Net cash flows from operating activities in 2011 were NOK 1,616 million compared to NOK 1,941 million in 2010. Higher paid taxes and change in working capital are the main reasons for the reduction.
The net cash flows from investing activities amounted to NOK -330 million (NOK -724 million). The Group has invested NOK 354 million (NOK 427 million) in non-current assets and intangible assets.
The net cash flows from financing activities were NOK -1,158 million in 2011 (NOK -1,819 million). Payment due to increase in ownership interests in subsidiaries amounts to NOK 596 million of which Media Norge accounted for NOK 561 million.
Negative cash flows from financing activities in 2010 were attributed to the down payment of interest-bearing liabilities (NOK 1,279 million), payment of dividends and payments related to the increase in shareholding in subsidiaries.