| NOK million |
2005 |
2004 |
2003 |
| |
|
|
|
| Cash Flow from Operations |
|
|
|
| Payments of operating expenses |
(58) |
(55) |
(19) |
| Received payments of dividend |
157 |
69 |
140 |
| Interest received |
10 |
17 |
18 |
| Interest paid |
(42) |
(39) |
(41) |
| Net Cash Flow from Operations 1) |
67 |
(8) |
98 |
| |
|
|
|
| Cash Flow from Investments |
|
|
|
| Payments of purchase of shares and holdings in other companies |
(23) |
(1) |
(40) |
| Received payments from sale of shares and holdings in other companies |
37 |
2 |
177 |
| Received payment related to long term debt |
10 |
3 |
3 |
| Net Cash Flow from Investments |
24 |
4 |
140 |
| |
|
|
|
| Cash Flow from Financing |
|
|
|
| Received payments from raising new long-term debt |
487 |
266 |
0 |
| Repayment of principal of long-term debt |
(156) |
(350) |
(76) |
| Payment of purchase of convertible bonds and treasury shares |
(25) |
(68) |
0 |
| Payment of principal of loans to subsidiaries and associates |
(62) |
(17) |
(13) |
| Received payments of principal of loans to subsidiaries |
170 |
93 |
2 |
| Payments of dividend |
(116) |
(40) |
(109) |
| Net Cash Flow from Financing |
298 |
(116) |
(196) |
| Effect of changes in exchange rate on cash and cash equivalents |
28 |
(28) |
(10) |
| Net change in cash and cash equivalents |
417 |
(148) |
32 |
| Cash and cash equivalents 1 January |
34 |
182 |
150 |
| Cash and cash equivalents 31 December |
451 |
34 |
182 |
| |
|
|
|
| 1) Reconciliation |
|
|
|
| Result before taxes |
94 |
(106) |
128 |
| Ordinary depreciation |
0 |
1 |
1 |
| Write-down of long-term shares and receivables |
1 |
50 |
92 |
| Losses/(Gains) from sale of shares in subsidiaries |
4 |
40 |
(157) |
| Losses/(Gains) from sale of shares |
(13) |
0 |
0 |
| Changes in market value of financial current assets |
(7) |
(25) |
(1) |
| Change in other debtors |
(14) |
(10) |
(5) |
| Change in short-term liabilities |
2 |
(10) |
2 |
| Effect of changes in exchange rate |
0 |
52 |
38 |
| Net Cash Flow from Operations |
67 |
(8) |
98 |