Saab 2012 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2012 Saab annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 150

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150

CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
INCOME, MARGIN AND PROFITABILITY
The gross margin improved in 2012 partly as a result of a different product
and project mix compared to 2011.
The sale of aircraft in Saab’s lease fleet of turboprop aircraft contributed
positively to the gross margin in 2011 and 2012.
Marketing expenses increased in 2012 as a result of an increased level of
marketing activities across the Group as well as activities related to the
build-up of a stronger local presence in selected markets.
Total depreciation, amortisation and writedowns amounted to MSEK 1,189
(1,261). Depreciation and write-down of tangible fixed assets amounted to
MSEK 403 (352), while depreciation of the leasing fleet amounted to
MSEK53 (114).
Total expenditures in research and development amounted to MSEK 5,946
(5,116). Of this MSEK 1,798 (1,355) were internally funded and a total of
MSEK 292 (15) of that were capitalised. The increase of capitalised expendi-
tures is mainly related to the development of the next generation Gripen,
Gripen E. In order to strengthen our technology leadership and secure future
offerings in current challenging market conditions, we see a continued need
to invest in internally funded development going forward.
Amortisation and write-down of intangible fixed assets amounted to
MSEK733 (795), of which amortisation and write-down of capitalised devel-
opment costs amounted to MSEK 590 (588).
The operating income was positively impacted by a reduced potential earn-
out liability related to the acquisition of Sensis of MSEK 207. We estimate it
to be unlikely that we will pay the level previously provided for the agreed ad-
ditional consideration related to the Sensis acquisition in 2011. This is based
on the current published information regarding the Federal Aviation Adminis-
tration’s acquisition strategy and schedules, including funding profiles for
specific programmes where Saab Sensis is involved. Therefore, the poten-
tial earn-out liability has been reduced by MSEK 207.
The operating income in 2011 included capital gains of MSEK 1,169.
The share of income in associated companies was MSEK 25 (-16).
FINANCIAL NET
MSEK Jan–Dec 2012 Jan–Dec 2011
Project interest from unutilised
advance payment
-15 -30
Net interest items 71 33
Currency gains/losses 15 -32
Financial net related to pensions -152 -60
Other net financial items -45 -69
Total -126 -158
Project interest is the return received on unutilised advance payments from
customers that are received in connection with some orders. The return
generated from this advance financing is recognised in gross income and
reduces financial net.
Net interest items refer to return on liquid assets and short-term investments
and interest expenses on short and long-term interestbearing liabilities. Dur-
ing 2012 lower interest rates in combination with an on average higher
yearly cash position compared to 2011 led to a higher result.
The currency gains/losses reported above are related to the tender portfolio
where the hedges were valued at fair value.
The financial net related to pensions decreased as a result of an increased
unreported actuarial loss during 2011, which led to an increased amortisa-
tion of actuarial losses.
Other net financial items consisted of income from shares in associated
companies and other exchange rate effects, for example exchange rate
changes related to liquid assets in currencies other than SEK.
Current and deferred taxes amounted to MSEK -367 (-566), equivalent to an
effective tax rate of 19 per cent (20). Current and deferred taxes decreased
compared to 2011 as a result of a changed corporate tax in Sweden. As of
2013 the tax rate changes from 26.3 per cent previously to 22 per cent. The
net impact from this change was MSEK 140 in the fourth quarter 2012.
The pre-tax return on capital employed was 14.2 per cent (22.2) and the af-
ter-tax return on equity was 11.3 per cent (18.1), both measured over a roll-
ing 12-month period.
1 January – 31 December
MSEK 2012 2011
Net income for the year 1,539 2,217
Other comprehensive income:
Translation differences -181 -60
Net gain/loss on cash flow hedges
Change in value 45 22
Reversed through profit and/or loss 15 -278
Tax attributable to net gain/loss on cash flow hedges 14 69
Share of other comprehensive income in associated companies - -26
Other comprehensive income -107 -273
Net comprehensive income for the year 1,432 1,944
of which Parent Company’s shareholders’ interest 1,463 1,995
of which non-controlling interest -31 -51
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
60 SAAB ANNUAL REPORT 2012