Scania Annual Report 2011

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132 notes to the consolidated financial statements NOTE 31 Financial instruments Financial assets in the Scania Group mainly consist of financial leases and hire purchase receivables that have arisen in the Financial Service s segment due to financing of customers’ vehicle purchases. Other financia l assets of significance are trade receivables from independent dealerships and end customers in the Vehicles and Services segment plus short-term investments and cash and cash equivalents. Scania’s financial liabilities consist largely of loans, mainly taken out to fund Financia l Service s’ lending and leasing to customers and, to a lesser exten t, to fund capital employed in Vehicles and Services. Financial assets and liabilities give rise to various kinds of risks, which are largely managed by means of various derivative instruments. Scania uses derivative instruments, mainly for the purpose of: – Transforming corporate-level borrowings in a limited number of currencies to the currencies in which the financed assets are denominated. – Transforming the interest rate refixing period for borrowings in Financial Services as well as achieving the desired interest rate refixing period for other borrowings. – Converting future commercial payments to functional currency. – To a lesser extent, converting surplus liquidity in foreign currencies to SEK. For financial instruments that are carried at accrued cost, fair value disclosures are provided in the table below. The carrying amounts of interest-bearing assets and liabilities in the balance sheet may diverge from their fair value, among other things as a consequence of changes in market interest rates. To establish the fair value of financial assets and liabilities, official market quotations have been used for those asset s and liabilities that are traded in an active market. In those cases where assets and liabilities are not traded in an active market, fair value has been established by discounting future payment flows at current market interest rates and then converting to SEK at the current exchange rate. Fair value of financial instruments such as trade receivables, trade payables and other non-interest-bearing financial assets and liabilities that are recognised at accrued cost minus any impairment losses, is regarded as coinciding with the carrying amount. Impairment losses on assets occur only when there is reason to believe that the counterparty will not fulfill its contractual obligations, not as a consequence of changes in market interest rates. FAIR VALUE OF FINANCIAL INSTRUMENTS In Scania’s balance sheet, items carried at fair value are mainly derivatives and current investments. For derivatives for which hedge accounting is not applied and certain current investments, fair value adjustment is carried via the income statement. Derivatives attributable to cash flow hedging are carried at fair value via “Other comprehensive income”. Fair value is established according to various levels, defined in IFRS 7, that reflect the extent to which market values have been utilise d. Current investments and cash and cash equivalents are carrie d according to Level 1, i.e. quoted prices in active markets for identical assets, and amounted to SEK 1,192 m. (1,047, –). Other assets that are carried at fair value refer to derivatives. These assets are carrie d according to Level 2, which is based on data other than the quoted prices that are part of Level 1 and refer to directly or indirectly observable market data. These items are carried under other noncurrent assets, other current assets, other non-current liabilities and other current liabilities and amounted to SEK 545 m. (1,106, –259) net. financial reports Scania 2011
133 Scania Group, 2011, SEK m. Financial assets and financial liabilities carried at fair value via the income statement (“through profit and loss”) Held-tomaturity investments Loan receivables and trade receivables Other financial liabilities Net investment hedges Cash flow hedges Total carrying amount Non-current interest-bearing receivables 21,040 21,040 21,086 Current interest-bearing receivables 13,197 13,197 13,281 Non-interest-bearing trade receivables 6,219 6,219 6,219 Current investments and Cash and cash equivalents 1,192 10,604 11,796 11,796 Other non-current receivables 1 814 502 1,316 1,316 Other current receivables 2 623 11 634 634 Total assets 2,629 – 51,573 – – – 54,202 54,332 Non-current interest-bearing liabilities 19,011 19,011 19,045 Current interest-bearing liabilities 19,782 19,782 19,843 Trade payables 8,308 8,308 8,308 Other non-current liabilities 3 564 564 564 Other current liabilities 4 328 328 328 Total liabilities 892 – – 47,101 – – 47,993 48,088 Total fair value 1 Financial instruments included in the balance sheet under “Other long-term receivables”, SEK 1,529 m. 2 Financial instruments included in the balance sheet under “Other current receivables”, SEK 3,466 m. 3 Financial instruments included in the balance sheet under “Other non-current liabilities”, SEK 617 m. 4 Financial instruments included in the balance sheet under “Other current liabilities”, SEK 2,799 m. Scania Group, 2010, SEK m. Financial assets and financial liabilities carried at fair value via the income statement (“through profit and loss”) Held-tomaturity investments Loan receivables and trade receivables Other financial liabilities Net investment hedges Cash flow