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Consolidated Accounts

Consolidated Cash Flow Statement
NOTE
(NOK 1,000)
2012
2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit (loss) before tax
623,181
166,540
Taxes paid
-2,545
-4,192
Depreciation, amortisation and write-down
385,244
293,950
Pension expense without cash effect
81,186
29,515
Profit from associated company
-32,840
-19,518
Compensation expense for employee options
0
8,844
Losses/(gains) on disposal of tangible assets
-16,401
44,468
Fair value (gains)/losses on financial assets
324,137
-260,730
Financial items
-186,888
268,911
Interest received
51,340
41,185
Change in inventories, accounts receivable and accounts payable
-128,561
-177,434
Change in air traffic settlement liabilities
531,439
254,093
Change in other current assets and current liabilities
392,392
28,337
Net cash flow from operating activities
2,021,682
673,971
CASH FLOWS FROM INVESTING ACTIVITIES:
Prepayments aircraft purchase
-2,134,161
-1,410,287
Purchase of tangible assets
-574,287
-704,523
Purchase of intangible assets
-55,901
-74,687
Payment to associated company
-1,119
-301
Net cash flow from investing activities
-2,765,468
-2,189,797
CASH FLOWS FROM FINANCIAL ACTIVITIES:
Proceeds from long term debt
1,991,173
1,897,071
Payment of long term debt
-460,692
-347,683
Proceeds from issuing new shares
18,114
20,411
Interest on borrowings
-179,161
-127,578
Net cash flow from financial activities
1,369,433
1,442,221
Foreign exchange effect on cash
302
136
Net change in cash and cash equivalents
625,949
-73,469
Cash and cash equivalents at 1 January
1,104,946
1,178,416
Cash and cash equivalents at 31 December
1,730,895
1,104,946
The notes are an integral part of these consolidated financial statements.