Cash flow statement
| NOK in millions | 2006 | 2005 | 2004 |
|---|---|---|---|
| Profit before taxes | 3 676 | 2 942 | 5 586 |
| Net (gains) losses | (1 457) | 425 | - |
| Depreciation, amortization and write-downs | 96 | 50 | 60 |
| Write-down of shares and reversal of previous write-downs | 22 | 61 | (2 207) |
| Currency (gains) losses not relating to operating activities | 176 | (159) | 70 |
| Changes in interest accruals against Group companies | (2 716) | (2 921) | (2 593) |
| Changes in other accruals | (85) | (66) | 76 |
| Net cash flow from operating activities | (288) | 332 | 992 |
| Cash receipts from sale of property, plant and equipment and intangible assets | 28 | 55 | - |
| Purchase of property, plant and equipment and intangible assets | (77) | (184) | (80) |
| Cash receipts from sale of subsidiaries | - | 404 | - |
| Purchase of subsidiaries2) | (12 279) | - | - |
| Cash receipts from sale of other investments | 2 023 | 30 | 303 |
| Purchase of other investments | (27) | (191) | (882) |
| Net cash flow from investment activities | (10 332) | 114 | (659) |
| Proceeds from borrowings 3) | 43 612 | 10 862 | 2 135 |
| Repayments of borrowings 3) | (33 034) | (3 964) | (1 156) |
| Net change in Group internal drawing rights 1) | 4 283 | (2 542) | 1 971 |
| Proceeds from issuance of shares | 71 | 49 | 43 |
| Shares buy back | (901) | (2 267) | (2 020) |
| Payments of dividend | (3 389) | (2 595) | (1 764) |
| Net cash flow from financing activities | 10 642 | (457) | (791) |
| Effect on cash and cash equivalents of changes in foreign exchange rates | (22) | 11 | (75) |
| Net change in cash and cash equivalents | - | - | (533) |
| Cash and cash equivalents at 1 January | - | - | 533 |
| Cash and cash equivalents at 31 December | - | - | - |
1)Net change in Group internal drawing rights are loans to, and placements from Group companies. These loans and placements have high turnover and are presented net.
2)See note 1 to the consolidated financial statements.
3)The changes from 2005 to 2006 are related to acquisitions and refinancing activities in Telenor’s internal bank (Telenor Finans).