Saab 2010 Annual Report Download - page 66

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CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
as of 31 December
MSEK Note 2010 2009
Equity 33
Capital stock 1,746 1,746
Other capital contributions and other reserves 1,230 657
Retained earnings 8,298 8,139
Equity attributable to Parent Company’s
shareholders 11,274 10,542
Non-controlling interest 170 140
Total equity 11,444 10,682
Liabilities
Long-term interest-bearing liabilities 35 1,117 1,126
Other liabilities 39 294 287
Provisions for pensions 37 5 4
Other provisions 38 2,207 2,146
Deferred tax liabilities 15 803 905
Total long-term liabilities 4,426 4,468
Short-term interest-bearing liabilities 35 589 2,519
Advance payments from customers 643 442
Accounts payable 1,799 1,730
Derivatives 41 750 1,181
Tax liabilities 265 212
Other liabilities 39 819 746
Accrued expenses and deferred income 40 7,751 7,668
Provisions 38 792 753
Total current liabilities 13,408 15,251
Liabilities attributable to assets held for sale 32 - 29
Total liabilities 17,834 19,748
TOTAL EQUITY AND LIABILITIES 29,278 30,430
For information on the Group’s assets pledged and contingent liabilities,
see Note 42.
Short-term interest-bearing liabilities decreased by
MSEK1,930 from the beginning of the year to MSEK 589 at
31 December.
Provisions for pensions amounted to MSEK5 (4). During
2010, the Saab Pension Fund was capitalised with a total of
MSEK108 (157). The fund was set up in 2006 with the overall
objective to secure the Group’s defined-benefit pension plans
and at the same time hedge the interest rate volatility of the
pension liability and reduce the overall cost of pensions.
Saab decided in 1997 to discontinue the manufacture of turbo-
prop aircraft. As with other manufacturers, Saab had a busi-
ness model that included lease financing in connection with
aircraft sales on the market. Saab’s lease assets at 31 Decem-
ber 2010 consisted of 106 turboprop Saab 340 and Saab
2000 aircraft.
Of the fleet, 42 are financed through US leverage leases. Rents
from these leases are insured through The Swedish Export
Credits Guarantee Board (EKN). 64 aircraft are financed inter-
nally and recognised as assets in the statement of financial
position.
Provisions related to the leasing portfolio and provisions for
commitments with respect to regional aircraft on the statement
of financial position are deemed sufficient for the remaining
risks.
Saab estimates that the leasing portfolio will be phased out
by 2015.
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
SAAB ANNUAL REPORT 2010 63