Saab 2011 Annual Report Download - page 115

NOTE 34
EARNINGS PER SHARE
2011 2010
Net income for the year attributable to Parent Company’s
shareholders (MSEK) 2,225 433
Weighted average number of common shares
outstanding :
before dilution (thousands) 104,982 105,218
after dilution (thousands) 109,150 109,150
Earnings per share, before dilution (SEK) 21.19 4.12
Earnings per share, after dilution (SEK) 20.38 3.97
e 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. e weighted average number of shares outstanding aer
dilution refers to the total number of shares in issue.
NOTE 35
INTEREST-BEARING LIABILITIES
Group
MSEK 31-12-2011 31-12-2010
Long-term liabilities
Liabilities to credit institutions 1,103 1,103
Other interest-bearing liabilities 115 14
Total 1,218 1,117
Current liabilities
Liabilities to credit institutions 46 78
Liabilities to joint ventures 449 428
Other interest-bearing liabilities 25 83
Total 520 589
Total interest-bearing liabilities 1,738 1,706
Terms and repayment schedules
Collateral for bank loans amounts to   (). Of the long-term liabilities,
 , (,) falls due between one and ve years of the closing day and
  () later than ve years of the closing day.
Liabilities to credit institutions largely consist of Medium Term Notes
(), and in the previous year of commercial paper as well. For more infor-
mation on nancial risk management, refer to Note .
e fair value of s and commercial paper exceeds book value by
 (). Saab otherwise does not consider there to be a signicant dier-
ence between book and fair value.
NOTE 36
LIABILITIES TO CREDIT INSTITUTIONS
Parent Company
MSEK 31-12-2011 31-12-2010
Current liabilities
Overdraft facilities: Available credit/limit 118 1,254
Short-term portion of bank loans: Unutilised portion -118 -131
Utilised credit amount - 1,123
Short-term borrowing from credit institutions - -
Total - 1,123
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 1,100 1,100
Total 1,100 1,100
Total liabilities to credit institutions 1,100 2,223
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 had   in nancing arranged in connection
with the acquisition of . per cent of the shares in Aker Holding  in .
Saab’s investment amounted to approximately  . billion, of which about
 per cent was nanced through the above mentioned loans.
Saab has exercised the option which gave it the right to sell its shares in
Aker Holding . e loan was amortised and the interest rate swap was ter-
minated. e net amount in  was hedged through forward contracts. e
sale had a positive eect on cash ow in the Parent Company of approximately
 , and on net liquidity in the Group of approximately  .
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 mainly Alecta. e Saab Pension Fund, that
secured part of the  plan, had assets of , (,) as of  Decem-
ber , compared to an obligation of  , (,) according to  ,
or a solvency 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
and return on assets.
FINANCIAL INFORMATION > NOTES
SAAB ANNUAL REPORT 2011 111