Saab 2015 Annual Report Download - page 101

FINANCIAL INFORMATION – FINANCIAL STATEMENTS
Note 31, cont.
In 2015, no Series B shares were repurchased on the market to secure Saab’s
Share Matching Plans and Performance Share Plans. During the year, 457,085
shares were matched in Saab’s Share Matching Plan. Transferred shares cor-
respond to 0.4 per cent of the share capital. A total of 3,193,279 shares are held in
treasury. Shares held in treasury have no voting rights.
The dividend to shareholders amounted to MSEK 501 (479), or SEK 4.75 (4.50)
per share.
Management of the Group’s capital
The Group’s capital under management consists of equity. The Group’s capital
management goal is to facilitate continued operating growth and to remain
prepared to capitalise on business opportunities. Saab’s equity/asset goal is at
least 30 per cent.
Net result of cash flow hedges
The net result of cash flow hedges comprises the effective share of the cumulative
net change in fair value of a cash flow hedging instrument attributable to hedge
transactions that have not yet taken place.
Translation reserve
The translation reserve comprises exchange rate differences that arise from the
translation of financial reports from operations that have prepared their reports in
a currency other than the currency of the Group’s financial reports. The Parent
Company and the Group present their financial reports in SEK. The translation
reserve at year-end amounts to MSEK153 (161). Of the translation reserve
MSEK 0 (18) has been reclassified to gains.
Revaluation reserve
The revaluation reserve comprises the difference between the fair value and carry-
ing amount of operating properties reclassified as investment properties. Of the
revaluation reserve, MSEK 0 (0) has been transferred to retained earnings upon the
sale of investment properties.
Reserve for available-for-sale financial assets
The reserve comprises changes in the value of available-for-sale financial assets
recognised directly against other comprehensive income. For more information,
see note 38. These revaluations amounted to MSEK 0 (27) in 2015. When the
assets are sold, the cumulative changes in value are reversed to profit or loss.
During 2015 a reversal of MSEK 27 (0) was conducted.
PARENT COMPANY
Restricted reserves
Restricted reserves may not be reduced through profit distributions.
Revaluation reserve
When a tangible or financial fixed asset is revaluated, the revaluation amount is
allocated to a revaluation reserve.
Statutory reserve
Provisions to the statutory reserve have previously amounted to at least 10 per
cent of net income for the year, until the statutory reserve corresponded to at least
20 per cent of the Parent Company’s capital stock. As of 2006 provisions are
voluntary and the Parent Company makes no provisions to the s tatutory reserve.
Unrestricted equity
Retained earnings
Retained earnings consist of previous year’s unrestricted equity after profit distribu-
tion and Group contributions paid. Retained earnings together with net income for
the year comprise unrestricted equity, i.e., the amount available for distribution to
the shareholders.
NOTE 32 INTEREST-BEARING LIABILITIES
Group
MSEK 31-12-2015 31-12-2014
Long-term liabilities
Liabilities to credit institutions 4,360 2,001
Other interest-bearing liabilities 512 104
Total 4,872 2,105
Current liabilities
Liabilities to credit institutions 402 -
Liabilities to associated companies and joint ventures 251 244
Other interest-bearing liabilities 200 20
Total 853 264
Total interest-bearing liabilities 5,725 2,369
Terms and repayment schedules
Collateral for bank loans amounts to MSEK 0 (0). Of the long-term liabilities,
MSEK3,798 (2,036) falls due between one and five years of the closing day and
MSEK 1,073 (69) later than five years of the closing day.
Liabilities to credit institutions mainly consist of Medium Term Notes (MTN). For
more information on financial risk management, see note 38.
The fair value of MTNs exceeds book value by MSEK 24 (37). Saab otherwise
considers that there is no significant difference between book and fair value.
NOTE 33 LIABILITIES TO CREDIT INSTITUTIONS
Parent company
MSEK 31-12-2015 31-12-2014
Current liabilities
Overdraft facilities: Available credit/limit 100 94
Short-term portion of bank loans: Unutilised portion -97 -94
Utilised credit amount 3 -
Short-term borrowing from credit institutions 399 -
Total 402 -
Long-term liabilities
Overdraft facilities: Available credit/limit 6,000 4,000
Long-term portion of bank loans: Unutilised portion -6,000 -4,000
Utilised credit amount - -
Long-term borrowing from credit institutions 4,360 2,000
Total 4,360 2,000
Total liabilities to credit institutions 4,762 2,000
In 2009, Saab established a Medium Term Note (MTN) programme with a limit of
MSEK 3,000 or an equivalent value in EUR. The limit was extended during 2015 to
MSEK 6,000. The MTN programme provides access to financing for up to
15years, which is an element in diversifying loan maturities.
During 2015, a MTN loans of MSEK 2,150 was issued.
SAAB ANNUAL REPORT 2015– 97