As of 31 december 2011 and 2010 the major part of the

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Unformatted text preview: ted companies Associated companies Other non-current assets Current assets liabilities Gain recognised in the income statement at the time of acquisition Total consideration 2011 2010 2 686 47 2 (8) - 2 727 16 337 70 33 (29) (7) 16 404 Cash payments related to acquisitions Cash in subsidiaries acquired Purchases of subsidiaries and associated companies, net of cash acquired (393) - (393) (1 421) 5 (1 416) Disposals of subsid iaries and associated companies Associated companies Other non-current assets Current assets liabilities Non-controlling interests Gains (losses) and translation adjustments on disposals Sales price 75 87 110 (115) - 175 332 7 544 5 158 2 155 (5 658) (944) 6 522 14 777 185 (49) 136 (76) (339) (415) Proceeds received as sale consideration Cash in subsidiaries disposed of Proceeds from disposal of subsidiaries and associated companies, net of cash disposed of /page 54/ telenor annual report 2011 notes to the financial statements / telenor group Acquisitions of associated companies in 2011 consist mainly of dilution of the Group’s ownership interest in VimpelCom Ltd. from 39.58% to 31.67% following VimpelCom’s acquisition of Wind Telecom on 15 April 2011. There were no cash proceeds related to this transaction. Acquisitions and disposals of subsidiaries and associated companies in 2010 consist mainly of the deemed disposal of EDB Business Partner ASA and the contribution of Kyivstar to VimpelCom Ltd., where there were no cash proceeds. Restricted bank accounts as of 31 December NOK in millions 2011 2010 Restricted bank accounts For employees’ tax deduction uninor security deposits related to bank loans Other restricted bank accounts Total restricted bank accounts 2 112 24 138 4 127 13 144 With the exception of certain companies, the Group has bank guarantees for the employees’ tax deductions. Cash and cash equivalents as of 31 December NOK in millions 2011 2010 3 140 9 759 12 899 Cash and cash equivalents in the Group’s cash pool systems Cash and cash equivalents outside the Group’s cash pool systems Total cash and cash equivalents 4 315 9 291 13 606 The Group has established cash pool systems. under these agreements, Telenor ASA is the Group account holder and the other companies in the Group are sub-account holders or participants. The banks can offset balances in their favour against deposits, so that the net position represents the net balance between the bank and the Group account holder. Subsidiaries in which Telenor owns less than 90% of the shares are normally not participants in the Group’s cash pool systems, held by Telenor ASA. As of 31 December 2011 and 2010, the major part of the cash and cash equivalents outside the Group’s cash pool systems relates to uninor, DiGi, Grameenphone, DTAC and Telenor Serbia. Interest proceeds and payments NOK in millions 2011 Proceeds from interest income Payments of interest expenses 735 (2 119) 2010 422 (1 657) / 25 / Changes in equity Paid-in capital NOK in millions, except number of shares Equity as of 1 January 2010 share buy back share options granted to employees Equity as of 31 December 2010 share buy back share options granted to employees Cancellation of shares Equity as of 31 December 2011 Number of share Other paid Treasury shares capital in capital shares 1 657 888 846 - - 1 657 888 846 - - (49 695 233) 1 608 193 613 9 947 - - 9 947 - - (298) 9 649 69 - - 69 - - - 69 (11) (149) 3 (157) (294) 9 298 (144) Total paid in capital 10 005 (149) 3 9 859 (294) 9 9 574 Nominal value per share is NOK 6. Telenor ASA held 23,954,781 treasury shares as of 31 December 2011 (26,117,284 shares as of 31 December 2010). The shareholders in the Annual General Meeting on 19 May 2011 approved the proposed cancellation of 49,695,233 shares. Telenor ASA has an agreement with the Kingdom of Norway through the Ministry of Trade and Industry to carry through share buy backs with the purpose to cancel the treasury shares through reduction of the share capital to maintain its ownership interest. The proposed cancellation is subject to approval by shareholders in the annual General Meeting on 16 May 2012 and if approved, the effect on equity is estimated to NOK 2.4 billion. /page 55/ telenor annual report 2011 notes to the financial statements / telenor group Other reserves Employee Transactions Equity Net unrealised equity with non adjustments NOK in millions Equity as of 1 January 2010 Other comprehensive income (loss), net of taxes share-based payment share options granted Transactions with non-controlling interests share buy back Other changes in other reserves during 2010 Equity as of 31 December 2010 Other comprehensive income (loss), net of taxes share-based payment share options granted Transactions with non-controlling interests share buy back Other changes in other reserves during 2011 Equity as of 31 December 2011 gains/(losses) reserve (462) 475 - - - - - 13 (47) - - - - - (34) benefits reserve 273 - 17 21 - - - 311 - 15 37 - - - 363 controlling in ass...
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