Cash flow statement
Telenor ASA 1 January – 31 December
| NOK in millions | 2007 | 2006 | 2005 | |
| Profit before taxes | 5 138 | 3 676 | 2 942 | |
| Income taxes paid | (482) | - | - | |
| Net (gains) losses | (2 683) | (1 457) | 425 | |
| Depreciation, amortisation and write-downs | 93 | 96 | 50 | |
| Write-down of shares and reversal of previous write-downs | - | 22 | 61 | |
| Currency (gains) losses not relating to operating activities | (335) | 176 | (159) | |
| Changes in interest accruals against Group companies | (2 550) | (2 716) | (2 921) | |
| Changes in other accruals | (834) | (85) | (66) | |
| Net cash flow from operating activities | (1 653) | (288) | 332 | |
| Cash receipts from sale of property, plant and equipment and intangible assets | 16 | 28 | 55 | |
| Purchase of property, plant and equipment and intangible assets | (194) | (77) | (184) | |
| Cash receipts from sale of subsidiaries 3) | 2 536 | - | 404 | |
| Purchase of subsidiaries 3) | (21) | (12 279) | - | |
| Cash receipts from sale of other investments | 743 | 2 023 | 30 | |
| Purchase of other investments | (6) | (27) | (191) | |
| Net cash flow from investment activities | 3 074 | (10 332) | 114 | |
| Proceeds from borrowings 2) 4) | 28 782 | 43 612 | 10 862 | |
| Repayments of borrowings 2) 4) | (29 947) | (33 034) | (3 964) | |
| Net change in Group internal drawing rights 1) | 4 273 | 4 283 | (2 542) | |
| Proceeds from issuance of shares | 10 | 71 | 49 | |
| Shares buy back | (421) | (901) | (2 267) | |
| Payments of dividend | (4 201) | (3 389) | (2 595) | |
| Net cash flow from financing activities | (1 504) | 10 642 | (457) | |
| Effect on cash and cash equivalents of changes in foreign exchange rates | 83 | (22) | 11 | |
| Net change in cash and cash equivalents | - | - | - | |
| Cash and cash equivalents at 1 January | - | - | - | |
| Cash and cash equivalents at 31 December 4) | - | - | - | |
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) The changes from 2005 to 2006 are related to acquisitions and refinancing activities in Telenor’s internal bank (Group Treasury).
3) See note 1 to the consolidated financial statements.
4) In Telenor ASA the cash and the cash equivalent are negative, and are classified as financing activities as borrowings.