Investor Relations

Consolidated cash flow statement 2008

NOK million Notes 2008 2007
Operating activities 
Operating income 4 12,281 4,987
Adjustments to reconcile operating income to net cash
Provided by operating activities
Depreciation and amortization 4,9,11 2,095 1,487
Impairment loss and write downs 2,239 70
Tax paid (1,839) (967)
Dividend from equity accounted investees 12 1,223 830
Interest and bank charges received/(paid) (431) (243)
Gain/(loss) on sale of non-current assets 2 (554) (895)
Other 78 (118)
Working capital changes that provided/(used) cash
Receivables 482 (1,327)
Inventories (9,978) (1,925)
Prepaid expenses and other current assets 762 490
Payable (2,791) 1,843
Other interest-free liabilities 419 74
Net cash provided by operating activities 3,986 4,305
Investing activities
Purchases of property, plant and equipment 4,11 (3,276) (2,020)
Purchases of other long-term investments 2,3,4 (10,272) (5,941)
Proceeds from sales of property, plant and equipment 11 46 109
Proceeds from sales of other long-term investments 2 716 863
Net cash used in investing activities (12,786) (6,988)
Financing activities
Loan proceeds 42,628 27,357
Principal payments (31,569) (22,254)
Purchase of treasury shares 19 (423)
Redeemed shares Norwegian State 19  -  (402)
Dividend  19 (1,166) (739)
Net cash transfers (to)/from minority interest (35) (3)
Net cash used in financing activities 9,436 3,959
Foreign currency effects on cash flows 235 46
Net increase/(decrease) in cash and cash equivalents 870 1,322
Cash and cash equivalents at January 1 2,325 1,003
Cash and cash equivalents at December 31 18 3,195 2,325
Bank deposits not available for the use of other group companies 347 168
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