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| INCOME STATEMENT | |||
| Amounts in NOK million | Note | 2011 | 2010 |
|---|---|---|---|
| Operating revenues | 2 | 1 | |
| Other operating revenues Group | 1 | 400 | 466 |
| Operating revenues | 402 | 467 | |
| Payroll expenses | 2 | (286) | (370) |
| Other operating expenses | 6 | (335) | (425) |
| Depreciation and amortisation | 8, 9 | (23) | (6) |
| Operating loss | (242) | (334) | |
| Income from investments in other companies | 424 | 511 | |
| Received Group contributions and dividends | 3,265 | 10,158 | |
| Other finance income | 116 | 1,520 | |
| Finance costs Group | (351) | (380) | |
| Other finance costs | 7 | (7,180) | (3,229) |
| Net foreign exchange gains and losses | (77) | 144 | |
| Gains, losses and write-downs in the Share Portfolio | 1,619 | 1,767 | |
| Profit before taxes | (2,426) | 10,157 | |
| Taxes | 11 | (624) | (233) |
| Profit after tax | (3,050) | 9,924 | |
| Proposed dividend (not provided for) | (2,550) | (2,555) |
| Comprehensive income | |||
| Profit before tax | (3,050) | 9,924 | |
| Change in unrealised gains on shares after tax | (3,117) | 947 | |
| Change in hedging reserve after tax | (229) | (51) | |
| Comprehensive income | (6,396) | 10,820 |
| CASH FLOW | ||
| Amounts in NOK million | 2011 | 2010 |
|---|---|---|
| Operating profit/loss | (242) | (334) |
| Depreciations and impairment charges | 23 | 6 |
| Changes in net working capital etc. | (270) | 251 |
| Dividends received | 424 | 511 |
| Financial items, net | 130 | (146) |
| Taxes paid | (8) | (150) |
| Cash flow from operating activities | 57 | 138 |
| Replacement expenditures | (5) | (17) |
| Sale of companies | 10,777 | 1,486 |
| Net change in investments in subsidiaries | (1,317) | (5,718) |
| Investments in foreign companies | - | (4,723) |
| Net purchase/sale Share Portfolio | 4,518 | 2,132 |
| Received Group contributions etc. | 9,314 | 5,017 |
| Cash flow from investing activities | 23,287 | (1,823) |
| Dividends paid | (7,414) | (2,294) |
| Net share buy-back | (109) | 138 |
| Net paid to shareholders | (7,523) | (2,156) |
| Change in other interest-bearing liabilities | (11,459) | 6,938 |
| Change in interest-bearing own receivables | (1,014) | (3,270) |
| Change in net interest-bearing liabilities | (12,473) | 3,668 |
| Cash flow from financing activities | (19,996) | 1,512 |
| Change in cash and cash equivalents | 3,348 | (173) |
| Cash and cash equivalents 1 January | (6) | 167 |
| Cash and cash equivalents 31 December | 3,342 | (6) |
| Change in cash and cash equivalents | 3,348 | (173) |
STATEMENT OF FINANCIAL POSITION
| Assets | |||
| Amounts in NOK million | Note | 2011 | 2010 |
|---|---|---|---|
| Intangible assets | 9 | 47 | 35 |
| Deferred tax/tax benefit | 11 | 64 | - |
| Property, plant and equipment | 8 | 144 | 174 |
| Investments in subsidiaries | 10 | 17,650 | 28,043 |
| Loans to Group companies | 21,622 | 23,908 | |
| Shares in other companies | 5 | 1,896 | 7,622 |
| Other financial assets | 632 | 496 | |
| Non-current assets | 42,055 | 60,278 | |
| Accounts receivable external | 458 | 24 | |
| Other receivables | - | 239 | |
| Loans to Group companies | 3,614 | 10,564 | |
| Share Portfolio investments See Note 24 Group | 5,455 | 11,620 | |
| Cash and cash equivalents | 3,342 | - | |
| Current assets | 12,869 | 22,447 | |
| Total assets | 54,924 | 82,725 | |
| Equity and liabilities | |||
| Amounts in NOK million | Note | 2011 | 2010 |
|---|---|---|---|
| Paid in equity | 1,997 | 1,999 | |
| Retained earnings | 25,373 | 39,439 | |
| Equity1 | 27,370 | 41,438 | |
| Deferred tax | 11 | - | 155 |
| Pension liabilities | 2 | 174 | 106 |
| Non-current liabilities Group | 573 | 530 | |
| Other non-current liabilities | 14,170 | 20,335 | |
| Non-current liabilities and provisions | 14,917 | 21,126 | |
| Tax payable | 659 | 29 | |
| Current liabilities to Group companies | 11,106 | 19,113 | |
| Accounts payable | 39 | 18 | |
| Other current liabilities | 833 | 995 | |
| Overdraft | - | 6 | |
| Current liabilities | 12,637 | 20,161 | |
| Equity and liabilities | 54,924 | 82,725 |
1 The change in equity is presented in the Group’s statement of changes in equity on page 36.