Scania Annual Report 2011

134
notes to the consolidated financial statements
NOTE 31 Financial instruments, continued
Scania Group, 2009, 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 19,265 19,265 19,575
Current interest-bearing receivables 12,557 12,557 12,580
Non-interest-bearing trade
receivables 6,062 6,062 6,062
Current investments and
Cash and cash equivalents 7,147 7,147 7,147
Other non-current receivables 1 848 426 1,274 1,274
Other current receivables 2 181 29 287 497 497
Total assets 1,029 – 45,486 – – 287 46,802 47,135
Non-current interest-bearing
liabilities 26,504 26,504 26,979
Current interest-bearing liabilities 19,928 19,928 19,966
Trade payables 5,358 5,358 5,358
Other non-current liabilities 3 503 200 703 703
Other current liabilities 4 791 81 872 872
Total liabilities 1,294 – – 51,790 – 281 53,365 53,878
1 Financial instruments included in the balance sheet under “Other long-term receivables”, SEK 1,496 m.
2 Financial instruments included in the balance sheet under “Other current receivables”, SEK 2,806 m.
3 Financial instruments included in the balance sheet under “Other non-current liabilities”, SEK 713 m.
4 Financial instruments included in the balance sheet under “Other current liabilities”, SEK 2,534 m.
Total
fair
value
HEDGE ACCOUNTING
Scania applies hedge accounting according to IAS 39 as follows:
– To a minor extent, Scania applies cash flow hedge accounting on
interest rate derivatives to transform variable interest rates on loans
to fixed rates.
– To a minor extent, cash flow hedge accounting is applied for currency
rate effects on loans that are related to operating lease assets.
For more detailed information on accounting of hedging instruments
and hedged items, see Note 1, “Accounting principles”.
NET GAINS/LOSSES ON FINANCIAL INSTRUMENTS
RECOGNISED IN THE INCOME STATEMENT
The table below shows the following items that are recognised in
the income statement:
– Gains and losses related to currency rate differences, including
gains and losses attributable to cash flow hedge accounting.
− Gains and losses related to financial instruments for which
hedge accounting is applied.
Net gains/losses 2011 2010 2009
Financial assets and liabilities held
for trading, carried at fair value –380 660 –2,354
Loan and trade receivables 1 24 –3,195 –1,345
Other financial liabilities 78 3,336 1,496
Total –278 801 –2,203
1 Also includes operating leases.
Gains and losses due to currency rate differences related to derivatives,
loan receivables and borrowings mainly arise in Scania’s treasury unit.
Most of the loan receivables that give rise to currency rate differences
comprise the treasury unit’s receivables from Group companies.
INTEREST INCOME AND EXPENSES ON FINANCIAL
INSTRUMENTS
The table below shows interest income and interest expenses for all of
Scania’s financial assets and financial liabilities:
2011 2010 2009
Interest income on financial assets 1, 2 2,832 2,253 2,535
Interest expenses on financial
liabilities 2, 3 –1,527 –1,663 –2,531
Total 1,305 590 4
1 SEK 179 m. (59 and –78, respectively) consists of interest income generated from
financial investments carried at fair value.
2 Also includes operating leases as well as other interest income and interest expenses
related to Financial Services that were recognised in the operating income.
3 SEK –71 m. (386 and 488, respectively) consists of interest expenses generated from
financial liabilities carried at fair value.
The reason why income diverges from recognised interest income in
net financial items is largely that Financial Services is included in the
table and that interest income and interest expenses attributable to
pensions are excluded.
financial reports Scania 2011