Saab 2012 Annual Report Download - page 68

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1 January – 31 December
MSEK Note 2012 2011
Operating activities
Income after financial items 1,906 2,783
Transferred to pension fund - -132
Adjustments for items not affecting cash flow 46 1,179 141
Income tax paid -574 -450
Cash flow from operating activities before changes
in working capital 2,511 2,342
Cash flow from changes in working capital
Increase(–)/Decrease(+) in inventories -199 -243
Increase(–)/Decrease(+) in current receivables 707 -96
Increase(+)/Decrease(–) in advance payments
from customers -459 409
Increase(+)/Decrease(–) in other current liabilities -1,701 610
Increase(+)/Decrease(–) in provisions -509 -630
Cash flow from operating activities 350 2,392
Investing activities
Investments in intangible fixed assets -51 -26
Capitalised development costs -292 -15
Investments in tangible fixed assets -328 -325
Investments in lease assets -1 -1
Sale of tangible fixed assets 10 23
Sale of lease assets 312 301
Sale of and investments in short-term investments 585 -2,967
Sale of and investments in other financial assets 26 306
Investments in operations and associated
companies, net effect on liquidity 8, 46 -568 -1,135
Sale of subsidiaries and associated companies,
net effect on liquidity 46 174 1,264
Cash flow from investing activities -133 -2,575
Financing activities
Repayment of loans -19 -50
Dividend paid to Parent Company’s shareholders -474 -367
Cash flow from financing activities -493 -417
CASH FLOW FOR THE YEAR 46 -276 -600
Liquid assets at beginning of year 1,918 2,544
Exchange rate difference in liquid assets -26 -26
Liquid assets at year-end 46 1,616 1,918
For Saab’s operating cash flow, see Note 46 and page 65.
CONSOLIDATED
STATEMENT OF CASH FLOWS
CAPITAL EXPENDITURES
Gross capital expenditures in property, plant and equipment,
excluding lease assets, amounted to MSEK 328 (325).
Investments in intangible assets amounted to MSEK 343 (41)
of which MSEK 292 (15) related to capitalised product devel-
opment and MSEK 51 (26) to other intangible assets. The cap-
italised product development increased as a result of the de-
velopment of the next generation of Gripen, Gripen E.
CASH FLOW
Operating cash flow amounted to MSEK -396 (2,477). The
lower level of operating cash flow in 2012 compared to 2011 is
mainly a result of the net amount spent on acquisitions and di-
vestments as well as utilisation of and reduction in advances
and milestone payments.
The operating cash flow was distributed between cash flow
from operating activities of MSEK 350 (2,392) and cash flow
from investing activities excluding change in short-term invest-
ments and other interest-bearing financial assets of
MSEK-746 (85), of which acquisitions and divestments
amounted to MSEK -394 (129).
Saab has an established programme to sell accounts receiv-
able to strengthen its financial position and increase financial
flexibility. As of 31 December 2012, net receivables of
MSEK852 were sold, compared to MSEK 872 at 31 Decem-
ber 2011. Hence, it had a negative impact of MSEK 20 on op-
erating cash flow for the the year.
For more detailed information on operating cash flow, see
Note 46.
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
64 SAAB ANNUAL REPORT 2012