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REC Annual Report 2011
139
STATEMENTOFCASHFLOWS (NGAAP)
RENEWABLEENERGYCORPORATIONASA
YEAR ENDED DECEMBER 31 (NOK INMILLION)
2011
2010
Cash flows from operating activities
Profit/loss before tax
-13 498
2 001
Taxes paid/received
0
75
Depreciation, amortization
81
13
Impairment and losses financial assets
14 339
65
Changes in receivables
135
1
Changes in payables
-18
-19
Changes in provisions
4
-90
Changes in VAT and other public taxes and duties
0
2
Received group contribution
0
467
Changes in derivatives
323
-136
Currency effects not cash flow or not related to operating activities
1)
36
-987
Other items
2)
111
491
Net cash flow from operating activities
1 514
1 884
Cash flows from investing activities
Cash proceeds for shares
0
2
Cash payments for shares
-9 058
-943
Payment of group contribution
-643
0
Proceeds finance receivables
2 332
1 036
Payments finance receivables
-434
-481
Proceeds from sale of property, plant and equipment and intangible assets
1
0
Net change in internal part of Group account system
1) 3)
7 905
-2 653
Payments for property, plant and equipment and intangible assets
-5
-2
Net cash flow from investing activities
98
-3 041
Cash flows from financing activities
Payments of borrowings and up-front/waiver loan fees
-4 207
-19 025
Proceeds from borrowings
3 452
15 379
Issuance of shares
0
3 888
Net cash flow from financing activities
-756
241
Net increase/decrease in cash and cash equivalents
857
-915
Cash and cash equivalents at the beginning of the period
555
1 470
Cash and cash equivalents at the end of the period
1 412
555
1)
The profit/loss before tax includes significant currency gains in 2010. Currency gains and losses are primarily related to interest bearing liabilities, loans to susidiaries and the
Group account system. The net currency gains and losses in the Group account system relates to Group internal receivables and payables and REC ASA’s external bank accounts. It
is impracticable to separate these effects in the Group account system. However, the internal receivables and payables in the Group account system are significantly higher than
the external bank accounts. REC ASA has consequently included the net currency effects in the net change in the internal part of the Group account system, as a part of investing
activities in the statement of cash flows.
2)
Other items consist primarily of the expensing of up-front loan fees.
3)
See note 14 to the consolidated financial statements for a description of REC’s Group account systems (cash pools). The Group account systems contain receivables and payables
on subsidiaries (internal part) and REC ASA’s external bank accounts. In the balance sheet, these are presented separately at December 31, 2011 and 2010.