The Income Statement presents revenues and expenses for the companies consolidated in the Group and measures the results for the accounting period in accordance with current IFRS standards, including realised hedges. All internal matters have been eliminated.
The income statement distinguishes between what is deemed to be the Group’s operations and what is deemed to be of a more financial nature. Special matters under operating activities are presented on a separate line as “Other income and expenses” because they only to a limited degree serve as reliable indicators of the Group’s current earnings. The result of investments in associates is presented on a single line separate from operating activities. Results reported for the Share Portfolio chiefly consist of items that have been sold or written down, while ongoing changes in the value of the Share Portfolio are presented in the statement of comprehensive income. Finance income and finance costs reflect the way the Group is financed and, to some extent, its foreign exchange position, and may include non-recurring items in the form of gains and losses on financial engagements handled outside the Share Portfolio. The notes explain the content of the various accounting lines.
Earnings per share are calculated on the basis of the parent’s share of profit/loss for the year.
The Statement of Comprehensive Income is presented as a separate table in connection with the income statement. The table shows the result of all income and expenses that are not included in the “profit/loss for the year” and that are not transactions with owners. This applies to changes in the value of or reversals related to the sale of items in the Share Portfolio (unrealised gains), changes in the value of or reversals related to the sale of hedging instruments (hedging reserve) and exchange differences in connection with the translation of the financial statements of foreign subsidiaries and associated companies.
INCOME STATEMENT
| Amounts in NOK million | Note | 2011 | 2010 | 2009 |
|---|---|---|---|---|
| Sales revenues | 9 | 60,345 | 56,051 | 48,851 |
| Other operating revenues | 9 | 664 | 1,287 | 1,382 |
| Operating revenues | 61,009 | 57,338 | 50,233 | |
| Cost of materials | 9 | (32,604) | (29,161) | (23,851) |
| Payroll expenses | 11, 12 | (10,668) | (10,589) | (9,926) |
| Other operating expenses | 13 | (11,835) | (11,832) | (11,601) |
| Depreciation and write-down property, plant and equipment | 13 | (1,861) | (1,812) | (1,826) |
| Amortisation intangible assets | 19 | (55) | (52) | (213) |
| Other income and expenses | 14 | (1,041) | 330 | 2,871 |
| Operating profit | 2,945 | 4,222 | 5,687 | |
| Profit/loss from associates | 8 | (5,505) | (6,169) | (3,919) |
| Dividends received | 24 | 440 | 522 | 252 |
| Gains, losses and write-downs in the Share Portfolio | 24 | 1,643 | 1,772 | 584 |
| Finance income | 15 | 273 | 224 | 196 |
| Finance costs | 15 | (719) | (551) | (945) |
| Profit/loss before taxes | (923) | 20 | 1,855 | |
| Taxes | 16 | (1,018) | (844) | 276 |
| Profit/loss after taxes from continuing operations | (1,941) | (824) | 2,131 | |
| Gains/profit/loss discontinued operations | 39 | 1,213 | (40) | 429 |
| Profit/loss for the year | (728) | (864) | 2,560 | |
| Profit/loss attributable to non-controlling interests | 35 | 48 | 53 | (31) |
| Profit/loss attributable to owners of the parent | (776) | (917) | 2,591 | |
| EBITA (adjusted)1 | 4,041 | 3,944 | 3,029 | |
| EBITDA (adjusted)2 | 5,902 | 5,756 | 4,855 |
1 Operating profit before amortisation and other income and expenses.
2 Operating profit before depreciation, amortisation and other income and expenses.
EARNINGS PER SHARE
| Earnings per share (NOK)3 | 17 | (0.8) | (0.9) | 2.5 |
| Earnings per share diluted (NOK)3 | 17 | (0.8) | (0.9) | 2.5 |
3 Calculated on the basis of profit for the year after non-controlling interests incl. discontinued operations.
STATEMENT OF COMPREHENSIVE INCOME
| Profit/loss for the year | (728) | (864) | 2,560 | |
| Change in unrealised gains on shares after tax | 24 | (3,143) | 950 | 2,511 |
| Change in hedging reserve after tax | 32 | (770) | 359 | 591 |
| Items charged to equity in associates | 8 | 104 | (55) | (457) |
| Translation effects | (213) | (250) | (2,220) | |
| Comprehensive income | (4,750) | 140 | 2,985 | |
| Comprehensive income attributable to non-controlling interests | 48 | 51 | (310) | |
| Comprehensive income attributable to owners of the parent | (4,798) | 89 | 3,295 | |
| Change in hedging reserve and translation effects from discontinued operations | (342) | 124 | 65 |