Purchase and sale of subsidiaries and associated companies
The table below shows how the main items in the consolidated balance sheet are
effected of purchase and sale of subsidiaries and associated companies and is
reconciled against the items in the consolidated cash flow statement which show
the cash payments on purchase and cash receipts from sale of subsidiaries and
associated companies net of cash received and transferred. Please see note 1
for further information on significant purchases and sales.
| NOK in millions |
2005 |
2004 |
 |
| Purchase of subsidiaries and associated companies |
| Associated companies |
235 |
112 |
|
| Total other fixed assets |
20 399 |
13 773 |
|
| Total current assets |
3 175 |
1 353 |
|
| Total liabilities |
(11 533) |
(5 883) |
|
| Minority interests |
(1 292) |
- |
|
| Book value of associated companies at the time of acquisition |
(941) |
(4 215) |
|
| Recorded directly to equity |
(1 274) |
- |
|
| Purchase price |
8 769 |
5 140 |
|
| |
| Of which cash paid 1) |
(8 594) |
(6 421) |
|
| Cash in subsidiaries purchased |
466 |
140 |
|
| Cash payment on purchase of subsidiaries and associated companies,
net of cash purchased |
(8 128) |
(6 281) |
|
|
| |
| Sale of subsidiaries and associated companies |
|
|
| Associated companies |
29 |
98 |
|
| Total other fixed assets |
599 |
124 |
|
| Total current assets |
95 |
553 |
|
| Total liabilities |
(97) |
(217) |
|
| Minority interests |
76 |
(28) |
|
| Gain (loss) and translation adjustments of sales |
39 |
502 |
|
| Sales price |
741 |
1 032 |
|
| |
| Of which cash received |
821 |
953 |
|
| Cash in subsidiaries sold |
(81) |
(104) |
|
| Cash received on sale of subsidiaries and associated companies, net
of cash sold |
740 |
849 |
|
|
| 1) In 2004, cash payments include a shareholder’s
loan that Telenor took over at the time of purchase of the remaining shares
in Sonofon Holding A/S. |
| Restricted bank accounts |
| NOK in millions |
2005 |
2004 |
|
| For employees' tax deduction |
7 |
6 |
|
| Other |
19 |
17 |
|
| Total |
26 |
23 |
|
|
With the exception of certain companies, the Group has
purchased bank guarantees for payment of the employees' tax deductions.
| Cash and cash equivalents |
| NOK in millions |
31.12.2005 |
31.12.2004 |
|
| Cash and cash equivalents in the Group’s cash pool systems |
1 705 |
3 028 |
|
| Cash and cash equivalents not in the Group’s cash pool systems *) |
5 101 |
2 053 |
|
| Total cash and cash equivalents |
6 806 |
5 081 |
|
|
| *) Subsidiaries in which Telenor owns less
than 90 percent of the shares are normally not participating in the Group’s
cash pool systems, held by Telenor ASA. As of 31 December 2005, these cash
and cash equivalents primarily related to Kyivstar and DiGi. |
The Group has established cash pool systems with two banks.
Under these agreements, Telenor ASA is the Group account holder, whereas the
other companies in the Group are sub-account holders or participants. The banks
can set off balances in their favor against deposits, so that the net position
represents the net balance between the bank and the Group account holder.
| Significant non-monetary transactions |
| NOK in millions |
2005 |
2004 |
|
| Investments in licenses – part not paid in the year of grant |
461 |
1 091 |
|
| Finance leases – part not paid in the year of initial recognition |
484 |
- |
|
| Total |
945 |
1 091 |
|
|
Investments in licenses in 2005 were related to the renewal
of the GSM 900 license in Norway and the acquisition of UMTS license in Denmark.
Investments in licenses in 2004 were related to the acquisition of a UMTS license
in Hungary and a mobile license in Pakistan. A finance lease in 2005 was related
to the fibre optical network in GrameenPhone, see
note 16.
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