Saab 2014 Annual Report Download - page 73
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FINANCIAL INFORMATION – FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Opening balance
MSEK Note 31-12-2014 31-12-2013 2013
ASSETS
Intangible fixed assets 16 6,351 6,340 6,849
Tangible fixed assets 17 3,702 3,239 3,162
Lease assets 18 - 197 304
Biological assets 19 289 296 306
Investment properties 20 33 31 33
Shares in associated companies and joint ventures 21 397 367 759
Financial investments 25 292 295 193
Long-term receivables 27 152 122 136
Deferred tax assets 15 656 239 213
Total fixed assets 11,872 11,126 11,955
Inventories 28 5,819 4,563 4,420
Derivatives 41 469 396 514
Tax assets 60 62 39
Accounts receivable 29 3,414 3,295 3,449
Other receivables 27 4,255 3,727 2,228
Prepaid expenses and accrued income 30 1,113 854 867
Short-term investments 25 1,270 2,002 3,963
Liquid assets 31 1,284 1,764 1,616
Total current assets 17,684 16,663 17,096
Assets held for sale 32 - - -
TOTAL ASSETS 29,556 27,789 29,051
2013 has been restated according to the changed accounting principles for joint arrangements (IFRS 11).
See note 22 for more information.
STATEMENT OF FINANCIAL
POSITION
At the end of December 2014, the net
liquidity amounted to MSEK -2,113; a
decrease of MSEK -2,926 during 2014
compared to the year-end liquidity for
2013.
Cash flow from operating activities
amounted to MSEK -713. Provisions
for pensions, excluding special employ-
ers’ contribution, as of 31 December
2014 amounted to MSEK 2,528, com-
pared to MSEK 1,389 at year-end
2013, and had a negative impact of
MSEK 1,139 on net liquidity. The
increase in provisions was mainly due
to the decrease in the discount rate
used in the valuation of pension obliga-
tions from 4.00 per cent to 2.50 per
cent during the period. This was partly
mitigated by a strong return on plan
assets and by the amendment of the
inflation assumption for calculating the
pension obligation from 2.00 per cent
to 1.50 per cent. For more information
about Saab’s defined benefit plans, see
note 37.
During 2014, net liquidity was negati-
vely impacted by net investments
amounting to approximately MSEK381,
by dividend to shareholders of
MSEK 479 and repurchase of own
shares of MSEK 252.
Currency exchange rate differences
in liquid assets and unrealised results
from financial investments had a posi-
tive impact on net liquidity of MSEK 43.
Dividend to non-controlling interest
amounted to MSEK 5.
In 2009, Saab changed its view on
the application of accounting principles
for development costs. As a result of
this more conservative view, develop-
ment costs are capitalised at a later
stage in all projects and all capitalised
development costs are amortised over
a maximum period of ten years. Capita-
lised development costs have been
reduced from MSEK 3,628 at the end
of 2008 to MSEK 952 at the end of
2014.
Inventories increased during 2014
due to larger projects. Inventories are
recognised after deducting utilised
advances.
SAAB ANNUAL REPORT 2014 – 69