hedges Total carrying amount Non-current interest-bearing receivables 16,514 16,514 16,646 Current interest-bearing receivables 11,389 11,389 11,470 Non-interest-bearing trade receivables 6,115 6,115 6,115 Current investments and Cash and cash equivalents 1,047 8,821 9,868 9,868 Other non-current receivables 1 667 493 1,160 1,160 Other current receivables 2 1,232 15 1,247 1,247 Total assets 2,946 – 43,347 – – – 46,293 46,506 Non-current interest-bearing liabilities 21,973 21,973 22,202 Current interest-bearing liabilities 12,433 12,433 12,497 Trade payables 8,194 8,194 8,194 Other non-current liabilities 3 339 91 430 430 Other current liabilities 4 357 7 364 364 Total liabilities 696 – – 42,600 – 98 43,394 43,687 Total fair value 1 Financial instruments included in the balance sheet under “Other long-term receivables”, SEK 1,454 m. 2 Financial instruments included in the balance sheet under “Other current receivables”, SEK 3,827 m. 3 Financial instruments included in the balance sheet under “Other non-current liabilities”, SEK 439 m. 4 Financial instruments included in the balance sheet under “Other current liabilities”, SEK 2,154 m. financial reports Scania 2011
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ANNUAL REPORT 2011
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1 Operations 2-31 Statement of the
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SCANIA’S STRATEGY 3 Our solution
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The world of Scania Scania is a glo
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scania’s strategY 7 Scania’s st
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SCANIA’S STRATEGY 9 The change in
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SCANIA’S STRATEGY 11 The aluminiu
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SCANIA’S STRATEGY 13 Profitable b
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SCANIA’S STRATEGY 15 Component mo
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SCANIA’S STRATEGY 17 Methods for
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SCANIA’S STRATEGY 19 Scania is st
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market - TRUCKS 21 Effective overal
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23 assembles the bodies for the Sca
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100 years of innovation In 2011, Sc
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27 Productivity and energy efficien
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SCANIA’S STRATEGY 29 service tech
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SCANIA’S STRATEGY 31 Experience s
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34 MARKET Lastbilar nettoomsättnin
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36 production
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38 production Greater flexibility w
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40 RESEARCH AND DEVELOPMENT
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42 RESEARCH AND DEVELOPMENT Scania
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44 SCANIA’S SUSTAINABILITY WORK R
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46 SCANIA’S SUSTAINABILITY WORK K
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48 SCANIA’S SUSTAINABILITY WORK S
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50 SCANIA’S SUSTAINABILITY WORK S
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52 SCANIA’S SUSTAINABILITY WORK C
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54 SCANIA’S SUSTAINABILITY WORK M
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56 Scania share data Scania share d
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58 Annual General Meeting and Finan
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60 Risks and risk management servic
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62 Risks and risk management Produc
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64 CORPORATE GOVERNANCE REPORT owne
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66 CORPORATE GOVERNANCE REPORT The
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68 CORPORATE GOVERNANCE REPORT by t
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70 BOARD OF DIRECTORS Board of Dire
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72 EXECUTIVE BOARD AND CORPORATE UN
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financial reports Amounts in tables
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76 group financial review Group fin
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78 group financial review During 20
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80 consolidated income statements C
Page 84 and 85: 82 consolidated balance sheets Cons
Page 86 and 87: 84 Consolidated statement of change
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Page 140 and 141: 138 parent company financial statem
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Page 144 and 145: 142 proposed guidelines for salary
Page 146 and 147: 144 audit report Audit Report TRANS
Page 148 and 149: 146 quarterly data Quarterly data,
Page 150 and 151: 148 key financial ratios and figure
Page 152 and 153: 150 multi-year statistical review M
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Page 156: Scania AB (publ), SE-151 87 Södert
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Scania Annual Report 2011

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