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Consolidated statement of cash flow<br />
Year ended 31 December<br />
Amounts in USD 1 000 Note 2009 2008<br />
Cash generated from operations<br />
Net profit (loss) before income tax -41 142 25 124<br />
Depreciation, amortisation and impairment 12 2 257 7 917<br />
Amortisation of debt issuance cost 10 17 672 2 567<br />
Change in fair value – bond loan and convertible bond loan 0 -10 808<br />
Changes investment in joint venture 13 5 239 -2 528<br />
Exchange gain / (loss) 7 883 -5 026<br />
Taxes paid -579 -243<br />
Changes in assets and liabilities<br />
Trade and other receivables -9 491 -18 041<br />
Trade and other payables 20 390 16 607<br />
Net cash flow from operating activities 2 229 15 569<br />
Cash flow from investing activities<br />
Investment in property, plant and equipment 12 -167 930 -141 061<br />
Net cash flow from investing activities -167 930 -141 061<br />
Cash flow from financing activities<br />
Proceeds of issuance from ordinary shares (net of share issuance cost) 0 9 329<br />
Proceeds from issuance of loans, net of debt issuance cost 456 165 0<br />
Repayments of loans -313 954 -53 500<br />
Net cash flows from financing activities 142 211 -44 171<br />
Cash and cash equivalents at 1 January 16 41 112 222 278<br />
Exchange (losses)/gains on cash and cash equivalents -355 -11 503<br />
Net (decrease)/increase in cash and cash equivalents -23 489 -169 663<br />
Cash and cash equivalents at 31 December 16 17 268 41 112<br />
Of which is restricted 16 10 000 35 637<br />
Marine Subsea AS has acquired 60% of Marine Subsea UK during 2009.<br />
The effect of the acquisitions is reported in each line in the cash flow statement. See further information in the notes.<br />
<strong>Annual</strong> <strong>Report</strong> 2009 Marine Subsea 23
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