Annual Report 2011

Consolidated statement of cash flows for the year ended
31 December

(NOK million)Note20112010
CASH FLOW FROM OPERATING ACTIVITIES
Profit (loss) before taxes   1,331 3,399
Gain from remeasurement of previously held equity interest in business combination achieved in stages   - (1,518)
Share of profit of associated companies 13 (39) (36)
Dividends received from associated companies 13 25 13
Taxes paid   (346) (111)
Sales losses / (gains) non-current assets   (63) (581)
Amortisation and impairment losses intangible assets 11 396 346
Depreciation and impairment losses property, plant and equipment 12 300 352
Impairment losses financial instruments 29 - 8
Change in working capital   12 69
Net cash flow from operating activities   1,616 1,941
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of intangible assets and property, plant and equipment 11,12 (354) (427)
Acquisition of subsidiaries and joint ventures, net of cash acquired 33 (108) (1,614)
Proceeds from sale of intangible assets and property, plant and equipment   42 12
Proceeds from sale of subsidiaries and joint ventures, net of cash sold 33 (1) 1,194
Investments in / sale of other shares   92 109
Other investments / sales   (1) 2
Net cash flow from investing activities   (330) (724)
Net cash flow before financing activities   1,286 1,217
CASH FLOW FROM FINANCING ACTIVITIES
New interest-bearing loans and borrowings   802 4,873
Repayment of interest-bearing loans and borrowings   (841) (6,152)
Payment due to increase in ownership interests in subsidiaries   (596) (255)
Capital increase   21 1
Purchase / sale of treasury shares   (159) 70
Dividends paid to owners of the parent 20 (324) (155)
Dividends paid to non-controlling interests   (61) (201)
Net cash flow from financing activities   (1,158) (1,819)
Effects of exchange rate changes on cash and cash equivalents   - (3)
Net increase / (decrease) in cash and cash equivalents   128 (605)
Cash and cash equivalents as at 1.1   650 1,255
Cash and cash equivalents as at 31.12 18 778 650

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