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Norwegian Air Shuttle ASA Accounts

Cash Flow Statement
NOTE
(NOK 1,000)
2012
2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit (loss) before tax
598,258
200,516
Taxes paid
0
-536
Depreciation, amortisation and write-down
388,425
284,392
Pension expense without cash effect
77,583
29,454
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
44,465
Impairment of shares in subsidiary
17,930
25,000
Fair value (gains)/losses on financial assets
324,137
-304,124
Net financial items excluding impairment
-179,964
268,951
Interest received
51,340
40,825
Change in inventories, accounts receivable and accounts payable
-157,029
-171,288
Change in air traffic settlement liabilities
531,439
254,093
Change in other current assets and current liabilities
416,169
13,419
Net cash flow from operating activities
2,019,046
674,493
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 subsidiaries
-20,000
-1,552
Payment to investment in associated company
-1,119
-301
Dividend from subsidiary
9,728
0
Net cash flow from investing activities
-2,775,740
-2,191,350
CASH FLOWS FROM FINANCIAL ACTIVITIES:
Proceeds from long term liabilities
1,991,173
1,897,071
Payment of long term liabilities
-460,692
-347,683
Interest on borrowings
-179,161
-127,578
Paid-in equity
18,114
20,411
Net cash flow from financial activities
1,369,433
1,442,221
Net change in cash and cash equivalents
612,739
-74,636
Cash and cash equivalents at 1 January
1,081,742
1,156,379
Cash and cash equivalents at 31 December
1,694,480
1,081,742