Income Statement Group
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NOTE 5
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BUSINESS SEGMENT REPORTING
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Group management constitutes the Groups leading authority. Operational segments are based upon Group management reporting guidelines when allocating resources and assessing profitability.
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The Group’s corporate structure consisted in 2012 of three business areas; Local Infrastructure, Central Infrastructure and Security, based on the entity’s delivery of products and services. In financial terms, Infratek has reported within the following segments based on products supplied in 2012: Local Infrastructure, Central Infrastructure and Security, in addition to geography.
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Segment information is presented for the Group’s business areas. The Group’s business segments reflect the division into product groups and is based on the Group’s in-house reporting structure. Group management assesses the segments’ performance on the basis of an adjusted operating profit (EBIT). This method of measurement excludes the effect of non-recurring costs when the costs are the result of an isolated incident which is not expected to be repeated. In the segment table such costs are reported as part of the segment “Other” (Group). Expenses related to a lack of subleasing of the Group’s main office have been expensed to Other in 2012 and 2011.
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An overview of business segments follows:
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Local Infrastructure: Comprises the Group’s infrastructure operations in Norway and Sweden geared towards the product areas distribution network, highway and street lighting, fibre/telecom, district heating and railways. The services within this business area are organised among three regions in Sweden and one region in Norway.
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Central Infrastructure: Comprises the Group’s infrastructure operations in Norway, Sweden and Finland geared towards the central transmission network for power transmission in Scandinavia; products and services related to transformer stations, cables and power lines for higher voltages.
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Security: Delivers security technology solutions such as alarm systems, CCTV surveillance, access control facilities, integrated security solutions, and electronic anti-theft solutions. The business area also delivers monitoring and inspection services to grid companies, which allow them to fulfil legally mandated responsibilities (so-called DLE services). The Security business area is established in Norway, Sweden and Finland.
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Other (Group): This segment comprises mainly group costs in the form of costs incurred by the parent company Infratek ASA in connection with the Board, CEO and Group Finance, day-to-day financial reporting, costs linked with the company’s stock market listing as well as shortfall of subleasing revenues from the company’s headquarters.
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Eliminations: This is elimination of Group-internal sales.
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Segment information
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Amounts in NOK million
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Local Infrastructure
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Central Infrastructure
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Security
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Other
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Eliminations
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Group
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2011
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Gross segment operating revenue
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1 981
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602
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305
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3
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-
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2 890
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Inter-segment sales
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8
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9
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1
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10
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(29)
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-
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Operating revenues
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1 989
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611
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306
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13
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(29)
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2 890
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Purchased material
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(959)
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(281)
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(93)
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-
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(10)
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(1 342)
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Gross profit
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1 030
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330
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214
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13
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(39)
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1 548
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Personell expenses
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(679)
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(229)
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(132)
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(20)
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-
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(1 060)
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Other operating costs
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(239)
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(82)
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(56)
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(6)
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39
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(343)
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EBITDA
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112
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19
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27
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(13)
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-
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144
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Depreciations
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(26)
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(7)
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(3)
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(7)
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-
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(43)
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EBIT
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86
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12
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23
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(20)
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-
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100
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Financial expenses
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(3)
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(1)
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5
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(2)
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-
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(1)
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Pre-tax profit
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83
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11
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29
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(22)
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-
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101
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Tax
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(23)
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(3)
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(6)
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6
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-
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(26)
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Profit from discontinued operations
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(4)
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-
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-
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-
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-
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(4)
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Profit for the year
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56
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8
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22
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(16)
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-
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71
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Amounts in NOK million
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Lokal Infrastructure
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Central Infrastructure
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Security
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Other
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Eliminations
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Group
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2012
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Gross segment operating revenue
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1 892
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591
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319
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9
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-
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2 810
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Inter-segment sales
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2
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1
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2
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13
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(17)
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-
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Operating revenues
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1 894
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591
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321
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22
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(17)
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2 810
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Purchased material
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(905)
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(282)
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(97)
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(2)
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(5)
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(1 291)
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Gross profit
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990
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310
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224
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19
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(23)
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1 520
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Personell expenses
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(615)
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(235)
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(138)
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(40)
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-
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(1 027)
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Other operating costs
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(247)
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(67)
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(58)
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5
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23
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(344)
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EBITDA
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128
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8
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29
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(16)
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-
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149
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Depreciations
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(25)
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(6)
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(3)
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(8)
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(41)
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||
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EBIT
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103
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2
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26
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(24)
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-
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108
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Financial expenses
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(2)
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(2)
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-
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(3)
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-
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(7)
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Pre-tax profit
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101
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0
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26
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(27)
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-
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101
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Tax
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(31)
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(0)
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(7)
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8
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-
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(30)
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Profit from discontinued operations
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-
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-
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-
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-
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-
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-
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Profit for the year
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70
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0
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19
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(18)
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-
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71
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Working capital as of 31 December and investments during the year:
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Amounts in NOK million
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Infrastructure
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Security
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Other
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Group
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2011
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Working capital
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163
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36
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1
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200
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Investments
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36
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1
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8
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45
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Amounts in NOK million
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Infrastructure
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Security
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Other
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Group
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2012
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Working capital
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177
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37
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(23)
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192
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|||
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Investments
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32
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1
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5
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39
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Operating revenues from related parties – constitutes more than 10% of the revenue (see also note 18)
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Amounts in NOK million
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Infrastructure
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Security
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Other
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Group
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2011
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Operating revenue from Hafslund
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480
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73
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-
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553
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Operating revenue from Fortum
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706
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1
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-
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707
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Amounts in NOK million
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Infrastructure
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Security
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Other
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Group
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2012
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Operating revenue from Hafslund
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452
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67
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-
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519
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Operating revenue from Fortum
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533
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10
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-
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543
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Geographical segment information
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Amounts in NOK million
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Norway
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Sweden
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Finland
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Other
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Eliminations
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Group
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2011
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Gross segment operating revenue
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1 250
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1 451
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186
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3
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-
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2 890
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Operating profit
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71
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39
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11
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(20)
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-
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101
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Profit for the year
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46
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32
|
8
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(16)
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-
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70
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-
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Working Capital
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69
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101
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30
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1
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-
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200
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Investments
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18
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18
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1
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8
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-
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45
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2012
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Gross segment operating revenue
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1 285
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1 392
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129
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5
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-
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2 810
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Operating profit
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107
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22
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6
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(27)
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-
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108
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Profit for the year
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75
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13
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4
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(21)
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-
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71
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|
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Working Capital
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90
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102
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22
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(23)
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-
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192
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|
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Investments
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7
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24
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3
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5
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-
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39
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Other consists of the parent company Infratek ASA
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