Financial results

Parent company
financial statements

  • Parent company income statement

    All figures in NOK'000s unless otherwise stated   

    Year ended 31 DecemberNotes (PDF)20192018
    Operating revenue from group companies33 10221 876
    Total revenues33 10221 876
    Personnel expenses3-53 242-34 713
    Depreciation and amortisation7-642-402
    Operating expenses from group companies-15 867
    Other operating expenses4-43 066-99 067
    Operating expenses-112 817-134 182
    Operating profit-79 715-112 306
    Profit from shares in associated parties/joint ventures1 451
    Net gain/(loss) on other investments5-61 708984 878
    Interest income from group companies496 317404 747
    Interest expense to group companies-3 759-575
    Net exchange gain/(loss)5-11 23220 775
    Other interest expenses5-497 393-364 197
    Other financial items5-19 324-17 186
    Net financial items -95 6481 028 442
    Profit before tax-175 363916 136
    Change in deferred taxes618 814-5 053
    Profit after tax-156 549911 083
    Attributable to:
    Ordinary dividends-184 470
    Other equity-156 549726 613

  • Parent company balance sheet

    All figures in NOK'000s unless otherwise stated   

    As at 31 DecemberNotes20192018
    Tangible and intangible assets74 6532 027
    Investment in subsidiary companies83 426 5442 759 979
    Investments in associated companies and joint ventures8275 891
    Long-term loans to group companies8.19 188 3748 559 834
    Other long-term financial assets50 04147 516
    Total non-current assets12 945 50311 369 356
    Short-term receivables from group companies9151 82250 694
    Other short-term assets34 10121 294
    Cash and short-term deposits95 83911 254
    Total current assets191 76283 242
    Total assets13 137 26511 452 598
    Share capital10, 1140 99340 903
    Other paid in capital10, 112 843 3252 835 895
    Other capital reserves10, 15.114 81913 741
    Other equity10925 341805 089
    Total equity3 824 4783 695 628
    Deferred tax liabilities616 169
    Long-term interest bearing loans and borrowings127 437 3057 162 776
    Total non-current liabilities7 437 3057 178 945
    Short-term interest bearing loans and borrowings121 479 570
    Short-term payables to group companies9301 987300 885
    Accounts and other payables2 3961 829
    VAT, payroll and other public duties payables4 8774 525
    Other current liabilities1386 652270 786
    Total current liabilities1 875 482578 025
    Total liabilities9 312 7877 756 970
    Total equity & liabilities13 137 26511 452 598

    Oslo, 29 April 2020
    /sign/
    Jon H. Nordbrekken
    Chairman of the Board
    /sign/
    Adele Bugge
    Norman Pran
    Board Member
    /sign/
    Niklas Wiberg
    Board Member
    /sign/
    Per Kristian Spone
    Board Member
    /sign/
    Kari Skeidsvoll Moe
    Board Member
    /sign/
    Erik J. Johnsen
    Chief Executive Officer

     

  • Parent company cash flow statement

    All figures in NOK'000s unless otherwise stated   

    Year ended 31 December20192018
    Cash flow from operating activities
    Profit for the year before tax-175 363916 136
    Adjustment for non-cash items:
    Depreciation and amortisation of assets642402
    Interest expense on interest bearing loans497 388364 194
    Amortisation of loan financing costs25 65416 705
    Share based payment expense1 0771 126
    Unrealised foreign exchange differences23 616-17 295
    Operating cashflows:
    (Grant) / repayment of long-term receivables756854
    Interest paid on interest bearing loans & borrowings-476 031-355 916
    Operating capital adjustments:
    Decrease / (increase) in short-term balances with group companies-100 026162 069
    Decrease / (increase) in accounts receivable and other current assets-12 807-5 436
    Decrease / (increase) in other non-current financial assets-28 978-19 941
    Increase / (decrease) in accounts payable and other current liabilities-20 102-4 171
    Net cash flow from operating activities-264 1741 058 727
    Cash flow from investing activities
    Purchase of tangible and intangible assets-3 275-1 066
    Purchase of shares in subsidiary companies-446 718-673 933
    Purchase of shares in joint ventures-275 765
    Sale of shares in subsidiary companies59 4731 148
    Decrease / (Increase) in long-term loans to group companies-688 902-2 914 208
    Net cash flow from investing activities-1 355 187-3 588 059
    Cash flow from financing activities
    Proceeds from the issue of new shares, net of transaction costs7 520752 529
    Establishment of interest bearing loans and borrowings, less loan financing costs1 943 3001 901 260
    Repayment of interest bearing loans and borrowings during the year-152 4040
    Dividend paid to shareholders-184 470-121 930
    Net cash flow from financing activities1 613 9462 531 859
    Net cash flow during the year-5 4152 527
    Cash and cash equivalents at 1 January11 2548 727
    Cash and cash equivalents at 31 December5 83911 254

  • Notes to the parent company financial statements (PDF)