The Statement of Financial Position presents the Group’s total assets and shows how they have been financed, broken down into equity and liabilities. All internal matters between companies in the Group have been eliminated.
All internal matters between companies in the Group have been eliminated. According to the system of classification applied to the statement of financial position, current assets and liabilities belong to a normal operating cycle, are cash and cash equivalents or have a useful life/repayment time of less than one year. Other assets and liabilities are classified as non-current. IFRS are statement of financial position oriented and only items that satisfy the criteria for definition as assets and liabilities may be recognised in the statement of financial position. Equity is a residual. The various standards determine how the items are to be treated. The valuation of the statement of financial position items (examples in brackets) is therefore a combination of fair value (Share Portfolio), amortised cost (trade receivables), cost (inventories), cost minus depreciation (property, plant and equipment) and recoverable amount (certain written down property, plant and equipment and certain intangible assets and goodwill). The statement of financial position items are explained in the notes to the financial statements.
| Amounts in NOK million | Note | 2011 | 2010 |
|---|---|---|---|
| ASSETS | |||
| Property, plant and equipment | 20 | 18,058 | 17,730 |
| Intangible assets | 18, 19 | 12,460 | 12,337 |
| Deferred tax assets | 16 | 341 | 623 |
| Investments in associates | 8 | 4,723 | 9,990 |
| Other assets | 27 | 959 | 995 |
| Non-current assets | 36,541 | 41,675 | |
| Assets held for sale/discontinued operations | 39 | 391 | 13,891 |
| Inventories | 21 | 8,047 | 7,102 |
| Receivables | 25 | 10,462 | 10,380 |
| Share Portfolio etc. | 24 | 5,502 | 11,674 |
| Cash and cash equivalents | 26 | 5,453 | 2,819 |
| Current assets | 29,855 | 45,866 | |
| Total assets | 66,396 | 87,541 | |
| EQUITY AND LIABILITIES | |||
| Paid-in equity | 34 | 1,997 | 1,999 |
| Retained earnings | 32,109 | 44,567 | |
| Non-controlling interests | 35 | 280 | 365 |
| Equity | 34,386 | 46,931 | |
| Deferred tax | 16 | 1,251 | 1,874 |
| Provisions and other liabilities | 22 | 1,914 | 2,207 |
| Interest-bearing liabilities | 29 | 15,488 | 21,820 |
| Non-current liabilities | 18,653 | 25,901 | |
| Liabilities held for sale/discontinued operations | 39 | 177 | 2,544 |
| Interest-bearing liabilities | 29 | 1,472 | 1,380 |
| Income tax payable | 16 | 848 | 255 |
| Other liabilities | 28 | 10,860 | 10,530 |
| Current liabilities | 13,357 | 14,709 | |
| Equity and liabilities | 66,396 | 87,541 |
Oslo, 8 February 2012
The Board of Directors of Orkla ASA
