Saab 2014 Annual Report Download - page 126

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FINANCIAL INFORMATION – NOTES
NOTE 42 ASSETS PLEDGED AND
CONTINGENT LIABILITIES
Group Parent Company
MSEK 31-12-2014 31-12-2013 31-12-2014 31-12-2013
Assets pledged for
own liabilities and
provisions
Bonds and other securities - 10 - 10
Other assets 1 29 - -
Total 1 39 - 10
Contingent liabilities
Guarantees to insurance
company,
PRI Pensionsgaranti 102 95 102 95
Guarantees for Group
companies’ commit-
ments to customers - - 4,398 3,825
Sureties for joint ventures 7 6 - -
Sureties for associated
companies 6 6 51 72
Total 115 107 4,551 3,992
In the ordinary course of business, Saab is occasionally involved in disputes and legal
proceedings arising as a result of the company’s operations worldwide. These dispu-
tes and legal proceedings are not expected, either individually or collectively, to have
any significant negative effect on Saab’s financial result or position.
Saab currently has a legal dispute concerning interpretation of an agreement,
where a negative outcome is not probable and consequently no provision has been
recognised. Should however, against expectations, the dispute result in a negative
outcome for Saab, it cannot be ruled out that the financial effect would not be non-
material.
The table below shows the total sum of guarantees that do not represent contin-
gent liabilities and a distribution by category and issuer.
MSEK 31-12-2014
per cent
of total 31-12-2013
per cent
of total
Parent Company
guarantees 1,425 16 1,562 22
Bank guarantees 7,302 84 5,437 78
Total guarantees 8,727 100 6,999 100
Bank guarantees:
On demand 6,544 90 4,769 88
Proprietary 758 10 668 12
Total bank guarantees 7,302 100 5,437 100
Type of guarantee:
Advances 4,872 56 3,298 47
Completion 3,538 40 3,079 44
Tenders, credits and other 317 4 622 9
Total guarantees 8,727 100 6,999 100
With regard to the Group’s so-called fulfilment guarantees for commitments to
customers, the likelihood of an outflow 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
The Group’s financial agreements conform to market principles. In 2014 Saab sig-
ned an agreement about the sale of Saab Grintek Technologies Ltd. The transac-
tion involves related parties. Saab has not had any significant transactions with
Investor, Board members or members of Group Management. For information on
remuneration, see note 37.
Of the Parent Company’s sales, 5 per cent referred to sales to Group companies,
while 15 per cent of the Parent Company’s purchases were from Group companies.
Sales to and purchases from the Group’s associated companies and joint ventures
amounted to approximately MSEK 121 (52) and MSEK 149 (132), respectively. For
information on receivables from and liabilities to associated companies and joint
ventures, see notes 27 and 39.
NOTE 44 GROUP COMPANIES
Significant Group company holdings
Group company
Group company’s
registered office, country
Ownership share,
per cent
2014 2013
Combitech AB Växjö, Sweden 100 100
Combitech Oy Finland 100 100
HITT N.V. The Netherlands 100 100
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 Kockums AB Malmö, Sweden 100 -
Saab Seaeye Ltd UK 100 100
Saab Sensis Corporation USA 100 100
Total ownership of non-controlling interests amounts to MSEK 82 (91), mainly
attributable to Saab Grintek Defence (Pty) Ltd. No non-controlling interests are
considered material.
Parent Company
MSEK 2014 2013
Accumulated acquisition value
Opening balance, 1 January 17,266 17,208
New issues/shareholders’ contributions 31 26
Acquisitions 320 32
Sales and liquidations -57 -
Reclassifications - -
Closing balance, 31 December 17,560 17,266
Accumulated write-downs
Opening balance, 1 January -10,795 -10,726
Write-downs for the year -1 -69
Closing balance, 31 December -10,796 -10,795
Carrying amount, 31 December 6,764 6,471
Write-down reversals and write-downs for the year are reported in the income
statement on the line “Result from shares in Group companies”.
122 – SAAB ANNUAL REPORT 2014