Consolidated cash flow statement
| 2006 | ||||||
|---|---|---|---|---|---|---|
| NOK in millions | Note | Unaudited Group |
Unaudited Kyivstar |
Group excl. Kyivstar |
2005 | 2004 |
| Proceeds from sale of goods and services | 92 956 | 11 340 | 81 616 | 69 853 | 61 107 | |
| Payments to suppliers of goods and services and of other operating expenses | (48 610) | (3 872) | (44 738) | (35 461) | (30 639) | |
| Payments to employees, pensions, social security tax and tax deductions | (11 864) | (541) | (11 323) | (9 635) | (9 280) | |
| Proceeds from interest income | 868 | 136 | 732 | 347 | 323 | |
| Proceeds from other financial income | 226 | - | 226 | 162 | 590 | |
| Payments of interest expenses | (2 524) | (219) | (2 305) | (1 563) | (1 361) | |
| Payments of other financial expenses | (131) | (9) | (122) | (49) | (67) | |
| Other proceeds and payments related to operating activities | (91) | 31 | (122) | 4 | (22) | |
| Payment of income taxes and public duties | (189) | (1 115) | 926 | (1 318) | (1 660) | |
| Net cash flow from operating activities 1) | 30 641 | 5 751 | 24 890 | 22 340 | 18 991 | |
| Proceeds from sale of property, plant and equipment (PPE) and intangible assets | 134 | - | 134 | 539 | 263 | |
| Purchases of PPE and intangible assets | (19 224) | (3 631) | (15 593) | (14 213) | (11 613) | |
| Proceeds from disposal of subsidiaries and associated companies, net of cash disposed of | 29 | 1037 | - | 1 037 | 740 | 849 |
| Purchases of subsidiaries and associated companies, net of cash acquired | 29 | (21 964) | - | (21 964) | (8 128) | (6 281) |
| Proceeds from sale of other investments | 3 810 | - | 3 810 | 1 539 | 3 960 | |
| Payments for other investments | (288) | - | (288) | (475) | (209) | |
| Net cash flow from investment activities | (36 495) | (3 631) | (32 864) | (19 998) | (13 031) | |
| Proceeds from borrowings | 48 643 | - | 48 643 | 11 775 | 2 541 | |
| Repayments of borrowings | (36 065) | - | (36 065) | (7 600) | (6 852) | |
| Proceeds from issuance of shares, inclusive from minority interests | 110 | - | 110 | 74 | 47 | |
| Shares buy back | (953) | - | (953) | (2 267) | (2 020) | |
| Repayment of equity and dividends paid to minorities in subsidiaries | (976) | - | (976) | (219) | (207) | |
| Dividends paid to shareholders of Telenor ASA | (3 389) | - | (3 389) | (2 595) | (1 764) | |
| Net cash flow from financing activities | 7 370 | - | 7 370 | (832) | (8 255) | |
| Effects of exchange rate changes on cash and cash equivalents | (179) | (145) | (34) | 215 | (268) | |
| Reclassified cash and cash equivalents to Investment in Kyivstar | (3 221) | - | - | - | - | |
| Net change in cash and cash equivalents | (1 884) | 1 975 | (638) | 1 725 | (2 563) | |
| Cash and cash equivalents at 1 January | 6 806 | 1 246 | 5 560 | 5 081 | 7 644 | |
| Cash and cash equivalents at 31 December | 4 922 | - | 4 922 | 6 806 | 5 081 | |
| Of which cash and cash equivalents in discontinued operations at 31 December | 294 | - | 294 | - | - | |
| Cash and cash equivalents in continuing operations at 31 December | 29 | 4 628 | - | 4 628 | 6 806 | 5 081 |
| 1)Reconciliation | ||||||
| Profit before taxes including profit from discontinued operations | 21 764 | 4 706 | 17 058 | 12 591 | 9 874 | |
| Income taxes paid | (357) | (1 148) | 791 | (1 369) | (1 516) | |
| Net (gain) loss including write-downs and change in fair value of financial items | (3 277) | 45 | (3 322) | (929) | (3 161) | |
| Depreciation, amortization and write-downs | 15 241 | 1 616 | 13 625 | 12 131 | 14 168 | |
| Associated companies | (2 362) | - | (2 362) | (1 233) | (986) | |
| Changes in inventories | (363) | 38 | (401) | (37) | (79) | |
| Changes in trade accounts receivable and prepayments from customers | (519) | 391 | (910) | 1 659 | 95 | |
| Changes in trade accounts payable and prepaid expenses | 203 | (70) | 273 | 407 | 237 | |
| Difference between expensed and paid pensions | (166) | - | (166) | 211 | 267 | |
| Currency (gains) losses not relating to operating activities | 219 | (3) | 222 | (18) | 57 | |
| Change in other accruals | 258 | 176 | 82 | (1 073) | 35 | |
| Net cash flow from operating activities | 30 641 | 5 751 | 24 890 | 22 340 | 18 991 | |
The statement includes cash flows from discontinued operations prior to their disposal. Value added tax is regarded as collection of tax on behalf of the authorities and reported net. Received dividends are included in line item "Proceeds from other financial income".
The cash and cash equivalents in Kyivstar at the time of deconsolidation were reclassified to the balance sheet line item Investment in Kyivstar. Hence the cash and cash equivalents of Kyivstar are not included in the closing balance of cash and cash equivalents in any of the three 2006 columns. In the cash flow statement this reclassification is reflected in the column “Unaudited Group”. As a consequence the amounts reported as net change in cash and cash equivalents in the two columns “Unaudited Kyivstar” and “Group excl. Kyivstar” do not add up to the corresponding amount reported in the column "Unaudited Group".