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Parent company income statement
All figures in NOK million unless otherwise stated
Year ended 31 December Notes (PDF) 2020 2019 Operating revenue from group companies 45 33 Total revenues 45 33 Personnel expenses 3 -58 -53 Depreciation and amortisation 7 -1 -1 Operating expenses from group companies -31 -16 Other operating expenses 4 -46 -43 Operating expenses -135 -113 Operating profit -90 -80 Profit from shares in associated parties/joint ventures 5 1 Net gain/(loss) on other investments 5 -62 Interest income from group companies 516 496 Interest expense to group companies -1 -4 Net exchange gain/(loss) 5 -14 -11 Other interest expenses 5 -522 -497 Other financial items 5 6 -19 Net financial items -10 -96
Profit before tax
-100
-175Change in deferred taxes 6 -10 19 Profit after tax -110 -157
Attributable to:Other equity -110 -157 -
Parent company balance sheet
All figures in NOK million unless otherwise stated
As at 31 December Notes 2020 2019
Tangible and intangible assets
7
14
5Investment in subsidiary companies 8 3 624 3 427 Investments in associated companies and joint ventures 8 232 276 Long-term loans to group companies 8.1 6 930 9 188 Other long-term financial assets 25 50 Total non-current assets 10 824 12 946 Short-term receivables from group companies 9 93 152 Other short-term assets 23 34 Cash and short-term deposits 9 5 6 Total current assets 122 192
Total assets
10 946
13 137
Share capital
10, 11
41
41Other paid in capital 10, 11 2 843 2 843 Other capital reserves 10, 15.1 17 15 Other equity 10 815 925 Total equity 3 717 3 824
Deferred tax liabilities
6
10
Long-term interest bearing loans and borrowings 12 6 001 7 437 Total non-current liabilities 6 010 7 437 Short-term interest bearing loans and borrowings 12 1 159 1 480 Short-term payables to group companies 9 -11 302 Accounts and other payables 3 2 VAT, payroll and other public duties payables 2 5 Other current liabilities 13 67 87 Total current liabilities 1 219 1 875
Total liabilities
7 729
9 313
Total equity & liabilities
10 946
13 137Oslo, 21 April 2021 /sign/
Harald L. Thorstein
Chair of the Board/sign/
Adele Bugge Norman Pran
Board Member/sign/
Niklas Wiberg
Board Member/sign/
Trygve Lauvdal
Board Member/sign/
Kari Skeidsvoll Moe
Board Member/sign/
Grethe Wittenberg Meier
Board Member/sign/
Trond Kristian Andreassen
Board Member/sign/
Erik J. Johnsen
Chief Executive Officer -
Parent company cash flow statement
All figures in NOK million unless otherwise stated
Year ended 31 December 2020 2019 Cash flow from operating activities Profit for the year before tax -100 -175
Adjustment for non-cash items:Depreciation and amortisation of assets 1 1 Interest expense on interest bearing loans 522 497 Amortisation of loan financing costs 31 26 Share based payment expense 2 1 Unrealised foreign exchange differences 69 24
Operating cashflows:(Grant)/repayment of long-term receivables 4 1 Interest paid on interest bearing loans & borrowings -537 -476
Operating capital adjustments:Decrease/(increase) in short-term balances with group companies -254 -100 Decrease/(increase) in accounts receivable and other current assets 11 -13 Decrease/(increase) in other non-current financial assets -10 -29 Increase/(decrease) in accounts payable and other current liabilities -8 -20 Net cash flow from operating activities -270 -264
Cash flow from investing activitiesPurchase of tangible and intangible fixed assets -10 -3 Purchase of shares in subsidiary companies -447 Purchase/redemption of shares in joint ventures 44 -276 Sale of shares in subsidiary companies 59 Decrease/(Increase) in long-term loans to group companies 2 304 -689 Net cash flow from investing activities 2 338 -1 355
Cash flow from financing activitiesProceeds from the issue of new shares, net of transaction costs 8 Establishment of interest bearing loans and borrowings, less loan financing costs 1 943 Repayment of interest bearing loans and borrowings during the year -2 068 -152 Dividend paid to shareholders -184 Net cash flow from financing activities -2 068 1 614
Net cash flow during the year
-1
-5Cash and cash equivalents at 1 January 6 11 Cash and cash equivalents at 31 December 5 6 -
Notes to the parent company financial statements (PDF)
Please download Notes to the parent company financial statements (PDF).