Saab 2013 Annual Report Download - page 118

Download and view the complete annual report

Please find page 118 of the 2013 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 142

  • 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

MSEK 31-12-2013 31-12-2012 31-12-2011 31-12-2010
Fair value of assets under
management 4,595 4,346 4,050 3,969
Present value of defined-
benefit obligations1) 5,785 6,485 5,866 4,675
Solvency margin 79% 67% 69% 85%
Pension obligation
according to PRI 4,736 4,615 4,489 4,042
Solvency margin 97% 94% 90% 98%
1) Refers to the pension obligation that the assets under management are designed to cover.
NOTE 42 Assets Pledged and Contingent Liabilities
Group Parent Company
MSEK 31-12-2013 31-12-2012 31-12-2013 31-12-2012
Assets pledged for own
liabilities and provisions
Bonds and other securities 10 10 10 10
Other assets 29 110 - -
Total 39 120 10 10
Contingent liabilities
Guarantees to insurance
company, FPG/PRI 95 92 95 92
Guarantees for Group
companies’ commitments
to customers - - 3,825 4,067
Sureties for joint ventures 6 6 - -
Sureties for associated
companies 6 8 72 85
Total 107 106 3,992 4,244
In the ordinary course of business, Saab is occasionally involved in disputes
and legal proceedings arising as a result of the company’s operations world
wide. ese disputes and legal proceedings are not expected, either individu-
ally or collectively, to have any signicant negative eect on Saab’s nancial
result or position.
Saab currently has a legal dispute concerning interpretation of an agree-
ment, where a negative outcome is not probable and consequently no provi-
sion has been recognised. Should however, against expectations, the dispute
result in a negative outcome for Saab, it cannot be ruled out that the nancial
eect would not be non-material.
Saab has had a legal dispute with the Danish Defence Acquisition and
Logistics Organization, Forsvarets Materialtjeneste (). e context of the
dispute is the termination of an agreement regarding the command and con-
trol system, . On  April , the Danish Supreme Court ruled that
Saab should pay   . e payment includes the repayment of dam-
ages ruled by the Maritime and Commercial Court in Copenhagen ,
payments received under the  contract, as well as court costs amount-
ing to   and interest amounting to  .
In  Saab received a claim for alleged patent infringement in the .
Asettlement has been reached. No material amounts have been paid.
e table below shows the total sum of guarantees that do not represent con-
tingent liabilities and a distribution by category and issuer.
MSEK 31-12-2013
per cent of
total 31-12-2012
per cent of
total
Parent Company guarantees 1,562 22 1,339 22
Bank guarantees 5,437 78 4,668 78
Total guarantees 6,999 100 6,007 100
Bank guarantees:
On demand 4,769 88 3,974 85
Proprietary 668 12 694 15
Total bank guarantees 5,437 100 4,668 100
Type of guarantee:
Advances 3,298 47 2,146 36
Completion 3,079 44 3,080 51
Tenders, credits and other 622 9 781 13
Total guarantees 6,999 100 6,007 100
With regard to the Group’s so-called fullment guarantees for commitments
to customers, the likelihood of an outow of resources is extremely small
and, as a result, no value is recognised in the table of contingent liabilities.
NOTE 43 Transactions with Related Parties
e Group’s nancial agreements conform to market principles. Saab have
not had any signicant transactions with Investor, Board members or mem-
bers of Group Management. For information on remuneration, see Note .
Of the Parent Company’s sales,  per cent referred to sales to Group com-
panies, while  per cent of the Parent Company’s purchases were from
Group companies.
Sales to and purchases from the Group’s associated companies amounted
to approximately   () and   (), respectively.
NOTE 44 Group Companies
Significant Group company holdings
Group company’s
Ownership
share, per cent
Group company
registered office,
country 2013 2012
Combitech AB Växjö, Sweden 100 100
HITT N.V. The Netherlands 100 98.9
MEDAV GmbH Germany 100 100
Saab Australia Pty Ltd Australia 100 100
Saab Barracuda AB Västervik, Sweden 100 100
Saab Barracuda LLC USA 100 100
Saab Czech s.r.o. Czech Republic 100 100
Saab Defense and Security USA LLC USA 100 100
Saab Dynamics AB Karlskoga, Sweden 100 100
Saab Danmark A/S Denmark 100 100
Saab Grintek Defence (Pty) Ltd South Africa 71 71
Saab Seaeye Ltd UK 100 100
Saab Sensis Corporation USA 100 100
Saab Systems Oy Finland 100 100
NOTE 41, CONT.
FINANCIAL INFORMATION > NOTES
114 SAAB ANNUAL REPORT 2013