142 4090 page 88 telenor annual report 2011 financial

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Unformatted text preview: 1.49 1.32 1.21 1.20 1.18 1.08 0.94 0.74 0.71 0.60 0.54 0.50 0.48 0.46 0.45 79.68 100.00 source: VPs share register. The data is provided by Thomson Reuters and is obtained through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Telenor VPs share register. Every reasonable effort has been made to verify the data, however neither Telenor nor Thomson Reuters can guarantee the accuracy of the analysis. /page 85/ telenor annual report 2011 notes to the financial statements / telenor group / 38 / Events after the reporting period A-pressen A-pressen, an associated company of Telenor, sold its 50% share of TV2 for NOK 2.1 billion in February 2012. Telenor owns 48.2% of A-Pressen. Uninor (see also note 3, 18 and 35) On 2 February 2012, the Indian Supreme Court delivered its judgment on a public interest petition seeking cancellation of 122 cellular phone licenses granted by the Government of India in 2008, including 22 licenses to unitech Wireless (uninor). The cancellation is effective 4 months from 2 February 2012. Meanwhile, the TRAI (Telecom Regulatory Authority of India) shall make fresh recommendations for grant of license and allocation of spectrum in 2G band by auction, as was done for allocation of spectrum in 3G band. As a consequence of this an impairment loss of NOK 4.1 billion was recognised in the fourth quarter of 2011, see note 18. On 15 February 2012, the Group issued a notice to its Indian strategic partner unitech Ltd, that it will seek indemnity and compensation following the cancellation of uninor’s 22 licenses by the Supreme Court of India. The Group holds unitech Ltd. liable for the breach of warranties related to the cancellation of the licenses – seeking compensation for all investment and damages caused by the Supreme Court Order. The Group also makes an indemnity claim against unitech Ltd. for the failure to obtain spectrum in the strategically critical Delhi circle. uninor has at 2 March 2012 filed a petition seeking review of the judgment and order passed by the Supreme Court of India. uninor has prayed to the Supreme Court for relief against the Court’s previous order of cancellation of its licenses. The Group will consider every option available on how to utilise mobile assets in India. It is the group’s position that the strategic partnership with unitech Ltd does not have a future, and it therefore have started the process of looking for a new Indian partner. VimpelCom Ltd (see also note 21 and 35) The Group, on 15 February 2012, purchased 234,000,000 VimpelCom preferred shares from Weather Investments II S.a.r.l. (“Weather”), for NOK 2.2 billion thereby increasing the Group’s voting share in VimpelCom Ltd. to 36.36%. At the same time, Telenor and Weather entered into an option agreement, granting Weather a put-option on Telenor for the remaining 71,000,000 preference shares in VimpelCom at the same price per share as in the first transaction. Telenor has in addition certain situational call-options, amongst other related to the remaining preference shares. In connection with the transaction, the Group has withdrawn all its claims against Altimo Holdings & Investments Ltd., Altimo Cooperatief u.A. and VimpelCom Ltd. in the pending arbitration proceeding. The Group’s withdrawal of its claims will result in the termination of the VimpelCom shareholders agreement. /page 86/ telenor annual report 2011 financial statements / Telenor ASA Income Statement Telenor ASA 1 January–31 December NOK in millions Revenues Operating expenses Salaries and personnel costs Other operating expenses Depreciation, amortisation and impairment losses Total operating expenses Note 2011 2010 1 508 593 2, 3 4 8, 9 Financial income and expenses Financial income Financial expenses Net currency gains (losses) Net gains (losses and impairment) of financial assets Net financial income (expenses) Profit before taxes Income taxes Net income 7 (1 173) 16 210 (8 796) 804 (397) 7 821 8 150 (1 949) 1 129 55 7 385 6 559 6 6 6 6 6 (757) (916) (93) (1 766) (1 262) Operating profit (loss) (746) (912) (112) (1 770) 6 212 (391) 6 168 (2 539) 3 673 /page 87/ telenor annual report 2011 financial statements / Telenor ASA Statement of Comprehensive Income Telenor ASA 1 January–31 December NOK in millions 2011 2010 Net income 6 168 3 673 Other comprehensive income (loss) Net gain on cash flow hedges Income taxes (36) 10 (20) 6 Amount reclassified from equity to profit and loss Income taxes Other comprehensive income (loss), net after taxes - - (26) 599 (168) 417 Total comprehensive income 6 142 4 090 /page 88/ telenor annual report 2011 financial statements / Telenor ASA Statement of Financial position Telenor ASA as of 31 December Note 3 225 20 339 16 40 269 91 036 1 324 136 229 2 132 20 424 14 40 632 95 717 1 319 140 258 380 3 4 089 2 885 7 357 181 6 1 846 4 031 6 064 146 322 11 29 666 34 218 12 12 12 3 19 771 186 481 341 23 20 802 21 057 236 562 335 13 22 203 12 12 12 12, 13 12, 13 14 Current assets Trade receivables Group companies Trade receivables external Other current financial assets Liquid assets and short-term placements Total current assets 2010 143 586 AssETs Non-current assets Deferred tax assets Goodwill Intangible assets Property, plant and equipment Shares in subsidiaries Non-current interest-bearing receivables Group companies Other non-current financial assets Total non-curre...
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