Investor Relations

Consolidated statement of cash flows 2011

NOK millions Notes  2011 2010
Operating activities  
Operating income 4  13,240 7,467
Adjustments to reconcile operating income to net cash provided by operating activities  
Depreciation, amortization and impairment loss 4,9,11   2,677 2,440
Write-down  139 (193)
Tax paid   (1,827) (727)
Dividend from equity-accounted investees 12 1,480 827
Interest and bank charges received/(paid) (491) (615)
Gain/(loss) on sale and revaluation of non-current assets 2 (2,531) (567)
Other (279) (304)
Working capital changes that provided/(used) cash  
Receivables (1,738) (631)
Inventories (3,170) (1,621)
Prepaid expenses and other current assets 239 879
Payables (82) 547
Other interest-free liabilities (292) (407)
Net cash provided by operating activities 7,363 7,093
Investing activities  
Purchases of property, plant and equipment 4,11 (2,899) (3,090)
Net cash outflow on acquisition of subsidiary 3 (217) (560)
Purchases of other long-term investments 2,3,4 (85) (147)
Net sales/(purchases) of short-term investments 18 801 (800)
Proceeds from sales of property, plant and equipment 11 34 84
Net cash inflow on disposal of subsidiary 2 44
Proceeds from sales of other long-term investments 2 2,797 4,993
Net cash provided by investing activities 431 524
Financing activities  
Loan proceeds 8,769 15,835
Principal payments (11,141) (20,178)
Purchase of treasury shares 19 (647) (115)
Redeemed shares Norwegian State 19 (116)
Dividend 19 (1,584) (1,300)
Net cash transfers (to)/from non-controlling interests 2,21 (113) (67)
Net cash used in financing activities (4,833) (5,825)
   
Foreign currency effects on cash (40) 180
   
Net increase/(decrease) in cash and cash equivalents 2,922 1,972
Cash and cash equivalents at 1 January 2,946 974
Cash and cash equivalents at 31 December 18 5,868 2,946
   
Bank deposits not available for the use of other group companies 18 311 196
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