Investor Relations

Consolidated statement of cash flows 2013

NOK millions Notes 31 Dec 2013  31 Dec 2012 Restated1)
Operating activities  
Operating income 4 7,791 11,159
Adjustments to reconcile operating income to net cash provided by operating activities  
Depreciation, amortization and impairment loss 4,9,11 3,713 3,424 
Write-down and reversals,net 5 (102)
Tax paid2) (3,750)   (2,702)
Dividend from equity-accounted investees 12 1,876 986
Interest and bank charges received/(paid) (421) (433)
Gain/(loss) on sale and revaluation of non-current assets 2 20 (416)
Other (152) (467)
Working capital changes that provided/(used) cash  
Receivables 817 157
Inventories 2,529 310
Prepaid expenses and other current assets 904 450
Payable (1,145) 1,162
Other interest-free liabilities (12) (296)
Net cash provided by operating activities 12,174 13,233
Investing activities  
Purchases of property, plant and equipment 4,11 (4,425) (3,569)
Net cash outflow on acquisition of subsidiary 3 (4,319) (250)
Purchases of other long-term investments 2,3,4 (1,174) (445)
Net sales/(purchases) of short-term investments 18 (1) (1)
Proceeds from sales of property, plant and equipment 11 38 51
Net cash inflow on disposal of subsidiary 2
Proceeds from sales of other long-term investments 621 250
Net cash used in investing activities (9,259) (3,955)
Financing activities  
Loan proceeds 37 11,331
Principal payments (1,367) (13,123)
Purchase of treasury shares 19 (377) (954)
Redeemed shares Norwegian State 19 (533) (317)
Dividend 19 (3,647) (1,998)
Net cash transfers (to)/from non-controlling interests 2,21 (100) 11
Net cash used in financing activities (5,989) (5,050)
   
Foreign currency effects on cash flows (48) (154)
   
Net increase/(decrease) in cash and cash equivalents (3,122) 4,073
Cash and cash equivalents at 1 January 9,941 5,868
Cash and cash equivalents at 31 December 18 6,819 9,941
   
Bank deposits not available for the use of other group companies 18 338 286
     

1 ) See note 35 for more information (in the Financial report PDF).

2 ) Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar. The tax is paid by Qafco, but refunded by Yara. Tax paid to Qatar was for NOK 434 million in 2013 (NOK 238 million in 2012).  



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