Investor Relations

Consolidated statement of cash flows 2014

NOK millions Notes 31 Dec 2014  31 Dec 2013 Restated1)
Operating activities

 
Operating income
10,305
8,074




Adjustments to reconcile operating income to net cash provided by operating activities

 
Depreciation, amortization and impairment loss 7
4,678
3,743
Write-down

53 5
Tax paid2)
(2,378) (3,881)
Dividend from equity-accounted investees 13 1,322 1,862
Interest and bank charges received/(paid)
(384) (420)
Gain/(loss) on sale and revaluation of non-current assets
157
22
Other
(113) (159)




Working capital changes that provided/(used) cash

 
Receivables
(218)
806
Inventories
(2,439) 2,506
Prepaid expenses and other current assets
(662)
919
Payable
(1,170) (1,126)
Other interest-free liabilities
(544) (49)
Net cash provided by operating activities
8,607
12,300




Investing activities

 
Purchases of property, plant and equipment
(7,020) (5,420)
Net cash outflow on acquisition of subsidiary 4
(2,280) (4,319)
Purchases of other long-term investments
(524) (434)
Net sales/(purchases) of short-term investments
-
(1)
Proceeds from sales of property, plant and equipment
26
38
Net cash inflow on disposal of subsidiary
-
2
Proceeds from sales of other long-term investments 3
98
621
Net cash used in investing activities
(9,700) (9,514)




Financing activities

 
Loan proceeds
5,165
82
Principal payments
(4,503) (1,367)
Purchase of treasury shares
(230) (377)
Redeemed shares Norwegian State
(211) (533)
Dividend
(2,771) (3,647)
Net cash transfers (to)/from non-controlling interests 22
163
(100)
Net cash used in financing activities
(2,387) (5,944)
 

 
Foreign currency effects on cash flows
246
(33)
 

 
Net increase/(decrease) in cash and cash equivalents
(3,233) (3,191)
Cash and cash equivalents at 1 January
6,824
10,015
Cash and cash equivalents at 31 December 20
3,591
6,824
 

 
Bank deposits not available for the use of other group companies 20, 22
463
383
     

1 ) See note 36 for more information

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 349 million in 2014 (NOK 434 million in 2013).  



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