Page 62 telenor annual report 2011 notes to the

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Unformatted text preview: ighted average asset allocations as of 31 December, by asset category were as follows: Asset categories 2011 2010 bonds % Equity securities % Real-estates % Other % Total 63 27 9 1 100 62 27 9 2 100 The plan assets are invested in bonds issued by the Norwegian government, Norwegian municipals, financial institutions and corporations. Bonds held in foreign currencies are to a large extent currency hedged. The plan assets are invested both in Norwegian and foreign equity securities. The currency hedging policy for foreign equity securities is evaluated per investment. /page 61/ telenor annual report 2011 notes to the financial statements / telenor group The Telenor Pension Fund owns real-estates previously held by the Group. The values of these were set based on evaluations made by an independent Project and Construction Management Company. Approximately 40% of the buildings measured in market value are used by the Group through internal rental contracts. The expected long-term return on plan assets as of 31 December 2011 was 4.4% (5.5% in 2010). Expected returns on plan assets are calculated based on the estimated Norwegian government bond yield at the balance sheet date, adjusted for the different investment categories of the plan assets. The expected long-term yield above government bonds is based on historical non-current yields. The Group expects to contribute approximately NOK 330 million to the Telenor Pension Fund in 2012. As of 31 December 2011, the estimated pension cost for 2012 for the defined benefit plans in Norway and Sweden was estimated to NOK 425 million and NOK 44 million, respectively. The other companies outside Norway have mainly contribution plans. The costs of the benefit plans outside Norway and Sweden are less than 15% of the total benefit costs and no estimates are made for these plans. / 28 / Trade and other payables and non-interest-bearing liabilities Non-current non-interest-bearing liabilities NOK in millions Financial derivatives (see note 31) Other non-current non-interest-bearing liabilities Total non-current non-interest-bearing liabilities 2011 2010 1 063 596 1 659 690 435 1 125 Trade and other payables NOK in millions 2011 2010 Trade payables Accrued expenses liabilities to associated companies Total trade and other financial payables 6 494 12 273 3 18 770 6 039 12 395 3 18 437 deferred connection revenues Prepaid revenues Government taxes, tax deductions etc. dividends payable Total other payables 671 5 605 3 275 2 387 11 938 746 5 578 3 087 9 411 Total trade and other payables 30 708 27 848 2011 2010 672 579 1 251 307 572 879 Current non-interest bearing liabilities NOK in millions Financial derivatives (see note 31) Other current non-interest-bearing liabilities Total current non-interest-bearing liabilities The dividends payable in 2011 were related to dividends to non-controlling interests, declared by DTAC in 2011 which are paid in 2012. For information about the fair value of the financial derivatives and the grouping of financial instruments into appropriate classes, see note 31. /page 62/ telenor annual report 2011 notes to the financial statements / telenor group / 29 / Interest-bearing liabilities 2011 2010 Non Current current Current interest interest interest bearing bearing bearing bearing liabilities liabilities Total liabilities liabilities Total 8 731 15 1 556 465 10 767 1 187 839 13 273 1 409 6 449 23 157 9 918 854 14 829 1 875 6 449 33 924 5 367 10 3 006 368 8 751 1 288 887 14 023 1 103 8 400 25 701 6 655 897 17 029 1 471 8 400 34 452 NOK in millions Interest-bearing liabilities measured at amortised cost bank loans Finance lease obligations bonds and Commercial Papers Other liabilities Interest-bearing liabilities in fair value hedge relationships Total interest-bearing liabilities Non current interest Non-current interest-bearing liabilities debt debt debt adjusted debt adjusted before the for the before the for the effect of effect of effect of effect of currency currency currency currency NOK in millions swaps swaps swaps swaps Company/segment debt instrument Currency 31.12.11 31.12.11 31.12.10 31.12.10 Telenor AsA Telenor AsA Telenor AsA Total Telenor ASA EMTN program limit EuR 7 500 bonds Collateral GsM licenses 2) EuR NOK 1) sEK HuF usd MyR NOK EuR NOK 18 656 398 91 - - - 198 368 59 19 771 13 221 (6 506) 6 059 29 5 733 609 198 368 59 19 771 20 304 396 91 198 68 21 057 12 540 (4 231) 4 405 286 6 982 809 198 68 21 057 984 - 108 368 137 312 221 - 13 452 190 - 378 224 3 386 23 157 984 - 108 368 137 312 221 - 13 452 190 378 224 3 386 23 157 899 1 044 102 417 142 376 226 5 505 384 391 153 4 644 25 701 899 1 044 102 417 142 376 226 5 505 384 391 153 4 644 25 701 diGi borrowings from financial institutions MyR diGi bonds MyR diGi Finance lease MyR Grameenphone Finance lease bdT denmark Finance lease dKK denmark uMTs and lTE licenses 2) dKK sweden Finance lease sEK Tameer Microfinance bank ltd borrowings from financial institutions usd Tameer Microfinance bank ltd borrowings from financial institutions PKR Telenor Pakistan GsM licenses 2) usd dTAC borrowings from financial institutions usd dTAC borrowings from financial institutions THb dTAC bonds THb Other non-current interest-bearing liabilities Total subsidiaries Total non-current interest-bearing liabilities 1) 2) Telenor AsA’s debt position in Norwegian Krone is a net asset position when including currency swaps. Ne...
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This document was uploaded on 03/21/2014.

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