Saab 2013 Annual Report Download - page 68

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1 January – 31 December
MSEK Note 2013 2012
Operating activities
Income after financial items 979 2,003
Adjustments for items not affecting cash flow 46 1,224 1,082
Income tax paid -368 -574
Cash flow from operating activities before
changes in working capital 1,835 2,511
Cash flow from changes in working capital
Increase(–)/Decrease(+) in inventories -147 -199
Increase(–)/Decrease(+) in current receivables -1,370 707
Increase(+)/Decrease(–) in advance payments
from customers 287 -459
Increase(+)/Decrease(–) in other current liabilities -1,010 -1,701
Increase(+)/Decrease(–) in provisions -277 -509
Cash flow from operating activities -682 350
Investing activities
Investments in intangible fixed assets -44 -51
Capitalised development costs -24 -292
Investments in tangible fixed assets -543 -328
Investments in lease assets - -1
Sale of tangible fixed assets 46 10
Sale of lease assets 81 312
Sale of and investments in short-term investments 1,936 585
Sale of and investments in other financial assets -14 26
Investments in operations and associated
companies, net effect on liquidity 8, 46 -68 -568
Sale of subsidiaries and associated companies,
net effect on liquidity 46 - 174
Cash flow from investing activities 1,370 -133
Financing activities
Repayment of loans -1,100 -19
Raising of loans 1,071 -
Dividend paid to Parent Company’s shareholders -477 -474
Dividend paid to non-controlling interests -1 -
Cash flow from financing activities -507 -493
Cash flow for the year 46 181 -276
Liquid assets at beginning of year 1,616 1,918
Exchange rate difference in liquid assets -33 -26
Liquid assets at year-end 46 1,764 1,616
2012 is restated according to the changed accounting principles for pensions (IAS19)
CONSOLIDATED
STATEMENT OF CASH FLOWS
CAPITAL EXPENDITURES
Gross capital expenditures in property, plant and equipment,
amounted to MSEK 543 (328).
Investments in intangible assets amounted to MSEK 68 (343),
of which MSEK24(292) related to capitalised product devel-
opment and MSEK 44 (51) to other intangible assets.
CASH FLOW
Operating cash flow amounted to MSEK-1,480 (-396). The
lower level of operating cash flow in 2013 compared to 2012 is
mainly attributable to timing differences in milestone payments
and investments in Corporate, Dynamics and Support and
Services.
The operating cash flow was distributed between cash flow
from operating activities of MSEK -682 (350) and cash flow
from investing activities excluding change in short-term invest-
ments and other interest-bearing financial assets of
MSEK-798(-746), of which acquisitions and divestments
amounted to MSEK-68(-394).
A payment of MSEK314 related to a lost legal dispute regard-
ing the DACCIS command and control system was made,
which had a negative effect on cash flow from operating activi-
ties. The amount Saab has paid includes repayments of dam-
ages and payments received under the previous contract, as
well as interest and court costs.
Saab has an established programme to sell accounts receiv-
able to strengthen its financial position and increase financial
flexibility. As of 31 December 2013, net receivables of
MSEK555 were sold, compared to MSEK852 at 31 Decem-
ber 2012. Hence, it had a negative impact on operating cash
flow of MSEK297 in 2013.
During the year, an investment was made in the publicly traded
Indian company Pipavav, amounting to MSEK 247. The invest-
ment was reported as acquisition of other financial assets.
For more detailed information about the operating cash flow,
see Note 46.
FINANCIAL INFORMATION > FINANCIAL STATEMENTS
64 SAAB ANNUAL REPORT 2013