Accounting: Generally Accepted Accounting Principles...

January-December 2011 The Interim Statement is based on the audited 2011 Financial Statements approved by the Board on 31 January 2012.

Condensed consolidated income statement

EUR million

Note Q4 2011 Q4 2010 4 1,667 40 -659 -142 -155 -243 508 71 579 19 -78 13 7 -8 -66 532 -88 444 1,902 23 -910 -133 -147 -194 541 -220 321 21 -57 19 -8 -11 -57 285 -25 260

2011

2010

Sales Other income Materials and services Employee benefit costs Depreciation, amortisation and impairment charges Other expenses Comparable operating profit Items affecting comparability Operating profit Share of profit/loss of associates and joint ventures Interest expense Interest income Fair value gains and losses on financial instruments Other financial expenses - net Finance costs - net Profit before income tax Income tax expense Profit for the period

4,12,13

4, 14

9

6,161 91 -2,566 -529 -606 -749 1,802 600 2,402 91 -284 56 5 -42 -265 2,228 -366 1,862

6,296 108 -2,846 -507 -563 -655 1,833 -125 1,708 62 -197 72 12 -42 -155 1,615 -261 1,354

Attributable to:

Owners of the parent Non-controlling interests

421 23 444

231 29 260

1,769 93 1,862

1,300 54 1,354

Earnings per share (in € per share) Basic Diluted

10 0.47 0.47 0.26 0.26 1.99 1.99 1.46 1.46

EUR million

Q4 2011 Q4 2010

2011

2010

Comparable operating profit Non-recurring items (capital gains and losses) Changes in fair values of derivatives hedging future cash flow Nuclear fund adjustment Items affecting comparability Operating profit

508 9 72 -10 71 579

541 7 -221 -6 -220 321

1,802 284 344 -28 600 2,402

1,833 93 -216 -2 -125 1,708

Condensed consolidated statement of comprehensive income

EUR million

Q4 2011 Q4 2010

2011

2010

Profit for the period Other comprehensive income Cash flow hedges Fair value gains/losses in the period Transfers to income statement Transfers to inventory/fixed assets Tax effect Net investment hedges Fair value gains/losses in the period Tax effect Available for sale financial assets Fair value changes in the period Exchange differences on translating foreign operations Share of other comprehensive income of associates 1) Other changes Other comprehensive income for the period, net of tax Total comprehensive income for the year Total comprehensive income attributable to Owners of the parent Non-controlling interests 1) Of which fair value change in Hafslund ASA's shareholding in REC incl. translation differences

444

260

1,862

1,354

106 81 -7 -46 0 0 0 166 2 -3 299 743

-464 19 -10 117 29 -8 1 89 -8 -16 -251 9

299 480 -23 -195 2 0 -1 -75 2 3 492 2,354

-583 1 -16 151 -1 0 0 344 -69 -16 -189 1,165

697 46 743 0

-29 38 9 -8

2,255 99 2,354 0

1,064 101 1,165 -77

Condensed consolidated balance sheet

EUR million

Note

Dec 31 2011

Dec 31 2010

ASSETS Non-current assets Intangible assets Property, plant and equipment Participations in associates and joint ventures Share in State Nuclear Waste Management Fund Pension assets Other non-current assets Deferred tax assets Derivative financial instruments Long-term interest-bearing receivables Total non-current assets Current assets Inventories Derivative financial instruments Trade and other receivables Bank deposits Cash and cash equivalents Liquid funds Assets held for sale 1) Total current assets Total assets

12 13 4, 14 17

6

433 15,234 2,019 653 60 69 150 396 1,196 20,210

421 14,621 2,161 625 62 72 141 183 1,149 19,435

6

16 7

528 326 1,020 731 731 183 2,788 22,998

387 148 1,284 271 285 556 154 2,529 21,964

EQUITY Equity attributable to owners of the parent Share capital

15

3,046

3,046

Share premium Retained earnings Other equity components Total Non-controlling interests Total equity LIABILITIES Non-current liabilities Interest-bearing liabilities Derivative financial instruments Deferred tax liabilities Nuclear provisions Other provisions Pension

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