The final figure for 2008 operating profit after non-recurring items was NOK 517 million, as compared to NOK 486 million in the provisional figures. Net interest bearing liabilities in the final accounts total NOK 2,963 million as compared to NOK 3,032 million in the provisional figures.

 

The adjustment to operating profit results from the closure of a spouses' pension scheme at IS Partner AS, which created a positive non-recurring effect of NOK 31 million. The actuarial calculation of this effect was not ready at the time the provisional 2008 figures were published on 4 February 2009.

 

The adjustment to net interest bearing liabilities results from a reclassification of the book market value of the company's interest rate hedging instruments. EDB has decided, in consultation with its auditor and in accordance with Telenor's accounting practices, to change the classification of these instruments from interest bearing liabilities to non-interest-bearing liabilities. Only fair value hedging should be classified together with the item hedged. All other types of hedging are classified as non-interest bearing liabilities. EDB's holdings of interest rate hedging instruments are intended to hedge future cash flows linked to interest rates, and are therefore reclassified as non-interest bearing liabilities. This reclassification causes a reduction in net interest bearing liabilities of NOK 69 million at 31 December 2008.

 

 

Kristian Kuvaas Johansen, EVP & CFO. Tel: +47 476 03 334