| (Figures in MNOK) | Note | 2009 | 2008 | 2007 |
| | | | | |
| OPERATING ACTIVITIES | | | | |
| Earnings before tax | | 523.1 | 815.6 | 1 181.0 |
| Net interest items | 5 | -14.0 | -12.0 | 26.6 |
| Tax paid | 22 | -285.2 | -176.5 | -100.2 |
| Depreciation and write-downs | 9, 10 | 335.6 | 296.0 | 233.6 |
| Gains on sales of property, machinery etc. | 2 | -4.0 | -29.8 | -25.1 |
| Gains on sale of company | 11 | -10.2 | -27.3 | - |
| Share-based transactions entered against equity | 4,22 | -28.9 | -38.4 | -43.9 |
| Profit and loss items without cash flow effect | 1 | -87.1 | 311.8 | 34.5 |
| Generated from this year’s activities | | 429.3 | 1 139.4 | 1 306.5 |
| | | | | |
| Change in non-residential and residential projects | 15, 16 | 77.2 | -543.0 | -360.9 |
| Change in accounts receivable | 18 | 686.8 | 901.2 | 508.7 |
| Change in other current assets | | 198.6 | -132.9 | -39.2 |
| Change in creditors etc. | 25 | -38.6 | -501.2 | 156.1 |
| Change in other operating debt | | -263.1 | 320.8 | 19.1 |
| Net cash flow from operating activities (A) | | 1 090.2 | 1 184.3 | 1 590.3 |
| | | | | |
| INVESTMENT ACTIVITIES | | | | |
| Purchase of tangible non-current assets | 8,9,10 | -436.0 | -713.7 | -542.7 |
| Sales of tangible non-current assets | 10 | 39.9 | 122.4 | 72.5 |
| Purchase of subsidiaries | 11 | -23.1 | -48.8 | -13.8 |
| Purchase of other companies | 11 | -6.7 | -31.7 | -149.5 |
| Sales of subsidiaries | 11 | 48.8 | 45.6 | - |
| Interest received | 5 | 25.0 | 70.7 | 52.4 |
| Change in other investments | | -13.2 | 23.6 | -59.2 |
| Net cash flow from investment activities (B) | | -365.3 | -531.9 | -640.3 |
| | | | | |
| FINANCING ACTIVITIES | | | | |
| New long-term borrowing | 23 | 54.9 | 847.5 | 49.9 |
| Repayment long-term debts | 23 | -633.6 | -421.5 | -336.8 |
| New short-term borrowing | | 0.7 | 0.4 | - |
| Repayment short-term debts | 24 | - | -163.2 | -168.0 |
| Interest paid | 5 | -11.0 | -58.7 | -79.0 |
| Payment to minority interests | | -7.9 | -11.2 | -7.8 |
| Dividend paid | 20 | -334.3 | -543.8 | -364.4 |
| Buy-back own shares | 20 | - | -234.4 | -91.2 |
| Net cash flow from financing activities (C) | | -931.2 | -584.9 | -997.3 |
| | | | | |
| TOTAL NET CHANGE IN CASH AND | | | | |
| CASH EQUIVALENTS (A+B+C) | | -206.3 | 67.5 | -47.3 |
| | | | | |
| Cash and cash equivalents at 1 January | 19 | 354.0 | 272.4 | 330.6 |
| Exchange rate adjustment foreign liquid reserves | | -3.6 | 14.1 | -10.9 |
| Cash and cash equivalents at 31 December | | 144.1 | 354.0 | 272.4 |
| | | | | |
| Supplementary information: | | | | |
| Long-term borrowing facilities DnB NOR | 29, 30 | 2 100.0 | 2 100.0 | 2 100.0 |
| Used committed borrowing facilities at 31 December | | 204.5 | 827.1 | 418.7 |
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