December
MSEK 2010 2009 2008 2007 2006
Present value of defined-benefit
obligations -5,233 -5,577 -5,004 -4,679 -4,449
Fair value of assets under man-
agement 4,298 3,907 3,356 3,565 3,481
Net obligation in the statement of
financial position -469 -475 -424 101 412
Losses -1,404 -2,145 -2,072 -1,013 -556
e decrease in the unreported actuarial loss of   in  was prima-
rily the result of two positive factors. e return on assets under management
was higher than expected, . per cent compared to an anticipated .per
cent, which produced an actuarial gain of  . e actuarial gain on
pension commitments amounted to  , which was due to a  bp
higher discount rate. e actuarial loss was amortised by   during the
year, as a result of which the loss decreased by a net of  .
FINANCIAL INFORMATION > NOTES
104 SAAB ANNUAL REPORT 2010