Saab 2013 Annual Report Download - page 104

Changes in net obligation for defined-benefit plans reported
in the statement of financial position
Group
MSEK 2013 2012
Net obligation for defined-benefit plans, 1 January 2,420 2,095
Compensation paid -231 -224
Deposits to pension fund and other funding -35 -12
Cost reported in the income statement 240 240
Income (-) /cost (+) reported in total comprehensive income -1,017 303
Settlement/Translation difference -5 2
Withdrawals from pension funds 17 16
Net obligation for defined-benefit plans, 31 December 1,389 2,420
Change in pension obligation
Group
MSEK 2013 2012
Fair value, 1 January 7,164 6,541
Benefits vested during the year 166 173
Benefits vested previous years - -3
Interest expense 215 229
Pension disbursements -231 -224
Settlement -45 -12
Actuarial gain (-) /loss (+) -859 472
Translation differences 3 -12
Fair value, 31 December 6,413 7,164
Change in assets under management
Group
MSEK 2013 2012
Fair value, 1 January 4,744 4,446
Financial income 143 156
Withdrawals -17 -16
Settlement -47 -9
Contributions 35 12
Actuarial gain 158 169
Translation differences 8 -14
Fair value, 31 December 5,024 4,744
The cost is reported on the following lines in the income statement:
Group
MSEK 2013 2012
Cost of goods sold 757 669
Marketing expenses 85 81
Administrative expenses 62 53
Research and development costs 52 79
Financial expenses 74 73
Total cost of post-employment compensation 1,030 955
Interest expense less the assumed return on assets under management is
classied as nancial expense. Other pension costs are divided by function
in the income statement in relation to how payroll expenses are charged to
the various functions.
Sensitivity analysis (excluding special employer’s contribution)
Group
MSEK Change Change in obligation
Discount rate 0.25 % -258
-0.25 % 274
Inflation 0.25 % 274
-0.25 % -259
Salaries 0.25 % 55
-0.25 % -50
Life span +1 year 253
Return on assets under management
Group
MSEK 2013 2012
Actual return on assets under management 301 325
Financial income on assets under management -143 -156
Actuarial result from assets under management
during the year 158 169
Governance
Dened-benet pensions and pension plan assets are governed by the Pen-
sion Board, which resumes - times per year and has the following responsi-
bilities:




and allow deviations in accordance with the terms of the  and 
m andate

assets

Investment strategy and risk management
e Pension fund manages the allocation and investment of assets with the
aim to increase the consolidation level over time, assets versus pension liabil-
ities. is means that certain risks are accepted in order to increase the
return. e investment horizon is long-term and the allocation ensures that
the investment portfolio is well diversied.
e Fund is subject to a number of restrictions and limitations followed
up by Middle Oce. Middle Oce reports directly to the Board of Directors
and to the Head of the Investment Committee. On an over-all level, a stop
loss limit and alarm levels aim at assuring a maximum loss of the assets of the
Fund.
Assets under management divided by asset class
Group
Procent 2013
of which listed
on an active
market 2012
of which listed
on an active
market
Interest-bearing assets 48 100 49 100
Share-related assets 36 100 36 100
Hedge funds 14 - 13 -
Property 1 - 1 -
Liquid assets 1 - 1 -
Total assets 100 84 100 85
NOTE 37, CONT.
FINANCIAL INFORMATION > NOTES
100 SAAB ANNUAL REPORT 2013