Annual report 2008, 1.19 MB - Telenor

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NOTES TO THE FINANCIAL STATEMENTS Telenor Group PAGE 72 Equity securities Fair values for listed shares are based on quoted prices at the end of the relevant years. Fair value for unlisted shares are calculated by using commonly used valuation techniques, or measured at cost if the investment do not have a quoted market price in an active market and whose fair value cannot be reliably measured. Listed companies consolidated in the Telenor Group or accounted for by using the equity method, are not included in the table further below. Cash and cash equivalents The fair value for this class of fi nancial instruments is assessed to be equal to the carrying amount. Derivatives Fair values of currency swaps, foreign currency forward contracts and interest rate swaps are estimated by the present value of future cash fl ows, calculated by using swap curves and exchange rates as of 31 December 2008 and 2007, respectively. Options are revalued using appropriate option pricing models. ANNUAL REPORT 2008 Fair values of fi nancial instruments 31.12.2008 per class Trade Trade receivables payables and other and other current nonand non- interest Currency Interest Interest- current bearing Cash swaps and rate- Equity-, NOK IN MILLIONS Carrying Fair bearing fi nancial fi nancial Equity and cash forward swaps and and other Balance item Note Category amount value liabilities assets liabilities securities equivalents contracts -options derivatives 1) Other non-current assets 23 6 020 6 020 FVTPL 3) 4 278 4 278 - - - - - 3 092 1 186 - AFS 508 508 - - - 508 - - - - LAR 121 121 - 121 - - - - - - NF 4) 1 113 1 113 Trade and other receivables 22 20 909 20 909 LAR 17 126 17 126 - 17 126 - - - - - - NF 4) 3 783 3 783 Other fi nancial current assets 23 1 079 1 079 FVTPL 3) 657 657 - - - 46 - 595 16 - LAR 422 422 - 422 - - - - - - Cash and cash equivalents 24 8 925 8 925 LAR 8 925 8 925 - - - - 8 925 - - - Total – Fair value through profi t and loss (FVTPL) 4 935 4 935 Total – Available for sale (AFS) 508 508 Total – Loans and receivables (LAR) 26 594 26 594 Non-current interest-bearing fi nancial liabilities 2) 26 (40 452) (37 548) FLAC (40 452) (37 548) (37 465) - - - - - (83) - Non-current non-interestbearing fi nancial liabilities 29 (944) (944) FVTPL 3) (561) (561) - - - - - (486) (75) - FLAC (383) (383) - - (383) - - - - - Current interest-bearing fi nancial liabilities 26 (15 581) (15 620) FLAC (15 581) (15 620) (15 620) - - - - - - - Trade and other payables 29 (28 676) (28 676) FLAC (18 489) (18 489) - - (18 489) - - - - - NF 4) (10 187) (10 187) Current non-interestbearing liabilities 29 (1 377) (1 377) FVTPL 3) (469) (469) - - - - - (392) (32) (45) FLAC (908) (908) - - (908) - - - - - (53 085) 17 669 (19 780) 554 8 925 2 809 1 012 (45) Total – Fair value through profi t and loss (FVTPL) (1 030) Total – Financial liabilities at (1 030) amortised cost (FLAC) (75 813) (72 948) 1) Telenor ASA has provided a guarantee in relation to equity derivatives. The guarantee amounts to NOK 115 million as of 31 December 2008. 2) Derivatives designated as hedging instruments in fair value hedges are classifi ed as interest-bearing in the balance sheet. All other derivatives are classifi ed as non-interest-bearing. 3) Includes derivatives used in hedge accounting relationships. 4) The abbreviation NF in the tables above is short for non-fi nancial assets and liabilities.
