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FINANCIAL INFORMATION – FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS
MSEK Note 2015 2014
Operating activities
Income after financial items 1,731 1,523
Adjustments for items not affecting cash flow 43 688 723
Dividend from associated companies and joint ventures 25 2
Income tax paid -266 -394
Cash flow from operating activities before
changes in working capital 2,178 1,854
Cash flow from changes in working capital
Increase (–)/Decrease( +) in inventories 349 -856
Increase (–)/Decrease (+) in current receivables -3,573 -282
Increase (+)/Decrease (–) in advance payments from customers 284 21
Increase (+)/Decrease (–) in other current liabilities 1,426 -914
Increase (+)/Decrease (-) in provisions -306 -536
Cash flow from operating activities 358 -713
Investing activities
Investments in intangible fixed assets -70 -68
Capitalised development costs -524 -171
Investments in tangible fixed assets -799 -732
Sale of tangible fixed assets 7 15
Sale of lease assets - 105
Sale of and investments in short-term investments -1,722 720
Investments in other financial assets -354 -
Sale of other financial assets 222 40
Investments in operations and associated
companies, net effect on liquidity 3, 43 -235 152
Sale of subsidiaries and associated companies,
net effect on liquidity 43 316 299
Cash flow from investing activities -3,159 360
Financing activities
Repayment of loans -1,865 -468
Raising of loans 4,758 1,000
Repurchase of shares - -252
Dividend paid to Parent Company’s shareholders -501 -479
Dividend paid to non-controlling interests -10 -5
Cash flow from financing activities 2,382 -204
CASH FLOW FOR THE YEAR 43 -419 -557
Liquid assets at beginning of year 1,284 1,764
Exchange rate difference in liquid assets -15 77
Liquid assets at year-end 43 850 1,284
CAPITAL EXPENDITURES
The cash flow effect of capital expen-
ditures in tangible fixed assets amounted
to MSEK 799 (732).
Investments in intangible fixed
assets amounted to MSEK 594 (239),
of which MSEK 524 (171) was related
to capitalised development costs
and MSEK 70 (68) to other intangible
fixed assets.
CASH FLOW
Cash flow from operating activities
excluding taxes and other financial
items amounted to MSEK 886 (-346),
see note 43.
Saab has an established pro-
gramme to sell trade receivables to
strengthen its financial position and
increase financial flexibility. As of
31December 2015, net receivables of
MSEK 1,299 were sold, compared to
MSEK 1,071 as of 31 December 2014.
This had a positive impact on cash
flow from operating activities amoun-
ting to MSEK 228 during 2015.
The operational cash flow amounted
to MSEK -500 (-1,197). It is defined as
cash flow from operating activities,
excluding taxes and other financial
items, and acquisitions and divest-
ments of intangible fixed assets,
tangible fixed assets and lease assets.
The improved operational cash flow in
2015, compared to 2014, is mainly att-
ributable to milestone payments in
Saab Kockums and the Gripen pro-
grammes. Free cash flow amounted to
MSEK -726 (-1,094). For more detailed
information about the cash flow, see
note 43.
66 – SAAB ANNUAL REPORT 2015