Financial results

Parent company
financial statements

  • Parent company income statement

    All figures in NOK million unless otherwise stated

    Year ended 31 DecemberNotes (PDF)20202019
    Operating revenue from group companies4533
    Total revenues4533
    Personnel expenses3-58-53
    Depreciation and amortisation7-1-1
    Operating expenses from group companies-31-16
    Other operating expenses4-46-43
    Operating expenses-135-113
    Operating profit-90-80
    Profit from shares in associated parties/joint ventures51
    Net gain/(loss) on other investments5-62
    Interest income from group companies516496
    Interest expense to group companies-1-4
    Net exchange gain/(loss)5-14-11
    Other interest expenses5-522-497
    Other financial items56-19
    Net financial items -10-96

    Profit before tax


    Change in deferred taxes6-1019
    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 DecemberNotes20202019

    Tangible and intangible assets



    Investment in subsidiary companies83 6243 427
    Investments in associated companies and joint ventures8232276
    Long-term loans to group companies8.16 9309 188
    Other long-term financial assets2550
    Total non-current assets10 82412 946
    Short-term receivables from group companies993152
    Other short-term assets2334
    Cash and short-term deposits956
    Total current assets122192

    Total assets

    10 946

    13 137

    Share capital

    10, 11


    Other paid in capital10, 112 8432 843
    Other capital reserves10, 15.11715
    Other equity10815925
    Total equity3 7173 824

    Deferred tax liabilities



    Long-term interest bearing loans and borrowings126 0017 437
    Total non-current liabilities6 0107 437
    Short-term interest bearing loans and borrowings121 1591 480
    Short-term payables to group companies9-11302
    Accounts and other payables32
    VAT, payroll and other public duties payables25
    Other current liabilities136787
    Total current liabilities1 2191 875

    Total liabilities

    7 729

    9 313

    Total equity & liabilities

    10 946

    13 137

    Oslo, 21 April 2021
    Harald L. Thorstein
    Chair of the Board
    Adele Bugge Norman Pran
    Board Member
    Niklas Wiberg
    Board Member
    Trygve Lauvdal
    Board Member
    Kari Skeidsvoll Moe
    Board Member
    Grethe Wittenberg Meier
    Board Member
    Trond Kristian Andreassen
    Board Member
    Erik J. Johnsen
    Chief Executive Officer


  • Parent company cash flow statement

    All figures in NOK million unless otherwise stated

    Year ended 31 December20202019
    Cash flow from operating activities
    Profit for the year before tax-100-175

    Adjustment for non-cash items:
    Depreciation and amortisation of assets11
    Interest expense on interest bearing loans522497
    Amortisation of loan financing costs3126
    Share based payment expense21
    Unrealised foreign exchange differences6924

    Operating cashflows:
    (Grant)/repayment of long-term receivables41
    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 assets11-13
    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 activities
    Purchase of tangible and intangible fixed assets-10-3
    Purchase of shares in subsidiary companies-447
    Purchase/redemption of shares in joint ventures44-276
    Sale of shares in subsidiary companies59
    Decrease/(Increase) in long-term loans to group companies2 304-689
    Net cash flow from investing activities2 338-1 355

    Cash flow from financing activities
    Proceeds from the issue of new shares, net of transaction costs8
    Establishment of interest bearing loans and borrowings, less loan financing costs1 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 0681 614

    Net cash flow during the year


    Cash and cash equivalents at 1 January611
    Cash and cash equivalents at 31 December56

  • Notes to the parent company financial statements (PDF)