Financial Information

Summary statement of income (year ended 31 december 2010)

Amounts in NOK Million 2010 2009 2008(1) 2007(1)
Revenue 11 881
 11 895 11 370 9 431
Materials, subcontract costs and others -8 318 -9 116 -9 562
 -7 408
Salaries and related costs
 -1 722
 -1 723
 - 1 600
 -1 445
Other operating expenses​ -511 -407​ -409​ -457​ ​
EBITDA 1 330
 648 -201
 121
Depreciation, impairment and amortization -124
 -123
 -122
 -106
Operating profit
 1 206
 525
 -323
 15
Financial income ​ 393
 100
 363
 168​ ​
​Financial costs -73​ -472​ -177​ -179​ ​
​Share of results of associates ​8 7​ -​ -​ ​
Profit before tax​ 1 534
 160
 -137
 ​4
Income tax​ expences
 -468
 -66​ -20​​ 22​ ​
Profit for the year 1 066
 94 -157
 26


Summary statement of cash flows (year ended 31 december 2010)

Amounts in NOK Million 2010 2009 2008(1) 2007(1)
Cash flows from operating activities 968
 272
 485
 115
Cash flows used in investing activities -148
 -199
 -161
 -119
Cash flows from financing activities 474
 538
 -408
 -225
Net change in cash and cash equivalents 1 294
 611
 -84
 -309

Cash and cash equivalents at the beginning of financial year​

 1 267
 751
 746
 1 061​
Effects of currency translation differences -10
 -95
 89
 -6
Cash and cash equivalents excluding restricted cash at the end of financial year​ 2 551
 1 267
 751
 746​ ​
Restricted cash at the end of financial year
 300
 126
 58
 513​
Cash and cash equivalents at the end of financial year
 2 851
 1 393
 809
 1 259


Summary balance sheet (As at 31 December 2010)

Amounts in NOK Million 2010 2009 2008(1) 2007(1)
Assets ​ ​ ​ ​ ​
Property, plant and equipment​ 1 012
 1 065
 1 122​​ 954​
Intangible assets​ 348
 350
 354
 347​ ​
Interest-bearing receivables
 1
 136
 35
 368​
​Other non-current assets 307
 219
 131
 87​ ​
Total non-current assets​ 1 668
 1 770
 1 642
 1 756​
​Inventories ​310 333​ 547​ 411​ ​
​Construction work in progress
 ​5 608 8 779​ 7 430​ 3 424​ ​
​Trade and other receivables 1 816​ 1 999​ 3 352​ 1 671​ ​
​Interest-bearing receivables -​ 211 851​ 169​ ​
​Cash and cash equivalents
 2 851
 1 393
 809
 1 260​ ​
Total current assets 10 585​ 12 715
 12 989
 6 934​
Total assets
 12 253
 14 485
 14 631
 8 690​
​Equity and liabilites ​ ​ ​ ​ ​
Total equity 2 418
 1 034
 832 
 749
Loans and borrowings ​4 442 6 173​ 6 026​ 3 345​ ​
Trade and other payables and construction work in progress
 ​4 324 6 013​ 6 443​ 3 319​ ​
​Other current liabilities
 ​471 227​ 239​ 189​ ​
Total current liabilities 9 237​ 12 413 12 708​ 6 853 ​
Interest-bearing long-term liabilities ​266 335​ 493​ 549​ ​
Other non-current liabilities ​332 703​ 598​ 539​ ​
Total non-current liabilities ​598 1 038​ 1 091​ 1 088​ ​
Total liabilities
 ​9 835 13 451​ 13 799​ 7 941​ ​
Total equity and liabilities ​12 253 14 485​ 14 631​ 8690​ ​
​1) Comparable figures for the financial years ended 2007 and 2008 are presented according to IFRS as reported in the prospectus dated 4 November 2010. Financial figures for 2009 and 2010 are presented according to SFRS. Minor reclassifications have been made to ensure proper comparison.
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