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FINANCIAL INFORMATION – FINANCIAL STATEMENTS
NOTE 28 ACCOUNTS RECEIVABLE
ACCOUNTING PRINCIPLES
Accounts receivable are recognised initially at fair value and subsequently at
amortised cost at the amount expected to be received based on an individual
valuation. Accounts receivable have a short maturity, due to which they are nor-
mally recognised at their nominal amount without discounting. Write-downs on
accounts receivable are recognised in operating expenses. Saab has trade recei-
vable sales programme with an independent party. When a receivable is sold, the
entire credit risk is transferred to the counterparty, because of which the pro-
ceeds received are recognised as liquid assets.
The Group’s outstanding accounts receivable amounted to MSEK 2,913 (3,414) as
of 31 December 2015. The programme for the sale of trade receivables reduced
accounts receivable at year-end by 1,299 (1,071), which also had a positive impact
on cash flow of MSEK 228 (516). Defence-related sales accounted for 82 per cent
(79) of total sales, where the counterparties in most accounts receivable are
nations with high creditworthiness. The Group’s receivables are mainly within the
EU, which accounted for 49 per cent (58) of the total. Where counterparties’ credit-
worthiness is deemed unsatisfactory, bank or insurance guarantees or guarantees
from EKN are secured.
Write-downs of accounts receivable amounted to MSEK 12 (15) as of 31
Dec ember 2015, corresponding to 0.4 per cent (0.4) of total accounts receivable.
Accounts receivable in the Parent Company amounted to MSEK 1,252 (1,826).
During the year, receivables were written down by MSEK 1 (2). Reversals of
previous write-downs amounted to MSEK 1 (7).
Write-downs of accounts receivable
Group
MSEK 2015 2014
Write-downs, 1 January -15 -19
Write-downs from acquisitions - -6
Write-downs for calculated losses -36 -6
Reversal of previous write-downs 21 13
Actual credit losses 17 3
Translation differences 1 -
Write-downs, 31 December -12 -15
Age analysis of the Group’s overdue receivables
Group
MSEK 31-12-2015 31-12-2014
<30 days 283 460
30 to 90 days 153 215
91 to 180 days 74 81
>181 days 340 356
Accounts receivable overdue 850 1,112
Accounts receivable not overdue 2,063 2,302
Total accounts receivable 2,913 3,414
NOTE 29 PREPAID EXPENSES AND
ACCRUED INCOME
Group Parent Company
MSEK 31-12-2015 31-12-2014 31-12-2015 31-12-2014
Prepaid expenses 411 608 353 389
Capitalised changes in
value related to forward
contract rollovers - - 400 110
Accrued service income 227 170 - 2
Other accrued income 324 335 47 293
Total 962 1,113 800 794
Prepaid expenses primarily relate to pension premiums, rents, licenses and
insurance.
NOTE 30 LIQUID ASSETS
ACCOUNTING PRINCIPLES
Liquid assets consist of cash and cash equivalents, immediately accessible
balances with banks and similar institutions, and short-term liquid investments
with a maturity from acquisition date of less than three months, which are expo-
sed to no more than an insignificant risk of fluctuation in value.
Group
MSEK 31-12-2015 31-12-2014
Cash and bank balances 850 1,284
Total according to statement of financial position 850 1,284
Total according to statement of cash flows 850 1,284
The Group’s unutilised account overdraft facility amounted to MSEK 97 (94) at
year-end. With regard to the Group’s other loan facilities, refer to notes 33 and 38.
NOTE 31 SHAREHOLDERS’ EQUITY
The shares in the Parent Company are divided into two series, A and B. Both
classes of shares carry equal rights, with the exception that each Series A share is
entitled to ten votes and each Series B share one vote. The shares have a quota
value of SEK 16.
Outstanding shares at
31 December 2015
Number of
shares
Number of
shares, %
Number of
votes, %
Series A shares 1,907,123 1.8 15.5
Series B shares 104,049,942 98.2 84.5
Total 105,957,065 100.0 100.0
Outstanding shares at
31 December 2014
Number of
shares
Number of
shares, %
Number of
votes, %
Series A shares 1,907,123 1.8 15.5
Series B shares 103,592,857 98.2 84.5
Total 105,499,980 100.0 100.0
Change in number of
outstanding shares 2015 Series A Series B Total
Number of outstanding shares at
1 January 1,907,123 103,592,857 105,499,980
Early share matching 34,392 34,392
Ordinary share matching 422,693 422,693
Number of outstanding
shares at 31 December 1,907,123 104,049,942 105,957,065
96 – SAAB ANNUAL REPORT 2015