Parent company
financial statements

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

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

 

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

Please download Notes to the parent company financial statements (PDF).