Saab 2010 Annual Report Download - page 68

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1 January – 31 December
MSEK Note 2010 2009
Operating activities
Income after financial items 776 976
Transferred to pension fund -147 -190
Adjustments for items not affecting cash flow 47 2,317 1,835
Income tax paid -196 -183
Cash flow from operating activities before changes
in working capital 2,750 2,438
Cash flow from changes in working capital
Increase(–)/Decrease(+) in inventories 586 -401
Increase(–)/Decrease(+) in current receivables 855 1,927
Increase(+)/Decrease(–) in advance payments from
customers
194
-485
Increase(+)/Decrease(–) in other current liabilities 399 -1,522
Increase(+)/Decrease(–) in provisions -297 -261
Cash flow from operating activities 4,487 1,696
Investing activities
Investments in intangible fixed assets -70 -14
Capitalised development costs -47 -67
Investments in tangible fixed assets -262 -197
Investments in lease assets -2 -3
Sale of tangible fixed assets 11 9
Sale of lease assets 65 130
Investments in and sale of short-term investments -993 -551
Investments in and sale of other financial assets -6 224
Investments in subsidiaries, net effect on liquidity 8, 47 - -68
Sale of subsidiaries and associated companies, net
effect on liquidity 8, 47 161 11
Cash flow from investing activities -1,143 -526
Financing activities
Repayment of loans -1,950 -279
Repurchase of shares -80 -110
Dividend paid to Parent Company’s shareholders -237 -187
Contributions from non-controlling interest - 6
Cash flow from financing activities -2,267 -570
CASH FLOW FOR THE YEAR 47 1,077 600
Liquid assets at beginning of year 1,463 822
Exchange rate difference in liquid assets 4 41
Liquid assets at year-end 47 2,544 1,463
For Saab’s operating cash flow, see Note 47 and page 66.
CONSOLIDATED
STATEMENT OF CASH FLOWS
CAPITAL EXPENDITURES
Gross capital expenditures in property, plant and equipment,
excluding lease assets, amounted to MSEK 262 (197).
Investments in intangible assets amounted to MSEK 117 (81)
of which MSEK 47 (67) are related to capitalised product
development and MSEK 70 (14) to other intangible assets.
CASH FLOW
Operating cash flow amounted to MSEK4,349 (1,447) in
2010. The increase was driven by significant improvements in
working capital, larger milestone payments and increased
amount of accounts receivable sold. It was distributed be-
tween cash flow from core operating activities of MSEK4,043
(1,088), acquisitions and divestments of subsidiaries and as-
sociated companies of MSEK 161 (-57) and the leasing aircraft
business of MSEK145 (416).
In 2009, Saab launched an accounts receivable sales pro-
gramme to strengthen its financial position and increase finan-
cial flexibility. The accounts receivable sold are in most cases
related to customers with high credit worthiness and one
hundred per cent of the value of the receivables is sold at
attractive funding levels. As per 31 December, receivables of
MSEK1,409 were sold, compared to MSEK789 at 31
December 2009.
In Aeronautics, some projects entered into final stages of com-
pletion in 2010. This will lead to a reduction in customer ad-
vances and a lower cash flow generation as these projects are
finalised.
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
SAAB ANNUAL REPORT 2010 65