Page 111 - EVRY Annual Report 2012

Annual Accounts Group 111
2010
NOK million
Fair
value
level
Fair
value
through
OCI
Fair
value
through
profit
and
loss
Loans and
Receivables
Available
for sale
Other
financial
liabilities
Total
book
value
Fair
value
Assets
Non-current interest bearing
receivables - - - - - - -
Other non current receivables 2 - 12.2 37.6 - - 49.8 49.8
Accounts receivable - - 2 072.6 - - 2 072.6 2 072.6
Other current receivables - - 1 227.1 - - 1 227.1 1 227.1
Bank deposits - - 1 529.9 - - 1 529.9 1 529.9
Available for sale investments - - - -
Total assets - 12.2 4 867.2 - - 4 879.4 4 879.4
Liabilities
Non-current interst bearing
liabilities - - - - 3 492.6 3 492.6 3 492.6
Non-current non-iterest bearing
liabilities 2 38.9 - - - 6.0 44.9 44.9
Accounts payable - - - - 659.4 659.4 659.4
Deductions and duties payable - - - - 1 138.0 1 138.0 1 138.0
Other current liabilities - - - - 2 370.9 2 370.9 2 370.9
Total liabilities 38.9 - - - 7 666.9 7 705.8 7 705.8
During the reporting period 1 January 2010 to 31 December 2010, there were no transfers between the levels in the
fair value hierarchy.
Management of capital structure
1. Management of capital structure
EVRY’s main objective for the management of its capital structure is to maximise value creation for shareholders,
while at the same time maintaining a sound financial position and a good credit rating.
The group monitors its capital structure in terms of its equity as a proportion of total assets (equity ratio) and net
interest-bearing liabilities as a proportion of total equity (gearing). In addition, the group monitors ratio between
net interest-bearing debt (NIBD) and EBITDA (gearing ratio). The target for the gearing ratio is for the ratio to be
less than 2.60. At 31 December 2012, NIBD/EBITDA was 2.73.
Net interest-bearing liabilities are defined as interest-bearing liabilities (current liabilities and long-term liabilities)
minus bank deposits.
EVRY’s objective is to generate the best possible long-term return for its shareholders, through dividends paid and
share price increases that combined, match or exceed the return available on similar investment opportunities of
comparable risk. The company aims to pay an annual dividend equivalent to 20-50 % of normalised post-tax profit,
defined as post-tax profit adjusted for non-recurring items such as gains on disposals, provisions for restructuring
and non-recurring tax charges, subject to the Board’s assessment that this will not have an adverse effect on the
company’s future growth ambi­tions and capital structure. In accordance with this policy, the Board of EVRY has
decided to propose to the Annual General Meeting that a dividend of NOK 0.35 per share should be paid in respect
of the 2012 financial year, equivalent to a total distribution of NOK 93 million.
Subsidiary companies have only limited authority to establish independent financing arrangements, and are
required to distribute their surplus capital to EVRY ASA by means of dividend, repayment of financing or group
contributions.
Note 22