Financial Information

Summary statement of income (year ended 31 december)

Amounts in NOK Million 2012​ 2011
Revenue 11 129 12 401​
Materials, subcontract costs and others -7 154 -7 597​
Salaries and related costs
 -1 953 -1 899​
Other operating expenses​ -549 -550​ ​
EBITDA 1 473 2 355​
Depreciation, impairment and amortization -168 -148​
Operating profit
 1 305 2 207​
Financial income ​ 129 123​
 ​
​Financial costs -111 -127​​ ​
​Share of results of associates, net of tax - ​10 ​
Profit before tax​ 1 323 2 213​
Income tax​ expense
 -434 -611​ ​
Profit for the year 889 1 602​


Summary statement of cash flows (year ended 31 december 2012)

Amounts in NOK Million 2012​ 2011
Cash flows from operating activities 992​ 1 210​
Cash flows used in investing activities -630 -220​
Cash flows from financing activities -956​ -506​
Net change in cash and cash equivalents 594​ 484​

Cash and cash equivalents at the beginning of financial year​

 3 035​ 2 551​
Effects of currency translation differences -​23 -
Cash and cash equivalents excluding restricted cash at the end of financial year​ 2 418​ 3 035​ ​
Restricted cash at the end of financial year
 19​ 29​
Cash and cash equivalents at the end of financial year
 2 437 3 064​


Summary balance sheet (As at 31 December 2012)

Amounts in NOK Million 2012 2011
Assets ​ ​ ​
Property, plant and equipment​ 1 384 1 011​
Intangible assets​ 374 415​ ​
Interest-bearing receivables
 82 1​
​Other non-current assets 570 361​ ​
Total non-current assets​ 2 410​ 1 788​
​Inventories 380 356​ ​
​Construction work in progress
 5 641 5 768​ ​
​Trade and other receivables 1 920 1 830​ ​
​Interest-bearing receivables 80​ 1​ ​
​Cash and cash equivalents
 2 437​ 3 064​ ​
Total current assets 10 458 11 019​
Total assets
 12 868​ 12 807​
​Equity and liabilites ​ ​ ​
Total equity 3 227 3 553​
Loans and borrowings ​545 ​231​ ​
​Other non-current liabilities
 242​ 209​ ​
Total non-current liabilities 787 440​ ​
Loans and borrowings 3 385 ​2 407​ ​
Construction work in progress​ 1 518 1 480​ ​
Trade and other payables​ 2 801 3 391​ ​
Other current liabilities 1 150 1 536​ ​
Total current liabilities 8 854 8 814​ ​
Total liabilities
 9 641 9 254​ ​
Total equity and liabilities 12 868​ 12 807​ ​
© VARD