Fair values of fi nancial instruments 31.12.2007 per class NOTES TO THE FINANCIAL STATEMENTS Telenor Group Trade Trade receivables payables and other and other current nonand non- interest Currency Interest Interest- current bearing Cash swaps and rate- Equity-, NOK IN MILLIONS Carrying Fair bearing fi nancial fi nancial Equity and cash forward swaps and and other Balance item Note Category amount value liabilities assets liabilities securities equivalents contracts -options derivatives 1) Other non-current assets 23 3 040 3 040 FVTPL 3) 702 702 - - - - - 553 146 3 AFS 564 564 - - - 564 - - - - LAR 193 193 - 193 - - - - - - NF 4) 1 581 1 581 Trade and other receivables 22 19 872 19 872 LAR 16 379 16 379 - 16 379 - - - - - - NF 4) 3 493 3 493 Other fi nancial current assets 23 895 895 FVTPL 3) 424 424 - - - 52 - 262 - 110 LAR 471 471 - 471 - - - - - - Cash and cash equivalents 24 6 841 6 841 LAR 6 841 6 841 - - - - 6 841 - - - Total – Fair value through profi t and loss (FVTPL) 1 126 1 126 Total – Available for sale (AFS) 564 564 Total – Loans and receivables (LAR) 23 884 23 884 Non-current interest-bearing fi nancial liabilities 2) 26 (39 725) (40 555) FLAC (39 725) (40 555) (40 458) - - - - - (97) - Non-current non-interestbearing fi nancial liabilities 29 (1 074) (1 074) FVTPL 3) (684) (684) - - - - - (619) (65) - FLAC (390) (390) - - (390) - - - - - Current interest-bearing fi nancial liabilities 2) 26 (7 524) (7 277) FLAC (7 524) (7 277) (7 271) - - - - - (6) - Trade and other payables 29 (26 829) (26 829) FLAC (17 482) (17 482) - - (17 482) - - - - - NF 4) (9 347) (9 347) Current non-interest-bearing fi nancial liabilities 29 (598) (598) FVTPL 3) (204) (204) - - - - - (200) - (4) FLAC (394) (394) - - (394) - - - - - (47 729) 17 043 (18 266) 616 6 841 (4) (22) 109 Total – Fair value through profi t and loss (FVTPL) Total – Financial liabilities at (888) (888) amortised cost (FLAC) (65 515) (66 098) 1) Telenor ASA has provided a guarantee in relation to equity derivatives. The guarantee amounts to NOK 529 million as of 31 December 2007. 2) Derivatives designated as hedging instruments in fair value hedges are classifi ed as interest-bearing in the balance sheet. All other derivatives are classifi ed as non-interest-bearing. 3) Includes derivatives used in hedge accounting relationships. 4) The abbreviation NF in the tables above is short for non-fi nancial assets and liabilities. ANNUAL REPORT 2008 PAGE 73
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Annual report 2008 2008 was a busy
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Dear shareholder, 2008 was a busy y
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outlook for 2008 as outlined in the
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from the fourth quarter of 2007. Du
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Telenor Group through development o
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Telenor derives an increasingly hig
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OUTLOOK FOR 2009 Based on the profo
Page 15 and 16:
CONSOLIDATED BALANCE SHEET Telenor
Page 17 and 18:
CONSOLIDATED STATEMENTS OF CHANGES
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02 IFRS 3R Business Combination - (
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control. That is when the strategic
Page 23 and 24: Rentals payable under operating lea
Page 25 and 26: Telenor includes deductions for unc
Page 27 and 28: DiGi is listed at Bursa Malaysia Se
Page 29 and 30: 04 BUSINESS COMBINATIONS AND DISPOS
Page 31 and 32: The initial purchase price allocati
Page 33 and 34: The carrying values at the acquisit
Page 35 and 36: NOTES TO THE FINANCIAL STATEMENTS T
Page 37 and 38: 05 KEY FIGURES SEGMENTS NOTES TO TH
Page 39 and 40: Segment Information 2006 EBITDA Dep
Page 41 and 42: 08 09 SALARIES AND PERSONNEL COSTS
Page 43 and 44: 13 Details of impairment losses: NO
Page 47 and 48: 15 Changes in net deferred taxes NO
Page 49 and 50: 17 NOTES TO THE FINANCIAL STATEMENT
Page 51 and 52: Average EBITDA margin - The EBITDA
Page 55 and 56: 21 As of 31 December 2008, future m
Page 57 and 58: 22 The Group’s share of assets, l
Page 59 and 60: 24 ADDITIONAL CASH FLOW INFORMATION
Page 61 and 62: Employee equity benefi ts reserve T
Page 65 and 66: 27 PROVISIONS AND OBLIGATIONS Non-c
Page 73: NOTES TO THE FINANCIAL STATEMENTS T
Page 77 and 78: 33 RELATED PARTIES As of 26 March 2
Page 85 and 86: Options and shares 2008 NOTES TO TH
Page 89 and 90: 38 39 NUMBER OF SHARES, OWNERSHIP E
Page 91 and 92: BALANCE SHEET Telenor ASA as of 31
Page 93 and 94: STATEMENT OF CHANGES IN EQUITY Tele
Page 95 and 96: 03 PENSION OBLIGATIONS Telenor ASA
Page 97 and 98: 07 contribution to be received and
Page 99 and 100: 10 11 2007 Depreciation Acc. depre-
Page 101 and 102: 15 16 CONTRACTUAL OBLIGATIONS NOTES
Page 105 and 106: AUDITOR’S REPORT FOR 2008 AUDITOR
Page 108: Annual report 2008 Published by Tel
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Annual report 2008, 1.19 MB - Telenor

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