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Parent company income statement
All figures in NOK'000s unless otherwise stated
Year ended 31 December Notes (PDF) 2019 2018 Operating revenue from group companies 33 102 21 876 Total revenues 33 102 21 876 Personnel expenses 3 -53 242 -34 713 Depreciation and amortisation 7 -642 -402 Operating expenses from group companies -15 867 Other operating expenses 4 -43 066 -99 067 Operating expenses -112 817 -134 182 Operating profit -79 715 -112 306 Profit from shares in associated parties/joint ventures 1 451 Net gain/(loss) on other investments 5 -61 708 984 878 Interest income from group companies 496 317 404 747 Interest expense to group companies -3 759 -575 Net exchange gain/(loss) 5 -11 232 20 775 Other interest expenses 5 -497 393 -364 197 Other financial items 5 -19 324 -17 186 Net financial items -95 648 1 028 442 Profit before tax -175 363 916 136 Change in deferred taxes 6 18 814 -5 053 Profit after tax -156 549 911 083 Attributable to: Ordinary dividends -184 470 Other equity -156 549 726 613 -
Parent company balance sheet
All figures in NOK'000s unless otherwise stated
As at 31 December Notes 2019 2018 Tangible and intangible assets 7 4 653 2 027 Investment in subsidiary companies 8 3 426 544 2 759 979 Investments in associated companies and joint ventures 8 275 891 Long-term loans to group companies 8.1 9 188 374 8 559 834 Other long-term financial assets 50 041 47 516 Total non-current assets 12 945 503 11 369 356 Short-term receivables from group companies 9 151 822 50 694 Other short-term assets 34 101 21 294 Cash and short-term deposits 9 5 839 11 254 Total current assets 191 762 83 242 Total assets 13 137 265 11 452 598 Share capital 10, 11 40 993 40 903 Other paid in capital 10, 11 2 843 325 2 835 895 Other capital reserves 10, 15.1 14 819 13 741 Other equity 10 925 341 805 089 Total equity 3 824 478 3 695 628 Deferred tax liabilities 6 16 169 Long-term interest bearing loans and borrowings 12 7 437 305 7 162 776 Total non-current liabilities 7 437 305 7 178 945 Short-term interest bearing loans and borrowings 12 1 479 570 Short-term payables to group companies 9 301 987 300 885 Accounts and other payables 2 396 1 829 VAT, payroll and other public duties payables 4 877 4 525 Other current liabilities 13 86 652 270 786 Total current liabilities 1 875 482 578 025 Total liabilities 9 312 787 7 756 970 Total equity & liabilities 13 137 265 11 452 598 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 December 2019 2018 Cash flow from operating activities Profit for the year before tax -175 363 916 136 Adjustment for non-cash items: Depreciation and amortisation of assets 642 402 Interest expense on interest bearing loans 497 388 364 194 Amortisation of loan financing costs 25 654 16 705 Share based payment expense 1 077 1 126 Unrealised foreign exchange differences 23 616 -17 295 Operating cashflows: (Grant) / repayment of long-term receivables 756 854 Interest paid on interest bearing loans & borrowings -476 031 -355 916 Operating capital adjustments: Decrease / (increase) in short-term balances with group companies -100 026 162 069 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 -264 174 1 058 727 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 companies 59 473 1 148 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 costs 7 520 752 529 Establishment of interest bearing loans and borrowings, less loan financing costs 1 943 300 1 901 260 Repayment of interest bearing loans and borrowings during the year -152 404 0 Dividend paid to shareholders -184 470 -121 930 Net cash flow from financing activities 1 613 946 2 531 859 Net cash flow during the year -5 415 2 527 Cash and cash equivalents at 1 January 11 254 8 727 Cash and cash equivalents at 31 December 5 839 11 254 -
Notes to the parent company financial statements (PDF)
Please download Notes to the parent company financial statements (PDF).