34 related parties as of 21 march 2012 telenor asa

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Unformatted text preview: of up to NOK 1.5 billion and additional funding will be disbursed in portions to meet minimum funding requirements only. See note 29. As of 31 December 2011, uninor had NOK 1.1 billion in purchased bank guarantees with counterguarantee from Telenor ASA. The Group’s shares in the associated company RiksTV AS are pledged as security for the external financing of the company. See note 21. / 33 / Contractual obligations The Group has entered into agreements with fixed payments in respect of the following as of 31 December 2011 and as of 31 December 2010: 2011: NOK in millions 2012 2013 2014 2015 2016 After 2016 Minimum lease payments under non-cancellable operating leases (the Group as a lessee) lease of premises lease of cars, office equipment, etc lease of satellite- and net-capacity 2 078 50 393 1 756 32 301 1 553 17 234 952 7 79 729 - 40 1 807 26 Contractual purchase obligations Purchase of satellite- and net-capacity iT-related agreements Other contractual obligations 22 1 548 2 009 23 397 359 11 69 73 8 23 21 8 23 21 4 23 67 Committed investments Property plant, and equipment and intangible asset Total contractual obligations 2 941 9 040 700 3 569 65 2 021 - 1 090 - 822 1 928 /page 73/ telenor annual report 2011 notes to the financial statements / telenor group 2010: NOK in millions 2011 2012 2013 2014 2015 After 2015 Minimum lease payments under non-cancellable operating leases (the Group as a lessee) lease of premises lease of cars, office equipment, etc lease of satellite- and net-capacity 2 215 68 249 1 992 28 167 1 832 13 110 1 605 2 102 884 - 95 2 469 12 Contractual purchase obligations Purchase of satellite- and net-capacity iT-related agreements Other contractual obligations 389 748 2 078 - 229 1 135 - 54 269 - 30 47 - 1 21 84 Committed investments Property, plant and equipment and intangible asset Total contractual obligations 707 6 454 - 3 551 - 2 277 - 1 787 - 1 001 2 565 The tables above do not include agreements under which the Group has no committed minimum purchase obligations. Obligations related to future investments as a consequence of 2G license renewal in Grameenphone are included in “Committed investments in Property, plant and equipment and intangible asset” with NOK 1.2 billion for the period of 2012-2013. Tower leasing obligations in uninor is included in “Minimum lease payments under non-cancellable operating leases” as of 31 December 2011 with NOK 4.7 billion for the period of 2012–2016 and NOK 1.2 billion after 2016. DTAC’s concession right DTAC is obliged to pay an annual fee to CAT Telecom Public Company Limited (CAT) in accordance with the concession agreement. The annual fee is based on the greater of a minimum annual payment and a percentage of revenues from services. The minimum annual payments are not included above. The yearly minimum payments for the period 2012–2018 fluctuate in a range from NOK 142 million to NOK 227 million (converted from THB to NOK based on the exchange rate as of 31 December 2011). For further information regarding DTAC’s concession right, see note 19. / 34 / Related parties As of 21 March 2012, Telenor ASA was 53.97% (including treasury shares) owned by the Kingdom of Norway, represented through the Ministry of Trade and Industry. The Board of Telenor ASA has been given authority by the General Meeting to carry through share buy backs with the purpose to cancel these shares through reduction of share capital. The cancellation requires approval from the General Meeting. Telenor ASA has entered into an agreement with the Ministry of Trade and Industry whereby it is agreed that such buy-back and cancellation should not affect the Ministry’s shareholding. As a result, the Group is required to redeem a proportionate number of shares owned by the Ministry. The same General Meeting approving the cancellation of treasury shares, will be asked to approve the redemption of the shares owned by the Ministry against payment of an amount that corresponds to an average volume of weighted price at the time of the repurchase of treasury shares in the market together with compensation for interest. The Norwegian telecommunications market is governed by the Electronic Communications Act of 4 July 2003 and other regulations issued pursuant to this Act. until it expired 1 September 2004, the Group had to provide and maintain universal Service Obligations (uSO) according to the concession on fixed network. Thereafter it was carried on through an agreement between the Group and the Norwegian Ministry of Transport and Communications. The uSO obligation entails among other things the provision of Public voice telephony and access to Internet to all households and companies, public pay phones, services for the disabled and for controlling end users expenses. The Group receives no compensation for providing uSO services. In addition, the Group was in 2011 and 2010 subject to Special Service Obligations (SSO) – security and preparedness (the defence of Norway) – following an agreement with the Norwe...
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