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Consolidated statements of Changes in Equity
for the years ended 31 december 2004 and 2005 – Telenor Group
| Attributable to equity holders of Telenor ASA | |||||||||
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| NOK in millions | 1) Total paid capital |
1) Other reserves |
Retained earnings |
1) Cumulative translation differences |
Total | Minority interest |
Total equity |
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| Balance as of 1 January 2004 – Restated according to IFRS *) | 29 311 | (732) | 9 084 | - | 37 663 | 3 420 | 41 083 | ||
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| Translation differences | - | - | - | (321) | (321) | (419) | (740) | ||
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| Business combinations and increased ownership | |||||||||
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| interests in subsidiaries | - | 871 | - | - | 871 | - | 871 | ||
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| Equity adjustments in associated companies | - | 62 | - | - | 62 | - | 62 | ||
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| Tax on items taken directly to or transferred from equity | - | (253) | - | (284) | (537) | - | (537) | ||
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| Net income (loss) recognized directly in equity | - | 680 | - | (605) | 75 | (419) | (344) | ||
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| Profit for the year 2004 | - | - | 6 093 | - | 6 093 | 1 320 | 7 413 | ||
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| Total recognized income and expense for the period | - | 680 | 6 093 | (605) | 6 168 | 901 | 7 069 | ||
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| Dividends | - | - | (1 764) | - | (1 764) | (373) | (2 137) | ||
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| Share buy back | (2 020) | - | - | - | (2 020) | - | (2 020) | ||
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| Sale of shares, share issue, and share options to employees | 59 | 16 | - | - | 75 | 3 | 78 | ||
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| Transactions with minorities in subsidiaries | - | - | - | - | - | (5) | (5) | ||
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| Balance as of 31 December 2004 | 27 350 | (36) | 13 413 | (605) | 40 122 | 3 946 | 44 068 | ||
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| Total changes in accounting policy (IAS 32 and 39) *) | - | 661 | (208) | - | 453 | 8 | 461 | ||
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| Adjusted equity as of 1 January 2005 | 27 350 | 625 | 13 205 | (605) | 40 575 | 3 954 | 44 529 | ||
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| Translation differences | - | - | - | 525 | 525 | 441 | 966 | ||
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| Business combinations and increased ownership interests in subsidiaries | - | 1 829 | - | - | 1 829 | - | 1 829 | ||
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| Available-for-sale investments: | |||||||||
| – Valuation gains (losses) taken to equity | - | 1 440 | - | - | 1 440 | 20 | 1 460 | ||
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| – Transferred to profit or loss on sale | - | (388) | - | - | (388) | (24) | (412) | ||
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| Cash flow hedges: | |||||||||
| – Valuation gains (losses) taken to equity | - | (172) | - | - | (172) | 3 | (169) | ||
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| – Transferred to profit or loss for the period | - | (13) | - | - | (13) | - | (13) | ||
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| – Transferred to initial carrying amount of hedged items | - | 209 | - | - | 209 | - | 209 | ||
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| Equity adjustments in associated companies | - | 1 | - | - | 1 | - | 1 | ||
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| Tax on items taken directly to or transferred from equity | - | (459) | - | (12) | (471) | (1) | (472) | ||
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| Net income (loss) recognized directly in equity | - | 2 447 | - | 513 | 2 960 | 439 | 3 399 | ||
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| Profit for the period | - | - | 7 646 | - | 7 646 | 1 488 | 9 134 | ||
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| Total recognized income and expenses for the period | - | 2 447 | 7 646 | 513 | 10 606 | 1 927 | 12 533 | ||
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| Dividends | - | - | (2 595) | - | (2 595) | (171) | (2 766) | ||
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| Share buy back | (2 267) | - | - | - | (2 267) | - | (2 267) | ||
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| Sale of shares, share issue, and share options to employees | 74 | 6 | - | - | 80 | 5 | 85 | ||
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| Transactions with minorities in subsidiaries | - | - | - | - | - | 1 419 | 1 419 | ||
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| Balance as of 31 December 2005 | 25 157 | 3 078 | 18 256 | (92) | 46 399 | 7 134 | 53 533 | ||
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| 1) See note 36. | |||||||||
| *) See note 37. | |||||||||
| Dividends | 2005 | 2004 | |||||||
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| Dividend per share in NOK – paid | 1.50 | 1.00 | |||||||
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| Dividend per share in NOK – proposed by the Board of Directors | 2.00 | 1.50 | |||||||
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Total dividends of NOK 2,595 million and NOK 1,764 million was paid in June 2005 and May 2004, respectively.
In respect of 2005, the directors propose that a dividend of NOK 2.00 per share will be paid to shareholders. This dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. The proposed dividend is payable to all shareholders on the Register of Members on 23 May 2006, which is the date of the Annual General Meeting. The total estimated dividend to be paid is NOK 3.4 billion. Dividends will not be paid on own shares as of the date of the Annual General Meeting.
Equity available for distribution as dividends from Telenor ASA was NOK 13,259 million as of 31 December 2005.
Non-controlling (Minority) Interests
| NOK in millions | Minority share in % 31.12.05 |
Minority part of net income 2005 |
Minority part of net income 2004 |
Minority interests in the balance sheet 31.12.05 |
Minority interests in the balance sheet 1.1.05 |
Minority interests in the balance sheet 31.12.04 |
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| Kyivstar GSM JSC | 43.5 | 827 | 588 | 2 348 | 1 255 | 1 255 | |||
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| DiGi.Com bhd | 39.0 | 288 | 187 | 1 645 | 1 190 | 1 190 | |||
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| GrameenPhone Ltd. | 38.0 | 219 | 410 | 648 | 528 | 528 | |||
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| DTAC/UCOM | 25.0/13.8 | 42 | - | 1 345 | - | - | |||
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| EDB Business Partner ASA | 48.2 | 89 | 111 | 856 | 788 | 788 | |||
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| Telenor Venture IV AS | 49.0 | 5 | - | 155 | 60 | 52 | |||
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| Other | - | 18 | 24 | 137 | 133 | 133 | |||
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| Total | 1 488 | 1 320 | 7 134 | 3 954 | 3 946 | ||||
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The change from 31.12.2004 to 1.1.2005 was the implementation of IAS 32 and 39.
In the third quarter of 2005, Telenor sold 29.0% of the shares in the subsidiary Telenor Venture IV AS. During the fourth quarter of 2005, Telenor increased its economic stake in the previous associated companies DTAC/UCOM. See note 1 in the fourth quarter of 2004, Telenor increased its ownership interest in GrameenPhone Ltd. In April 2004, Telenor increased its ownership interest in Kyivstar GSM JSC. At the end of December 2004, Telenor sold 20.0% of the shares in the subsidiary Telenor Venture IV AS.
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