Saab 2013 Annual Report Download - page 65

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As of 31 December
MSEK Note 2013 2012
Opening
Balance 2012
Assets
Intangible fixed assets 16 6,340 6,849 6,699
Tangible fixed assets 17 3,239 3,162 3,272
Lease assets 18 197 304 771
Biological assets 19 296 306 305
Investment properties 20 31 33 224
Shares in associated companies 21 338 300 288
Financial investments 25 295 193 197
Long-term receivables 27 129 138 125
Deferred tax assets 15 239 213 86
Total fixed assets 11,104 11,498 11,967
Inventories 28 4,563 4,420 4,334
Derivatives 41 396 514 520
Tax assets 62 39 23
Accounts receivable 29 3,314 3,454 3,153
Other receivables 27 3,823 2,548 3,579
Prepaid expenses and accrued
income 30 877 886 829
Short-term investments 25 2,002 3,963 4,555
Liquid assets 31 1,764 1,616 1,918
Total current assets 16,801 17,440 18,911
Assets held for sale 32 - - -
TOTAL ASSETS 27,905 28,938 30,878
2012 is restated according to the changed accounting principles for pensions (IAS19)
CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION
At the end of December 2013, the net liquidity amounted to
MSEK 1,013, a decrease of MSEK 983 compared to year-end
2012.
Cash flow from operating activities amounted to MSEK -682.
The lower provisions for pensions, excluding special employ-
er’s contribution at 31December 2013 of MSEK 1,389 com-
pared to MSEK 2,420 in December 2012, had a positive im-
pact of MSEK 1,031 on net liquidity. The decrease in
provisions was mainly due to the increase in discount rate
used in the valuation of pension obligations from 3.00 per cent
to 4.00 per cent during the year.
For more information about the Group’s defined benefit plans,
see Note 37.
Net liquidity was negatively impacted during 2013 by net in-
vestments amounting to approximately MSEK798 and paid
dividend of MSEK 477. Net investments included investments
in tangible fixed assets of MSEK 543, investments in intangible
assets of MSEK 68, divestment of fixed assets of MSEK 127
and acquisitions of MSEK 314.
Currency exchange rate differences in liquid assets as well as
unrealised results from financial investments had a negative
impact of MSEK 57 on net liquidity.
In 2009, Saab changed its view on the application of account-
ing principles for development costs. As a result of this more
conservative view, development costs are capitalised at a later
stage in all projects and all capitalised development costs are
amortised over maximum ten years. Capitalised development
costs have been reduced from MSEK3,628 at the end of
2008 to MSEK1,338 at the end of December 2013.
Inventories are recognised after deducting utilised advances.
Other receivables increased compared to year-end 2012 as a
result of the increase of accrued revenue from customers due
to higher activity level in some large projects, mainly related to
the development of Gripen E.
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
SAAB ANNUAL REPORT 2013 61